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Contra Strategy

Carnelian Asset Management and Advisors Pvt Ltd
PMS Multi Cap & Flexi Cap
Benchmark
S&P BSE 500 TRI
Inception Date
26 January 2022
Min. Investment
₹50,00,000
SIP Available
Yes
STP Available
Yes

Investment Strategy

Investment Approach

This investment strategy employs a long-only, diversified approach across multiple market capitalizations, aiming to generate both income and capital appreciation. The portfolio's focus sectors include industrials, financial services, and general services, incorporating a mix of publicly traded and privately held entities.

Investment Objective

This long-only, diversified multi-cap portfolio aims to generate both income and capital appreciation by investing across the industrials, financials, and services sectors. The investment strategy incorporates a mix of public and private sector entities.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH 0.64% -0.24% 0.88%
3 MONTHS 5.53% 5.02% 0.51%
6 MONTHS 0.49% 1.63% -1.14%
1 YEAR 0.16% 7.63% -7.47%
2 YEAR 14.00% 11.63% 2.37%
3 YEAR 31.88% 16.39% 15.49%
SINCE INCEPTION 27.85% 13.92% 13.93%

Calendar Year Performance

Year Return
CY 2025 0.16%
CY 2024 29.79%
CY 2023 76.63%
CY 2022 14.40%

Financial Year Performance

Year Return
FY 26_YTD 10.77%
FY 25 6.46%
FY 24 92.64%
FY 23 13.01%
FY 22 2.68%

Past performance is not indicative of future results. Returns are subject to market risks.

Fund Managers

Kunal Shah

Principal officer , Fund Manager

Mr. Kunal Shah brings twelve years of comprehensive professional experience to Carnelian, where he actively participates in the Fund Management team and serves on the Investment Committee. Having been associated with Carnelian since its establishment, he is a Chartered Accountant who achieved an All India Rank. Mr. Shah's research expertise covers a diverse range of sectors, including but not limited to Banking, Insurance, Consumer Goods, Automobiles, Capital Goods, Chemicals, and Pharmaceuticals. He possesses a keen interest in the in-depth analysis and comprehension of businesses across all market capitalization segments.

Portfolio Details

Portfolio Composition

Large Cap
58.71%
Mid Cap
9.77%
Small Cap
30.72%
Cash & Equivalent
0.80%

Top 5 Holdings

  • Reliance Industries Ltd 11.45%
  • Kotak Mahindra Bank Ltd 9.62%
  • Bajaj Auto Ltd 7.19%
  • Infosys Ltd 7.02%
  • Vedanta Ltd 7.02%

Top 5 Sectors

  • BFSI - Credit 22.06%
  • Oil & Gas 11.45%
  • IT 10.55%
  • Auto & Auto Ancillary 9.49%
  • Chemicals 7.93%

Portfolio Characteristics

total number of stocks
16
top 5 stocks percent
42.30%
top 5 sectors percent
61.48%
average market cap
N/A
portfolio age
3 Yrs, 11 Months
sip
Available
stp
Available

Fee Structure

Fixed Fee

AMC: 2.5%

Variable Fee

AMC: 1.5%

Hurdle: 8%

Profit Sharing: 15%

Exit Load

Year 1: 1%

Year 2: 0%

Year 3: 0%

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Disclaimer

Returns are as of 2025-12-31. Returns for periods up to one year are not annualized. Returns for periods exceeding one year are annualized. Returns are computed using the Time Weighted Rate of Return (TWRR) methodology and are provided by the respective Asset Management Companies (AMCs). 'ND' denotes 'No Data', and 'NA' denotes 'Not Applicable'. The performance of the respective Benchmark Indices is presented above. Benchmark(s) are as defined in SEBI circular no. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172 dated December 16, 2022, APMI circular no. APMI/2022-23/02 dated March 23, 2023, and Revised Annexure-1.

This page is provided solely for general informational purposes in relation to the strategy and is based on publicly available information. While reasonable care has been taken to ensure accuracy, the information may not reflect the most recent updates.

Nothing on this page constitutes investment, financial, or legal advice. Investment decisions should be made after consulting a qualified advisor and reviewing official scheme documents.

Last Updated: January 2026 · Published by Affluense AI (affluense.ai)