Carnelian Capital believe investing success is an outcome of making good decisions consistently over a long period of time. - good decisions are those which are made “objectively, free of any bias”, considering “probability of outcome” and factoring “risk reward”. Investing in good growth businesses, managed by great managements at fair valuation.
Long only, multi-cap and sector agnostic strategy. Aim to generate sustainable alpha & compound capital through our unique MCO framework unique & unconventional blend of companies - Magic (accelerated growth), Compounder (stable growth) & Opportunistic Focused on fundamental driven growth investing; bottom up stock picking.
Returns as on 2025-12-31
| Period | Strategy | Benchmark | Outperformance |
|---|---|---|---|
| 1 MONTH | -0.96% | -0.24% | -0.72% |
| 3 MONTHS | 7.90% | 5.02% | 2.88% |
| 6 MONTHS | 7.97% | 1.63% | 6.34% |
| 1 YEAR | 18.95% | 7.63% | 11.32% |
| 2 YEAR | 22.07% | 11.63% | 10.44% |
| 3 YEAR | 26.14% | 16.39% | 9.75% |
| 5 YEAR | 21.12% | 16.81% | 4.31% |
| SINCE INCEPTION | 20.25% | 16.73% | 3.52% |
| Year | Return |
|---|---|
| CY 2025 | 18.95% |
| CY 2024 | 25.34% |
| CY 2023 | 34.77% |
| CY 2022 | -5.80% |
| CY 2021 | 37.88% |
| CY 2020 | 14.42% |
| CY 2019 | 10.23% |
| Year | Return |
|---|---|
| FY 26_YTD | 27.13% |
| FY 25 | 8.07% |
| FY 24 | 54.48% |
| FY 23 | -1.13% |
| FY 22 | 16.28% |
| FY 21 | 60.70% |
| FY 20 | -17.01% |
Past performance is not indicative of future results. Returns are subject to market risks.
Principal officer , Fund Manager
Kunal Shah has overall 12 years of professional experience and is a part of Fund management team & Investment Committee with Carnelian. He has been Carnelian since inception, he is a Chartered Accountant with All India Rank. Kunal's experience in research spans across sectors like Banking, Insurance, Consumer, Auto’s, Capital Goods, Chemicals, Pharma etc. He is passionate about reading & understanding various businesses across market caps.
AMC: 2.5%
AMC: 1.5%
Hurdle: 8%
Profit Sharing: 15%
Year 1: 1%
Year 2: 0%
Year 3: 0%
* Returns are as on31st December 2025 , * Returns over a 1 year period are annualized * Returns are calculated using the Time Weighted Rate of Return (TWRR) method and as provided by the respective AMCs. *ND (No Data) , * NA(Not Applicable) * Returns of the respective Benchmark Indices used are tabulated above. Benchmark(s) given are as per SEBI circular no. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172 dated December 16, 2022 and the APMI circular no. APMI/2022-23/02 dated 23rd March,2023 and Revised Annexure-1
This profile is provided for general informational purposes only and is based on publicly available information. While reasonable care is taken, the content may not always reflect the latest 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.
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