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Carnelian Capital Compounder Strategy

A multi-cap equity strategy focused on long-term compounding through high-quality growth businesses across India’s key structural growth sectors.

Portfolio Alpha (SI)
+24.01%
Absolute wealth generation
Inception Date
15 May 2019
Benchmark
BSE 500 TRI
Investment Style
QGARP
Portfolio Size
25–30 stocks
Strategy Type
Multi-Cap Equity
Track Record
6+ years

Performance Since Inception

Strategy growth vs Benchmark index

SI CAGR
20.3%
Benchmark
16.7%

₹100 invested in May 2019 has grown to ~₹340, compared to ~₹279 in the BSE 500 TRI.

TWRR Basis

Returns Summary

1 Year19.0%
2 Years22.1%
3 Years26.1%
5 Years21.1%

Returns > 1 year are annualised.

Market Cap Split

MixAllocation
Large Cap
32.8%
Mid Cap
44.9%
Small Cap
19.2%
Cash & Liquid
3.2%
Avg Market Cap
₹1,41,660 Cr
Median Cap
₹59,816 Cr

Sector Exposure

Top Sector: BFSI
BFSI – Credit19.7%
Pharma & CDMO19%
Consumption11.2%
BFSI – Non-Credit11.2%
IT9.9%
Auto & Auto Ancillary9.7%
Engineering & Capital Goods9.6%
Hospitals4%
Freight & Logistics Services2.4%

Drawdowns & Recovery

Resilience during Sep 2024 correction
+13.7%
Strategy Return
-1.8%
Benchmark
Rebound from Mar 2025 lows
+41.2%
Strategy Alpha
+20.5%
Benchmark

The strategy has delivered outperformance with lower volatility across market cycles.

Major Portfolio Holdings

Holdings are indicative and subject to change
1
Aditya Birla Capital
9.5%
2
Laurus Labs
7.2%
3
Biocon
6.9%
4
One 97 Communications
5.7%
5
Tech Mahindra
4.1%
6
Yatharth Hospital
4.0%
7
BHEL
3.9%
8
L&T
3.8%
9
Maruti Suzuki
3.6%
10
Punjab National Bank
3.4%

Investment Approach

Structural Growth

Focus on long-term structural growth themes across India

Dual Growth Profile

Blend of accelerated growth (“Magic”) and sustainable compounders

Quality Bias

Quality businesses with strong governance and management

Valuation Discipline

Valuation discipline through QGARP approach

Secure Framework

Risk managed via proprietary CLEAR forensic framework

Portfolio Attributes

Portfolio Beta (SI)
0.9
Sharpe Ratio (SI)
0.9
Std Dev (SI)
15.1
ROE (FY27)
18.8%
Net Debt / Equity (FY25)
0.0

Who Should Invest?

Long-term investors (5+ years)
Moderate to high risk appetite
Investors seeking consistent compounding
Exposure to India’s structural growth themes