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Carnelian Capital Contra Strategy

A large-cap-biased multi-cap equity strategy following a contrarian, absolute-return approach to generate superior risk-adjusted returns across market cycles.

Active CAGR
27.9%
Since Inception (Jan 2022)
Inception Date
27 Jan 2022
Benchmark
BSE 500 TRI
Investment Style
QGARP
Portfolio Size
20–25 stocks
Strategy Type
Multi-Cap
Track Record
3+ Years

Investment Objective & Approach

1

Contrarian Focus

Targeting under-owned or temporarily out-of-favor businesses trading below intrinsic value with structural catalyst triggers.

2

Large-Cap Stability

Large-cap bias manages downside volatility and supports absolute wealth compounding across cycles.

3

Forensic Filters (CLEAR)

CLEAR framework checks for corporate governance, accounting sanity, and risk limits prior to allocation.

4

Valuation Discipline

QGARP framework guides buys and sells to avoid paying high prices for growth, maintaining safety margin.

5

Absolute Return Approach

Constructed to deliver strong risk-adjusted alpha independent of benchmark weight constraints.

Performance Since Inception

Strategy growth vs Benchmark index (BSE 500 TRI)

Total Return
162.7%
Absolute Return
Benchmark CAGR
13.9%
Annualized

₹100 invested in Jan 2022 has grown to ~₹263, compared to ~₹167 in the benchmark.

Returns Summary

1 Year0.2%
2 Years14.0%
3 Years31.9%

Portfolio Snapshot

LargeCap Bias
Large Cap
58.7%
Mid Cap
9.8%
Small Cap
30.7%
Cash
0.8%

Sector Exposure

Top Sector: BFSI – Credit
BFSI – Credit22.1%
Oil & Gas11.5%
IT10.6%
Auto & Ancillary9.5%
Chemicals7.9%
Metals7%
Pharma & CDMO6.8%
BFSI – Non-Credit5.6%
Consumption5.6%
Power4.9%

Portfolio Attributes

Beta (SI)
1.0
Sharpe Ratio
1.5
Std Dev
13.9
ROE (FY27)
18.9%
Net Debt/Equity
0.2

Who Should Invest?

Investors seeking a contrarian investing approach
Moderate to high risk appetite
Medium to long-term horizon (3+ years)
Preference for large-cap stability with selective alpha

Major Portfolio Holdings

1
Reliance Industries
11.5%
2
Kotak Mahindra Bank
9.6%
3
Bajaj Auto
7.2%
4
Infosys
7.0%
5
Vedanta
7.0%
6
Biocon
6.8%
7
Edelweiss Financial
5.6%
8
PVR Inox
5.6%
9
Punjab National Bank
5.3%
10
CESC
4.9%

Disclaimer: Past performance may or may not be sustained in the future. Returns are calculated on a TWRR basis and are not verified by SEBI. Investments are subject to market risks.