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Carnelian Capital Shift Strategy

A high-conviction mid and small-cap equity strategy focused on manufacturing and technology leaders benefiting from India’s structural transformation.

Active CAGR
34.0%
Since Inception (Oct 2020)
Inception Date
06 Oct 2020
Benchmark
BSE 500 TRI
Investment Style
QGARP
Portfolio Size
25–30 stocks
Strategy Type
Mid & Small Cap
Track Record
5+ Years

Investment Objective & Approach

1

Manufacturing & Tech Focus

High-conviction mid & small-cap leaders benefiting from domestic manufacturing expansion and global technology capex cycles.

2

Growth & Value Blend

Accelerated growth companies ("Magic") combined with established compounders driven by strong industry tailwinds.

3

Forensic Filters (CLEAR)

Proprietary 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

Growth Vector Scalability

Selection limited to businesses displaying scalable models and solid balance sheets with net zero or nominal debt.

Performance Since Inception

Strategy growth vs Benchmark index (BSE 500 TRI)

Total Return
363.7%
Absolute Return
Benchmark CAGR
20.3%
Annualized

₹100 invested in Oct 2020 has grown to ~₹464, compared to ~₹264 in the benchmark.

Returns Summary

1 Year-3.5%
2 Years15.4%
3 Years30.1%
5 Years30.5%

Portfolio Snapshot

FocusMid/Small
Large Cap
16.2%
Mid Cap
27%
Small Cap
55%
Cash
1.8%

Sector Exposure

Top Sector: Manufacturing
Manufacturing80.8%
Pharma & CDMO21.4%
Engineering20.1%
Technology17.4%
Auto & Ancillary15.3%
Consumption12.1%
Chemicals4.4%
Textiles4.2%
Building Material3.4%

Portfolio Attributes

Beta (SI)
0.9
Sharpe Ratio
1.9
Std Dev
14.5
ROE (FY27)
19.0%
Net Debt/Equity
0.0

Who Should Invest?

Investors seeking high-growth mid & small caps
High risk appetite
Long-term horizon (5+ years)
Exposure to India’s manufacturing and technology upcycle

Major Portfolio Holdings

1
Laurus Labs
7.8%
2
Biocon
7.5%
3
Kalpataru Projects
5.2%
4
Pricol
4.3%
5
L&T Technology Services
4.2%
6
L&T
4.2%
7
Timken
4.1%
8
Tech Mahindra
3.9%
9
ASK Automotive
3.3%
10
Tata Motors
3.1%

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.