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Carnelian Shift
Strategy

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

Inception
06 Oct 2020
Benchmark
BSE 500 TRI
Style
QGARP
Stocks
25–30
Type
Mid & Small Cap
Track Record
5+ Years

Performance Since Inception

Growth of ₹100 Invested

Total Return
363.7%
Absolute
Benchmark CAGR
20.3%
Annualized

₹100 invested in Oct 2020 has grown to ~₹464.

Returns Profile

Returns > 1 year are annualized (CAGR) and calculated on TWRR basis.

Market Allocation

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

Sector Exposure

Portfolio is intentionally tilted towards manufacturing and technology to capture long-term capex and innovation cycles.
Manufacturing80.8%
Pharma & CDMO21.4%
Engineering20.1%
Technology17.4%
Auto & Ancillary15.3%
Consumption12.1%
Chemicals4.4%
Textiles4.2%
Building Material3.4%

Top 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%

Investment Approach

Focus on mid & small-cap leaders in manufacturing and technology

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

Strong emphasis on governance, balance sheet strength and scalability

Valuation discipline using QGARP framework

Risk control via proprietary CLEAR forensic framework

Portfolio Attributes

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

Is this right for you?

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

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.