Carnelian Asset Management & Advisors
Carnelian Shift Strategy
- Portfolio manager
- Manoj Bahety
- Benchmark
- S&P BSE 500 TRI
- Minimum investment
- Rs 50 lakh (SEBI minimum)
- Inception
- Not publicly available
Performance
As of 31 August 2026Absolute return
- 1 Year+15.57%
Annualised (CAGR)
- 2 Year+6.01%
- 3 Year+20.09%
- 5 Year+21.80%
- Since inception+32.36%
Our analysis
Carnelian Shift Strategy is a Mid & Small Cap portfolio management service offered by Carnelian Asset Management & Advisors, managed by Manoj Bahety. It is benchmarked against the S&P BSE 500 TRI. Over the last three years it has returned +20.09% annualised, and +21.80% annualised over five years (as of 31 August 2026). Like all PMS products in India, it requires a minimum investment of ₹50 lakh and carries the market risk of a concentrated equity portfolio.
How it compares to peers
Among the 14 Mid & Small Cap PMS strategies we track with a three-year record, Carnelian Shift Strategy ranks #3 by three-year annualised return.
That is 5.04 percentage points above the Mid & Small Cap peer average of 15.05% across the strategies we track.
Recent trajectory
Its last twelve months (+15.57%) have trailed its three-year annualised pace (+20.09%), a reminder that shorter periods can be bumpy even when the longer record holds up.
Consistency
Across the 5 return periods we track, 5 are positive. Its strongest reading is the since-inception figure (+32.36%) and its weakest is the 2-year figure (+6.01%).
Illustration — growth of the ₹50 lakh minimum
At this strategy's reported three-year annualised rate of 20.09%, ₹50 lakh compounding for three years would reach about ₹86.6 lakh before fees and taxes.
An illustration of the reported rate, not a forecast. Actual results vary; past performance is not indicative of future results.
Who it typically suits
Mid & Small Cap strategies like this one generally suit investors with a longer horizon and a higher tolerance for volatility, since mid and small companies can swing sharply in both directions.
Fund manager
Founder & Fund Manager
- Experience
- 25+ years in equity research, forensic accounting and fund management
- Previously
- Edelweiss Financial Services
- Investment philosophy
- Quality businesses at inflection, verified by forensic accounting.
Investment approach
Quality businesses at inflection points, backed by forensic accounting and a proprietary checklist.
Risk information
Equity PMS strategies carry market risk and can be volatile; concentrated and mid/small-cap portfolios more so. Maximum drawdown and other risk statistics are not publicly available in this dataset — refer to the strategy's disclosure document.
Frequently asked questions
Who manages the Carnelian Shift Strategy?
The strategy is managed by Manoj Bahety at Carnelian Asset Management & Advisors.
What have the returns of Carnelian Shift Strategy been?
As of 31 August 2026, the strategy has delivered +15.57% over one year and +20.09% annualised over three years, with a five-year annualised return of +21.80%. Returns of one year or less are absolute; longer periods are CAGR. Past performance is not indicative of future results.
What is the minimum investment for Carnelian Shift Strategy?
SEBI mandates a minimum investment of ₹50 lakh for any Portfolio Management Service in India, and this strategy is no exception (the firm states: Rs 50 lakh (SEBI minimum)).
How much would ₹50 lakh have grown at this strategy's three-year rate?
If ₹50 lakh had compounded at the strategy’s three-year annualised rate of 20.09% for three years, it would be worth about ₹86.6 lakh before fees and taxes. This is an illustration of the reported rate, not a prediction — actual results vary and past performance is not indicative of future results.
Is Carnelian Shift Strategy suitable for me?
Mid & Small Cap strategies like this one generally suit investors with a longer horizon and a higher tolerance for volatility, since mid and small companies can swing sharply in both directions. Whether it fits your specific goals, horizon and risk appetite is a personal decision — consider speaking to a SEBI-registered adviser or distributor before investing.
Important disclosures
Past performance is not indicative of future results. PMS investments are subject to market risks. Performance data is provided for informational purposes and should not be construed as investment advice or a recommendation to invest. Investors should review the relevant PMS disclosure documents and consult an appropriately qualified professional before making investment decisions.
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