Carnelian Asset Management & Advisors is a boutique investment management firm founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani with a vision to build a world class asset management platform respected for its Excellence, Scale, and Culture. Our mission is to invest client capital in the best risk-reward opportunities. Over the years we have built a strong reputation for our differentiated thought process, and proprietary investment and risk (including forensic) frameworks; currently manage ~USD 1.4bn in Indian equities for the country’s leading HNI’s, family offices & partners’ own capital.
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Data as on: 31st October, 2025
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Vikas and his team have a great passion for investing, clarity of thinking, and deep research capabilities – all of this gave us lot of confidence to be an early investor in Carnelian Funds. Their performance over time has validated our confidence, leading us to enhance our investments with them over time; one of the best performing funds in our portfolio
Vikas, Swati, and the Carnelian team have done an excellent job managing our money. They have been one of the top-performing funds in our portfolio for the year. Having been invested with them since inception, we have seen their strategy play out through the Covid period with great success. Carnelian’s clarity and fidelity to their thesis and process inspire a lot of confidence and the results speak for themselves. I wish them all the best for their future endeavors and look forward to being a part of their journey.
I was confident of Mr. Khemani’ s ground up experience in investing which earned him sharp acumen in spotting the businesses that have potential to provide above index returns. Today, I can confidently say that Carnelian has lived up to the promise and delivered me sound and much above index returns so far.
Building a successful fund certainly requires expertise to balance the risk reward favourably. Team at Carnelian has demonstrated that fine skill by building a meticulously spread portfolio. Their efforts to engage & educate the investors through insightful and interactive sessions with the promoters of their investment companies have been really useful.
I have been an investor in Carnelian Capital Compounder Fund since inception. I am impressed by the fund’s vision, investment philosophy, diligence process and long term approach. I have known Vikas Khemani for many years. He has deep domain knowledge and sound understanding of Indian businesses and economy. This has allowed Vikas to consistently identify superior businesses and trends ahead of the market.
Carnelian tries to achieve an absolute long-term consistent return with substantial alpha keeping in mind the risk-reward ratio. They are pretty much modern in their investments but also traditional when it comes to capital protection utilizing their expertise in Forensic Accounts.
Their culture is such that fiduciary duty to the clients is at the heart of all their actions and processes. We are definitely IMPRESS’ed by their approach to their investments.
I have known Vikas for a while & been an investor since early days. It has been the best performing PMS in my portfolio over 20 PMSes!
Ever since we got introduced, I have this feeling that here’s a guy I can trust. He’s like a first-generation entrepreneur. So, he knows the value of money and what it takes to build it, to create it, and save it. And if someone might say, he is who under-promises and over delivers.
Have known Vikas for many years now and I love/admire his enthusiasm, passion and aggression to invest which is very well and equally balanced with deep and meaningful research, level headedness and receptiveness. He has canny ability to foresee trends!
As a family office, we were looking for a new age fund manager who is in sync with India’s growth story. And this is how we discovered that Carnelian, led by Mr. Vikas Khemani, will be a great choice. We have had several interactions with him and his team, which has given us immense comfort and reiterated our confidence in the Indian economy. Their performance has been a stellar.
Find a great manager like Vikas. I have invested in his funds and I think give people like him money because this requires a very strong navigation, break, clutch, acceleration and steering system to manage so that would be my advise to most people that there is alpha in the market and alpha can be best sought out in the hands of professionals like Vikas.
In investing, big money is made by being a contrarian. Humans derive comfort from being part of a crowd (group think). It is rare to find someone who has the conviction to stand apart from the crowd and is willing to bet money on his conviction. Vikas is that sort of guy. He bet on revival of Indian manufacturing at the peak of the first covid lockdown when he launched the Shift Strategy. The performance of the fund demonstrates that he got it right.
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