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Carnelian Shift Strategy

Carnelian Shift Strategy is a long-only mid- and small-cap strategy designed to capture structural shifts that offer significant wealth creation opportunities across sectors, including manufacturing and technology.

The objective of the strategy is to identify and capture accelerated growth across sectors and deliver superior risk-adjusted returns across market cycles.

Our faster (revenue, earnings growth), stronger (ROE, low leverage) and cheaper (valuation, low beta) framework ensures superior risk adjusted returns and consistently delivers alpha for our investors. Our unique CLEAR (forensic risk analysis) and CONNECT (assessment of non-financial factors like leadership, governance, and culture) frameworks deep-dives identifying all aspects of risk, thereby helping us avoid the pitfalls of corporate governance issues.

Minimum investment: INR 50 lakhs

Presentation
Factsheet
PMS
AIF
Offshore Fund

STRATEGY AT A GLANCE

Strategy
Thematic
Inception
Inception
October 6, 2020
Market Cap
Multi-cap (Focus on small & mid)
Sectors
Manufacturing & Technology
Holdings
20-25
Benchmark
BSE 500 TRI
Investment Style
Quality growth at a reasonable price
Investment Horizon
Medium to long term

PORTFOLIO PERFORMANCE

Particulars 1M 3M 6M 1Y 2Y 3Y 5Y Inception TWRR
Carnelian Shift Strategy 1.2% -7.4% -3.3% 13.2% 10.0% 27.6% 27.2% 31.4%
BSE 500 TRI 0.5% -3.1% 3.2% 17.3% 8.1% 17.7% 14.8% 19.0%
Alpha over BSE 500 TRI 0.8% -4.3% -6.6% -4.1% 1.9% 9.9% 12.5% 12.4%

Inception Date – 06th October 2020. Performance is as on 28th February 2026 & returns above 1 year are annualised.

With effect from March 23, 2026, the investment objectives have been broadened to reflect structural shifts in the Indian economy and the evolving post-COVID-19 global macroeconomic environment, enabling greater flexibility to capture long-term opportunities.

Disclaimer: Performance is calculated using the time-weighted rate of return (TWRR) method, net of all fees and expenses. Please note that individual client performance may vary. Past performance is not indicative of future results. The performance-related information provided herein has not been verified by SEBI. Unless otherwise stated, all returns and percentage changes are expressed in INR terms. Returns for periods of one year or less are presented as absolute returns, while returns for periods greater than one year are presented as annualised.

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