CARNELIAN ASSET MANAGEMENT
Vikas Khemani bets big on IndiGo, BHEL, and PSU banks amid market volatility
Vikas Khemani of Carnelian Asset Management outlines his investment strategy amid market volatility. He favors mid and large-cap stocks, with selective contra plays like IndiGo. Khemani prefers conventional power enablers over renewables and emphasizes company selection in banking. He maintains his market cap mix and avoids fads and unproven businesses. His approach centers on conviction, quality, and patience.
Earnings may drop but opportunity bigger; Vikas Khemani makes bullish call on India markets
Indian markets are rallying after a sell-off. Vikas Khemani of Carnelian Asset Management believes India's investment case remains strong. He sees short-term earnings disruptions as opportunities. Khemani has increased exposure to banking, financial services, and aviation. He also believes the narrative around Indian IT is exaggerated, with AI presenting new opportunities.
War, falling markets, and a two-year window: Why Vikas Khemani is buying banks, aviation, and pharma right now
Indian markets are down, presenting a buying opportunity for long-term investors. Vikas Khemani of Carnelian Asset Management sees potential in banking, aviation, and pharma sectors. He believes geopolitical fears are fading, which could lead to a market bounce. Investors with a two to three year outlook can find good prices on desired stocks.
Strong Indian economy makes current crisis manageable: Vikas Khemani
Market turbulence offers chances to buy. Vikas Khemani of Carnelian Asset Management sees opportunity in corrections. He highlights banks, consumer sectors, and pharmaceuticals as attractive. PSU banks also present value. Khemani advises a long-term view, noting Indian economic fundamentals are strong. Short-term price drops in good companies are chances to invest.
Smallcap index gains 6% in just 9 sessions! Is this the start of something big?
February 2026 marks a potential turning point for smallcap investors after a difficult 2025. A strong Q3 earnings season, coupled with a positive shift in global trade sentiment following India's trade deals with the US and EU, has fueled a rally. This suggests a potential broader recovery in the smallcap segment as valuations reset and foreign investor sentiment improves.
Earnings momentum and trade clarity to drive markets: Vikas Khemani
Market experts note that Q3 earnings met expectations, with mid and smallcaps showing strong performance. Resolutions in US trade deals have boosted corporate confidence, especially for exporters. Analysts are optimistic about 2026, anticipating a better year than 2025 due to monetary and fiscal stimulus, lifted tariff uncertainties, and improved valuations, with a focus on stock-specific opportunities.
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Personal care brand Kimirica raises $15 million in round led by Carnelian Asset Management
The fresh funds will be used for brand building, expanding the customer base, product development, and offline expansion. The Indore, Madhya Pradesh-based company plans to launch more than 10 experiential stores across India and the Middle East.
25% US tariff not a structural threat to Indian market: Vikas Khemani
Vikas Khemani of Carnelian Asset Management suggests that while U.S. tariffs may cause short-term earnings uncertainty for Indian exporters, a major structural risk to the overall market is unlikely. The markets have largely priced in the potential impact of a 25% tariff, and India's strong domestic consumption and infrastructure development provide a buffer.
Indian fund managers line up long-short equity funds for wealthy
At least ten Indian and foreign asset managers plan to launch higher-risk, long-short equity funds to wealthier investors after the regulator approved the strategy earlier this year, according to executives at these firms and public filings.
Use market dips to accumulate quality stocks: Vikas Khemani
Vikas Khemani of Carnelian Asset Management suggests that while Middle East tensions are a concern, their impact on oil prices may be limited due to diversified supply sources. Domestically, positive economic news outweighs global uncertainties, potentially leading to market consolidation rather than a steep correction.
Stay the course, no need for tactical portfolio shift: Vikas Khemani
Vikas Khemani from Carnelian Asset Management suggests a portfolio focused on India's long-term potential. Banking, financial services, and manufacturing are key sectors. Consumption, both discretionary and non-discretionary, offers opportunities. Crude price fluctuations can create buying chances in related sectors. Auto ancillary companies with diversified exposure are attractive. Individual company analysis is crucial for informed investment decisions.
Avoid frothy narratives and stick to strong fundamentals: Vikas Khemani
Q1 still I would watch out because I do not know what impacts have happened on the shipments and stuff like that, sectors like banking and all might do well in Q1, but in general I would say one should be careful but FY26 I am very-very positive and there will be upward revisions.
Short-term volatility may persist, but FII flows and economic activity to keep sentiment positive: Vikas Khemani
Vikas Khemani of Carnelian Asset Management remains optimistic about Indian markets, citing a strong domestic growth story and the resolution of major global uncertainties. While acknowledging potential short-term volatility from unforeseen news, he highlights the positive impact of increased FII flows and overall market activity.
PMS Tracker: Top 15 funds gain up to 10% in April, while quant, smallcap strategies falter
April 2025 PMS performance: In April 2025, 15 PMS funds across multi-cap, smallcap, and thematic categories delivered gains, led by Trivantage’s 9.86% return, while quant and smallcap strategies lagged due to market volatility.
ETMarkets AIF Talk: With Rs 10,000 cr in AUM, Carnelian sees tariff volatility as investment opportunity, sees Manoj Bahety
Bahety concluded by reiterating his bullish stance on India’s long-term prospects, encouraging investors to focus on fundamentals and look through the short-term volatility.
Vikas Khemani on key triggers that will shape the market’s next big move
Most people kind of turned bearish on global concerns, oil prices. So, people tend to kind of extrapolate more bad news. So that has happened this time around also.
AIF Tracker: Vivriti AMC, Northern Arc AMC record over 10% return in February 2025 for crorepati investors
In February 2025, 13% of alternative investment funds (AIFs) reported positive returns, with Vivriti AMC and Northern Arc AMC among the top performers. Category II funds dominated, reflecting a mix of equity and debt investments. Meanwhile, most Category III AIFs, focused on short-term trading, showed negative returns.
Small and midcap stocks may face volatility, but long-term returns still strong: Vikas Khemani
Every day there was some negative news flow, global concern, geopolitical concern, inflation concern, oil prices, commodity, everything was kind of uncertain. But if you look at in that period, whether you bought smallcaps or largecaps, that vintage really delivered great return on 23 and 24.
Market pain temporary; India’s growth trajectory remains unchanged: Vikas Khemani
So, idea is to temper expectation, get back to basics and keep doing from long-term perspective stock picking and keep remain invested. I mean, nothing changes from the long-term conviction perspective on India story, it continues to remain strong.
Corrections are an opportunity, not a threat; financials likely to do well next 12 months: Vikas Khemani
Vikas Khemani from Carnelian Asset Management believes banking, financial services, pharmaceutical, and healthcare sectors have strong long-term prospects. He suggests the Nifty is likely to remain in a narrow range, with most market corrections already behind. Khemani expects financials and manufacturing to see significant growth in the coming years, driven by structural trends.
India best wealth creating market for next 10-15 years? Vikas Khemani on how to allocate portfolio
Vikas Khemani, founder of Carnelian Asset Management, asserts India's potential as a wealth-generating market over the next 10-15 years, amidst a possible US economic slowdown. Emphasizing the importance of management quality and investment in sectors like manufacturing and healthcare, he highlights India's advantages and opportunities for wealth creation despite global market fluctuations.
Investor sells 8.45% holding in R Systems for Rs 465 crore; Goldman Sachs picks up stake
Investor Bhavook Tripathi on Friday trimmed its stake in R Systems International by divesting an 8.45 per cent stake to investors like Goldman Sachs, DSP Mutual Fund (MF), and Sundaram MF for Rs 465 crore through open market transactions. After the stake sale, Tripathi's holding has come down to 20.58 per cent from 29.03 per cent.
AIF Tracker: Majority of category II debt funds deliver over 10% returns for ultra-rich investors in Aug
In August 2024, category II debt funds outperformed equity investments for ultra-rich investors, with four out of six funds delivering returns over 10%. Over 70% of Alternative Investment Funds (AIFs) surpassed the Nifty50 index's 1.1% gain. These funds primarily invest in unlisted companies, real estate, and private equity.
Why Vikas Khemani would take Hindenburg charge against Sebi Chair with a pinch of salt
Vikas Khemani, Founder of Carnelian Asset Management, discussed how repeated short-seller attacks by Hindenburg are seen with skepticism. He emphasized that markets are no longer easily swayed by such actions, citing manipulated facts and credibility issues. Khemani suggested that recent claims linking investments with the Adani Group are unsubstantiated and should not significantly impact market reactions.
TVS, Dabur promoters, HNIs to back Khemani's Rs 5,000-crore PIPE fund
Existing investors such as the promoter family offices of TVS Capital, Ajanta Pharma, Pidilite, Dalmia and Dabur are likely to invest in this Category-III Alternative Investment Fund (AIF), said people in the know. The private investment in public equity (PIPE) fund has already received commitments worth ₹500 crore, they said.
4-5% correction can be around the corner whether Nifty at 19,000, 18,000 or 20,000: Vikas Khemani
“I am sure that as the global volatility settles down, whether it is in three months, two months or six months, nobody knows, India will again stand out and do very well because there is no other market in the globe which can offer India's profile at this point in time.”
ETMarkets PMS Talk: Manoj Bahety explains how he wants to capture “trillion dollar India opportunity” through his fund
Carnelian Capital Compounder Fund aims to invest in a concentrated portfolio of 25 long-only stocks within its QARP framework, focusing on capturing the trillion-dollar Indian market opportunity. In response to macro headwinds and geopolitical issues, all flagship schemes have reportedly delivered decent outperformance versus its benchmarks. The portfolio is reportedly evaluated within two broad baskets--Magic (50%-60%) and Compounder (30%-40%)--to identify companies with visible change and a blend of sustainable earnings growth.
ETMarkets Fund Manager Talk: This money manager with AUM of Rs 1600 cr sees growth coming from BAM stocks
We started our journey about 3.5 years back since then our Compounder Fund has delivered ~17% CAGR, outperforming the benchmark by 3.6%, and our Shift Strategy has delivered 44% CAGR, outperforming the benchmark by 18%.
Smallcases for rich? 3 market veterans curate portfolios for affluent investors
ICICI Securities has launched a curated portfolio created by three renowned market veterans for its rich clients.
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