Manoj Bahety
Brings a forensic-accounting discipline to growth investing. Carnelian's book pairs steadier ‘Compounder’ holdings with higher-beta ‘Magic’ ideas, screening cash flow, earnings quality and governance before it buys.
Is Manoj worth your time?
A forensic-accounting pedigree applied to growth investing. Bahety's research career — including roughly a decade building Edelweiss's forensic 'Analysis Beyond Consensus' franchise — sits behind Carnelian's stated discipline of screening cash flow, earnings quality and governance before buying. The house style pairs 'Magic' accelerated-growth ideas with steadier 'Compounder' holdings. It is a founder-led firm with a multi-strategy PMS shelf.
Investors who want growth exposure with a forensic-accounting safety check, and are comfortable with a founder-led, multi-strategy PMS that blends steadier compounders with higher-beta ‘Magic’ ideas.
- Multi-strategy shelf (Compounder / Shift / Contra) — confirm which strategy you are actually being sold, and its own record.
- Founder-led firm — much rests on Bahety and the Khemanis.
- The ‘Magic’ basket adds higher-beta, catalyst-driven names — size the allocation accordingly.
About Manoj Bahety
Manoj Bahety is a co-founder and director of Carnelian Asset Management & Advisors, a SEBI-registered portfolio manager in Mumbai (SEBI PMS registration INP000006387, granted February 2019). He founded the firm with Vikas Khemani and Swati Khemani, and today it runs PMS strategies including Compounder, Shift and Contra.
A Chartered Accountant and CFA charterholder, Bahety has more than two decades in financial services, with roles at Edelweiss Securities, Morgan Stanley, Reliance Industries and HPCL. At Edelweiss he spent around eleven years as deputy head of institutional equity research and head of forensic, thematic and mid-cap research, where he built the firm's forensic ‘Analysis Beyond Consensus’ research franchise.
Career
- 2019 – present
Co-Founder & Director, Carnelian Asset Management & Advisors
Co-founded with Vikas and Swati Khemani; SEBI-registered PMS since February 2019, running Compounder, Shift and Contra.
- ~11 years
Deputy Head, Institutional Equity Research; Head of Forensic, Thematic & Mid-Cap Research, Edelweiss Securities
Built the firm's forensic ‘Analysis Beyond Consensus’ research franchise.
- earlier
Morgan Stanley; Reliance Industries; HPCL
Earlier roles across financial services and industry, spanning more than two decades in total.
Four principles
Quality growth at a reasonable price
Carnelian buys quality growth companies at reasonable valuations, resting on two pillars — growth and risk.
‘Magic’ and ‘Compounder’ baskets
The book pairs accelerated-growth ‘Magic’ ideas (driven by a change or catalyst) with steadier, moat-protected ‘Compounder’ businesses.
The ‘CLEAR’ forensic screen
Before investing, the CLEAR framework examines cash flow, liabilities, earnings quality, asset quality and related-party / governance issues.
Research-led, accounting-first
The discipline draws on Bahety's forensic research career and Edelweiss's ‘Analysis Beyond Consensus’ franchise.
The call that shows the method working
A forensic-accounting franchise, brought to investing
At Edelweiss, Bahety spent around eleven years building the firm's forensic ‘Analysis Beyond Consensus’ research franchise as head of forensic, thematic and mid-cap research. That discipline is now codified in Carnelian's ‘CLEAR’ framework — screening cash flow, liabilities, earnings quality, asset quality and governance before an investment is made.
- ~11 yrsHead of forensic, thematic & mid-cap research at Edelweiss
- 2019Co-founds Carnelian and codifies the CLEAR forensic screen
How the strategies have performed
Trailing returns — net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| Carnelian Structural Shift Fund | +11.99% | +22.21% | — | +23.7% |
| CARNELIAN BESPOKE STRATEGY | +11.96% | +24.04% | — | +26.45% |
| Carnelian Bharat Amritkaal Fund | +3.8% | — | — | +10.18% |
| Carnelian Capital - Shift Strategy | +5.77% | +22.91% | +21.4% | +32.31% |
| Carnelian Capital - Compounder Strategy | +12.04% | +23.5% | +17.56% | +19.34% |
| Carnelian Capital Compounder Fund 1 | +13.33% | +28.37% | +20.92% | +22.25% |
| Carnelian Bharat Amritkaal Fund-2 | +8.84% | — | — | +17.71% |
| Carnelian Capital - Contra Portfolio Strategy | +0.23% | +22.19% | — | +24.3% |
Your return will not be the headline number. This is the spread of Manoj's 6 tracked strategies' 3-year CAGR — which strategy you hold, and when you invested, both move your outcome. Strategy-level dispersion, not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Manoj on
Bring these to the call.
Which strategy am I actually buying?
Carnelian runs Compounder, Shift and Contra. Confirm the specific mandate, its inception date and its own track record — not the firm's blended story.
How much rests on the founders?
The firm is founder-led (Bahety with Vikas and Swati Khemani). Ask about the investment team's depth and the decision-making process.
How is the ‘Magic’ basket sized?
The ‘Magic’ basket adds higher-beta, catalyst-driven names. Ask what share of the portfolio it can occupy and how drawdowns are managed.
How they compare
Comparable managers on the platform, by asset class and category — live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Rishi Gupta Shepherd's Hill Private Investment Fund · AIF | +1.9% | +24.2% | ₹0 Cr | 8.3 |
| Amit Jeswani Stallion Asset - Core Fund · PMS | +12.4% | +36.3% | ₹29.76 Cr | 8.1 |
| Abhishek Bhardwaj Green Lantern - Growth Fund · PMS | +8.6% | +35.3% | ₹1,769.4 Cr | 8.0 |
| Aman Chowhan Abakkus - All Cap Approach · PMS | +5.3% | +15.3% | ₹7,766.83 Cr | 8.0 |
Manoj Bahety — FAQ
What does Manoj Bahety manage?
What is his investment approach?
What is his background?
Who founded Carnelian?
Considering Manoj's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Manoj Bahety.