CARNELIAN CONTRA PORTFOLIO STRATEGY

Manoj has over 26 years of rich and diverse experience in financial services, having worked with marquee institutions including Edelweiss Securities, Morgan Stanley, Reliance Industries Limited, and Hindustan Petroleum Corporation Limited. He last spent around 11 years at Edelweiss Securities as Deputy Head – Institutional Equity Research, and Head – Forensic, Thematic & Mid Cap Research. He is known for his differentiated, non-consensus research approach and pioneered forensic research, popularly known as “Analysis Beyond Consensus” (ABC Research). This framework has helped investors globally make informed decisions based on underlying fundamentals rather than reported numbers, thereby avoiding potential pitfalls. Under his leadership, mid-cap research has identified several multi-baggers, including VIP Industries, Supreme Industries, Balkrishna Industries, PI Industries, AIA Engineering, ICRA, FAG Bearings India, SKF India, and Gulf Oil Lubricants India. Manoj has represented several committees of the CFA Institute, including serving as Chairperson of the India Advocacy Committee, and is also a member of the US-based global CDPC committee. Outside of work, he is a fitness enthusiast and has been running marathons for the past eight years.

Kunal Shah has overall 12 years of professional experience and is a part of Fund management team & Investment Committee with Carnelian. He has been Carnelian since inception, he is a Chartered Accountant with All India Rank. Kunal's experience in research spans across sectors like Banking, Insurance, Consumer, Auto's, Capital Goods, Chemicals, Pharma etc. He is passionate about reading & understanding various businesses across market caps.