Dalal Street's top stock picker Vikas Khemani’s investment playbook is built around identifying long-term themes before they become market consensus. Carnelian’s founder says its early bets on contract development and manufacturing organisations (CDMOs) and aerospace emerged from years of research into China-plus-one and India’s growing role in global supply chains.
Now, as Carnelian has ventured into mutual fund business by launching a small-cap fund with a ₹5,000 crore cap, Khemani is focusing on manufacturing, financials and IT while warning investors against confusing market capitalisation with valuation. In an interview, he explains how the fund plans to manage size, assess expensive growth opportunities and position for the next market re-rating.
