Business EconomyPosted at: Oct 15 2026 6:49PM


Carnelian MF to launch Small Cap Fund

Mumbai, Oct 15 (UNI) Carnelian Mutual Fund will launch its Carnelian Small Cap Fund on October 16, with the New Fund Offer (NFO) closing on October 30, 2026, according to a statement.
The open-ended equity scheme will predominantly invest in small-cap stocks and seek long-term capital appreciation through a focused, research-led investment approach.
The scheme will have a cap of Rs 5,000 crore, subject to the terms of its offer documents, to preserve portfolio flexibility and maintain investment selectivity as assets grow. Subscriptions and redemptions will resume on November 13.
The fund plans to build a portfolio of around 30-50 companies from an initial universe of more than 1,000 stocks. Its investment process will combine fundamental research, forensic financial analysis and ground-level assessments of management and business fundamentals.
The scheme will use Carnelian's proprietary CLEAR framework to assess cash flows, liabilities, earnings quality, asset quality and related-party transactions, complemented by its CONNECT framework for ground-level evaluation of businesses and stakeholders.
Vikas Khemani, Founder and Chairman of Carnelian Asset Management & Advisors, said the investment philosophy centres on clarity, conviction and long-term compounding, supported by fundamental research and disciplined valuations.
Rajkumar Dhiman, CEO of Carnelian Mutual Fund, said the scheme would prioritise alpha generation and investment discipline over asset gathering.
The fund will be benchmarked against the Nifty Smallcap 250 Total Return Index (TRI) and managed by Deepak Malik and Viraj Parekh.
The minimum investment during the NFO will be Rs 500, with investments thereafter in multiples of Re 1.
The scheme will offer Direct and Regular plans, with Growth and Income Distribution cum Capital Withdrawal (IDCW) options, along with SIP, STP and SWP facilities.
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