Carnelian Asset Management and Advisors Pvt Ltd

Kunal Shah, a Chartered Accountant with an All India Rank, brings over 12 years of professional experience and is an integral member of the Fund Management team and Investment Committee at Carnelian. Associated with Carnelian since its inception, he has developed deep expertise in equity research across diverse sectors, including Banking, Insurance, Consumer, Auto, Capital Goods, Chemicals, and Pharmaceuticals. Kunal is deeply passionate about studying and understanding businesses across market capitalizations, continuously expanding his knowledge to identify long-term investment opportunities.

Manoj is a Chartered Accountant and CFA Charter holder (USA) with nearly 26 years of extensive and diverse experience in the financial services industry, having worked with leading institutions such as Edelweiss Securities, Morgan Stanley, Reliance Industries, and HPCL. During his 11-year tenure at Edelweiss Securities as Deputy Head of Institutional Equity Research and Head of Forensic, Thematic, and Midcap Research, he gained recognition for his pioneering non-consensus approach. Manoj introduced the differentiated *“Analysis Beyond Consensus (ABC)”* research framework, which empowers investors worldwide to make informed decisions based on true financial insights rather than reported figures — aligning with Carnelian’s core virtue of “avoiding pitfalls.” His prudent investment philosophy and deep business acumen have led to the identification of several multi-bagger stocks such as PI Industries, VIP Industries, Supreme Industries, Balkrishna Industries, AIA Engineering, ICRA, SKF, and Gulf Oil. Manoj has also contributed to the CFA Institute through multiple leadership roles, including serving as Chairperson of the India Advocacy Committee and as a member of the US-based Global CDPC Committee.