Carnelian Small Cap Fund
An open-ended equity scheme investing predominantly in small-cap companies. It is among the first schemes of Carnelian Mutual Fund, a new fund house. Benchmarked to the Nifty Smallcap 250 TRI.
- 16 Oct 2026
- Offer opens
- 30 Oct 2026
- Offer closes
- 13 Nov 2026
- Re-opens for purchase
- ₹500
- Minimum investment
The fund house may close the offer early if subscriptions reach ₹5,000 crore on any business day. It stays open for at least three working days.
Investment objective
Long-term capital appreciation by investing predominantly in equity and equity-related securities of small-cap companies. There is no assurance the objective will be achieved.
How the fund will invest
- Small-cap companies 65 to 100% of assets; up to 35% in other equity, money-market instruments, mutual fund units or gold and silver ETFs; up to 10% in InvITs.
- A concentrated portfolio of about 30 to 50 companies, picked from a universe of more than 1,000, through quantitative screens, fundamental and forensic research and on-the-ground checks of management.
- Stated philosophy: quality first, growth at a reasonable price, and avoiding permanent loss of capital from weak or dishonest management.
- Size cap of ₹5,000 crore: beyond it the fund will not accept fresh lump-sum money, so that it can still take meaningful positions in small companies.
- Expense ratio: regulatory ceiling of 2.10% on the first ₹500 crore of assets; the actual figure will be published on the AMC website.
Scheme details
- Category
- Small Cap
- Benchmark
- Nifty Smallcap 250 TRI (AMFI Tier I)
- Exit load
- 1% if redeemed on or before 365 days from allotment; nil after. No load on switches between Carnelian equity schemes.
- Fund managers
- Deepak Malik (CIO), Viraj Parekh
- Plans and options
- Regular and Direct plans, each with Growth and IDCW (payout / reinvestment) options
- Riskometer
- Very High (scheme and benchmark)
The fund house and the managers
Carnelian Mutual Fund (SEBI registration MF/094/26/20) is sponsored by Carnelian Asset Management & Advisors, founded by Vikas Khemani (formerly CEO, Edelweiss Securities), with Manoj Bahety and Swati Khemani. This is the fund house's first equity scheme.
Fund manager Deepak Malik, CFA, 25+ years in investment management, joined the AMC in March 2026; earlier with Carnelian Asset Management (2023 to 2026), Faering Capital, Edelweiss Securities and Axis Mutual Fund.
Co-fund manager Viraj Parekh was a research analyst at Carnelian Asset Management from 2021 to 2026. Neither manager runs another mutual fund scheme yet, so there is no mutual-fund track record to look at.
Documents
Offer documents and downloads
Documents open at the original publisher (the fund house or exchange where available), so you always get the current version. Where only a published listing is available, confirm the terms with Trustner.
A one-page summary of this offer from the fund house’s documents, and a short presentation you can share.
- Scheme Information Document (SID) The full offer document: strategy, asset allocation, risks, fees. It governs.
- Key Information Memorandum (KIM) The regulator-mandated summary: objective, loads, minimums, fund managers.
- Fund presentation (AMC) The fund house’s own launch presentation, in their words.
- NFO application form The paper application form, if you prefer to apply offline.
- BSE StAR MF notice (NFO with SIP) Supporting document from the fund house.
- Instructions for NFO application How to fill and submit the NFO application.
Before you invest in any NFO
- Read the SID and KIM. They govern over any summary, including this page.
- A new fund has no track record and no NAV history of its own.
- ₹10 a unit is a starting price, not a discount. NAV level says nothing about value.
- Check how this fits with what you already hold, especially funds in the same category.
Source: Carnelian Mutual Fund NFO page, SID, KIM and investor presentation (10 Oct); BSE StAR MF notice 20261015-18; Cafemutual, 16 Oct. Checked 18 Oct 2026
This page presents facts from the fund house’s offer documents for information. It is not investment advice or a recommendation to invest in this scheme. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. Past performance does not guarantee future returns. | Trustner Asset Services Pvt. Ltd. | ARN-286886 | CIN: U66301AS2023PTC025505 | AMFI Registered Mutual Fund Distributor and SIF Distributor; APMI Registered PMS Distributor