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White Oak PMS

PMS Rating

IME PMS Rating

5 of 5 stars

Highly recommended for more conservative investors seeking lower risk strategies: With the impeccable investment credentials of the founder & CIO, backed by a sound investment philosophy and a strong research team, White Oak is a solid choice for a PMS to deploy long-term capital.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

Discretionary AUM (12002cr) | Promoter Category ()

PMS Background

White Oak is a relatively young PMS (founded in June 2017), that has scaled in a remarkably short period of time to become one of the largest PMS houses in India. This growth is on the back of the undisputable investment pedigree of its founder Prashant Khemka – who was the former CIO & Lead Portfolio Manager of Goldman Sachs India & Emerging Market funds. These funds have won multiple global awards and accolades for consistent investment performance, making Prashant one of the leading global investors in Indian equities. Prashant has invested considerably in building up the research team at White Oak, with the research team having some of the most seasoned research analyst amongst any PMS provider in India.

Investment Philosophy

Outsized returns are earned over time by investing in great businesses at attractive valuations

  • Great Business: well managed, scalable long-term opportunity, strong returns on incremental capital, strong execution & governance track record
  • Attractive Valuations: aim to identify businesses where the estimated intrinsic value is significantly different from market prices
  • Focus on stocks: as compared to focusing on the macro
  • Avoid businesses with red flags: poor corporate governance, weak incremental ROCEs, potential obsolescence risk
  • Avoid macro-bets: view macro as a source of random risks (not as an opportunity to add alpha). Accordingly they stay fully-invested with a balanced portfolio construction approach, avoiding top-down misadventures (market timing, sector rotation)

Strong Investment Culture

White Oak’s Investment Culture is driven by

  • Team of local experts with global experience: strong culture of performance aligned with client portfolio
  • Time Tested Processes: driven by disciplined fundamental research & a proprietary OpcoFinco analytical framework that has been honed over 2 decades
  • Bottom up Stock Selection based philosophy: Buy great businesses at Attractive values | Invest in businesses, don’t bet on macro
  • Balanced Portfolio Construction: Aim to drive performance through stock-selection & not top-down bets on macro factors

Investment Process

  • Universe Screening: Beginning with a large investible universe (~750 companies with a  >$150 mn mkt cap), WhiteOak narrows down the universe to what it defines as great businesses (~150), from which it invests in between 30-50 companies which it believes to be attractively valued 
  • Time tested analytical framework: driven by idea generation, analysis, decision & sizing and an ongoing evaluation

Inv Team

Investment Team

Prashant Khemka | 5-star rated FM

Founder & CIO | 26 yrs Experience | 7 yrs at current firm

Past Experience: Goldman AMC (CIO – Global EM Fund), State Street Global (FM)

Prashant founded WhiteOak in 2017 with an impeccable investment track record. Prashant was the CIO & Lead Fund Manager for the Goldman Sachs India Equity & Global Emerging Market Funds. These funds have won multiple global awards and accolades for consistent investment performance. Over Prashant’s tenure GS India Equity scaled to a $2.5 bn fund from scratch (delivering 266% gross returns vs 66% for the benchmark), while GS GEM scaled from $675 mn to $2.6 bn (with a 36% gross US $ return vs 13.1% for the benchmark).

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
White Oak Digital Leaders Others Thematic 36.5 7.5
White Oak India Equity AIF Flexi Cap GARP 32 11.3 21
White Oak Pioneers Equity Flexi Cap GARP 35 12.7 21.5 20.2

Returns as of 30-Sep-24.

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.

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