Scheme Rating
IME Scheme Rating
Highly Recommended Investment Option: Founder with strong investment track records backed by time-tested investment philosophy and a strong investment team.
IME Strategy Rating
Highly Diversified Flexicap strategy: Runs diversified portfolio of high-quality business available at the right price (essentially GARP). a common strategy, but the importance is how well it is executed (with Prashant Khemka having a very strong track record on the same). White Oak India Pioneers also runs a much higher level of diversification (50+ companies) that standard PMS strategies, the results in superior risk-adjusted returns (due to lower risk). It is a time-tested philosophy of investing in high-quality businesses at attractive valuations. Over his years at Goldman, Prashant has demonstrated an ability to provide consistent returns using this strategy.
PMS Scheme Ratings are driven by IME’s Proprietary Scheme Rating Methodology, which takes into account our ratings of the Scheme’s investment strategy, its maturity, the investment team, and our separate rating on the AMC that runs this particular scheme. Our views on each of these individual criteria are available via the IME RMS – which you can view by reaching out to one of our relationship managers (using either the live chat or book appointment feature on this site).
IME View on White Oak Pioneers Equity
Investment Philosophy
Invest in a diversified basket of 30-50 great businesses that are available at an attractive price.
- 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
INVESTMENT PROCESS
- Avoid misgovernance: White Oak aims to avoid misgoverned companies by recognizing various forms of misgovernance such as companies cheating existing promoters, cheating investors, unethical or illegal business administration processes, misaligned interests or objectives and poor accounting.
- 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
PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT
- Balanced Portfolio Approach: White Oak follows a balanced Portfolio that aims to avoid market timing or sector rotation and aims for alpha generation through stock selection.
- Typical exposure limits: Single Stock: 10% at market value | Single promoter group: 25% | Single industry 30%
- Proposed Market Cap weights: 40-60% Large Cap and 60-40% Mid and Smallcap
Trailing Performance
1yr | 3yr | 5yr | Since Inception | |
---|---|---|---|---|
White Oak Pioneers Equity | 35 | 12.7 | 21.5 | 20.2 |
S&P BSE 500 TRI | 41.1 | 18.4 | 22.4 | 18.9 |
Alpha over Broad Mkt BM | -6.1 | -5.7 | -0.9 | 1.3 |
Nifty 500 | 40.2 | 17.2 | 21 | |
Alpha over Category BM | -5.2 | -4.5 | 0.5 |
Performance as of: 30-Sep-24 | Inception Date: 27-Sep-18
Fund Managers
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).
Fee Structure
Fee Structure | Fee |
---|---|
Fixed Fee Structure | 2.5 |
Variable Fee Structures | 1.5% + 20% over S&P BSE 500 Benchmark |
Exit Fees |
AMC
AMC: White Oak PMS (click link for detailed AMC review)
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.
AMC Rating
AMC Pedigree
AMC Size
Team Pedigree
Inv Philosophy
Performance
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