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White Oak India Digital Leaders Strategy Portfolio

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White Oak India Digital Leaders Strategy Portfolio

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Fund Snapshot

Year of Inception March 2007
Structure Discretionary Portfolio Management Services
Minimum Investment: INR 50 lakhs
Portfolio Manager:  White Oak Capital Management Consultants LLP

 

About Company

White Oak Capital Group provides Indian equity investment management and advisory services based on solid investing ideals that strive to generate long-term concrete outcomes for all stakeholders. White Oak provides investment services to individual and institutional clients in India and throughout the world through a variety of fund vehicles registered in India, Ireland, Mauritius, and the United Kingdom, in addition to segregated managed accounts for renowned global institutions.

Prashant Khemka, the former CIO of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets Equity divisions, launched White Oak Capital. The four pillars of White Oak’s performance-first investment culture include stock selection-based philosophy, a high-calibre research staff, a rigorous analytical approach, and a balanced portfolio design framework. White Oak has research teams in India and Singapore and sales and distribution centres in Switzerland and the United Kingdom.

The four pillars of White Oak’s performance-first investment culture include stock selection-based philosophy, a high-calibre research staff, a rigorous analytical approach, and a balanced portfolio design framework.

Investment Culture

Why White Oak India Digital Leaders Strategy

  • The epidemic has sped up the use of digital technology in a variety of industries by several years. According to McKinsey’s Worldwide Survey, global digital adoption has increased by at least three years, and by four years in Asia Pacific.
  • As global value shifts from ‘Physical’ to ‘Digital,’ digital leaders and innovators have driven shareholder wealth creation across industries.
  • The White Oak India Digital Leaders Strategy is an investment strategy that aims to profit from this shift in value and digital adoption.

Following Are the Indicative Portfolio Constituents

Sectors with Indicative Portfolio Components: Generally, 80 percent of the portfolio weight is invested in firms that are:

  • IT Services, Communication Services, Media, New-age: Investing in new technologies like AI, Blockchain, Machine Learning, Augmented Reality (AR)/ Virtual Reality (VR)
  • New-age, Consumer, Financials, Healthcare: Delivering world-class customer experience through new channels
  • New-age, Financials, Industrials: Enabling ‘Digital India’ and developing products for the digital ecosystem
  • Pharma, Chemicals, Auto: Spearheading R&D in their respective sectors
  • IT Services, Industrials: Adding strong automation capabilities
  • All sectors: Leaders in adopting technology in their businesses

Portfolio Construction

White Oak Capital often avoids enterprises with poorer qualities, such as poor corporate governance, low incremental returns on capital, or those that suffer technology obsolescence risk. Poor corporate governance may take many forms, including syphoning of cash or value, stock price manipulation, unethical business activities, or misaligned interests, and low returns on new capital might result from excessive industry competition or capital misallocation.

The greatest basic risk, they say, is not recognising or completely comprehending the unique business risk of each firm in the portfolio. White Oak mitigates this danger by conducting extensive foundational research. They also work to comprehend, manage, and reduce residual factor risks that arise from stock selection.

Investment Philosophy

White Oak Capital believes that investing in exceptional firms at attractive prices yields outsized returns over time. A great company is well-managed, has a scalable long-term opportunity, and delivers better returns on incremental capital, as well as a proven track record of execution and governance. Valuation analysis is an important part of their study. According to the firm, White Oak Capital conducts in-depth valuation analysis to find firms that are selling at a significant discount to their real worth. 

They hunt for firms whose cash flow or earnings projection, and hence intrinsic value, differs considerably from what the market has put into the shares. Valuation is appealing when the current market price is significantly lower than the underlying value. White Oak Capital prefers to focus on economic free cash flows above accounting cash flows and assigns a terminal value based on the company’s success.

The objective of the investment approach is on long-term absolute returns. Instead of betting on macro, they offer a basic yet effective investment strategy of selecting and investing in companies.

White Oak Capital often avoids enterprises with poorer qualities, such as poor corporate governance, low incremental returns on capital, or those that suffer technology obsolescence risk. Poor corporate governance may take many forms, including syphoning of cash or value, stock price manipulation, unethical business activities, or misaligned interests, and low returns on new capital might result from excessive industry competition or capital misallocation.

About Fund Manager

( RAMESH MANTRI DIRECTOR – INVESTMENTS ) 

Ramesh has 17 years of experience in investing and financial analysis across sectors. Ramesh had founded Ashoka Capital Advisers that advised a fund and family offices on equity investment in South Asia. Earlier, he was part of the two-member team which invested in South Asia in equity and debt for Alden Global Capital, a US-based hedge fund for over 7 years. Prior to this, he was an analyst at CRISIL (majority-owned by Standard and Poor’s), India’s leading rating agency, and covered the financial sector. Ramesh is a CFA charter holder, MBA from the Faculty of Management Studies, Delhi, and a Chartered Accountant

Founder’s Profile

Prashant Khemka Portfolio - Fund Manager White OAK
Prashant Khemka Portfolio – Fund Manager White OAK

(Prashant Khemka Portfolio – Fund Manager )

Prashant started white Oak Capital Management in June 2017. Before this, he worked at Goldman Sachs Asset Management (GSAM) as the CIO and lead portfolio manager for GS India Equity from March 2007 to March 2017 and the Global Emerging Markets (GEM) Equity from June 2013 to March 2017. As the lead PM for these initiatives, he was in charge of all mutual funds and separate accounts.

 

 

  • Prashant joined Goldman Sachs Asset Management (GSAM) in 2000 in the US Growth Equity team.
  • In 2004, he became Senior PM and Co-Chair of the Investment Committee on the US Growth Equity team, which managed US$25 bn.
  • He returned to Mumbai in 2006 to start GSAM India business, where he served as CIO and CEO / Co-CEO until 2013
  • In 2013, Prashant moved to Singapore as CIO and Lead PM of India and Global Emerging Markets.
  • He directly managed more than US$5.0 bn out of the USD 6.5 bn managed by his team.
  • Prashant and his funds at GSAM earned several awards, including Citywire AAA rating and FundCalibre Elite rating.
  • Prashant is AAA rated by Citywire based on the three-year risk-adjusted performance across all funds he is managing to 30th November 2021

Key Attributes

  • The presence of one business characteristic does not indicate the absence of the other three.
  • All of the qualities must be present in all stocks, at a minimum stated level or greater.
  • When a certain attribute is highlighted, the filter standard for threshold clearance for that attribute is retained at its highest level. In contrast, the filter for the other three attributes is kept at its maximum level.
  • The barrier will be average or below average for all stocks for no characteristic.

OsInvestment Philophy

White Oak Capital believes that investing in exceptional firms at attractive prices yields outsized returns over time. A great company is well-managed, has a scalable long-term opportunity, and delivers better returns on incremental capital, as well as a proven track record of execution and governance. Valuation analysis is an important part of their study. According to the firm, White Oak Capital conducts in-depth valuation analysis to find firms that are selling at a significant discount to their real worth. 

They hunt for firms whose cash flow or earnings projection, and hence intrinsic value, differs considerably from what the market has put into the shares. Valuation is appealing when the current market price is significantly lower than the underlying value. White Oak Capital prefers to focus on economic free cash flows above accounting cash flows and assigns a terminal value based on the company’s success.

The objective of the investment approach is on long-term absolute returns. Instead of betting on macro, they offer a basic yet effective investment strategy of selecting and investing in companies.White Oak Capital often avoids enterprises with poorer qualities, such as poor corporate governance, low incremental returns on capital, or those that suffer technology obsolescence risk. Poor corporate governance may take many forms, including syphoning of cash or value, stock price manipulation, unethical business activities, or misaligned interests, and low returns on new capital might result from excessive industry competition or capital misallocation.

Seasoned Team With Global Experience

A strong team of seasoned investment experts has worked through numerous market cycles. Extensive worldwide investment expertise lends itself to a keen understanding of pattern detection when investing in India. Each firm is researched by two analysts in a unique team-within-team framework.

Time Tested Investment Philosophy

They are investing in exceptional firms at attractive prices yields outsized profits over time. Rather than skewed accounting earnings, the valuation approach is based on economic cash flows. A great business generates higher returns on more capital, is scalable, and is well-managed in execution and governance.

Disciplined Research Process

Intensive basic research to evaluate business traits and valuation using the OpcoFincoTM framework. As a beginning point for the research process, a structured screening approach examines a company’s governance-DNA. An intensive factory visits meetings with firm management, rivals, suppliers, customers, and other trade participants will help you gain a 360-degree view of any organisation.

Balanced Portfolio Construction

Ensure that alpha creation results from stock selection in a well-balanced portfolio. Avoid market timing, sector rotation, and other top-down macro bets by investing in companies. Understand, monitor, and try to keep residual factor risks, which are a result of stock selection, to a minimum.

Product - AMC Category AUM (in Cr.) Performance 1M 3M 6M 1Y 2Y 3Y 5Y 10Y SI

India Pioneers Equity

AMC Name: White Oak Capital Management Consultants LLP Inc Date: 9-Apr-19
multi cap
(PMS)
8,260 Strategy 4.80 8.70 2.90 -0.70 28.40 24.20 20.20
S&P BSE 500 TR 4.80 9.20 8.50 7.00 29.80 21.20 16.40

White Oak India Select Equity Fund

AMC Name: White Oak Capital Management Consultants LLP Inc Date: 21-May-20
multi cap
(PMS)
614 Strategy 5.10 9.20 1.90 -4.40 26.30 35.40
S&P BSE 500 TR 4.80 9.20 8.50 7.00 29.80 39.30

White Oak India Equity Fund II

AMC Name: White Oak Capital Management Consultants LLP Inc Date: 7-Mar-19
long only
(AIF)
1,196 Strategy 5.00 9.20 1.30 -4.70 27.00 23.80 21.40
S&P BSE 500 TR 4.80 9.20 8.50 7.00 29.80 21.20 17.40

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Disclaimer: Investing Involves Risk. This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. We do not guarantee any returns in the hand of investors not we take any sort of accountability for the performance of the scheme. The above-mentioned data is collected from the respected Fund house please verify the same at SEBI website.