Founded by Prashant Khemka, former CIO and Lead PM of India Equity and Global Emerging Markets Equity at Goldman Sachs Asset Management, White Oak is a Mumbai-based boutique investment management and investment advisory firm specialized in India Equity.
White Oak is an India Equity investment management firm founded by Prashant Khemka, former CIO and Lead Portfolio Manager of India Equity and Global Emerging Markets Equity at Goldman Sachs AM, where he spent 17 years generating peer group leading performance over various multi-year trailing periods for both strategies. As a results, Prashant and the funds managed by him at GSAM earned several awards including Citywire AAA rating, FundCalibreElite rating, Asian Private Banker’s Asset Management Award for Excellence, and Asia Asset Management Best of Best award.
White Oak’s mission is to deliver sustained capital appreciation through superior returns over time with a ‘Performance First’ culture that is fully aligned with investor interest. White Oak’s greatest strength is the 10 member local Investment team of dedicated investors with global investment management experience and a strong investment culture. Owing to the performance of this team, White Oak currently has assets under management of $1.7bn.
Backed by a rigorous bottom up, fundamental stock selection process and the premise that ‘outsized returns are earned over time by investing in great businesses at attractive valuations’, The Ashoka India Opportunities Fund (UCITS) has been one of the best performing funds in its peer group since inception in Dec 2018. Amongst other classic fundamental valuation methodologies, White Oaks’ proprietary CLEIR analytical framework (Capital-Light Excess Investment Return) dissects the value of any company in two distinct components: (i) one as a function of invested capital in the business and (ii) a second one as a function of excess returns on the invested capital. This valuation approach is very insightful in understanding the sources of value in a business.
Ashoka India Opportunities Fund
The Fund’s objective is to generate sustained capital appreciation through superior returns over time, with a long-term absolute return focus.
The strategy invests in a long-only portfolio of 30-50 great businesses at attractive values through bottom up stock selection process. A great business is one that is well managed, has a scalable long-term opportunity, and generates superior returns on incremental capital along with a strong track record of execution and governance. Companies with poor corporate governance, weak incremental returns on capital or those that face obsolescence risk arising out of technological developments are avoided.
Assessing valuation is a critical element of White Oak’s research. Through in-depth valuation analysis, White Oak identifies companies which are trading at a substantial discount to their intrinsic value.
Ashoka India ESG Fund
The fund’s objective is to achieve sustainable returns and capital appreciation, with an absolute and long-term approach.
The ESG fund, ‘Ashoka India ESG Fund (UCITS)’, is the ESG variant of the ‘Ashoka India Opportunities Fund (UCITS)’ strategy. The fund invests in a concentrated long-only portfolio (30-50 positions) of excellent deals, acquired at attractive prices, and reached by thorough fundamental analysis. For White Oak India, an excellent company is one that has an exemplary management team, which has significant competitive advantages, scalability in its long-term business model and a proven ability to generate sustainable returns.
White Oak is committed to ESG factors and is a signatory to the United Nations-endorsed Principles for Responsible Investment Initiative (UNPRI), since 2019. Additionally, the ESG fund is Article 8, and has prospects of becoming Article 9 a long term.
The company analysis process is extremely thorough and exhaustive. Their valuation is a fundamental part of the entire investment process and its fundamental mission is to identify securities that trade at a significant discount premium over their intrinsic value.
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