About Company
Whiteoak Capital Asset Management Limited
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.
Fund Snapshot
| Year of Inception | 2018 |
| Number of Stocks | 51 |
| Investment Horizon | Long Term |
| Fund Managers | White OAK Capital Management Consultants LLP |
| Structure | Close-ended Category III Alternative Investment Fund |
| Investment Objective | The objective is to generate sustained capital appreciation through superior returns over time |
| Fund Tenure | Initial tenure of 4.5 years |
| Drawdown Period | 25% at the time of investment and rest 75% over 3 tranches before final close |
| Sponsor Contribution | Rs.10 Crore or 5% whichever is lower |
| Benchmark | S&P BSE 500 TR |
| Operating Expenses | At actuals, capped at 0.20% per annum of the Net Capital Contribution |
| Set-up Cost | 2% of Gross Capital Contribution |
| Redemption | On maturity of the Fund |
Investment Philosophy
- Our investment strategy is based solely on fundamental stock selection from the bottom up.
- We invest in businesses based on stock selection rather than macro factors, which is a simple but powerful investment philosophy.
- We believe that investing in great businesses at attractive prices yields outsized returns over time. A great business is well-managed, scalable, and generates higher returns on additional capital.
Attributes They look for
Superior returns on incremental capital
- Industry competitive intensity
- Sustainable competitive advantage
Scalable long term opportunity
- Industry potential versus current size
- Expanding market share and scope
Strong execution and governance
- Drive to create long-term value
- Interests aligned with minority shareholders
Valuation Framework
Intrinsic value = present value of future cash flows
- Economic FCF rather than accounting one
- Terminal value based on greatness of business
Value excess returns on capital vs capital employed
- Assess cash flows net of cost of capital
- OpcoFincoTM multiples for relative comps
Aim to avoid businesses with weaker characteristics
Poor corporate governance
- Siphoning of cash or value
- Manipulation of stock prices
- Unethical business practices
- Misaligned interests
- Examples
- Numerous across sectors
- Certain commodity companies
Weak returns on incremental capital
- Excessive competition in capital-intensive industry
- Mis-allocation of capital
- Empire building
- Examples
- Conglomeration without capabilities
Substitution or obsolescence risk
- Existential threat from technological developments
- Examples
- Print media from online
- Wind energy from solar
- Combustion engine from electric vehicles
White OAK India Equity Portfolio
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 a stock selection-based philosophy, a high-caliber 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.
Background of WhiteOak Capital Group
- One of the few in the industry with DNA of investment management
- Group of Professionals led by an investment professional as ‘Founder’ to get
SEBI license to set up an Asset Management Company (AMC)
- Core competence in domestic and global emerging equity markets
Why WhiteOak Capital
Large Investment Team: Covering ~1000 Stocks with more than Rs. 1000 Crore Market Cap
Balanced Portfolio Construction: Portfolio of Pro-cyclical and Counter-cyclical stocks to help reducing macro economic shocks
Sectoral Analyst: Team within Team Structure : Each sector is tracked by several analysts for in-depth analysis
Analysts’ Experience: Many analysts in team are tracking the same sector for more than a decade
Forensic for Negative List of Stocks: Helps reduce possible accidents due to poor corporate governance
Tactical Allocation to Small Caps: to capture compelling opportunities in this segment
Focused Investment Culture
Performance first
People: Team of Sector Experts with Global Experience Deep bench of Seasoned Stock Pickers Team within Team Structure
Bottom-up Stock Selection-based Philosophy: Buy great businesses at attractive values. Invest in business, don’t bet on macro
Time Tested Process: Disciplined Fundamental Research Proprietary Opco Finco TM analytical framework
Balanced Portfolio Construction: Aim to avoid top down bets on macro factors Aim to ensure performance a function of stock selection
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Prashant Khemka
Mr. Prashant R. Khemka is the founder and Managing Director of White Oak Capital Management, founded in June 2017. A Mumbai native, Prasad was born on 4 November 1971. He has a Bachelor of Engineering in Mechanical Engineering from the University of Bombay and an MBA in Finance from Vanderbilt University.
Initially, he worked at State Street Global Advisors as Assistant Portfolio Manager in Boston after completing his MBA. Prashant has also worked as the chief investment officer and lead portfolio manager at Goldman Sachs Asset Management.
An experienced investment professional, he has worked in business development, portfolio management, and other business operations for more than two decades.
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