WhiteOak Capital Mutual Fund

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WhiteOak Capital Mutual Fund is an Indian asset management company, formally incorporated as WhiteOak Capital Asset Management Limited, and one of the newer entrants to the regulated Indian mutual fund industry, having received SEBI registration and commenced scheme operations in 2022. The fund house is sponsored and led by Prashant Khemka, who previously served as Lead Portfolio Manager for Goldman Sachs Asset Management’s India and emerging market equity strategies, and subsequently founded White Oak Capital Management as a portfolio management service entity in 2017 before converting it into a mutual fund.

As of March 2024, WhiteOak Capital Mutual Fund managed assets exceeding Rs 12,000–15,000 crore, growing rapidly from its 2022 launch. The fund house is positioned as an institutionally oriented, research-intensive equity AMC.

Background: White Oak Capital Management

Before the AMC launch, Prashant Khemka operated White Oak Capital Management as a SEBI-registered portfolio management service (PMS) entity from 2017, managing discretionary equity portfolios for high-net-worth clients and family offices. The PMS business accumulated a substantial AUM and track record that the fund house has referenced in positioning its mutual fund products.

Prashant Khemka’s investment career included approximately 15 years at Goldman Sachs Asset Management in Mumbai and London, where he managed the GS India equity and broader emerging markets portfolios. His departure from Goldman in 2017 and the establishment of White Oak was widely covered in the Indian financial media.

SEBI registration and AMC launch (2021–2022)

WhiteOak Capital Asset Management Limited received SEBI approval in 2021 and commenced mutual fund scheme operations in 2022. The AMC launched a full range of equity schemes including Flexi Cap, Large Cap, Large and Mid Cap, Midcap, Small Cap, and ELSS from the outset, supplemented by hybrid and liquid schemes.

The launch attracted attention due to the founder’s institutional pedigree, the AMC’s stated preference for direct plans and low TERs, and its use of a unique “equal-weight” portfolio construction philosophy.

WhiteOak Capital Management Private Limited (Prashant Khemka’s holding entity) is the sponsor. The trustee entity is WhiteOak Capital Mutual Fund Trustee Company Private Limited.

Key service providers:

  • RTA: Computer Age Management Services (CAMS)
  • Custodian: Axis Bank Limited
  • Depository: NSDL and CDSL

Scheme portfolio

  • WhiteOak Capital Flexi Cap Fund: Core equity flagship; diversified across market caps.
  • WhiteOak Capital Large Cap Fund: Large cap mandate.
  • WhiteOak Capital Mid Cap Fund: Mid cap strategy.
  • WhiteOak Capital Small Cap Fund: Small cap exposure.
  • WhiteOak Capital Tax Saver Fund (ELSS): Tax-saving equity fund.
  • WhiteOak Capital Large and Mid Cap Fund: Bimodal mandate.
  • WhiteOak Capital Balanced Hybrid Fund: 50:50 balanced allocation (not aggressive hybrid).
  • WhiteOak Capital Liquid Fund: Short-term parking.

Investment philosophy

WhiteOak Capital’s equity investment philosophy centres on a diversified, bottom-up approach. The fund house is noted for its use of equal-weighting principles in portfolio construction: rather than concentrating in a small number of high-conviction names, the portfolio is built with more stocks weighted closer to equal proportions. The intent is to reduce stock-specific concentration risk while still generating alpha through sector and stock selection versus the benchmark.

Khemka argues that behavioural biases in active management lead to systematic over-concentration in familiar or comfortable names, and that a more systematic, research-driven, broader portfolio construction improves risk-adjusted outcomes.

Distribution and operations

WhiteOak Capital MF distributes primarily through digital platforms and direct plan channels, consistent with the fund house’s positioning toward sophisticated and cost-conscious investors. Third-party platforms including Zerodha Coin list WhiteOak schemes.

Regulatory standing

WhiteOak Capital Asset Management Limited holds a valid SEBI registration. No enforcement actions as of 2024.

See also

References

  1. WhiteOak Capital Asset Management Limited, SEBI Registration. sebi.gov.in.
  2. AMFI Data, AMC-wise AUM, March 2024. Association of Mutual Funds in India.
  3. “Prashant Khemka launches WhiteOak Capital Mutual Fund.” Economic Times, 2022.
  4. WhiteOak Capital AMC investment philosophy documents. whiteoakcapital.in.

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