White Oak India Pioneers Equity Portfolio is a long-only balanced investment approach of select companies agnostic to benchmark S&P BSE 500, which seeks to generate alpha through bottom-up stock selection, based on intensive fundamental research and a proprietary rigorous analytical framework.
Investment Objective and Strategy
The objective of the strategy is to achieve long term capital appreciation by primarily investing in ‘listed securities’ in India. The investment strategy is long only with a bottom-up stock selection approach. The investment philosophy is, that outsized returns are earned over time by investing in great businesses at attractive values. A great business, in our view, is one that is well managed, scalable, and generates superior returns on incremental capital. Valuation is attractive when the current market price is at a substantial discount to intrinsic value.
S&P BSE 500 TR
Date
April 9, 2019
Approach
Bottom-up
Style
Style Agnostic
All Cap
Holdings
40 – 60
Horizon
Medium to Long Term
Portfolio Performance
Our investment team has a strong performance-first culture with an objective of generating sustained capital appreciation through strong returns over time.
Performance as on: February 28th, 2023
| Performance (%)1-9 | Feb 2023 | 2023 YTD | 2022 | 2021 | 2020 | Part 2019 | Inception Absolute | Inception CAGR |
|---|---|---|---|---|---|---|---|---|
| Portfolio | -2.5 | -5.7 | -6.6 | 34.4 | 34.9 | 6.7 | 70.6 | 14.7 |
| S&P BSE 500 TRI | -2.7 | -6.0 | 4.8 | 31.6 | 18.4 | 3.5 | 59.0 | 12.6 |
| Outperformance (bps) | +25 | +31 | -1137 | +281 | +1651 | +320 | +1161 | +206 |
| Other Indices | ||||||||
| S&P BSE 100 LargeCap | -3.0 | -6.5 | 5.5 | 26.9 | 16.6 | 5.4 | 53.7 | 11.7 |
| S&P BSE 150 MidCap | -1.7 | -3.7 | 3.6 | 48.6 | 26.3 | -0.3 | 86.7 | 17.4 |
| S&P BSE 250 SmallCap | -2.7 | -4.8 | -1.0 | 59.1 | 27.9 | -11.2 | 70.4 | 14.7 |
Market Cap Attribution Since Inception (%)11
Performance is calculated basis time weighted rate of return method net of all fees and expenses; Individual client performance may differ. Past performance is not indicative of future results. Performance shown since April 9, 2019, as client monies were managed from this date. Performance related information provided herein is not verified by SEBI. All returns and % changes are in INR terms unless otherwise stated. Returns for 1 year and less than 1 year are absolute returns, while more than 1 year are CAGR
Sector Exposure
At White Oak Capital, the sectoral weights are an outcome of our bottom-up stock selection process.
GICS Sector Weights
The number inside the bars denote the number of companies in each classification
Market cap classification
Classification as per Securities and Exchange Board of India (SEBI) guidelines for Mutual Funds. Additional information on the classification methodology is available upon request.
Sector-wise Attribution Since Inception (%)
Attribution analysis is an evaluation tool used to explain sources of excess returns from a fund manager’s active investment decisions against a benchmark.
Selection Effect : The selection effect measures the investment manager’s ability to select securities within a given sector relative to a benchmark. A positive selection effect occurs when the portfolio return from a particular sector is greater than the benchmark return from the same sector.
Allocation Effect : The allocation effect measures an investment manager’s ability to effectively allocate their portfolio’s assets to various sectors. The allocation effect determines whether the overweighting or underweighting of sectors relative to a benchmark contributes positively or negatively to the overall portfolio return
| Portfolio | Benchmark | Attribution | |||||
| Avg Wt | Tot Return | Avg Wt | Tot Return | Selection Effect | Allocation Effect | Top Return | |
| Comm Services | 2.3 | 40.8 | 2.8 | 36.2 | -0.7 | -0.6 | -1.3 |
| Cons Disc. | 13.0 | 64.8 | 8.6 | 57.1 | 0.8 | 0.5 | 1.2 |
| Cons Staples | 7.8 | 40.3 | 8.8 | 54.6 | -0.5 | -1.3 | -1.8 |
| Energy | 0.0 | 0.0 | 9.7 | 61.5 | 0.0 | -0.6 | -0.6 |
| Financials | 32.0 | 62.7 | 31.4 | 34.3 | 9.7 | 0.0 | 9.8 |
| Health Care | 11.3 | 123.7 | 5.4 | 60.9 | 7.5 | 7.1 | 14.7 |
| Industrials | 5.7 | 81.6 | 7.0 | 78.1 | -0.5 | -0.8 | -1.3 |
| Information Tech | 16.0 | 153.5 | 12.3 | 100.1 | 9.6 | 1.7 | 11.2 |
| Materials | 8.5 | 104.5 | 9.6 | 95.2 | -2.1 | -0.4 | -2.5 |
| Real Estate | 0.9 | 115.2 | 0.7 | 51.8 | 0.7 | -0.4 | 0.4 |
| Utilities | 0.0 | 0.0 | 3.6 | 82.5 | 0.0 | -1.2 | -1.2 |
| Cash/Fut/Other | 2.5 | 0.0 | 0.0 | 0.0 | - | - | -4.7 |
| Total | 100.0 | 82.8 | 100.0 | 59.0 | 24.5 | -0.7 | 23.9 |
Factset’s Attribution Analysis: Based on GICS Classification and 2 Factor Brinson Attribution. Performance is gross of fees, taxes and expenses. Performance related information provided herein is not verified by SEBI
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Cnergy, B2/B3, 6th Floor, Appasaheb Marathe
Marg, Prabhadevi, Mumbai, Maharashtra 400025.
Information
Cnergy, B2/B3, 6th Floor, Appasaheb Marathe
Marg, Prabhadevi, Mumbai, Maharashtra 400025.
Phone : +91-22- 62308100