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.


Terms at a Glance
Benchmark
S&P BSE 500 TR
Inception
Date
April 9, 2019
Investment
Approach
Bottom-up
Investment
Style
Style Agnostic
Market Cap
All Cap
Estimated
Holdings
40 – 60
Investment
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: April 30, 2022

Portfolio Performance1-8 3 Month 6 Month 1 Year 3 Year CAGR Inception CAGR
WO India Pioneers -2.4% -4.8% 16.4% 21.8% 21.5%
S&P BSE 500 TR -0.4% -1.4% 21.0% 16.9% 16.6%
Outperformance (bps) -2.1 -336 -462 +494 +494
Other Indices
S&P BSE 100 LargeCap 0.0% -1.6% 19.7% 15.5% 15.5%
S&P BSE 150 MidCap -1.3% -1.4% 24.0% 23.5% 21.9%
S&P BSE 250 SmallCap -3.5% 0.4% 29.6% 21.2% 19.9%

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

15.5%
11
8.3%
73
Consumer Disc
15.4%
7
12.9%
31
Information Tech
29.0%
10
28.3%
82
Financials
5.9%
5
7.3%
76
Industrials
11.9%
6
11.0%
94
Materials
0.0%
10.5%
11
Energy
0.0%
5.1%
19
Utilities
9.6%
9
5.4%
52
Health Care
5.7%
2
7.5%
33
Consumer
Staples
2.5%
2
2.9%
18
Comm Services
0.8%
1
0.9%
12
Real Estate
Portfolio
S&P BSE 500

The number inside the bars denote the number of companies in each classification

Market cap classification
55.4%
21
77.7%
96
Large Cap
23.7%
14
14.7%
140
Mid Cap
17.2%
18
7.6%
265
Small Cap
Portfolio
S&P BSE 500

The number inside the bars denote the number of companies in each classification

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 82.2 2.7 50.6 0.0 -0.7 -0.8
Cons Disc. 12.3 72.4 8.5 49.7 3.4 -0.2 3.2
Cons Staples 8.3 37.8 9.0 32.5 1.0 -0.6 0.4
Energy 0.0 0.0 9.7 84.5 0.0 -2.8 -2.8
Financials 32.2 54.9 31.8 23.4 11.9 -0.1 11.7
Health Care 11.7 143.1 5.5 79.5 7.1 8.1 15.2
Industrials 5.3 93.8 6.8 65.2 0.6 -0.3 0.3
Information Tech 17.1 167.1 12.5 110.9 10.0 2.1 12.0
Materials 7.4 130.1 9.5 110.5 -1.8 0.0 -1.8
Real Estate 0.8 68.6 0.7 69.5 0.1 -0.3 -0.2
Utilities 0.0 0.0 3.3 182.8 0.0 -4.4 -4.4
Cash/Fut/Other 2.6 0.0 0.0 0.0 - - -5.0
Total 100.0 87.9 100.0 61.1 32.2 -4.3 27.8

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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Registered Office

Cnergy, B2/B3, 6th Floor, Appasaheb Marathe
Marg, Prabhadevi, Mumbai, Maharashtra 400025.

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For availing Portfolio Management Services you can reach us directly, without any third party intermediation by calling/emailing on the below contacts.
Mumbai
Veeresh Kumari
+918104005069
Bangalore
Anmol Verma
+918765548366
Rest of India
Shriraj Bhukhanwala
+919819032132
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Cnergy, B2/B3, 6th Floor, Appasaheb Marathe
Marg, Prabhadevi, Mumbai, Maharashtra 400025.

Phone : +91-22- 62308100

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