As on 31st Dec 2020

White Oak Capital Management

Company Overview Firmwide AUM (US$ mn)
Offices:
AUM 2 : Headcount:
Mumbai, Singapore, $3,400 $3,139
~ US$3.1 bn 59 $3,200
Mauritius, UK, and Switzerland $3,000
$2,800
• Founded by Prashant Khemka in June 2017 $2,600
$2,400 $2,114
$2,200
$2,000 $1,794
$1,596
• Prashant joined Goldman Sachs Asset Management (GSAM) in $1,800
$1,600
$1,517 $1,390
$1,245
2000 in the US Growth Equity team $1,400
$1,200
$1,000 $738
$800 $616
$425 $444 $464
• In 2004, he became Senior PM and Co-Chair of the Investment $600
$400 $217
$71
Committee on the US Growth Equity team which managed $200
$
US$25 bn

Jun-20
Jun-18

Jun-19

Dec-20
Dec-17

Dec-18

Dec-19

Sep-20
Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20
• Returned to Mumbai in 2006 to start GSAM India business,
where he served as CIO and CEO / Co-CEO until 2013
Firmwide AUM Split (%)
1%
• In 2013, Prashant moved to Singapore as CIO and Lead PM of 8%
19%
both India and Global Emerging Markets
18%
• Directly managed more than US$5.0 bn out of the USD$6.5 bn
managed by his team 56%

17%
• Prashant and the funds managed by him at GSAM earned 81%
several awards including Citywire AAA rating and FundCalibre
Elite rating Institutions FOs - offshore
India Offshore % India Onshore % FOs and HNI - onshore Fund of Funds
Endowments

Focused Investment Culture

Performance first

Team of local experts with global experience Bottom up stock selection based Philosophy
Strong culture of performance Buy great businesses at attractive values
Aligned with client portfolio Invest in business, don’t bet on macro
Judgment
Edge

Information India Analytical

India Portfolio Edge
Edge
Portfolio

www.ashokaindiaequity.com
Knowledge
Edge
Time tested Process Balanced Portfolio Construction
Disciplined fundamental research Aim to avoid top down bets on macro factors
Proprietary OpcoFinco™ analytical framework honed over two decades Aim to ensure performance a function of stock selection
As on 31st Dec 2020

White Oak Capital Management

Our Team
Well resourced team of local experts with global experience

Prashant Khemka1, CFA (22 years)

Founder
Investment Team2 Years of Coverage Past Investment Team2 Years of Coverage Past
Experience Organisations Experience Organisations

Manoj Garg1 24 Pharma, Auto Bank of America, Sagar Arya 6 Auto, Pharma, DMI Capital
Edelweiss Consumer

Ramesh Mantri 17 Consumer, Ashoka, Ayush Abhijeet 8 Technology, Avendus Capital,

Technology, Alden Global, Realty, Deutsche Bank,
Communications CRISIL Telecom Credit Suisse

Parag Jariwala 13 Financials Religare, Trupti Agrawal 12 Industrials, L&T Infra, E&Y
Macquarie, CARE Financials,
Commodities

Rishi Maheshwari 16 Healthcare, Abraaj Group, Akshay Jogani 6 Financials Multiples,

Consumer, Goldman Sachs Rothschild
Realty

Rohit Chordia 16 Consumer, Kotak, Aman Kapadia 2 Forensics, ESG, BloombergQuint,

Telecom Ameriprise Primary Research Sharp & Tannan
Financial

Sanjay Vaid1 31 Trading Advisor Religare, Chaitanya Kapur 2 Trading Advisor Deloitte Haskin &
Goldman Sachs Sells

Investment Philosophy
Outsized returns are earned over time by investing in great businesses at attractive valuations

Attributes we look for Factors we evaluate

Great Business Superior returns on incremental • Industry competitive intensity

Well managed and
capital • Sustainable competitive advantage

scalable business,
• Industry potential versus current size
Scalable long term opportunity • Expanding market share and scope
with superior
returns on capital
Strong execution and • Drive to create long-term value
governance • Interests aligned with minority shareholders

Our Valuation Framework Insights we derive

Valuation
Intrinsic value = present value • Economic FCF rather than accounting one
Current price at a of future cash flows • Terminal value based on greatness of business

substantial discount
Value excess returns on capital • Assess cash flows net of cost of capital
to intrinsic value • OpcoFinco™ multiples for relative comps
vs capital employed

1Employees of
White Oak Capital Partners Pte.. 2White Oak Capital Management Consultants LLP (WOCM) in Mumbai.
WOCM also acts as the Investment Advisor, providing non-binding, non-exclusive investment research advice to offshore mandates involving Indian securities.
As on 31st Dec 2020

White Oak India Pioneer Equity Portfolio

Performance
S&P BSE 100 Large S&P BSE 150 S&P BSE 250
Benchmark % Excess Returns
` Portfolio cap1 Mid cap1 Small cap1
S&P BSE 5001 (bps)

YTD 2020 35.3% 18.4% +1692 16.6% 26.3% 27.9%

Partial 2019 6.7% 3.5% +320 5.4% -0.3% -11.2%

Since Inception 44.5% 22.6% +2185 22.8% 25.9% 13.6%

Sector and Market Cap Break Up Portfolio Characteristics

GICS Sector Classification Portfolio Weight S&P BSE 500 Portfolio Sensex

Financials 34.5% 32.4% Number of Holdings 43 30

Information Technology 21.9% 12.8%
Consumer Discretionary 10.9% 8.3% Weighted Avg Market
US $29.4 bn US $70.9 bn
Cap
Health Care 9.5% 6.1%
Materials 8.1% 9.3% FY20 ROE 20.9% 13.9%
Consumer Staples 8.7% 8.9%
Industrials 3.3% 6.2% FY21 OpcoFinco™ P/FCF 52.4x 60.5x
Communication Services 1.9% 2.8%
Real Estate 0.8% 0.7% FY22 OpcoFinco™ P/FCF 43.5x 41.4x
ETF's/Futures/Cash 0.4% % FY21 P/E 34.4x 43.5x
Energy 0.0% 9.5%
Utilities 0.0% 2.9% FY22 P/E 27.8x 26.2x
Projected Revenue 3-
12.5% 8.6%
Market Cap Breakup Portfolio Weight S&P BSE 500 year cagr

Large Cap 66.5% 80.8% Projected Earnings 3-

16.8% 13.1%
Mid Cap 17.8% 13.0% year cagr
Small Cap 15.3% 6.1%
ETF's/Futures/Cash 0.4% 0.0%

Top Contributor and Detractors

Contributio Contributio
Ending Total Return Ending Total
Top 10 Contributors n to Alpha Top 10 Detractors n to Alpha
Weight (%) (%) Weight (%) Return (%)
(bps) (bps)
Navin Fluorine International 2.7 +196.0 +308 ICICI Bank 7.2 +80.8 -116
Larsen & Toubro Infotech 2.7 +118.0 +299 V.I.P. Industries 0.0 -43.3 -99
Coforge 4.6 +112.5 +294 Kotak Mahindra Bank 3.5 +63.9 -73
Nestle India 5.8 +76.8 +263 Delta Corp 0.0 -72.4 -67
Bajaj Finance 2.5 +76.7 +218 Axis Bank 0.0 -43.4 -59
Muthoot Finance 0.0 +93.3 +192 United Breweries 0.0 -12.2 -46
IPCA Laboratories 0.0 +134.9 +187 Jyothy Labs 0.0 -28.9 -31
Dr Lal Pathlabs 1.7 +129.0 +171 Maruti Suzuki India 1.1 +8.4 -16
Asian Paints 5.0 +76.4 +145 Godrej Industries 0.0 -27.8 -14
Abbott India 2.0 +76.1 +134 HDFC Life Insurance 1.4 +8.0 -12

Inception Date: 09 April 2019. 1 All indices are Net Total Return in INR. Performance is net of all fees and expenses (including taxes). Performance shown since 9 April 2019 as client
monies were managed from this date. Performance related information provided herein is not verified by SEBI. Past performance is not a reliable indicator of future results. Market
Cap Classification as per Securities and Exchange Board of India (SEBI) guidelines for Mutual Funds. 3White Oak Research, Bloomberg.
www.ashokaindiaequity.com
As on 31st Dec 2020

Appendix - India Acorn Fund

Performance
Benchmark % Excess Returns S&P BSE 100 S&P BSE 150 S&P BSE 250
` Fund
S&P BSE 5001 (bps) Large cap1 Mid cap1 Small cap1

20202 39.4% 18.4% +2098 16.6% 26.3% 27.9%

2019 13.4% 9.0% +444 11.8% 0.9% -8.4%

2018 1.3% -1.8% +310 3.0% -13.0% -23.7%

Partial 2017 20.6% 9.2% +1140 7.0% 16.7% 17.7%

S.I. (Annualised)2 21.8% 10.2% +1159 11.5% 8.0% 1.5%

S.I. (Cumulative)2 93.2% 38.4% +5479 43.6% 29.4% 5.1%

Market Cap Attribution Analysis Sector Attribution Analysis

Sector Fund Benchmark Attribution Sector Fund Benchmark Attribution

Average Total Average Total Selection Allocation Total Average Total Average Total Selection Allocation Total
Weight Return Weight Return Effect Effect Attribution Weight Return Weight Return Effect Effect Attribution
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

Comm Services 4.3 198.6 2.6 -2.4 7.0 -1.2 5.8

Large Cap 44.5 116.2 78.4 52.6 21.5 -7.0 14.5
Consumer Disc 14.9 101.5 9.8 4.6 17.4 -2.3 15.1
Consumer
9.1 41.0 9.7 35.2 -0.4 1.2 0.8
Mid Cap 22.3 153.0 13.9 9.9 32.6 -4.1 28.5 Staples
Energy 0.0 0.0 9.6 67.8 0.0 -3.1 -3.1
Small Cap 27.6 125.4 7.7 -16.7 48.4 -21.4 27.0 Financials 26.5 78.6 32.1 27.1 12.5 0.9 13.4
Health Care 9.3 219.1 5.1 77.2 8.8 3.4 12.2
Cash/Futures/ Industrials 8.5 119.3 7.2 7.3 11.8 -1.3 10.5
5.7 2.0 0.0 0.0 - - -5.0
Others Information
12.1 183.1 10.9 148.9 -0.1 1.2 1.1
Tech
Total 100.0 103.4 100.0 38.3 102.5 -37.4 65.1 Materials 9.1 237.6 9.2 32.0 13.4 0.2 13.6
Real Estate 0.6 -11.3 0.6 18.3 0.2 -0.2 0.1
Utilities 0.0 0.0 3.1 20.7 0.0 0.7 0.7
Cash/Futures/Ot
5.7 2.0 0.0 0.0 - - -5.0
hers
Total 100.0 103.4 100.0 38.3 70.5 -5.4 65.1

Top Contributor and Detractors

Contributio Contributio
Ending Total Return Ending Total
Top 10 Contributors n to Alpha Top 10 Detractors n to Alpha
Weight (%) (%) Weight (%) Return (%)
(bps) (bps)
Larsen & Toubro Infotech 2.4 +399.2 +1101 Jyothy Labs 0.0 -23.3 -136
Info Edge India 2.2 +367.5 +816 Dishman Carbogen Amics 0.0 -65.1 -114
L&T Technology Services 1.2 +178.8 +642 Delta Corp 0.6 -15.0 -91
Navin Fluorine International 2.5 +370.1 +547 Bajaj Consumer Care 0.0 -45.4 -84
IPCA Laboratories 0.0 +269.6 +317 Godrej Industries 0.0 -33.3 -57
Coforge Limited 4.0 +147.4 +284 Balkrishna Industries 0.0 +6.7 -47
Muthoot Finance 0.0 +157.2 +271 V.I.P. Industries 0.0 +15.3 -47
Nestle India 4.0 +145.6 +241 Sudarshan Chemical Inds 0.0 -25.6 -35
Bajaj Finance 2.0 +130.0 +198 TCNS Clothing 0.2 -37.6 -34
Fine Organic Industries 1.0 +226.8 +198 Heritage Foods 0.0 -22.1 -33

Inception Date: 01 September 2017. 1 All indices are Net Total Return in INR. Performance is net of all fees and expenses (including taxes). Performance shown since 01 September
2017 as client monies were managed from this date. Performance related information provided herein is not verified by SEBI. Past performance is not a reliable indicator of future
results. Market Cap Classification as per Securities and Exchange Board of India (SEBI) guidelines for Mutual Funds. 3White Oak Research, Bloomberg.
www.ashokaindiaequity.com