WhiteOak Capital (WOC) Mutual Fund (formerly known as Yes Mutual Fund) was founded by Prashant Khemka, an investment professional with a track record spanning over two decades.
It was established in July 2018 with the goal of delivering sustained capital appreciation through superior returns over time.
The fund house comprises seasoned professionals with rich experience in financial Services, led by Aashish P. Somaiyaa, CEO, who brings 25+ years of experience in the asset management industry.
In this editorial, let’s see which are the top-performing 3 equity schemes from WhiteOak Capital Mutual Fund that are living up to its mission. Here we have covered 3 schemes that have completed at least a 3-year performance track record.
#1 WhiteOak Capital Flexi Cap Fund
This scheme was launched in August 2022 and is the flagship scheme from the fund house. It holds the mandate to invest at least 65% of its total assets in equities across market capitalisations – largecaps, midcaps, smallcaps – without any upper or lower limits.
Its investment objective is to generate long-term capital appreciation by investing predominantly in equity & equity-related instruments across market capitalisation.
The investment strategy is to build a portfolio, representing a cross-section of companies diversified across major industries, economic sectors and market capitalisation that offer an acceptable risk-reward balance. It focuses on creating a portfolio that is well-balanced and can perform through all market cycles without favouring any one market cap, investment style, or sector.
The fund will use a rigorous bottom-up stock selection methodology. WhiteOak Capital’s internal, proprietary investment framework called ‘Opco-Finco’, which focuses on cash flow and offers distinct insights over accounting earnings-based company models, is also used.
The fund manager consciously seeks to maintain a balanced portfolio rather than being driven by non-stock specific macro factors, such as market timing, sector, currency or other such factor
exposures.
It holds a deeply diversified portfolio of over 100 stocks. As per the October 2025 portfolio, the fund has 126 stocks, of which 54% are largecaps, 9% midcaps, and 23% smallcaps. Currently, it is holding only nearly 3% in cash & cash equivalents and around 9% is in REITs & InvITs, treasury bills, and rights.
The top 10 stocks are about 37.1% of the portfolio, and include names such a ICICI Bank (8.5%), HDFC Bank (7.4%), M&M (2.9%), etc. Among a wide range of sectors, the top 3 are banks (21.8%), IT (9.4%), and finance (8.8%), comprising 39.9% of the portfolio.
The strategy followed by the fund has yielded 21.3% CAGR since its inception. The 3-year compounded annualised returns clocked by the fund are 20.8% (as of 26 November 2025). The fund has exposed its investors to moderate risk (standard deviation of 12.53), almost at par with its category average.
On a risk-adjusted basis, the fund has compensated its investors well (sharpe and sortino ratios of 0.34 and 0.67, respectively), higher than some of the category peers.
#2 WhiteOak Capital Mid Cap Fund
This fund was launched in September 2022. It invests 65-100% of its assets in equity and equity- related instruments of midcap companies, up to 35% into companies other than midcaps, debt &money market instruments, and up to 10% in REITs & InvITs.
The investment strategy is to invest in good businesses with attractive valuations. A good business 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.
It holds a portfolio of around 100-110 stocks. As per the October 2025 portfolio, the fund has 108 stocks, of which 65% are midcaps, 16% smallcaps, and 5% largecaps.
Currently, cash & cash equivalents are about 5% of the total assets, around 3% is in treasury bills, and 2% in REITs & InvITs. The top 10 stocks are about 31.4% of the portfolio, with names such as Persistent Systems (3.8%),
Bharti Hexacom (3.6%), Muthoot Finance (3.3%), etc.
The top 3 sectors are healthcare (14.5%), finance (14.3%), and IT (11.7%), comprising 40.6% of the portfolio. The fund managers (Ramesh Mantri and Piyush Baranwal) have indulged in churning as the portfolio turnover ratio has ranged between 172-241% in the last one year.
The fund has clocked 26.9% CAGR since its inception, and 3-year compounded annualised rolling returns are 27.2% (as of 26 November 2025).The fund has exposed its investors to slightly higher risk (standard deviation of 15.17) than its category peers. In general, mid cap funds carry high risk.
That said, the fund has adequately compensated its investors on a risk-adjusted basis (sharpe and sortino ratios of 0.40 and 0.79, respectively). In fact, on the sortino ratio – which captures the downside risk while speaking about risk-adjusted
returns – the fund has fared better than the category average and the BSE Midcap 150 – TRI.
#3 WhiteOak Capital ELSS Tax Saver Fund
This scheme was launched in October 2022 and is currently co-managed by Ramesh Mantri and Piyush Barnawal.
It invests in a diverse range of stocks across market capitalisations and sectors. It holds a deeply diversified portfolio of over 100 stocks.
The fund follows a bottom-up approach to stock picking. The investment strategy is to invest in good businesses at attractive valuations based on stock selection and to avoid focusing on macro events. These are the two critical pillars of the investment philosophy – business and valuation.
The key attributes it looks for in a business are:
- Superior returns on incremental capital
- Scalable long-term opportunity
- Strong execution and governance
As per the October 2025 portfolio, the fund has 137 stocks in its portfolio, of which 51% are largecaps, 11% midcaps, and 31% smallcaps. Currently, it is holding only 1.1% in cash & cash equivalents, and 1.6% is in rights.
The top 10 stocks are about 35% of the portfolio, and include names such as ICICI Bank (7.8%), HDFC Bank (7%), Bharti Airtel (3.1%), etc. The top 3 sectors of the fund are banks (20.7%), finance (10%), and IT (9.3%), comprising 40.2% of
the portfolio.
The fund approaches stocks with a long-term view as reflected by the low portfolio turnover, which has been in the range of 30-45% in the last one year.
This approach, followed by the fund, has delivered since inception returns of around 22.7% (under the direct plan) as of 26 November 2025. The 3-year compounded annualised rolling returns clocked are about 22.5%. Moreover, the fund has been able to keep the risk low (standard deviation of 12.81) than the category.
On a risk-adjusted basis, the fund has compensated its investors well (sharpe and sortino ratios of 0.36 and 0.73, respectively), again higher than some of the category peers.
Conclusion
WhiteOak Capital Mutual Fund follows fair investment processes and systems. The funds launched over 3 years ago have lived by the mission of capital appreciation through superior returns. However, it is important not to get carried away by historical performance, as it may not necessarily sustain in the future.
Ideally, diversify your mutual fund portfolio across fund houses, thereby reducing concentration risk.
Invest sensibly.
Happy investing.
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