WhiteOak Capital PMS Review: Strategies, Returns & Philosophy (2026)
WhiteOak Capital PMS is the portfolio management business of White Oak Capital Management Consultants LLP, part of the WhiteOak Capital group founded by Prashant Khemka. As of 31 August 2026, per PMS Bazaar, it reported PMS assets under management of ₹3,156.22 crore across 2,218 clients, with 4 investment approaches listed in its profile.
The returns table on the same profile shows five strategies, four of them multi cap and one thematic, with the oldest dating to September 2018. Below we look at the firm's process, the reported numbers and the kind of investor these strategies may suit.
WhiteOak Capital PMS is the portfolio management business of White Oak Capital Management Consultants LLP, part of the WhiteOak Capital group founded by Prashant Khemka. As of 31 August 2026, per PMS Bazaar, it reported PMS assets under management of ₹3,156.22 crore across 2,218 clients, with 4 investment approaches listed in its profile. The returns table on the same profile shows five strategies, four of them multi cap and one thematic, with the oldest dating to September 2018. Below we look at the firm's process, the reported numbers and the kind of investor these strategies may suit. Quick Facts: WhiteOak Capital PMS Portfolio Manager White Oak Capital Management Consultants LLP SEBI Registration No. INP000007766 PMS AUM ₹3,156.22 crore (as on 31 August 2026) Number of Clients 2,218 (as on 31 August 2026) Investment Approaches 4 as reported (5 strategies appear in the returns table) Key People Prashant Khemka (Founder, WhiteOak Capital group); Aashish Somaiyaa (CEO); strategies managed by the investment team collectively Registered Office Mumbai (Prabhadevi) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About WhiteOak Capital The WhiteOak Capital group was founded by Prashant Khemka and offers investment services through a range of fund vehicles from offices in India, Singapore, Mauritius, Switzerland, Spain, the UK and Dubai, serving individual and institutional investors in India and worldwide. The group describes a "Performance First Culture" built on bottom-up stock selection and robust risk management, and is led by CEO Aashish Somaiyaa, who has 25+ years of asset management experience. The investment belief is that outsized returns are earned over time by owning great businesses at attractive valuations. To assess businesses, the team uses a proprietary, cash-flow-based "Opco-Finco" analytical and valuation framework rather than relying only on accounting earnings. In portfolio construction, it aims for balanced portfolios where returns come from stock picking, while consciously avoiding market timing, sector rotation and other top-down macro bets. Rather than naming a single fund manager, WhiteOak states that it treats the entire investment team as collective managers of each product, with responsibility and expertise shared across the team. WhiteOak Capital PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception India Pioneers Equity Portfolio Multi Cap & Flexi Cap 4.28% 1.61% 10.61% 7.69% Sep 2018 Digital Leaders Thematic 7.55% 4.90% 13.36% NA Jan 2022 Research Select Equity Multi Cap & Flexi Cap 2.85% 1.01% NA NA May 2024 Business Leaders PMS Multi Cap & Flexi Cap 5.13% 2.09% 10.80% 7.63% Jan 2021 India Select Equity Multi Cap & Flexi Cap 3.45% 3.32% 11.61% 8.51% Sep 2018 Returns as of 31 August 2026, TWRR, as reported by the portfolio manager to PMS Bazaar; returns over one year are annualised. India Pioneers Equity Portfolio and India Select Equity These are the two oldest strategies, both launched in September 2018 in the Multi Cap & Flexi Cap category. As of 31 August 2026, India Pioneers Equity Portfolio reported 4.28% over one year, 1.61% over two years, 10.61% over three years and 7.69% over five years. India Select Equity reported 3.45%, 3.32%, 11.61% and 8.51% respectively. The naming suggests one may have been built for a particular investor channel, but investors should confirm differences in mandate and eligibility in the Disclosure Document. Business Leaders PMS Business Leaders PMS (January 2021) is another multi cap strategy, reporting 5.13% over one year, 2.09% over two years, 10.80% over three years and 7.63% over five years. As the name suggests, it likely tilts towards companies that lead their industries. Digital Leaders Digital Leaders (January 2022) is WhiteOak's thematic strategy and reported the highest numbers in the line-up: 7.55% over one year, 4.90% over two years and 13.36% over three years. The name points to businesses benefiting from digitisation; thematic portfolios carry concentration risk tied to the theme. Research Select Equity The newest strategy, Research Select Equity (May 2024), reported 2.85% over one year and 1.01% over two years. With barely two years of history, it is too early to judge. How to Read These Numbers Absolute returns are only half the picture. Under SEBI's December 2022 framework every PMS strategy is mapped to a category benchmark, and its figures mean most when compared with that benchmark and with category peers over the same period; ask for this comparison in the factsheet or Disclosure Document. The 2-year column largely reflects the 2024-26 correction in Indian equities, particularly in mid and small caps, which is why 2-year figures for many equity strategies look muted next to their 1-year and 3-year numbers. Read the columns together, and treat records under three years with caution. TWRR removes the effect of client inflows and outflows, so your actual return depends on entry timing and top-ups or withdrawals. Returns are reported net of fees and expenses as per SEBI norms, but not net of tax, since capital gains are taxed in each client's hands. PMS portfolios are also usually more concentrated than mutual funds, so a few positions can drive results either way. Who WhiteOak Capital PMS May Suit Investors who prefer a team-managed, process-driven approach over a single star manager Investors who value a bottom-up style that avoids market timing and sector rotation Investors wanting multi cap exposure from a group with a global fund management presence Long-term investors with a horizon of five years or more It may not suit investors seeking small cap, debt or multi asset options, or those looking for strong recent momentum, since one-year returns across the line-up were in low single digits as of 31 August 2026. Fees, Minimum Investment and Taxation The minimum investment in WhiteOak Capital PMS is ₹50 lakh, the floor mandated by SEBI for all portfolio management services. It can be funded in cash, by transferring existing listed securities, or a combination of both, subject to the portfolio manager's acceptance of the stocks transferred in. PMS fee structures in India typically fall into three types: a fixed management fee charged as a percentage of assets, a hybrid structure combining a lower fixed fee with a performance fee, and a performance-linked fee charged only on returns above a hurdle rate, usually with a high-water mark. Exit loads may apply in early years. The exact fee schedule is in the Disclosure Document. Unlike a mutual fund, securities in a PMS are held in the investor's own demat account, which gives full visibility of every holding and transaction. The flip side is taxation: each trade in the portfolio is a taxable event in the investor's hands. For listed equity, short-term capital gains are taxed at 20%, and long-term capital gains at 12.5% above the annual exemption of ₹1.25 lakh. For a fuller walkthrough, see our guide on how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View WhiteOak's strengths are a clearly articulated process, a disciplined refusal to make macro bets, and a team-based structure that reduces key-person risk. Its strategies have also been relatively steady: all five reported positive one- and two-year returns through the 2024-26 correction, which many multi cap peers did not. What to watch: absolute returns are modest. Five-year figures of 7.63% to 8.51% and one-year figures between 2.85% and 7.55% should be compared closely with each strategy's benchmark. The overlap between the four multi cap strategies also means investors should ask how they differ in practice. For broader context, see PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) , or speak with our team (/contact) for current factsheets. Frequently Asked Questions Is WhiteOak Capital PMS good? It depends on your goals. WhiteOak has a clear, team-based process and its strategies stayed positive over two years to 31 August 2026, but five-year returns of 7.63% to 8.51% are modest. Compare each strategy with its benchmark. What is the minimum investment in WhiteOak Capital PMS? The minimum is ₹50 lakh, as mandated by SEBI, payable in cash or by transferring existing securities. Which is the best WhiteOak Capital PMS strategy? It depends on your preferences. India Pioneers Equity Portfolio and India Select Equity have the longest records (since September 2018), while Digital Leaders reported the highest three-year return (13.36%) as of 31 August 2026 but is thematic. Who manages WhiteOak Capital PMS? WhiteOak states that its investment team collectively manages each product. The group was founded by Prashant Khemka and is led by CEO Aashish Somaiyaa. Is WhiteOak Capital PMS registered with SEBI? Yes. White Oak Capital Management Consultants LLP is a SEBI-registered portfolio manager with registration number INP000007766. Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by WhiteOak Capital to PMS Bazaar and in other public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.
