WhiteOak Capital · Multi Asset Allocation

WhiteOak Capital Multi Asset Allocation Fund

Hybrid Schemes - Multi Asset Allocation Fund Direct plan, growth riskometer: High launched 3 May 2023 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 18 Sep 2026

₹16.73

+0.32% since 17 Sep 2026, the previous NAV

1 year

11.5%

return

3 years

17.0%

a year

5 years

not enough history

Since launch

16.6%

a year, over 3.3 years

Assets (AUM)

₹8,562 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.39% / 1.26%

a year, as of Aug 2026

Holdings

206

top ten are 40% of the fund · Aug 2026

Disclosed history

3.0 yrs

Jul 2023 – Aug 2026 · 5 of 11 checks could run

Fund managers

Piyush Baranwal · since May 2023 · debt portionRamesh Mantri · since May 2023 · equity portionDheeresh Pathak · since Mar 2024 · equity portionAshish Agrawal · since Dec 2024Trupti Agarwal · since Feb 2026 · equity portion

All managers →

As the Aug 2026 factsheet printed it: standard deviation 5.1% · portfolio turnover 3.29×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.34 percentage points a year more than Direct

₹50,129 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Piyush Baranwal for 3.3 yrs

with Ramesh Mantri, Dheeresh Pathak, Ashish Agrawal, Trupti Agarwal. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Piyush Baranwal's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 80% of three-year stretches, and averaged +0.8 percentage points a year across all of them

5 rolling windows since 2023 · ahead by 1.0 percentage points a year when it won, behind by 0.1 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree 3 checks found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 18 Sep 2026

Month-end NAV, indexed to 100 at May 2023

41 month-ends · ₹10.07 → ₹16.73, 1.7× since May 2023

Deepest fall (max drawdown)

−6.1%

2 Mar 2026 → 23 Mar 2026

Worst month

−4.0%

Mar 2026

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 206 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Clearing Corporation of India Ltd money market	—	18.32%	Jul 2023	3.2 yrs	+7.61% points
2	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	3.73%	Jul 2023	3.2 yrs	+2.23% points
3	ICICI Prudential Gold ETF etf unit	—	3.05%	Jul 2023	3.2 yrs	−0.56% points
4	Embassy Office Parks REIT reit	—	3.01%	Jun 2025	1.3 yrs	+0.62% points
5	Nexus Select Trust - REIT reit	—	2.78%	Jul 2023	3.2 yrs	−0.21% points
6	ICICI Bank Limited equity	Banks	2.68%	Jul 2023	3.2 yrs	+0.08% points
7	DSP Gold ETF etf unit	—	1.90%	Aug 2026	1 mo	+1.90% points
8	Brookfield India Real Estate Trust reit	—	1.67%	Dec 2025	9 mo	−0.16% points
9	Citius Transnet Investment Trust invit	—	1.67%	Apr 2026	5 mo	−0.13% points
10	7.44% Power Finance Corporation Limited (15/01/2030) ** corporate bond	—	1.53%	Apr 2025	1.4 yrs	+1.07% points
11	6.65% Indian Railway Finance Corporation Limited (20/05/2030) ** corporate bond	—	1.52%	May 2025	1.3 yrs	+0.40% points
12	7.44% National Bank For Agriculture and Rural Development (17/07/2029) ** corporate bond	—	1.46%	Apr 2026	5 mo	+1.14% points
13	Bharti Airtel Limited equity	Telecom - Services	1.31%	Oct 2023	2.9 yrs	−0.10% points
14	HDFC Bank Limited equity	Banks	1.26%	Jul 2023	3.2 yrs	−0.85% points
15	Altius Telecom Infrastructure Trust invit	—	1.21%	Jun 2026	3 mo	+1.21% points
16	6.28% Government of India (14/07/2032) government security	—	1.21%	Sep 2025	1.0 yrs	−0.18% points
17	7.49% Small Industries Dev Bank of India (11/06/2029) ** corporate bond	—	1.13%	Oct 2025	11 mo	+0.47% points
18	Nestle India Limited equity	Food Products	1.08%	Jan 2024	2.7 yrs	+0.09% points
19	Cube Highways Trust-InvIT Fund invit	—	1.07%	Jul 2026	2 mo	+1.07% points
20	6.94% Government of India (11/05/2036) government security	—	1.07%	May 2026	4 mo	+0.14% points
21	7.57% LIC Housing Finance Limited (23/11/2029) corporate bond	—	1.00%	Jun 2026	3 mo	+1.00% points
22	7.83% Bajaj Housing Finance Limited (18/05/2029) ** corporate bond	—	0.97%	Jun 2026	3 mo	+0.97% points
23	Coforge Limited equity	IT - Software	0.95%	Jun 2025	1.3 yrs	+0.12% points
24	Raajmarg Infra Investment Trust invit	—	0.95%	Mar 2026	6 mo	−0.11% points
25	Mahindra & Mahindra Limited equity	Automobiles	0.92%	Jul 2023	3.2 yrs	+0.03% points
26	Roadstar Infra Investment Trust invit	—	0.91%	Sep 2025	1.0 yrs	−0.17% points
27	State Bank of India equity	Banks	0.88%	Jul 2023	3.2 yrs	+0.38% points
28	IndiGrid Infrastructure Trust invit	—	0.83%	Jan 2026	8 mo	−0.83% points
29	Eternal Limited equity	Retailing	0.80%	Aug 2023	3.1 yrs	+0.07% points
30	Adani Enterprises Limited equity	Metals & Minerals Trading	0.80%	Jul 2026	2 mo	+0.80% points
31	7.22% Small Industries Dev Bank of India (10/04/2029) ** corporate bond	—	0.79%	Feb 2026	7 mo	−0.13% points
32	7.88% Muthoot Finance Limited (22/11/2028) ** corporate bond	—	0.78%	Nov 2025	10 mo	−0.14% points
33	Bagmane Prime Office REIT reit	—	0.77%	May 2026	4 mo	−0.21% points
34	Reliance Industries Limited equity	Petroleum Products	0.75%	Jul 2023	3.2 yrs	−0.16% points
35	6.36% Government of India (16/02/2031) government security	—	0.73%	May 2026	4 mo	+0.70% points
36	Kotak Mahindra Bank Limited equity	Banks	0.72%	Jan 2026	8 mo	−0.06% points
37	National Highways Infra Trust invit	—	0.70%	Mar 2025	1.5 yrs	−0.10% points
38	7.54% Godrej Industries Limited (04/05/2029) ** corporate bond	—	0.70%	Jun 2026	3 mo	+0.70% points
39	91 Days Tbill (MD 10/09/2026) government security	—	0.68%	Jun 2026	3 mo	+0.68% points
40	182 Days Tbill (MD 12/11/2026) government security	—	0.68%	Aug 2026	1 mo	+0.68% points
41	6.87% REC Limited (31/05/2030) ** corporate bond	—	0.67%	Jun 2026	3 mo	+0.67% points
42	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.66%	Sep 2023	3.0 yrs	+0.40% points
43	Titan Company Limited equity	Consumer Durables	0.62%	Jul 2023	3.2 yrs	+0.12% points
44	Hindustan Copper Limited equity	Non - Ferrous Metals	0.57%	Aug 2026	1 mo	+0.57% points
45	Maruti Suzuki India Limited equity	Automobiles	0.57%	Jul 2023	3.2 yrs	−0.01% points
46	7.64% National Bank For Agriculture and Rural Development (06/12/2029) ** corporate bond	—	0.57%	Jun 2026	3 mo	+0.57% points
47	7.48% National Bank For Agriculture and Rural Development (15/09/2028) corporate bond	—	0.57%	Aug 2026	1 mo	−1.07% points
48	7.93% Bajaj Finance Limited (12/06/2029) corporate bond	—	0.57%	Aug 2026	1 mo	+0.57% points
49	91 Days Tbill (MD 15/10/2026) government security	—	0.57%	Jul 2026	2 mo	+0.57% points
50	UltraTech Cement Limited equity	Cement & Cement Products	0.56%	Aug 2026	1 mo	+0.56% points
51	Bharat Electronics Limited equity	Aerospace & Defense	0.53%	Jul 2023	3.2 yrs	−0.20% points
52	Axis Bank Limited equity	Banks	0.53%	Jul 2023	3.2 yrs	+0.32% points
53	7.02% Bajaj Housing Finance Limited (26/05/2028) ** corporate bond	—	0.51%	Sep 2025	1.0 yrs	−0.08% points
54	7.4% Power Finance Corporation Limited (08/05/2030) ** corporate bond	—	0.50%	Sep 2025	1.0 yrs	−0.08% points
55	91 Days Tbill (MD 05/11/2026) government security	—	0.47%	Aug 2026	1 mo	+0.47% points
56	8.06% Bajaj Finance Limited (15/05/2029) ** corporate bond	—	0.46%	Jun 2026	3 mo	+0.46% points
57	6.54% Government of India (17/01/2032) government security	—	0.45%	Dec 2025	9 mo	−0.07% points
58	6.74% Small Industries Dev Bank of India (10/01/2029) ** corporate bond	—	0.45%	Aug 2026	1 mo	+0.45% points
59	7.10% Bajaj Housing Finance Limited (16/10/2028) ** corporate bond	—	0.44%	Feb 2026	7 mo	−0.07% points
60	Infosys Limited equity	IT - Software	0.40%	Jul 2023	3.2 yrs	+0.40% points
61	8.40% Cholamandalam Investment and Finance Company Ltd (09/08/2028) ** corporate bond	—	0.40%	Aug 2025	1.1 yrs	−0.07% points
62	7.77% Bajaj Finance Limited (17/04/2029) ** corporate bond	—	0.40%	Apr 2026	5 mo	−0.06% points
63	Knowledge Realty Trust reit	—	0.39%	Aug 2025	1.1 yrs	−0.09% points
64	8.85% Muthoot Finance Limited (20/12/2028) ** corporate bond	—	0.38%	Mar 2026	6 mo	−0.06% points
65	Anantam Highways Trust invit	—	0.37%	Oct 2025	11 mo	−0.06% points
66	Vertis Infrastructure Trust invit	—	0.37%	Sep 2025	1.0 yrs	−0.03% points
67	Vanguard S&P 500 ETF foreign security	—	0.37%	Jul 2023	3.2 yrs	−0.06% points
68	7.40 % National Bank For Agriculture and Rural Development (29/04/2030) ** corporate bond	—	0.37%	Apr 2025	1.4 yrs	−0.06% points
69	182 Days Tbill (MD 05/11/2026) government security	—	0.37%	Aug 2026	1 mo	+0.37% points
70	7.39% Small Industries Dev Bank of India (21/03/2030) ** corporate bond	—	0.36%	Nov 2025	10 mo	−0.06% points
71	7.07% LIC Housing Finance Limited (29/04/2030) ** corporate bond	—	0.36%	May 2025	1.3 yrs	−0.05% points
72	Tata Consultancy Services Limited equity	IT - Software	0.35%	Jul 2023	3.2 yrs	+0.11% points
73	Hindalco Industries Limited equity	Non - Ferrous Metals	0.33%	Jul 2023	3.2 yrs	−0.09% points
74	Larsen & Toubro Limited equity	Construction	0.31%	Jul 2023	3.2 yrs	−0.02% points
75	Tech Mahindra Limited equity	IT - Software	0.30%	Jan 2026	8 mo	+0.30% points
76	7.5% Indian Railway Finance Corporation Limited (07/09/2029) ** corporate bond	—	0.29%	Jun 2026	3 mo	+0.29% points
77	Max Healthcare Institute Limited equity	Healthcare Services	0.28%	Mar 2026	6 mo	−0.03% points
78	Persistent Systems Limited equity	IT - Software	0.28%	Mar 2024	2.5 yrs	−0.02% points
79	Bajaj Finance Limited equity	Finance	0.28%	Jun 2025	1.3 yrs	+0.04% points
80	7.38% REC Limited (28/02/2029) ** corporate bond	—	0.28%	Jun 2026	3 mo	+0.28% points
81	7.45% Torrent Pharmaceuticals Limited (19/01/2028) ** corporate bond	—	0.28%	Apr 2026	5 mo	−0.05% points
82	8.45% Muthoot Finance Limited (26/06/2029) ** corporate bond	—	0.28%	Jun 2026	3 mo	+0.28% points
83	7.94% Cholamandalam Investment and Finance Company Ltd (20/03/2029) corporate bond	—	0.28%	Aug 2026	1 mo	+0.28% points
84	7.01% National Bank For Agriculture and Rural Development (16/03/2029) ** corporate bond	—	0.28%	May 2026	4 mo	−0.37% points
85	Juniper Green Energy Limited equity	Power	0.26%	Jul 2026	2 mo	+0.26% points
86	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.25%	Jan 2024	2.7 yrs	+0.14% points
87	8.10% Godrej Industries Limited (22/05/2028) ** corporate bond	—	0.25%	Feb 2026	7 mo	−0.04% points
88	Max Financial Services Limited equity	Insurance	0.24%	Mar 2024	2.5 yrs	0.00% points
89	Muthoot Finance Limited equity	Finance	0.23%	Jul 2023	3.2 yrs	−0.08% points
90	Bajaj Finserv Limited equity	Finance	0.23%	Jul 2023	3.2 yrs	+0.04% points
91	8.95% Reliance Industries Limited (09/11/2028) ** corporate bond	—	0.23%	May 2026	4 mo	−0.04% points
92	7.83% Cholamandalam Investment and Finance Company Ltd (28/06/2028) ** corporate bond	—	0.23%	Aug 2026	1 mo	+0.23% points
93	Oil India Limited equity	Oil	0.21%	May 2024	2.3 yrs	+0.06% points
94	Power Grid Corporation of India Limited equity	Power	0.21%	Mar 2026	6 mo	−0.09% points
95	8.54% Cholamandalam Investment and Finance Company Ltd (12/04/2029) ** corporate bond	—	0.21%	May 2025	1.3 yrs	−0.03% points
96	Aadhar Housing Finance Limited equity	Finance	0.20%	May 2024	2.3 yrs	−0.04% points
97	Lenskart Solutions Limited equity	Retailing	0.20%	Oct 2025	11 mo	−0.03% points
98	Biocon Limited equity	Pharmaceuticals & Biotechnology	0.20%	Jul 2026	2 mo	+0.20% points
99	Azad Engineering Ltd equity	Electrical Equipment	0.20%	Aug 2025	1.1 yrs	+0.04% points
100	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.19%	Mar 2024	2.5 yrs	−0.01% points
101	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.19%	Mar 2024	2.5 yrs	−0.01% points
102	Info Edge (India) Limited equity	Retailing	0.19%	May 2025	1.3 yrs	+0.12% points
103	Tata Steel Limited equity	Ferrous Metals	0.18%	Jul 2023	3.2 yrs	−0.13% points
104	Asian Paints Limited equity	Consumer Durables	0.18%	Nov 2025	10 mo	−0.03% points
105	Cholamandalam Investment and Finance Company Ltd equity	Finance	0.18%	Jul 2023	3.2 yrs	+0.14% points
106	Manorama Industries Limited equity	Food Products	0.17%	Jul 2026	2 mo	+0.17% points
107	NTPC Limited equity	Power	0.17%	Jan 2026	8 mo	−0.10% points
108	PB Fintech Limited equity	Financial Technology (Fintech)	0.17%	Oct 2024	1.9 yrs	−0.01% points
109	8.2301% HDB Financial Services Limited (05/07/2029) ** corporate bond	—	0.17%	Jun 2026	3 mo	+0.17% points
110	8.40% Godrej Industries Limited (27/08/2027) ** corporate bond	—	0.17%	Nov 2024	1.8 yrs	−0.03% points
111	7.51% Small Industries Dev Bank of India (12/06/2028) ** corporate bond	—	0.17%	Mar 2026	6 mo	−0.03% points
112	364 Days Tbill (MD 12/11/2026) government security	—	0.17%	Aug 2026	1 mo	+0.17% points
113	91 Days Tbill (MD 08/10/2026) government security	—	0.17%	Jul 2026	2 mo	+0.17% points
114	Billionbrains Garage Ventures Ltd equity	Capital Markets	0.16%	May 2026	4 mo	+0.02% points
115	National Aluminium Company Limited equity	Non - Ferrous Metals	0.16%	Dec 2025	9 mo	−0.05% points
116	Leela Palaces Hotels & Resorts Limited equity	Leisure Services	0.16%	Jul 2025	1.2 yrs	+0.03% points
117	Manipal Health Enterprises Ltd equity	Healthcare Services	0.15%	Jul 2026	2 mo	+0.15% points
118	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.15%	Apr 2026	5 mo	+0.07% points
119	Power Finance Corporation Limited equity	Finance	0.15%	Dec 2023	2.8 yrs	−0.07% points
120	TD Power Systems Limited equity	Electrical Equipment	0.15%	Aug 2026	1 mo	+0.15% points
121	The Phoenix Mills Limited equity	Realty	0.15%	Sep 2025	1.0 yrs	−0.05% points
122	KRN Heat Exchanger And Refrigeration Limited equity	Industrial Products	0.15%	Oct 2024	1.9 yrs	+0.06% points
123	Indus Infra Trust invit	—	0.15%	Jun 2026	3 mo	+0.15% points
124	Five Star Business Finance Limited equity	Finance	0.14%	May 2026	4 mo	0.00% points
125	Shiprocket Limited equity	Transport Services	0.14%	Aug 2026	1 mo	+0.14% points
126	Aditya Infotech Limited equity	Industrial Manufacturing	0.14%	Sep 2025	1.0 yrs	−0.10% points
127	India Shelter Finance Corporation Limited equity	Finance	0.13%	Jan 2025	1.7 yrs	−0.03% points
128	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.13%	Jul 2023	3.2 yrs	−0.09% points
129	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	0.13%	Sep 2024	2.0 yrs	−0.05% points
130	Eureka Forbes Ltd equity	Consumer Durables	0.13%	Feb 2025	1.6 yrs	−0.03% points
131	CARE Ratings Limited equity	Capital Markets	0.13%	Oct 2024	1.9 yrs	−0.01% points
132	360 One WAM Limited equity	Capital Markets	0.13%	May 2026	4 mo	−0.01% points
133	Oil & Natural Gas Corporation Limited equity	Oil	0.12%	Sep 2023	3.0 yrs	−0.20% points
134	TBO Tek Limited equity	Leisure Services	0.12%	Mar 2025	1.5 yrs	+0.02% points
135	Solar Industries India Limited equity	Chemicals & Petrochemicals	0.12%	Jul 2026	2 mo	+0.12% points
136	Indigo Paints Limited equity	Consumer Durables	0.11%	Nov 2025	10 mo	0.00% points
137	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.10%	May 2026	4 mo	0.00% points
138	Poly Medicure Limited equity	Healthcare Equipment & Supplies	0.10%	Jul 2023	3.2 yrs	+0.01% points
139	Ajax Engineering Limited equity	Agricultural, Commercial & Construction Vehicles	0.10%	Feb 2025	1.6 yrs	−0.02% points
140	Dr. Lal Path Labs Limited equity	Healthcare Services	0.10%	May 2026	4 mo	+0.01% points
141	Vishal Mega Mart Limited equity	Retailing	0.09%	Mar 2026	6 mo	−0.03% points
142	PNB Housing Finance Limited equity	Finance	0.09%	Apr 2026	5 mo	−0.01% points
143	Acutaas Chemicals Limited equity	Pharmaceuticals & Biotechnology	0.09%	Apr 2025	1.4 yrs	−0.03% points
144	Gillette India Limited equity	Personal Products	0.09%	Feb 2025	1.6 yrs	−0.02% points
145	AIA Engineering Limited equity	Industrial Products	0.08%	Jul 2023	3.2 yrs	−0.02% points
146	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	0.08%	Jul 2025	1.2 yrs	0.00% points
147	Sudeep Pharma Limited equity	Chemicals & Petrochemicals	0.08%	Nov 2025	10 mo	+0.02% points
148	Firstsource Solutions Limited equity	Commercial Services & Supplies	0.08%	Sep 2025	1.0 yrs	−0.01% points
149	Computer Age Management Services Limited equity	Capital Markets	0.08%	Dec 2025	9 mo	−0.01% points
150	Kirloskar Oil Engines Limited equity	Industrial Products	0.08%	Nov 2025	10 mo	−0.02% points
151	Cummins India Limited equity	Industrial Products	0.08%	Apr 2026	5 mo	−0.08% points
152	SBI Funds Management Limited equity	Capital Markets	0.07%	Jul 2026	2 mo	+0.07% points
153	Dynamatic Technologies Limited equity	Industrial Manufacturing	0.07%	Oct 2025	11 mo	−0.01% points
154	Aether Industries Limited equity	Chemicals & Petrochemicals	0.07%	Apr 2026	5 mo	+0.02% points
155	Horizon Industrial Parks Limited equity	Realty	0.07%	Aug 2026	1 mo	+0.07% points
156	Symbiotec Pharmalab Limited ** equity	Pharmaceuticals & Biotechnology	0.07%	Aug 2026	1 mo	+0.07% points
157	Travel Food Services Limited equity	Leisure Services	0.07%	Jul 2025	1.2 yrs	0.00% points
158	eClerx Services Limited equity	Commercial Services & Supplies	0.07%	Jul 2025	1.2 yrs	+0.01% points
159	Tenneco Clean Air India Limited equity	Auto Components	0.07%	Nov 2025	10 mo	−0.02% points
160	8.4% Cholamandalam Investment and Finance Company Ltd (18/09/2027) corporate bond	—	0.07%	Apr 2026	5 mo	−0.16% points
161	Intellect Design Arena Limited equity	IT - Software	0.06%	Oct 2023	2.9 yrs	−0.02% points
162	Doms Industries Limited equity	Household Products	0.06%	Jun 2026	3 mo	+0.06% points
163	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	0.06%	Jul 2023	3.2 yrs	0.00% points
164	Union Bank of India (19/01/2027) ** # money market	—	0.06%	Aug 2026	1 mo	+0.06% points
165	Canara Bank (05/10/2026) ** # money market	—	0.06%	Jul 2026	2 mo	+0.06% points
166	Cholamandalam Investment and Finance Company Ltd (25/01/2027) money market	—	0.06%	Aug 2026	1 mo	+0.06% points
167	ICICI Prudential Asset Management Company Limited equity	Capital Markets	0.05%	Dec 2025	9 mo	−0.05% points
168	Safari Industries (India) Limited equity	Consumer Durables	0.05%	Jul 2023	3.2 yrs	−0.01% points
169	Onemi Technology Solutions Limited equity	Finance	0.05%	Apr 2026	5 mo	−0.07% points
170	Rainbow Childrens Medicare Limited equity	Healthcare Services	0.05%	Jul 2023	3.2 yrs	−0.01% points
171	Skyways Air Services Ltd ** equity	Transport Services	0.05%	Aug 2026	1 mo	+0.05% points
172	JSW Steel Limited equity	Ferrous Metals	0.05%	Aug 2026	1 mo	+0.05% points
173	Tube Investments of India Limited equity	Auto Components	0.05%	Apr 2025	1.4 yrs	−0.01% points
174	SBI Life Insurance Company Limited equity	Insurance	0.05%	Oct 2025	11 mo	−0.01% points
175	S.J.S. Enterprises Limited equity	Auto Components	0.05%	Sep 2024	2.0 yrs	+0.01% points
176	LTM Limited equity	IT - Software	0.04%	Oct 2025	11 mo	−0.01% points
177	Corona Remedies Limited equity	Pharmaceuticals & Biotechnology	0.04%	Dec 2025	9 mo	0.00% points
178	Molbio Diagnostics Limited equity	Healthcare Equipment & Supplies	0.04%	Aug 2026	1 mo	+0.04% points
179	6.68% Government of India (07/07/2040) government security	—	0.04%	Jul 2025	1.2 yrs	−0.16% points
180	6.48% Government of India (06/10/2035) government security	—	0.04%	Oct 2025	11 mo	−0.01% points
181	Orkla India Limited equity	Food Products	0.03%	Nov 2025	10 mo	−0.01% points
182	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.03%	Oct 2024	1.9 yrs	0.00% points
183	Indiqube Spaces Limited equity	Commercial Services & Supplies	0.03%	Jul 2025	1.2 yrs	0.00% points
184	Milky Mist Dairy Food Limited equity	Food Products	0.03%	Aug 2026	1 mo	+0.03% points
185	Behari Lal Engineering Limited equity	Industrial Products	0.03%	Aug 2026	1 mo	+0.03% points
186	Kusumgar Limited equity	Textiles & Apparels	0.03%	Jul 2026	2 mo	+0.03% points
187	7.02% Government of India (18/06/2031) government security	—	0.03%	Dec 2025	9 mo	−0.51% points
188	Vijaya Diagnostic Centre Limited equity	Healthcare Services	0.02%	Oct 2023	2.9 yrs	0.00% points
189	Nippon Life India Asset Management Limited equity	Capital Markets	0.02%	May 2026	4 mo	−0.03% points
190	Shilpa Medicare Limited equity	Pharmaceuticals & Biotechnology	0.02%	Apr 2024	2.4 yrs	+0.01% points
191	Neuland Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.02%	Nov 2023	2.8 yrs	0.00% points
192	Tempsens Instruments (India) Limited equity	Industrial Manufacturing	0.02%	Aug 2026	1 mo	+0.02% points
193	Blue Star Limited equity	Consumer Durables	0.02%	Jun 2026	3 mo	+0.02% points
194	HDFC Bank Limited (21/09/2026) ** # money market	—	0.02%	Mar 2026	6 mo	−0.03% points
195	Bank of Baroda (08/03/2027) ** # money market	—	0.02%	May 2026	4 mo	−0.01% points
196	Newgen Software Technologies Limited equity	IT - Software	0.01%	Jan 2024	2.7 yrs	0.00% points
197	Ajanta Pharma Limited equity	Pharmaceuticals & Biotechnology	0.01%	Jul 2023	3.2 yrs	0.00% points
198	Laxmi Dental Limited equity	Healthcare Equipment & Supplies	0.01%	Jan 2025	1.7 yrs	0.00% points
199	Nucleus Software Exports Limited equity	IT - Software	0.01%	Nov 2023	2.8 yrs	0.00% points
200	SHIVALIK BIMETAL CONTROLS LIMITED equity	Industrial Products	0.01%	Aug 2023	3.1 yrs	+0.01% points
201	REC Limited equity	Finance	0.00%	Aug 2023	3.1 yrs	0.00% points
202	Clean Max Enviro Energy Solutions Limited equity	Power	0.00%	Apr 2026	5 mo	0.00% points
203	Eicher Motors Limited equity	Automobiles	0.00%	Jul 2023	3.2 yrs	0.00% points
204	Steel Authority of India Limited equity	Ferrous Metals	0.00%	Feb 2025	1.6 yrs	0.00% points
205	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.00%	Oct 2025	11 mo	0.00% points
206	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.00%	May 2025	1.3 yrs	0.00% points

Showing 1–206 of 206 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks6.1% · 10.8%

IT - Software2.4% · 2.0%

Pharmaceuticals & Biotechnology1.7% · 2.2%

Finance1.7% · 1.6%

Automobiles1.5% · 1.8%

Telecom - Services1.3% · 2.5%

Food Products1.3%

Retailing1.3% · 1.2%

share of the book05%10%

By market cap, Aug 2026

Large cap19.2%

Mid cap5.0%

Small / micro cap4.6%

Cash & equivalents22.3%

Other48.9%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 19%
Mid cap 5%
Small / micro 5%
Cash & other 22%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 80% of three-year stretches, and averaged +0.8 percentage points a year across all of them

5 rolling windows since 2023 · ahead by 1.0 percentage points a year when it won, behind by 0.1 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 1.0 percentage points a year in the 4 windows it won and behind by 0.1 in the 1 it lost, so the average across all 5 is +0.8 percentage points. The worst window ended May 2026, 0.1 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

No category distribution for this measure yet.

windows measured5windows won4average across every window+0.75% points a year · median +0.79when ahead, by how much+0.98% points a year over 4 windowswhen behind, by how much−0.14% points a year over 1 windowworst window−0.14% points a year, ended May 2026best window+1.63% points a year, ended Sep 2026non-overlapping windows in that span1 — the rolling count overlaps, this does not

Thin record. Only 5 rolling windows — under six years of NAV. The share is shown because it was measured; it is a start, not a record, and does not qualify for the home shelf until 36 windows exist.

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 80% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 80% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 1.34 percentage points a year more than Direct

₹50,129 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

Why this matters: What does a Regular plan actually cost? 6 min

1.34% points a year

costliest in categorycheapest in category

71th percentile · above median of 13 funds · category median 1.50% points

on ₹1,00,000 over ten years₹50,129Direct vs Regular, annualised16.4% vs 15.1%measured over3.34 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 46% of the portfolio a year

+0.03% points of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

Why this matters: What does a monthly portfolio not tell you? 6 min

46% a year

costliest in categorycheapest in category

63th percentile · above median of 12 funds · category median 52%

excess return per unit of turnover+0.03% points

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 38 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

38 months

lowest in categoryhighest in category

80th percentile · top quartile of 13 funds · category median 21 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

4 of 10 top picks beat their peers over the next 6 months, and averaged 1.7 percentage points behind them

285 positions judged, one disclosure at a time · ahead by 11.9 percentage points when it won, behind by 12.8 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 11.9 percentage points in the 128 positions it won and behind by 12.8 in the 157 it lost, so the average across all 285 is −1.7 percentage points. The worst position was INE876N01018 at the May 2025 disclosure, 52.5 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

45%

lowest in categoryhighest in category

5th percentile · bottom decile of 11 funds

positions judged285beat the median stock128average across every position−1.69% points · median −1.15when ahead, by how much+11.92% points over 128 positionswhen behind, by how much−12.79% points over 157 positionsworst position−52.51% points, INE876N01018 at the May 2025 disclosurebest position+53.38% points, INE062A01020 at the Aug 2025 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹8,562 Cr, 81st percentile in category; 99% of growth came from inflows

smaller than 19% of the funds in its category (13 funds) · AUM Aug 2023 → Aug 2026 · Regular plan expense ratio 1.67%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

81th percentile by AUM

largestsmallest

19th percentile · bottom quartile of 13 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.67% / 0.64% · category median 2.05%AUM, Aug 2023 → Aug 2026₹145 Cr → ₹8,562 Cr (+290% a year)of that change, from flows rather than returns99% net inflows · NAV +61% over the window

Assets under management, ₹ crore, May 2023 – Aug 2026

39 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.58% in May 2023 → 1.67% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Piyush Baranwal for 3.3 yrs

with Ramesh Mantri, Dheeresh Pathak, Ashish Agrawal, Trupti Agarwal

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowPiyush Baranwal (since May 2023), Ramesh Mantri (since May 2023), Dheeresh Pathak (since Mar 2024), Ashish Agrawal (since Dec 2024), Trupti Agarwal (since Feb 2026)share of the fund's life under the longest-serving current manager100%changes of hands in the archive7 — last Feb 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Piyush Baranwal	debt portion	May 2023*	now	17.2% vs 16.9% p.a. (+0.24% points)	75% of 4
Ramesh Mantri	equity portion	May 2023*	now	17.2% vs 16.9% p.a. (+0.24% points)	75% of 4
Dheeresh Pathak	equity portion	Mar 2024*	now	17.2% vs 14.2% p.a. (+3.03% points)	—
Ashish Agrawal	—	Dec 2024*	now	15.0% vs 12.5% p.a. (+2.50% points)	—
Trupti Agarwal	equity portion	Feb 2026*	now	5.2% vs 1.8% (+3.36% points)	—
Shariq Merchant	overseas investments	May 2023*	Mar 2024	15.3% vs 21.6% (−6.25% points)	—
Vineet Narang	commodities	May 2023*	Sep 2024	21.8% vs 27.7% p.a. (−5.98% points)	—
Naitik Shah	overseas investments	Apr 2024*	Apr 2024	2.5% vs 2.8% (−0.27% points)	—
Trupti Agrawal	equity portion	May 2025*	Jan 2026	14.5% vs 17.5% (−3.01% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 3.4 years, against a 5-year figure on display. Trupti Agarwal joined roughly 0.6 years ago. A record earned under different people is not evidence about these ones.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 71% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct WhiteOak Capital Multi Asset Allocation Fund Direct Plan Growth	growth	₹16.73	18 Sep 2026
regular WhiteOak Capital Multi Asset Allocation Fund Regular Plan Growth	growth	₹16.08	18 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹16.73
Regular growth NAV: ₹16.08
NAV divergence to date: 4.0% — same portfolio, priced differently
Regular costs more by: 1.34% points a year
On ₹1,00,000 over ten years: ₹50,129

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

ICICI Prudential Multi Asset Allocation Fund DSP Multi Asset Allocation Fund UTI Multi Asset Allocation Fund HDFC Multi Asset Allocation Fund pick any fund…