WhiteOak Capital · Sectoral/ Thematic

WhiteOak Capital Special Opportunities Fund

Equity Scheme - Sectoral/ Thematic Direct plan, growth riskometer: Very high launched 15 May 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹15.14

−0.05% since 18 Sep 2026, the previous NAV

1 year

13.1%

return

3 years

not enough history

5 years

not enough history

Since launch

18.2%

a year, over 2.3 years

Assets (AUM)

₹1,885 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.53% / 1.77%

a year, as of Aug 2026

Holdings

top ten are 28% of the fund · Aug 2026

Disclosed history

2.1 yrs

Jun 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Dheeresh Pathak · since Jun 2024 · equity portionPiyush Baranwal · since Jun 2024 · debt portionAshish Agrawal · since Dec 2024Ramesh Mantri · since May 2025Trupti Agarwal · since Feb 2026 · equity portion

All managers →

As the Aug 2026 factsheet printed it: portfolio turnover 3.00×. 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 1.80 percentage points a year more than Direct

₹55,976 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 Dheeresh Pathak for 2.3 yrs

with Piyush Baranwal, Ashish Agrawal, Ramesh Mantri, 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.

Dheeresh Pathak's other funds →

NAVTracking gap

NAV sits 0.13 percentage points from its disclosed portfolio, but the replication is noisy

11 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 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 21 Sep 2026

Month-end NAV, indexed to 100 at Jun 2024

28 month-ends · ₹11.20 → ₹15.14, 1.4× since Jun 2024

Deepest fall (max drawdown)

−17.0%

16 Dec 2024 → 3 Mar 2025

Worst month

−10.1%

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 · 94 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	ICICI Bank Limited equity	Banks	4.58%	Sep 2024	2.0 yrs	+0.95% points
2	Clearing Corporation of India Ltd money market	—	4.04%	Feb 2026	7 mo	−1.08% points
3	Bharti Airtel Limited equity	Telecom - Services	3.12%	Jun 2024	2.3 yrs	−0.16% points
4	State Bank of India equity	Banks	3.00%	Oct 2025	11 mo	+0.98% points
5	Nestle India Limited equity	Food Products	2.47%	Feb 2026	7 mo	+0.38% points
6	Titan Company Limited equity	Consumer Durables	2.38%	Apr 2026	5 mo	+0.37% points
7	Solar Industries India Limited equity	Chemicals & Petrochemicals	2.27%	Mar 2026	6 mo	+0.40% points
8	Mahindra & Mahindra Limited equity	Automobiles	2.21%	Jun 2024	2.3 yrs	−0.07% points
9	Ather Energy Limited equity	Automobiles	2.15%	Apr 2026	5 mo	+1.19% points
10	Redington Limited equity	Commercial Services & Supplies	2.11%	Jun 2026	3 mo	+2.11% points
11	IIFL Finance Limited equity	Finance	2.11%	May 2026	4 mo	+0.08% points
12	PNB Housing Finance Limited equity	Finance	1.99%	Apr 2026	5 mo	+0.77% points
13	Info Edge (India) Limited equity	Retailing	1.98%	Jul 2026	2 mo	+1.98% points
14	TVS Motor Company Limited equity	Automobiles	1.97%	Jan 2026	8 mo	+0.89% points
15	S.J.S. Enterprises Limited equity	Auto Components	1.77%	Feb 2026	7 mo	+0.25% points
16	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.60%	Jan 2025	1.7 yrs	+0.11% points
17	Nexus Select Trust - REIT reit	—	1.60%	Jun 2024	2.3 yrs	−0.10% points
18	Tamilnad Mercantile Bank Limited equity	Banks	1.52%	Apr 2026	5 mo	+0.76% points
19	One 97 Communications Limited equity	Financial Technology (Fintech)	1.51%	Aug 2026	1 mo	+1.51% points
20	Avalon Technologies Limited equity	Electrical Equipment	1.48%	Jul 2026	2 mo	+1.48% points
21	CARE Ratings Limited equity	Capital Markets	1.36%	Oct 2024	1.9 yrs	+0.26% points
22	Reliance Industries Limited equity	Petroleum Products	1.31%	Jan 2025	1.7 yrs	−0.19% points
23	City Union Bank Limited equity	Banks	1.31%	Nov 2025	10 mo	+0.07% points
24	Neuland Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.26%	Jun 2024	2.3 yrs	+0.12% points
25	Yasho Industries Limited equity	Chemicals & Petrochemicals	1.26%	May 2025	1.3 yrs	+0.71% points
26	Five Star Business Finance Limited equity	Finance	1.26%	Mar 2026	6 mo	+0.20% points
27	Clean Max Enviro Energy Solutions Limited equity	Power	1.25%	Mar 2026	6 mo	−0.35% points
28	Coforge Limited equity	IT - Software	1.22%	Jun 2025	1.3 yrs	−0.83% points
29	Corona Remedies Limited equity	Pharmaceuticals & Biotechnology	1.16%	Feb 2026	7 mo	+0.10% points
30	Radico Khaitan Limited equity	Beverages	1.15%	Jan 2026	8 mo	−0.12% points
31	Adani Enterprises Limited equity	Metals & Minerals Trading	1.14%	Jul 2026	2 mo	+1.14% points
32	Prudent Corporate Advisory Services Limited equity	Capital Markets	1.12%	Jul 2026	2 mo	+1.12% points
33	R R Kabel Limited equity	Industrial Products	1.12%	Aug 2026	1 mo	+1.12% points
34	Nuvoco Vistas Corporation Limited equity	Cement & Cement Products	1.11%	Jun 2024	2.3 yrs	+0.09% points
35	Apar Industries Limited equity	Electrical Equipment	1.08%	Aug 2026	1 mo	−0.10% points
36	Shadowfax Technologies Limited equity	Transport Services	1.07%	Mar 2026	6 mo	+0.14% points
37	EID Parry India Limited equity	Food Products	1.04%	Jun 2024	2.3 yrs	−0.05% points
38	CCL Products (India) Limited equity	Agricultural Food & other Products	1.04%	Feb 2026	7 mo	+0.10% points
39	Saregama India Limited equity	Entertainment	1.03%	Jun 2026	3 mo	+1.03% points
40	91 Days Tbill (MD 03/09/2026) government security	—	1.03%	Jun 2026	3 mo	+1.03% points
41	Aye Finance Limited equity	Finance	1.02%	Apr 2026	5 mo	+0.31% points
42	Sambhv Steel Tubes Ltd equity	Industrial Products	1.01%	Jun 2025	1.3 yrs	+0.01% points
43	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	1.00%	Feb 2026	7 mo	−0.43% points
44	Thyrocare Technologies Limited equity	Healthcare Services	0.97%	Jul 2026	2 mo	+0.97% points
45	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.94%	May 2026	4 mo	+0.32% points
46	Life Insurance Corporation Of India equity	Insurance	0.92%	Aug 2026	1 mo	+0.92% points
47	Bharat Heavy Electricals Limited equity	Electrical Equipment	0.89%	Mar 2026	6 mo	−0.37% points
48	KRN Heat Exchanger And Refrigeration Limited equity	Industrial Products	0.89%	Mar 2026	6 mo	−0.21% points
49	Godrej Agrovet Limited equity	Food Products	0.84%	Aug 2026	1 mo	+0.84% points
50	Mrs. Bectors Food Specialities Limited equity	Food Products	0.82%	Jul 2026	2 mo	+0.82% points
51	IndusInd Bank Limited equity	Banks	0.82%	May 2025	1.3 yrs	+0.32% points
52	Kovai Medical Center and Hospital Limited equity	Healthcare Services	0.81%	Jul 2025	1.2 yrs	−0.06% points
53	91 Days Tbill (MD 10/09/2026) government security	—	0.80%	Jun 2026	3 mo	+0.80% points
54	91 Days Tbill (MD 19/11/2026) government security	—	0.76%	Aug 2026	1 mo	+0.76% points
55	Shilpa Medicare Limited equity	Pharmaceuticals & Biotechnology	0.74%	Jun 2024	2.3 yrs	+0.10% points
56	Pricol Limited equity	Auto Components	0.73%	Aug 2026	1 mo	+0.73% points
57	Bluestone Jewellery and Lifestyle Limited equity	Consumer Durables	0.72%	Jul 2026	2 mo	+0.72% points
58	91 Days Tbill (MD 29/10/2026) government security	—	0.70%	Jul 2026	2 mo	+0.70% points
59	Mahindra Logistics Limited equity	Transport Services	0.68%	Feb 2026	7 mo	+0.05% points
60	Racl Geartech Limited equity	Auto Components	0.67%	May 2025	1.3 yrs	−0.02% points
61	Lenskart Solutions Limited equity	Retailing	0.66%	May 2026	4 mo	−0.29% points
62	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.66%	Apr 2026	5 mo	−0.15% points
63	Deepak Fertilizers and Petrochemicals Corporation Limited equity	Chemicals & Petrochemicals	0.66%	Feb 2025	1.6 yrs	−0.91% points
64	Fusion Finance Limited equity	Finance	0.59%	Aug 2026	1 mo	+0.59% points
65	Azad Engineering Ltd equity	Electrical Equipment	0.56%	Nov 2024	1.8 yrs	−0.42% points
66	Arman Financial Services Limited equity	Finance	0.55%	May 2026	4 mo	+0.18% points
67	Tenneco Clean Air India Limited equity	Auto Components	0.55%	Dec 2025	9 mo	−0.79% points
68	The South Indian Bank Limited equity	Banks	0.54%	Oct 2025	11 mo	−0.16% points
69	Zota Health Care Limited equity	Pharmaceuticals & Biotechnology	0.53%	Dec 2025	9 mo	−0.16% points
70	Yash Highvoltage Limited equity	Electrical Equipment	0.53%	Jun 2026	3 mo	+0.53% points
71	Archean Chemical Industries Limited equity	Chemicals & Petrochemicals	0.52%	Jan 2025	1.7 yrs	+0.16% points
72	Inox India Limited equity	Industrial Products	0.50%	Jul 2026	2 mo	+0.50% points
73	India Glycols Limited equity	Beverages	0.49%	Aug 2025	1.1 yrs	−0.02% points
74	Restaurant Brands Asia Limited equity	Leisure Services	0.49%	Aug 2026	1 mo	+0.49% points
75	Sedemac Mechatronics Limited equity	Auto Components	0.48%	Jun 2026	3 mo	+0.48% points
76	Keystone Realtors Limited equity	Realty	0.45%	May 2026	4 mo	−0.13% points
77	Infosys Limited equity	IT - Software	0.45%	Oct 2025	11 mo	+0.44% points
78	TIMEX GROUP INDIA LIMITED equity	Consumer Durables	0.42%	Jul 2026	2 mo	+0.42% points
79	Tata Capital Limited equity	Finance	0.42%	Oct 2025	11 mo	0.00% points
80	Anupam Rasayan India Limited equity	Chemicals & Petrochemicals	0.41%	Aug 2026	1 mo	+0.41% points
81	Omnitech Engineering Limited equity	Industrial Manufacturing	0.39%	May 2026	4 mo	+0.06% points
82	Bharat Electronics Limited equity	Aerospace & Defense	0.38%	Nov 2024	1.8 yrs	−1.47% points
83	Diamond Power Infra Limited equity	Electrical Equipment	0.38%	Jul 2026	2 mo	+0.38% points
84	Dynamatic Technologies Limited equity	Industrial Manufacturing	0.36%	Apr 2026	5 mo	−0.16% points
85	Tech Mahindra Limited equity	IT - Software	0.34%	Jul 2026	2 mo	+0.34% points
86	91 Days Tbill (MD 22/10/2026) government security	—	0.33%	Jul 2026	2 mo	+0.33% points
87	Dredging Corporation of India Limited equity	Engineering Services	0.29%	Jan 2026	8 mo	−0.08% points
88	Wakefit Innovations Limited equity	Consumer Durables	0.28%	Dec 2025	9 mo	−0.01% points
89	Indo-MIM Limited equity	Industrial Manufacturing	0.28%	Jul 2026	2 mo	+0.28% points
90	182 Days Tbill (MD 12/11/2026) government security	—	0.28%	Aug 2026	1 mo	+0.28% points
91	91 Days Tbill (MD 08/10/2026) government security	—	0.21%	Jul 2026	2 mo	+0.21% points
92	Oracle Financial Services Software Limited equity	IT - Software	0.07%	Jul 2026	2 mo	+0.07% points
93	364 Days Tbill (MD 12/11/2026) government security	—	0.07%	Aug 2026	1 mo	+0.07% points
94	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	-0.03%	Jun 2024	2.3 yrs	−0.48% points

Showing 1–94 of 94 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks11.8% · 16.4%

Finance7.9% · 4.9%

Chemicals & Petrochemicals6.7% · 3.8%

Automobiles6.3% · 4.0%

Food Products5.2%

Electrical Equipment4.9% · 4.4%

Auto Components4.2%

Consumer Durables3.8%

share of the book05%10%15%

By market cap, Aug 2026

Large cap27.3%

Mid cap17.3%

Small / micro cap41.4%

Cash & equivalents4.0%

Not classified4.2%

Other5.8%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

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

Large cap 27%
Mid cap 17%
Small / micro 41%
Cash & other 4%

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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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.

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

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 — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.80 percentage points a year more than Direct

₹55,976 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

1.80% points a year

costliest in categorycheapest in category

15th percentile · bottom quartile of 226 funds · category median 1.46% points

on ₹1,00,000 over ten years₹55,976Direct vs Regular, annualised14.3% vs 12.6%measured over2.25 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 196% of the portfolio a year

+0.05% 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

196% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 214 funds · category median 83%

excess return per unit of turnover+0.05% 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 7 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.

7 months

lowest in categoryhighest in category

12th percentile · bottom quartile of 215 funds · category median 23 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

6 of 10 top picks beat their peers over the next 6 months, and averaged 3.7 percentage points ahead of them

183 positions judged, one disclosure at a time · ahead by 15.5 percentage points when it won, behind by 11.6 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 15.5 percentage points in the 103 positions it won and behind by 11.6 in the 80 it lost, so the average across all 183 is +3.7 percentage points. The worst position was INE205A01025 at the Jan 2026 disclosure, 68.3 percentage points behind.

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

56%

lowest in categoryhighest in category

73th percentile · above median of 209 funds

positions judged183beat the median stock103average across every position+3.74% points · median +2.44when ahead, by how much+15.52% points over 103 positionswhen behind, by how much−11.58% points over 80 positionsworst position−68.35% points, INE205A01025 at the Jan 2026 disclosurebest position+113.78% points, INE819V01029 at the Feb 2026 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

₹1,885 Cr, 66th percentile in category; 92% of growth came from inflows

smaller than 34% of the funds in its category (216 funds) · AUM Jun 2024 → Aug 2026 · Regular plan expense ratio 2.79%

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.

66th percentile by AUM

largestsmallest

34th percentile · below median of 216 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.79% / 1.33% · category median 2.38%AUM, Jun 2024 → Aug 2026₹328 Cr → ₹1,885 Cr (+124% a year)of that change, from flows rather than returns92% net inflows · NAV +38% over the window

Assets under management, ₹ crore, Jun 2024 – Aug 2026

27 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.36% in Jun 2024 → 2.79% 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 Dheeresh Pathak for 2.3 yrs

with Piyush Baranwal, Ashish Agrawal, Ramesh Mantri, 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

2.3 yrs · Dheeresh Pathak

newest teamlongest-serving

60th percentile · above median of 121 funds · category median 1.8 yrs

running it nowDheeresh Pathak (since Jun 2024), Piyush Baranwal (since Jun 2024), Ashish Agrawal (since Dec 2024), Ramesh Mantri (since May 2025), Trupti Agarwal (since Feb 2026)share of the fund's life under the longest-serving current manager96%changes of hands in the archive3 — 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
Dheeresh Pathak	equity portion	Jun 2024*	now	16.0% vs 5.0% p.a. (+10.99% points)	—
Piyush Baranwal	debt portion	Jun 2024*	now	16.0% vs 5.0% p.a. (+10.99% points)	—
Ashish Agrawal	—	Dec 2024*	now	13.3% vs 4.3% p.a. (+8.94% points)	—
Ramesh Mantri	fund manager	May 2025*	now	20.5% vs 10.5% p.a. (+9.99% points)	—
Trupti Agarwal	equity portion	Feb 2026*	now	17.1% vs 7.9% (+9.19% points)	—
Trupti Agrawal	equity portion	Jun 2024*	Jan 2026	10.8% vs 1.9% p.a. (+8.99% 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 2.3 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

NAV sits 0.13 percentage points from its disclosed portfolio, but the replication is noisy

What this means. 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.

Latest gap beyond expense accrual

−0.13% points

expense added back ≈ 0.60% a year

Jumps since the disclosure

11noisy

29 Jul 2026 +0.60% points · 28 Jul 2026 +0.47% points · 22 Jul 2026 −0.40% points

Window

60 days

25 Jun 2026 – 18 Sep 2026

Each point is one day's gap in percentage points — a hundredth of a point is what a day's trading noise looks like.

Read it this way: a daily residual under about 0.02 percentage points — two hundredths of a point — is trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 52 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct WhiteOak Capital Special Opportunities Fund - Direct Growth	growth	₹15.14	21 Sep 2026
regular WhiteOak Capital Special Opportunities Fund - Regular Growth	growth	₹14.53	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹15.14
Regular growth NAV: ₹14.53
NAV divergence to date: 4.2% — same portfolio, priced differently
Regular costs more by: 1.80% points a year
On ₹1,00,000 over ten years: ₹55,976

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 India Opportunities Fund ICICI Prudential Business Cycle Fund ICICI Prudential Technology Fund ICICI Prudential Banking & Financial Services Fund pick any fund…