Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Ashoka India Equity. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

AIE still best in its class, but now on a discount...

Ashoka India Equity (AIE) is the standout performer amongst its peer group with a NAV return of 83.8% since it launched in July 2018 (see Performance). The portfolio is managed by White Oak Capital Management, using a process designed to extract maximum value from stock-picking rather than top-down or macro-economic calls. Market cap or sector biases made no contribution to returns; almost all of the outperformance is attributable to stock selection.

The strategy implemented by White Oak was designed by its founder Prashant Khemka, former CIO and lead portfolio manager for Global Emerging Markets Equity at Goldman Sachs. The process uses a bespoke cash-flow analysis framework to identify great businesses at attractive valuations (see Portfolio). Alongside the investment process, a key feature is the thought that has gone into ensuring the alignment of interests of analysts and shareholders. The broad team – which has grown to over 20 analysts devoted to India – are compensated based on the contribution of their stock selections to the portfolio’s returns. In turn, AIE only pays the manager a fee if the trust outperforms the benchmark – there is no management fee excluding this performance fee (see Charges). This is designed to ensure the team remains incentivised to outperform even as the trust grows.

Since launch, AIE has mostly traded at or above par. It is only during periods of greater market volatility, such as immediately after the pandemic hit or more recently, that it has traded at a meaningful discount. AIE has so far always traded at a significant premium in comparison to its direct peers. This has given the board frequent opportunities to issue new shares and, along with the portfolio’s underlying performance, AIE’s assets under management has grown to around £180m.

Analyst's View

We think there are a number of reasons why an India dedicated allocation could be appealing at this point in time. The country has a young and educated workforce, offering it scope to transition towards more sophisticated manufacturing and services industries. Rising geopolitical tensions makes India a likely beneficiary for foreign investment. The pandemic has already seen a renewed determination from companies to diversify supply chains away from China. The Indian government has implemented business-friendly reforms, including reforms to the bankruptcy laws, an overhaul of labour laws and the taxation system, while more sections of the Indian market have been opened to foreign investment.

We view AIE as a premium product. The striking success to date comes from stock selection as intended, with the process having been validated by the results so far. The consistency of the approach and the alignment of incentives between manager and shareholder should give cause for optimism that this pattern of outperformance can continue.

In our view, the performance-fee only structure should ensure outperformance is the total focus of the team. However, it can lead to high rewards for the manager and high OCF figures. Global Emerging Market funds often offer little exposure to India so, for investors looking for a more direct approach, we believe AIE should feature at the top of their list of options. The current discount may offer a rare opportunity.


  • The best track record amongst India specialist peers since inception
  • Large team of dedicated analysts covering the whole market
  • Fee structure aligns managers’ interests with those of investors


  • As a single-country trust, highly exposed to the politics and economy of one state
  • A high conviction portfolio, bad stock picks can have a greater impact on the portfolio
  • Performance fee can be high when earned (although overall fees will be low if it is not)
Continue to Portfolio

Fund History

13 Jul 2022 Ready player one
We wonder where, if anywhere, should investors look for returns after a tumultuous first half of the year…
16 Jun 2022 Focus on the long-term
AIE’s performance in 2022 shows why quality is important in the long-run…
10 Jun 2022 A balancing act
Two trusts that have made efforts to align their interests with shareholders have also produced good returns…
09 Jun 2022 Fund Analysis
AIE still best in its class, but now on a discount...
01 Jun 2022 Are emerging markets doomed?
Bunching together different parts of the world leads to an unnuanced view of the opportunities in emerging markets…
30 Mar 2022 You say tomato…
Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach...
29 Mar 2022 Heads we win, tails we lose
Ashoka India Equity’s unique structure means it is strongly aligned with shareholder interests…
25 Mar 2022 Slides and Audio: Ashoka India Equity
Download the presentation and listen to the audio from our 'Ideas for your ISA' virtual Spring event on 16 March...
23 Mar 2022 Fifteen ideas for your ISA
Slides and audio from our event last week, featuring fund managers running money in every major market in the world...
04 Mar 2022 Results analysis: Ashoka India Equity
AIE has been the strongest trust in its peer group since launching in 2018…
10 Nov 2021 Fantastic growth funds (and where to find them)
We found them in India, Japan, frontier markets, healthcare and the global sector – and here they are…
10 Nov 2021 Slides and Audio: Ashoka India Equity
Download the presentation and listen to the audio from our 'Fantastic growth funds (and where to find them)' conference on 4 November...
27 Oct 2021 Fund Analysis
AIE has performed exceptionally well in its first three years…
13 Oct 2021 Beyond the Middle Kingdom
As momentum falters in the emerging markets powerhouse, we examine the options for investors outside China...
30 Sep 2021 Results analysis: Ashoka India Equity
AIE has reported another year of strong alpha generation…
31 Mar 2021 East End boys and West End girls
Our analysts debate whether the US or Asian stock markets will deliver the best returns over the next decade…
24 Mar 2021 Shoot to Thrill: ISA targets for long term growth
We all intend to invest for the long-term but can often be distracted by the news...
16 Mar 2021 Fund Analysis
AIE is far and away the top-performing India trust since it launched in July 2018…
08 Mar 2021 Results analysis: Ashoka India Equity
AIE has outperformed its benchmark over the last six months and is well positioned to continue delivering returns as the recovery in India gathers pace…
07 Oct 2020 Five ways to play Indian equities
India is struggling economically – but could there be a value opportunity in the stock market?
13 Aug 2020 Underground bangers
We look for hidden gems in the smaller end of the investment trust universe...
14 Jul 2020 Fund Analysis
AIE is the top-performing India specialist trust and is trading on a rare discount…
05 Jun 2020 Deep impact
Audio and presentations from our conference this week, where fifteen of the world's best fund managers described a profoundly altered investment landscape...
13 May 2020 Braving the new world
Join 15 of the UK's best known fund managers at the Kepler Trust Intelligence Virtual Summit to find out how they see the world after the pandemic...
05 Mar 2020 Don't panic: the case for investing in Asia this ISA season
We examine the relationship between stock market and GDP growth, before debating the case for an allocation to Asia...
29 Jan 2020 Fund Analysis
AIE offers a pure stock-picking portfolio of Indian equities with a unique fee structure…
View all

Welcome to Kepler Trust Intelligence

Kepler Trust Intelligence is authorised in the UK by the Financial Conduct Authority.
Please enter a valid email address
Please enter a valid password
Please enter a valid email address
Please check your email. If an account exists you'll be sent instructions on how to reset your password.
Kepler Trust Intelligence is authorised in the UK by the Financial Conduct Authority. To ensure that we are able to provide content which is appropriate for you, please tell us a little about yourself.
Please choose an option
Please enter a company name
Please enter a location name
Please choose an option
Please enter a platform
Please choose an option
Please enter a trust
The information contained herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The investment funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933.
Please confirm
Please select an option
See benefits
A free Kepler Trust Intelligence account allows you to access premium content including the ‘Kepler View’ – our verdict on the trusts we cover – and historical research so you can see how our view has changed over time. An account also unlocks useful facilities like the ‘follow’ button which lets you keep track of the trusts you’re interested in and as a logged in user you can also download PDFs of our research, and choose the layout of the page you’re reading to suit your preference. We will not share your details unless you give us permission to do so, and we won’t bombard you with emails – we only send one a week.
Please select an option
Please enter your first name
Please enter your last name
Please enter a valid email address
An account already exists with this email - have you forgotten your password?
Please enter a valid password
Please enter a valid password
How will this information be used? Your answers help us to tailor our content to relevant investment trusts, and to ensure that the asset allocation and portfolio strategy research we produce is appropriate to our userbase.
Our Website uses Cookies Cookies are small text files held on your computer. They allow us to give you the best browsing experience possible and mean we can understand how you use our site. Some cookies have already been set. You can delete and block cookies, but parts of our site won’t work without them. By using our website you accept our use of cookies. For further information please refer to the Kepler Privacy Notice.
Need help?

One more thing...

Did you know, you can 'follow' individual trusts on Kepler Trust Intelligence? Use the functions below to set up alerts and we'll send you research and updates on your chosen trusts.

Suggested trusts to follow

Browse all funds
Need help?
Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.