WhiteOak Capital Asset Management Ltd (formerly known as YES Asset Management (India) Ltd) has applied for WhiteOak Capital Global Emerging Market Fund with the market regulator Securities and Exchange Board of India (Sebi).
This would be the first scheme that WhiteOak Capital MF has applied for after it changed the name from YES Mutual Fund in January 2022. WhiteOak Capital Group had completed the transaction to acquire the mutual fund business of YES Bank (YES Asset Management Company) on 1 November 2021.
WhiteOak Capital MF as of now has three schemes. They are liquid, ultra-short term and overnight funds.
YES AMC was among the smallest fund houses in the country and had average assets under management (AAUM) of ₹139 crore for the quarter of October-December 2021. SBI MF was the largest with AAUM of ₹6.28 trillion for the December quarter.
WhiteOak Capital Global Emerging Market Fund is an open-ended equity scheme investing in stocks of countries that constitute global emerging markets, according to the scheme information document (SID) filed with Sebi.
In terms of allocation, the scheme can have up to 100% of its assets in equity and equity-linked emerging market securities, including Indian listed securities. On the other hand, allocation to domestic debt securities and money market instruments can be up to 20% of total assets.
The fund house has proposed that Ramesh Mantri, Piyush Baranwal (debt) and Trupti Agrawal (overseas) would be managing the scheme.
The benchmark to the scheme is Morgan Stanley Capital International (MSCI) Emerging Markets Index. The index is composed of companies from the important emerging economies such as China, Taiwan, South Korea, India and Brazil.
The MSCI Emerging Markets Index, launched on 1 January 2001, captures large- and mid-cap representation across 25 emerging market countries. With 1,422 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The top constituents in the index as of 31 January are Taiwan Semiconductor (7.31%), Tencent Holdings (4.53%), Samsung Electronics (3.77%), Alibaba Group (2.88%) and Meituan (1.49%).
In terms of country-wise representation, China has the highest weightage at 32.08%, followed by Taiwan (16.08%), India (12.52%), South Korea (11.73%) and Brazil (4.61%).
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