White Pine India Emerging Stars

White Pine Investment Management Private Limited
PMS Multi Cap & Flexi Cap
Benchmark
MSEI SX 40 TRI
Inception Date
25 May 2022
Min. Investment
₹50,00,000
AUM (Cr.)
₹396.04
SIP Available
No
STP Available
No

Investment Strategy

Investment Approach

Our investment strategy prioritizes businesses demonstrating sustainable Return on Capital Employed (ROCE). Concurrently, we adopt an opportunistic approach towards mid-cycle companies, expecting them to provide enhanced adjusted returns relative to our structurally driven investments. Our investment philosophy is primarily characterized by a long-term, thematic approach with extended holding periods. We recognize that superior management quality, while potentially moderating upside potential, offers robust protection against firm-specific, inherent risks.

Investment Objective

The investment objective is to pursue capital growth and consistent income through allocation to a diversified portfolio comprising equities, debt instruments, money market instruments, equity-linked securities, and mutual fund units. Alternatively, the strategy may focus solely on generating capital appreciation and regular returns through investments in mutual fund units. A further option is to prioritize the generation of regular returns by primarily allocating capital to debt and money market instruments.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH -2.26% -0.42% -1.84%
3 MONTHS 3.57% 5.69% -2.12%
6 MONTHS -3.46% 1.61% -5.07%
1 YEAR 2.73% 8.59% -5.86%
2 YEAR 16.65% 8.61% 8.04%
3 YEAR 35.05% 11.37% 23.68%
SINCE INCEPTION 36.41% 13.51% 22.90%

Calendar Year Performance

Year Return
CY 2025 2.73%

Financial Year Performance

Year Return

Past performance is not indicative of future results. Returns are subject to market risks.

Fund Managers

Niraj is a co-founder of White Pine Investment Management, established in May 2021. He possesses approximately 22 years of professional experience across equity investment, equity research, and information technology. His extensive background primarily encompasses equities (18 years) and real estate (including substantial equity investments and family business involvement). He also has prior experience in fixed income markets, with about 0.5 years dedicated to debt fund management. Prior to his current role, Niraj served as an Executive Director at Goldman Sachs Asset Management (GSAM), where he was involved with the management of funds for the GS India Equity Fund. He holds a Bachelor of Technology in Chemical Engineering, graduating with First Class Honours from the Indian Institute of Technology (IIT-BHU), Varanasi in 1998. He further holds an MBA in Finance and Strategy from the Indian School of Business (ISB), Hyderabad. Niraj has been a CFA charterholder since December 2007.

Manish Karwa

Co-Founder

Manish is a co-founder of White Pine Investment Management, established in May 2021. With over two decades of experience in equity research, his primary focus has been the financial services industry, encompassing banking, insurance, and non-banking financial companies. He has held positions at prominent financial institutions including Kotak, Deutsche Bank, Axis Bank, and Motilal Oswal. His expertise has consistently earned him high ratings from institutional investors and in independent market surveys. Manish holds an MBA in Finance from Mumbai University.

Portfolio Details

Portfolio Composition

Large Cap
0%
Mid Cap
0%
Small Cap
0%
Cash & Equivalent
0%

Top 5 Holdings

  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A

Top 5 Sectors

  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A

Portfolio Characteristics

total number of stocks
N/A
top 5 stocks percent
N/A
top 5 sectors percent
N/A
average market cap
21253
portfolio age
3 Yrs, 7 Months
sip
Not Available
stp
Not Available

Fee Structure

Variable Fee

AMC: No Option

Hurdle: No Option

Profit Sharing: No Option

Exit Load

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Disclaimer

Returns are as of 2025-12-31. Returns for periods up to one year are not annualized. Returns for periods exceeding one year are annualized. Returns are computed using the Time Weighted Rate of Return (TWRR) methodology and are provided by the respective Asset Management Companies (AMCs). 'ND' denotes 'No Data', and 'NA' denotes 'Not Applicable'. The performance of the respective Benchmark Indices is presented above. Benchmark(s) are as defined in SEBI circular no. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172 dated December 16, 2022, APMI circular no. APMI/2022-23/02 dated March 23, 2023, and Revised Annexure-1.

This page is provided solely for general informational purposes in relation to the strategy and is based on publicly available information. While reasonable care has been taken to ensure accuracy, the information may not reflect the most recent updates.

Nothing on this page constitutes investment, financial, or legal advice. Investment decisions should be made after consulting a qualified advisor and reviewing official scheme documents.

Last Updated: January 2026 · Published by Affluense AI (affluense.ai)