Affluense AI AFFLUENSE

North Star Portfolio

White Whale Partners LLP
PMS Multi Cap & Flexi Cap
Benchmark
Nifty 50 TRI
Inception Date
11 November 2020
Min. Investment
₹50,00,000
SIP Available
Yes
STP Available
Yes

Investment Strategy

Investment Approach

We focus on exceptional businesses characterized by robust management teams and operate a concentrated portfolio. Our investment strategy prioritizes companies with predictable, recurring revenue streams and a demonstrated low customer churn rate. This approach is executed strictly within our defined areas of expertise and adheres to the highest standards of corporate governance.

Investment Objective

Our strategy involves actively managing portfolios within the Indian public equity landscape, adopting a private equity approach. Our core investment philosophy centers on identifying and supporting exceptional management teams who lead robust businesses demonstrating sustained potential for long-term capital appreciation.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH -3.20% -0.28% -2.92%
3 MONTHS 3.13% 6.33% -3.20%
6 MONTHS 4.43% 2.92% 1.51%
1 YEAR 11.75% 11.88% -0.13%
2 YEAR 9.60% 10.97% -1.37%
3 YEAR 11.30% 14.32% -3.02%
5 YEAR 12.17% 14.68% -2.51%
SINCE INCEPTION 13.20% 16.54% -3.34%

Calendar Year Performance

Year Return
CY 2025 11.75%
CY 2024 7.50%
CY 2023 14.83%
CY 2022 -0.36%
CY 2021 30.23%
CY 2020 6.39%

Financial Year Performance

Year Return
FY 26_YTD 15.68%
FY 25 5.60%
FY 24 23.87%
FY 23 -3.83%
FY 22 18.17%
FY 21 10.49%

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

Fund Managers

Hardik Doshi

Fund Manager, PMS

With two decades of professional experience, Hardik possesses extensive expertise in equity analysis and portfolio management. His background includes six years as an equity researcher at Lehman Brothers in New York. Subsequently, he dedicated thirteen years to the Indian investment landscape, where he led the investment research division at First Voyager. During his tenure, he also served as an advisor to the TVF Fund, a prominent India-focused Foreign Institutional Investor (FII) fund. Over the final five years of his engagement, the fund achieved robust absolute returns in the high teens, consistently exceeding the MSCI India index by a significant margin of high single digits on an annual basis. Hardik is also a Charterholder of the CFA Institute.

Portfolio Details

Portfolio Composition

Large Cap
36.65%
Mid Cap
19.61%
Small Cap
42.30%
Cash & Equivalent
1.42%

Top 5 Holdings

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

Top 5 Sectors

  • Financial Services 42.59%
  • Healthcare 17.61%
  • Consumer Services 8.61%
  • Consumer Durables 8.40%
  • Fast Moving Consumer Goods 6.34%

Portfolio Characteristics

total number of stocks
N/A
top 5 stocks percent
N/A
top 5 sectors percent
83.55%
average market cap
195456
portfolio age
5 Yrs, 1 Months
sip
Available
stp
Available

Fee Structure

Fixed Fee

AMC: 2%

Variable Fee

AMC: 1.5%

Hurdle: 10%

Profit Sharing: 15%

Exit Load

Year 1: 2%

Year 2: 1%

Year 3: 0%

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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)