OAKS AMC ›
Tenet Portfolio PMS · Public Markets ›
Consumer Fund AIF · Private Equity ›
Asset Management Mumbai Since 2015
OAKS Asset Management
Independent. Partner-owned. Built for the long run.

Investing across India's public markets and high-growth private companies. Two strategies. One conviction.

$250M+
Assets under management
15+
Years investing in India
~75
Investor Families
2
Focused strategies
Our strategies

Two platforms. One conviction.

Click either card to explore the full strategy — philosophy, portfolio, performance and how to invest.

Public Markets · PMS SEBI Registered Since Jan 2021
01 · Public Markets
OAKS Tenet
Portfolio
India's real economy · Sector leaders
A concentrated portfolio of sector leaders in India's most important structural shifts — Power, Infrastructure, Manufacturing, Real Estate and Agribusiness. Investing in the second cycle, when the hype has faded and the real compounding begins.
+16.6%
p.a. since inception
INR 2Cr
Minimum investment
15–20
Concentrated positions
Private Equity · AIF Cat II Mid-market SEBI Registered
02 · Private Equity
OAKS Consumer
Fund
Scalable consumer businesses · Growth capital
Backing India's most promising consumer businesses and the experienced entrepreneurs building them. Connected Capital™ — not just money, but the relationships and operating insight of India's most successful business families.
Cat II
AIF category
Mid-mkt
PE focus
10+
Investments to date
About OAKS

Investing in India's best businesses and founders

PMS Registration
INP000004888
SEBI registered
AIF Registration
IN/AIF2/19-20/0769
Category II AIF
Address
56 Maker Chambers VI
Nariman Point, Mumbai 400 021
APMI
0435
Association of Portfolio Managers

OAKS Asset Management is an independent, partner-owned asset manager investing across India's public markets and high-growth private companies. Our asset management platform is part of the proprietary Connected Capital network — a source of capital, business insights, and a genesis for our potential investee businesses.

Built by practitioners with decades of experience across Kotak, DSP Merrill Lynch, Edelweiss and IIM alumni, the team brings complementary skills across investing, operations and business development. Partner capital is aligned with investor capital at every step.

Founded by a team that has worked together for nearly 3 decades, OAKS is one of the most experienced Asset management teams in India, serving some of the largest Indian-origin family offices in India and across the world.

Operating team

Meet the team

Board of Advisors

Use their hindsight as your foresight

Regulatory

Disclosures

🏛️
Investor Complaints – SEBI Scores
For grievance redressal, you may register your complaint on the SEBI Scores portal. SEBI Scores facilitates investors to lodge their complaints online with SEBI.
Visit scores.sebi.gov.in ↗
⚖️
Investor Complaints – Smart ODR
Smart ODR is the online dispute resolution platform for securities markets. Investors can file and track complaints through this SEBI-mandated online conciliation and arbitration mechanism.
Visit smartodr.in ↗
Get in touch

We'd love to hear from you

Whether you're looking to invest, explore a partnership, or simply learn more about OAKS — reach out.

We typically respond within one business day.

Our office
OAKS Asset Management
56, Maker Chambers VI
Nariman Point
Mumbai 400 021
Maharashtra, India
Strategies
OAKS Tenet Portfolio
PMS · INR 2Cr minimum · SEBI registered
OAKS Consumer Fund
AIF Cat II · Mid-market PE · SEBI registered
SEBI Registered PMS Public Equity · Long Only Inception Jan 2021
OAKS Tenet Portfolio

A mainstay in every
discerning investor portfolio

India-focused. Conviction-led. 15–20 positions in the leaders of India's most important structural shifts.

Invest now Fund Details → Get in touch Investor Letters
Performance

Consistent outperformance

Annualised returns since inception (28 Jan 2021 – 30 Apr 2026). Net of all fees and expenses.

Tenet since inception
+16.6%
p.a. annualised
Nifty 50 TRI
+12.7%
benchmark return
Alpha generated
+3.9%
above benchmark

Past performance is not indicative of future results. Performance not verified by SEBI.

The India Opportunity

India is at an inflection point

"

History never repeats but it often rhymes. India has crossed the $2,000 GDP-per-capita threshold. The script is familiar. The scale is unprecedented.

The OAKS Tenet Portfolio is investing in the India of the next decade.

Historical precedent

The Nth sequel of
a familiar movie

Every economy that made this leap followed the same pattern. India is following it today.

United States
1951 – 1970
$2,248 → $5,233
"Golden Age of America"
South Korea
1970 – 1990
$1,977 → $10,273
"Miracle on the Han River"
China
1999 – 2019
$1,910 → $10,370
"Chinese Economic Miracle"
India
2022 – onwards
~$2,000 →
Writing the next chapter
The playbook

When any country industrialises,
the same movie plays

India is following the exact same path — but with 1.5 billion people and a digital acceleration unique to this story.

01
Manufacturing Ecosystem
by Incentivising Industrialisation
PLI schemes driving manufacturing. Energy, materials, labour needed.
02
Supporting Infrastructure
by Building & Growing Cities
100 Smart Cities. Demand for housing, roads, power and logistics surges.
03
Harness Human Capital
 
Rural to urban migration. Agriculture modernises. New jobs in clusters.
India only
Digital Platforms
Accelerated by Technology
IndiaStack, UPI, digital identity — leapfrogging decades of traditional development.
05
Organised Agribusiness
 
To improve efficiency and scale. Farm to fork modernisation across a 1.5 Bn population.
06
National Champions
 
Big grow bigger as the country moves. Consolidation at scale.
The opportunity in neglect

Every powerful trend
has two cycles

We invest in the second cycle — when the hype has faded, survivors have been proven, and the real compounding begins.

Early Hype Cycle
Period of Conviction
True Second Cycle — Leaders Deliver
We enter here at the start of cycle 2 Market Conviction / Value Time → Many players thrive Only the strong survive Leaders deliver 2nd cycle peak far exceeds the first

Illustrative — shows pattern of market conviction across two cycles of a secular trend. The second cycle is longer and far more powerful than the first.

Trend Early hype — disappointments Second cycle — leaders deliver
Internet 1995–2000 · Pets.com, Yahoo, eBay 2004–2013 · Google, Amazon, Facebook
Indian Software 1994–2000 · Visualsoft, Ramco, Satyam 2005–2021 · Infosys, TCS, Wipro
Indian Retail 2003–2007 · Future Group, Shoppers Stop 2015–2024 · D-Mart, Trent
Indian Private Banks 1999–2005 · Global Trust Bank, Times Bank 2010–2020 · Kotak, HDFC, ICICI
The India thesis

The real economy was ignored.
We bet on it in 2021.

In March 2021, 77% of the Nifty was in Financial Services, IT and Consumer — sectors rich in valuation and crowded in ownership. The sectors that power a real economy — Power, Infrastructure, Manufacturing, Real Estate — had been written off after a decade of disappointment. We built our portfolio there.

Mar '08 — first cycle
Mar '21 — Tenet launch
Mar '26 — today
Popular sectors — we avoided
Sector Mar '08 Mar '21 Mar '26
Banks & Financials11.1%38.0%35.5%
IT Services9.4%16.8%9.4%
Consumer Staples & Discr.5.2%15.1%17.3%
Pharma & Chemicals2.4%3.3%4.7%
Cement, Paints & Building1.2%4.5%3.2%
Combined at peak (Mar '21)
77.7% of Nifty
Conviction sectors — we built positions
Sector Mar '08 Mar '21 Mar '26
Power & Industrials15.6%2.5%4.4% ↑
Real Estate & Infra8.5%2.7%5.0% ↑
Communication Services11.0%2.0%5.3% ↑
Metals & Minerals8.0%2.9%4.8% ↑
Oil, Gas & Agrochem13.0%2.1%1.1% ↑
Diversified Conglomerates12.4%10.2%9.3% ↑
Combined at our entry (Mar '21)
22.3% of Nifty

The neglected sectors of 2021 — Power, Infrastructure, Real Estate, Metals — have grown from 22% → 30% of the Nifty 50. The shift is solidly underway. We built positions in 2021. The thesis is playing out.

Positioned for
India's next decade

The OAKS Tenet Portfolio is built around this exact thesis — a concentrated portfolio of leaders in India's most important structural shifts.

Invest now Investor Letters
© 2026 OAKS Asset Management · SEBI Registered Portfolio Manager · Private & Confidential · www.OAKSamc.com
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OAKS Tenet Portfolio

Fund Details

Philosophy, process, portfolio, performance and fee structure.

Invest now OAKS Tenet Portfolio ← Get in touch Investor Letters
Performance

Consistent outperformance

Annualised returns since inception (28 Jan 2021 – 30 Apr 2026). Net of all fees and expenses.

Tenet since inception
+16.6%
p.a. annualised
Nifty 50 TRI
+12.7%
benchmark return
Alpha generated
+3.9%
above benchmark

Past performance is not indicative of future results. Performance not verified by SEBI.

Our philosophy

We embrace the risk of
being forward looking

A concentrated portfolio of second-cycle leaders — not a committee compromise dressed as diversification.

01
Conviction, not consensus
15–20 high-conviction positions in ideas we believe in deeply. Concentration is a feature, not a flaw.
02
Forward-looking, not rear-view
We allocate to where India is going — not to sectors that are crowded today because they were successful yesterday.
03
Second-cycle leaders
We invest after the hype fades — when reality catches up, survivors compound far longer and more consistently than early-cycle bets.
04
Honest about divergence
Short-term divergence from benchmarks is the natural cost of thinking independently. We are transparent about this with every investor.
Investment process

SCAN: Go wide. Go deep.
Align. Navigate.

From 5,000+ listed companies down to 15–20 high-conviction positions — through four deliberate stages.

S
Screen
Cast the net wide. Apply filters.
Liquidity, scale, float
Sector alignment
First-pass governance
5,000 → ~450
C
Check
Trust but verify. Then verify again.
Scuttlebutt before models
Financials across cycles
Governance checks
~450 → ~75
A
Align
Only what fits our conviction.
Thematic fit
Moat and margin durability
All tenets met — or out
~75 → ~30
N
Navigate
Hold with purpose. Act with discipline.
Real-time monitoring
Independent judgement
Deliberate sizing
15–20 positions held
Portfolio

15–20 positions.
No fillers. No hedging.

Built around India's industrialisation playbook. Large-cap biased. Median market cap ~INR 1,25,000 Cr.

30 April 2026

32.3%
Manufacturing ecosystem
Energy · Materials · Automation
13.6%
Supporting infrastructure
EPC · Real Estate · Logistics
13.4%
Human capital
Education · Health · Staffing
11.8%
Digital platforms
IndiaStack · Digital Economy
11.6%
Organised agribusiness
Farm to Fork · Fertilisers
7.3%
National champions
Banking Leaders · Energy Giants

Large cap 62.6%  ·  Small & mid cap 28.4%  ·  Cash 9.1%

Is this for you?

Not for everyone.
And that is by design.

This fund is for you if…
✓You believe India's best decades lie ahead
✓You can live with short-term benchmark divergence for a larger, longer trend
✓You want a clear, stated point of view — not a committee compromise
✓You think in years and decades, not quarters
✓You value concentration and clarity over the illusion of over-diversification
This fund is not for you if…
✕You measure success by beating Nifty every quarter
✕You need your portfolio to look like everyone else's
✕Short-term underperformance makes you doubt an intact long-term thesis
✕You expect consensus views from your fund manager
✕Your investment horizon is less than three years
Fee structure

One fund. Two fee options.
Total alignment.

Both options are open-ended. No lock-ups. Minimum subscription INR 2 Cr. Custodian: Axis Bank.

Variable option
1%
per annum management fee
Performance fee: 10% above 10% hurdle (high-watermark)
Exit load: 1% if redeemed within 1 year
Other charges: 0.25% p.a. (Custody, Audit, Admin)
Fixed option
2%
per annum management fee
Performance fee: Nil
Exit load: 1% if redeemed within 1 year
Other charges: 0.25% p.a. (Custody, Audit, Admin)

Conviction is not a slogan.
It is a practice.

Built slowly, tested across market cycles, expressed in every decision we make.

Invest now Get in touch
© 2026 OAKS Asset Management · SEBI Registered Portfolio Manager · Private & Confidential · www.OAKSamc.com
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Investor Letters

Monthly letters from the OAKS investment team — our thinking, our portfolio, and the markets we watch.

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Our office
OAKS Asset Management
56, Maker Chambers 6
Nariman Point
Mumbai 400 021
Maharashtra, India
Direct contact
Minimum investment
INR 2 Cr
SEBI Registered Discretionary PMS
Open-ended · No lock-up · Axis Bank custodian
© 2026 OAKS Asset Management · SEBI Registered Portfolio Manager · Private & Confidential
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