This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.

 

 

Last week we were joined by six fund managers running growth funds with a diverse range of strategies and themes for our ‘Fantastic growth funds (and where to find them)’ online event.

 

Ashoka India Equity | Slides & Audio

 

Joining us from Mumbai, our first speaker was White Oak Capital founder and former Goldman Sachs India CIO Prashant Khemka, who leads the management team behind Ashoka India Equity (AIE) – the top performing Indian trust since it was launched in 2018.

He described India’s ‘once in an era’ transformation from a closed, centrally planned economy to a free market model, with strong domestically driven growth and supportive demographics. He also talked about the security which investors in India – with its independent central bank and solid corporate infrastructure – can enjoy, drawing a clear comparison with China’s market interference.

“The most important thing left behind by the British, besides the English language and the railway system, is the rule of common law which is very important not only for citizens of the country but also for investors in the country. It is very difficult for the Government to confiscate property that contractually belongs to others – which is not necessarily the case in other emerging markets which have more authoritarian regimes.”

Prashant said the opportunity for investors with boots on the ground in the country was clear.

“The most compelling reason to invest in India is, has always been, and continues to be the alpha which can be generated there. India is one of the few markets where, if you do it right, you can generate more performance via alpha than via the underlying market itself.”

 

 

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