WhiteOak Capital Contra Fund is a new open-ended equity scheme from WhiteOak Capital Mutual Fund, run by WhiteOak Capital Asset Management Limited. Its new fund offer (NFO) opens on 01-12-2026 and closes on 15-12-2026. The scheme document still leaves both dates blank.
The fund goes looking for sound businesses the market currently dislikes. That is contrarian investing: buy what is out of favour, then wait for opinion to turn. The aim is long-term capital growth, with no guarantee.
The appeal is a clear, single style. The catch is patience, because unpopular shares can stay unpopular for years.
Also read: Everything you need to know about a new fund offer (NFO).
WhiteOak Capital Contra Fund NFO details
Fund name | |
Fund type | Open-ended equity scheme |
Category | Equity fund, contra fund |
Nature of scheme | Active; contrarian strategy |
Benchmark | BSE 500 Total Return Index (TRI) |
Fund managers | Ramesh Mantri (equity); Trupti Agarwal and Dheeresh Pathak (assistant fund managers, equity); Piyush Baranwal (debt); Ashish Agrawal (arbitrage) |
NFO opens | 01-12-2026 |
NFO closes | 15-12-2026 |
Allotment & reopening date | On or around 22-12-2026 (5 working days after NFO closes) |
Plans and options | Direct and Regular plans; Growth option only for now |
Minimum investment | ₹500 and multiples of ₹1 (₹100 after the NFO) |
Additional investment | ₹100 and multiples of ₹1 |
SIP amount | ₹100 daily, weekly, fortnightly or monthly (minimum 6 instalments); ₹500 quarterly (minimum 4) |
NAV | ₹10 per unit |
Stamp duty | 0.005% |
Entry load | NIL |
Exit load | Nil |
AMC details
AMC name | WhiteOak Capital Asset Management Limited |
Assets under management | ₹47,815 crore |
Website | |
Registered office | Unit No. B, 1st Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025 |
Contact number | 1800-266-3060 (toll free) |
Source: AMFI India New fund offer | WhiteOak Capital Contra Fund
What has the AMC launched?
This is an open-ended equity scheme in SEBI’s contra fund category. Open-ended means you can buy and sell units on any business day once the NFO ends.
Contrarian means going against the crowd. The fund backs companies out of favour today that look sound for the long run. It is actively managed, so the managers pick the shares. It does not copy an index.
At least 80% goes into equity chosen this way. The rest can go into other shares, money market papers, gold and silver ETFs, and InvITs. Nothing is assured.
How does the strategy work?
The fund studies companies one by one instead of betting on the economy. This is called a bottom-up approach. It does not lean towards large, mid or small companies.
Step | What happens? |
1 | NFO money is collected at ₹10 a unit. |
2 | Units are allotted and the first NAV is declared within five business days. |
3 | The managers hunt for businesses the market is ignoring or doubting. |
4 | They check cash flow, balance sheet strength, returns on capital and governance. |
5 | They buy when the price looks well below the business’s worth. |
6 | They hold while the story plays out, adding or trimming as facts change. |
Let’s understand through an example
Meera, a 38-year-old marketing manager in Pune, invests ₹10,000 in the NFO at ₹10 a unit. After 0.005% stamp duty (about ₹0.50), she receives about 999.95 units.
Say the managers buy a cement company whose shares fell after a weak quarter. If the business recovers and the market notices, the unit value may rise.
If the dislike lasts, her NAV could stay flat or fall for years. This shows the process only. It is not a forecast.
Portfolio allocation of this NFO
Instrument | Minimum | Maximum |
Contrarian-strategy equity and equity related instruments (including REITs) | 80% | 100% |
Other equity and equity related instruments (including REITs) | 0% | 20% |
Money market and liquid instruments, gold and silver ETFs, units of domestic overnight, liquid and money market funds | 0% | 20% |
Units of InvITs | 0% | 10% |
Percentages are of total assets under normal conditions.
NFO investment strategy and risk controls
Stock selection rests on two pillars: business and valuation. A good business is well managed, can grow, and earns high returns on new money put in. Valuation looks attractive when the price sits well below intrinsic value, meaning true worth.
For risk control, the AMC monitors concentration limits and runs stress tests. If the fund drifts outside its allocation, the managers rebalance within 30 calendar days.
For liquidity, redemption money is normally paid within three working days. For costs, SEBI caps the base expense ratio at 2.10% on the first ₹500 crore of assets, falling in slabs as assets grow. The AMC bears the NFO expenses.
Potential benefits of this NFO
Potential benefit | Why does it matter? |
A distinct style | It targets shares the crowd avoids, which may behave differently from popular funds. |
Wide hunting ground | No bias towards large, mid or small companies, so the managers can look anywhere. |
Quality checks | Cash flow, debt levels and governance are reviewed, not just cheap prices. |
Low entry cost | ₹500 in the NFO, SIPs from ₹100, nil entry and exit load. |
Room to hold other assets | Up to 20% can sit in money market papers or gold and silver ETFs. |
Easy to use | Direct and Regular plans, ASBA, SIP, STP and SWP are available. |
Key risks of this NFO
Risk | What does it mean? |
Market risk | Share prices move daily. You may get back less than you put in. |
Style risk | Unpopular shares can stay unpopular for years, so the fund may lag for long. A cheap share can also be cheap for a good reason. |
Manager judgement risk | Results depend on stock calls, and wrong calls hurt. |
Mid and small cap and liquidity risk | Smaller companies are less researched and harder to sell quickly. Price swings can be sharper. |
Derivative risk | The fund may use equity derivatives, which can magnify both gains and losses. |
Interest rate, credit and commodity risk | Money market papers fall in price when rates rise. Gold and silver ETFs move with metal prices. |
Who may consider this fund?
Investor type | Why it may fit |
Long-term investors with goals 7 years or more away | A 2034 education goal or part of a retirement corpus gives a turnaround time to play out. |
Investors who already hold broad equity funds | It adds a different style instead of repeating the same large companies. |
SIP investors | SIPs from ₹100 spread your buying across market ups and downs. |
Investors at ease with equity swings | Flat or falling NAVs will not force a sale. |
Who may not find it suitable?
Investor type | Why it may not fit |
Anyone needing the money within 3 to 5 years | Equity can fall and stay down for years. |
Investors wanting steady or assured returns | No return is promised, and contrarian picks can trail for long spells. |
People with no emergency fund yet | Build a cash buffer first, so a downturn never forces a sale. |
Investors who judge funds every few months | The approach needs years. Impatience can turn a dip into a loss. |
How does this NFO compare with traditional options?
Fixed deposit | Debt mutual fund | Hybrid fund | Equity mutual fund | This new fund | |
Risk | Low | Low to moderate | Moderate to high | High | High, plus style risk |
Return potential | Fixed at booking | Moderate, not assured | Moderate to high, not assured | High, not assured | High, not assured |
Volatility | None on principal | Low to moderate | Moderate | High | High |
Liquidity | Early exit may carry a penalty | Business days | Business days | Business days | Business days; exit load nil |
Horizon | Fixed tenure | Short to medium | 3 to 5 years or more | 5 years or more | 7 years or more (our view) |
Suitable investor | Capital safety seeker | Stable income seeker | Balanced risk taker | Growth seeker | Patient equity investor |
This is a general comparison, not a ranking.
Also read: A comprehensive guide to mutual funds in India.
NFO review by Zenith Finserve
This NFO reads as a satellite holding for money you will not need for at least seven years, such as a child’s education around 2034.
It suits an investor who already owns broad equity funds and wants one deliberately different style beside them. This is our interpretation, not advice.
Two things stand out. A contrarian fund can trail the market for long stretches, and the scheme document says so itself. The fund is also new, so there is no record, no portfolio and no published expense ratio yet.
Before applying, check how much equity you already hold and whether you can sit through two or three poor years. Zenith Finserve can help.
Also read: Should you invest in a new fund offer?
How Zenith Finserve can help
At Zenith Finserve, we follow a process driven investment framework. We assess your goals, cash flows, risk profile, time horizon, existing investments, loans and tax situation before suggesting investments.
We align our investment suggestions with your financial objectives and review them periodically to keep them suitable as your circumstances change.
Similar NFOs on Zenith and how this fund compares?
Related NFOs on Zenith that are still open:
Abakkus Dynamic Asset Allocation Fund NFO: an active hybrid fund, open 16-11-2026 to 30-11-2026. It is not equity only like this fund.
Parag Parikh India Flexi Cap Fund NFO: a GIFT City dollar fund, open 06-11-2026 to 27-11-2026. Active equity, but through a different route.
Existing contra funds, with figures from each AMC’s own documents:
Fund | Mandate | Costs | Liquidity | Key risk | Track record |
This NFO | Active contra; 80% or more in contrarian picks | Not available; base cap 2.10% on first ₹500 crore | Exit load nil | Style may stay unloved | Not available (new) |
Active contra; since 27-07-2005 | Base expense ratio: Regular 1.88%, Direct 0.65% (31-08-2026) | Exit load 1% within 90 days | Equity market and style risk | Regular, 31-08-2026: 1Y: 5.60%; 3Y: 15.84% a year; 5Y: 13.87% a year | |
Active contra; since 11-04-2007; same benchmark | Base expense ratio: Regular 1.42%, Direct 0.49% | Nil up to 10% of units within 1 year; 1% above; nil after | Equity market and style risk | Regular, 30-09-2026: 1Y: down 2.81%; 3Y: 11.83% a year; 5Y: 10.92% a year |
Past performance may or may not be sustained. The return dates differ, so they are not like for like. This is a factual record, not a ranking.
Why these: both are in the same category with long records. Invesco India Contra Fund also uses the same BSE 500 TRI benchmark as this fund.
Frequently asked questions
When does the WhiteOak Capital Contra Fund NFO open and close?
WhiteOak Capital Contra Fund NFO is open from 01-12-2026 to 15-12-2026. The scheme document leaves both dates blank.
SEBI rules let the AMC extend the NFO, but never beyond 15 days in total, or close it early. Check the notices on the AMC website before you apply.
Is WhiteOak Capital Contra Fund NFO good to invest in?
That depends on you, not on the fund alone. The fund has no record yet, and contrarian funds can trail for years. It may suit a patient investor with a goal seven years or more away who already holds broad equity funds. Check the final scheme document first.
What is a contra fund?
A contra fund invests in companies the market currently dislikes but that still look sound for the long term. The idea is to buy when prices are low and wait for opinion to improve.
It can mean long stretches of poor returns before any recovery, and recovery is never certain.
What does WhiteOak Capital Contra Fund invest in?
At least 80% goes into shares picked through the contrarian approach. Up to 20% can go into other shares, up to 20% into money market papers, gold and silver ETFs and some liquid mutual fund units, and up to 10% into InvITs. The scheme may also invest abroad within SEBI limits.
What is the minimum investment in the WhiteOak Capital Contra Fund NFO?
You need ₹500 and multiples of ₹1 during the NFO, and ₹100 after it. SIPs start at ₹100 for daily, weekly, fortnightly and monthly plans, with at least 6 instalments, and at ₹500 for quarterly plans, with at least 4 instalments. Additional purchases start at ₹100.
What is the NFO price, and why do I get slightly fewer units?
Units cost ₹10 each during the NFO. Stamp duty of 0.005% is charged when units are allotted, so the number of units is slightly lower. For example, ₹10,000 buys about 999.95 units, not exactly 1,000.
What is the WhiteOak Capital Contra Fund exit load?
The scheme document shows an exit load of nil and an entry load of nil. The AMC can change the load later, but only for new investments and after giving notice. Check the exit load in force on the day you invest.
Which benchmark does WhiteOak Capital Contra Fund use?
It uses the BSE 500 Total Return Index (TRI). BSE 500 tracks 500 listed companies across sectors and sizes. The word total return means the index counts dividends as well as price changes, which makes it a fairer yardstick for a fund.
Who manages WhiteOak Capital Contra Fund?
Ramesh Mantri manages the equity side, with Trupti Agarwal and Dheeresh Pathak as assistant fund managers for equity.
Piyush Baranwal handles debt and Ashish Agrawal handles arbitrage. As the scheme is new, the scheme document gives no tenure for any of them.
What will the expense ratio of WhiteOak Capital Contra Fund be?
It is not published yet. The AMC will show it after the first NAV. SEBI caps the base expense ratio at 2.10% on the first ₹500 crore of assets, with lower caps on larger assets.
The Direct plan has lower costs than the Regular plan because it carries no distributor commission.
Should I pick this NFO or an existing contra fund?
Neither is better by default. An existing contra fund has a record, a known portfolio and published costs you can check.
An NFO offers a fresh portfolio with none of those. Compare the strategy, costs and your time horizon first.
What should I check before applying for the WhiteOak Capital Contra Fund NFO?
Read the final scheme document, the confirmed NFO dates, and the expense ratio once published.
Then check your existing equity holdings, your goal date, and whether you can stay invested through a long dull patch. Also confirm that you hold an emergency fund.
