SEBI Registered PMSPublic Equity · Long OnlyInception 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 nowFund Philosophy →Get in touchInvestor 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
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.
Popular sectors — we avoided
Mar '08 → Mar '21 → Mar '26
Banks & Financials
11.1%
→
38.0%
→
35.5%
IT Services
9.4%
→
16.8%
→
9.4%
Consumer Staples & Discretionary
5.2%
→
15.1%
→
17.3%
Pharmaceuticals & Chemicals
2.4%
→
3.3%
→
4.7%
Cement, Paints & Building
1.2%
→
4.5%
→
3.2%
Conviction sectors — we built positions
Mar '08 → Mar '21 → Mar '26
Power & Industrials
15.6%
→
2.5%
→
↑4.4%
Real Estate, Construction & Infra
8.5%
→
2.7%
→
↑5.0%
Communication Services
11.0%
→
2.0%
→
↑5.3%
Metals & Minerals
8.0%
→
2.9%
→
↑4.8%
Oil & Gas, Agrochem & Fertilisers
13.0%
→
2.1%
→
↑1.1%
Diversified Conglomerates
12.4%
→
10.2%
→
↑9.3%
Popular sectors of Mar '21
77.7% → 70.0%
Clearly decelerating
Conviction sectors of Mar '21
22.3% → 30.0%
Building momentum
Source: NSE India. 2021 relevant as the genesis of the fund. Mar '26 data shown.
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.
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OAKS Tenet Portfolio
Fund Details
Philosophy, process, portfolio, performance and fee structure.
Invest nowOAKS Tenet Portfolio ←Get in touchInvestor 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.