PMS · Equity · Multi Cap
White Pine India Emerging Stars Approach
Fund size₹522 Cr
IRRSince inception35.84%
3Y return27.01%
Fund age4 yrs 3 mo
Fund Managers
Manish Karwa
Co-founder & Fund Manager, White Pine
Manish co-founded White Pine Investment Management in May 2021. He has 22 years of equity research experience primarily covering the financial sector – banking, insurance, NBFCs, etc. at marquee places like Kotak, Deutsche, Axis, Motilal Oswal, etc. He has been very well rated by most institutional investors in their polls and various external polls. Manish is an MBA (Finance) from Mumbai University.
Managing AUM₹522 Cr
Niraj Mansingka
Co-founder & Fund Manager, White Pine
Niraj co-founded White Pine Investment Management in May 2021. He has cumulative ~22 years of formal experience in Equity investing, Equity research and Information Technology. While most of his experience pertains to Equities (18 years) and Real Estate (large equity investments + family business), he has also worked in Fixed Income markets (~0.5 years in Debt fund management). In his last assignment, he held the position of Executive Director in Goldman Sachs Asset Management (GSAM) – entity managing funds for GS India Equity Fund.
Managing AUM₹522 Cr
Growth of₹Cr
White Pine India Emerging Stars
Returns: How it has done
| Scheme / Benchmark | YTD | 1Y | 2Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|---|---|
| White Pine India Emerging Stars | 20.58% | 26.29% | 14.02% | 27.01% | — | 35.84% |
| Nifty 500 | −1.02% | −2.04% | −3.05% | 6.65% | — | 9.14% |
| Excess over benchmark | 21.60% | 28.33% | 17.07% | 20.36% | — | 26.70% |
Returns up to one year are absolute; two years and above are annualised (CAGR). YTD is calendar-year-to-date. As on 31 Aug 2026.
Risk : What you take on to earn the return
Volatility
25.96%
A standard deviation reflecting historical swings.
Risk-reward
0.85
Sharpe
Excess return gained per unit of volatility.
How far below its previous high it fell
Over the trailing 3Y window the scheme fell −26.38% from its 16 Dec 2024 peak to a 03 Mar 2025 trough, and recovered on 04 Jun 2025 after 93 days.
Max drawdowns
−26.38%
Recovery period
93 days
Scheme Drawdown Trajectory
| Drawdown analysis | Peak | Trough | Depth | Fell over | Recovered | Recovery took |
|---|---|---|---|---|---|---|
| Scheme | 16 Dec 2024 | 03 Mar 2025 | −26.38% | 77 days | 04 Jun 2025 | 93 days |
| Benchmark | 30 Aug 2024 | 28 Feb 2025 | −18.59% | 182 days | – | – |
Scheme
Peak16 Dec 2024
Trough03 Mar 2025
Depth−26.38%
Fell over77 days
Recovered04 Jun 2025
Recovery took93 days
Benchmark
Peak30 Aug 2024
Trough28 Feb 2025
Depth−18.59%
Fell over182 days
Recovered–
Recovery took–
The benchmark's peak, trough and recovery are read off its month-end curve; the scheme's row is measured on daily NAV. · Risk and drawdown use a trailing 3Y window · As on 31 Aug 2026
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