WhiteOak Capital Mutual Fund on Tuesday launched a new fund offer (NFO) – WhiteOak Capital Consumption Opportunities Fund, an open-ended equity scheme following the consumption theme. The NFO opens on 20th January and closes on 3rd February.
What this fund is about:
WhiteOak Capital Consumption Opportunities Fund is a new equity scheme focused squarely on companies that benefit from India’s rising domestic demand.
The New Fund Offer (NFO) offers investors a chance to participate early in a theme that many believe will define India’s next growth phase.
What is this fund really investing in?
At its core, this fund is built around a simple idea: Indians are spending more — and are likely to keep spending more for decades.
The scheme will invest primarily in companies linked to:
- Consumer goods and services
- Discretionary spending (autos, travel, lifestyle products)
- Everyday essentials
- Consumption enablers such as retail finance, logistics, digital platforms and allied sectors
Rather than focusing on just one segment like FMCG or retail, the fund aims to capture the entire consumption value chain — from what people buy to how that spending is financed, distributed and scaled.
The fund is benchmarked against the Nifty India Consumption Total Return Index (TRI), a widely tracked index representing India’s consumption-linked companies.
Why fund managers are bullish on consumption now
India’s consumption story is not being driven by a single year or cycle. According to WhiteOak’s leadership, it rests on long-term structural trends that are unlikely to reverse anytime soon:
- A large and growing population
- Rising disposable incomes
- Rapid urbanisation
- Greater access to credit
- Digital penetration reaching smaller towns and rural areas
- Government focus on manufacturing, infrastructure and formalisation
Investment objective:
The investment objective of the scheme is to provide long-term capital appreciation by investing predominantly in equity and equity-related instruments of companies engaged in consumption and consumption-related activities or allied sectors, or those expected to benefit from domestic consumption-led demand.
There is no assurance that the investment objective of the scheme will be achieved.
The scheme is benchmarked against the Nifty India Consumption Total Return Index (TRI).
"India’s domestic consumption continues to be supported by long-term structural drivers such as population growth, rising disposable incomes, urbanisation, expanding digital access, and increased availability of credit. Government initiatives aimed at manufacturing and infrastructure development, along with rising foreign direct investment, further support consumption-led economic growth over the long term," White Oak Capital said in a release.
According to industry data, multiple open-ended mutual fund schemes currently follow the consumption theme, managing assets of approximately ₹38,390 crore as of December 31, 2025. Assets under management in consumption-themed schemes have grown significantly over time, reflecting sustained investor interest in the theme. (Past performance may or may not be sustained in the future and is not a guarantee of future returns.)
The Nifty India Consumption Index is designed to reflect the performance of companies linked to domestic consumption across sectors and is considered appropriate for evaluating the scheme’s performance in line with its investment objective.
How this fund plans to invest your money
Unlike funds that chase momentum or limit themselves to large caps, the Consumption Opportunities Fund will follow a bottom-up, research-driven approach.
According to Ramesh Mantri, CIO at WhiteOak Capital, the fund will:
- Look for businesses with scalable models
- Emphasise strong governance
- Focus on sustainable profitability, not just growth at any cost
Importantly, the fund does not restrict itself by market capitalisation. That means it can invest across large, mid and small-cap companies — wherever the fund managers see durable consumption-led opportunities.
“India’s domestic consumption story is driven by structural factors rather than short-term cycles. Rising incomes, formalisation of the economy, and evolving consumer preferences continue to create opportunities across consumption-linked sectors. The WhiteOak Capital Consumption Opportunities Fund aims to offer investors a focused way to participate in this long-term theme through a disciplined, research-driven investment approach," said Aashish Somaiyaa, CEO, WhiteOak Capital Asset Management Limited.
Portfolio structure: How flexible is it?
Under normal market conditions:
80–100% of assets will be invested in consumption-linked equities
Up to 20% can be invested outside the theme for diversification
Up to 20% may be allocated to debt and money-market instruments
The fund may also invest in REITs and InvITs, where permitted
This flexibility allows the fund to manage volatility while staying anchored to its core consumption theme.
The fund will be managed by Ramesh Mantri (Equity), Trupti Agarwal (Equity), Dheeresh Pathak (Equity), and Piyush Baranwal (Debt). The scheme will be available under Direct and Regular Plans, offering only the Growth option.
Who should consider this fund — and who shouldn’t
This fund may suit you if:
- You have a long-term investment horizon (5–7 years or more)
- You already have core equity funds and want a thematic allocation
- You’re comfortable with market ups and downs in pursuit of growth
It may not suit you if:
- You’re seeking short-term or guaranteed returns
- You already have heavy exposure to consumption stocks elsewhere
- You’re uncomfortable with equity market volatility
 "Betting on India's spending boom: WhiteOak Cap launches Consumption Fund")
