Why this India fund with a research edge has joined AJ Bell’s Favourite funds list

We keep our Favourite funds list under constant review to ensure we have the highest conviction in the funds we’ve selected. Following a review of the list we have added an active Indian equity fund, the Ashoka WhiteOak India Opportunities fund to the list.

The Ashoka WhiteOak India Opportunities Fund offers investors access to one of the fastest-growing economies in the world. It’s led by Hiren Dasani, who joined the firm in 2025 from Goldman Sachs, where he had been managing Indian equities since 2017. Hiren is supported by the firm’s founder, Prashant Khemka, who is the architect of the investment approach. Hiren and Prashant are supported by a large team of research analysts with a broad range of experience. That research capability is a real strength and sits at the heart of the investment process.

At its core, the fund is all about finding what the team calls “great businesses.” In practice, that means companies with strong management teams, solid profitability, and business models that can scale and grow over time. The team looks across the market, and often find the most compelling opportunities in smaller and medium sized businesses, where they believe share price inefficiencies can be greater exploited. That said, there’s a clear focus on portfolio balance, with the managers mindful of not taking excessive risk relative to the MSCI India IMI Index. The end result is a well-diversified fund, typically holding between 125 and 175 companies.

Overall, the investment approach leans towards quality, growth-oriented businesses compared with both the index and its peers, however the team retain some pragmatism in portfolio construction. While their process might naturally steer them away from certain areas, they are willing to maintain exposure to sectors like energy where it helps keep the fund balanced and risk-aware.