Company Announcements

24 October 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Quarterly Update - September 2024

The Company's quarterly factsheet as at 30 September 2024 is now available:   https://awemtrust.com/factsheet/

The Company NAV increased 1.75% in Q3 2024, underperforming the benchmark by 0.71%. The key contributors include Alibaba Group Holding (+47.8%), Hong Kong Exchanges (+25.8%) and Prosus (+15.8%), whereas Samsung Electronics (-24.7%), SK hynix (-26.8%) and ASML Holding (-24.0%) were the key detractors.

 

Market Review

 

In 3Q 2024, the MSCI EM index was up 2.5%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned -0.2%, and 0.3%, respectively. For the quarter, Consumer Discretionary and Healthcare outperformed, while Information Tech and Energy underperformed. Large caps underperformed mid and small caps this quarter. Among major EM markets, China and Indonesia outperformed, while South Korea and Taiwan underperformed.

Top 10 Holdings

 ________________________________________________________________
|Top 10 holdings (as at 30 September, 2024)|Country     |% of NAV|
|__________________________________________|____________|________|
|  1. TSMC                                 |Taiwan      |6.8     |
|__________________________________________|____________|________|
|  1. Samsung Electronics                  |South Korea |3.4     |
|__________________________________________|____________|________|
|  1. Naspers                              |South Africa|2.4     |
|__________________________________________|____________|________|
|  1. Hong Kong Exchanges & Clearing       |China/HK    |2.4     |
|__________________________________________|____________|________|
|  1. Alibaba Group Holding                |China/HK    |2.0     |
|__________________________________________|____________|________|
|  1. Prosus NV                            |Netherlands |1.9     |
|__________________________________________|____________|________|
|  1. KRN Heat Exchanger And Refrigeration |India       |1.7     |
|__________________________________________|____________|________|
|  1. DBS Group Holdings                   |Singapore   |1.6     |
|__________________________________________|____________|________|
|  1. SK Hynix                             |South Korea |1.5     |
|__________________________________________|____________|________|
|  1. CIE Fin. Richemont                   |Switzerland |1.3     |
|__________________________________________|____________|________|
|Total                                     |            |25.0%   |
|__________________________________________|____________|________|

Key Contributors

Q3 2024               Ending     Total      Contribution to

Key Contributors      Weight (%) Return (%) Return (bps)

Awfis Space Solutions 0.5        +28.2      +71

Alibaba Group Holding 2.0        +47.8      +68

Hong Kong Exchanges   2.4        +25.8      +49

Naspers Limited       2.4        +17.4      +39

Prosus N.V. Class N   1.9        +15.8      +27

 

 

Key Detractors

Q3 2024                Ending     Total      Contribution to

Key Detractors         Weight (%) Return (%) Return (bps)

Samsung Electronics Co 3.4        -24.7      -127

SK hynix Inc.          1.5        -26.8      -59

ASML Holding NV        0.6        -24.0      -19

MediaTek Inc.          0.9        -17.1      -18

ASM International N.V. 0.7        -18.7      -18

Source: Factset. Past performance does not predict future returns. The performance calculation is based on GBP. Currency fluctuations will also affect the value of an investment.

 

About   Ashoka WhiteOak Emerging Markets Trust plc

Ashoka WhiteOak Emerging Markets Trust plc (AWEMT) is a UK investment trust seeking to achieve long-term capital appreciation primarily through investing in a multi-cap portfolio of equities that provide exposure to global emerging markets. Advised by White Oak Capital Partners Pte. Ltd, founded by Prashant Khemka with leading Emerging Markets investment experience. White Oak Capital Group has delivered an exceptional track record for its other strategies, and has £6.0 billion in assets under management or advisory 4 . Analytical approach integral to disciplined research process underpinned by proprietary frameworks OpcoFinco™ for valuation and ABLExTM for ESG research. The team at WhiteOak believes that emerging markets present potential for higher alpha. EM markets remain under-researched and inefficient. AWEM leverages WhiteOak's investment approach to capture the higher alpha potential in these markets. No fixed management fee. Manager remuneration is aligned with alpha generation and hence shareholders' interest. The Investment Manager is remunerated solely as a function of outperformance over the benchmark.

4   Data as at 30 September 2024. AUM data   refers to aggregate assets under management or investment advisory for White Oak Group.

  Further Information

For further information on the Company's investment strategy and portfolio construction approach as well as details of the portfolio market cap, regional and sector composition please refer to the latest factsheet.

Investment Objective

To achieve long-term capital appreciation, primarily investing in equity and equity-related securities that provide exposure to global emerging markets.

Summary of Investment Policy

 

The Company shall invest primarily in securities admitted to trading on any stock exchange (which may include stock exchanges in Developed Markets) that provide exposure to companies that are domiciled in Global Emerging Markets (EMs), or that are domiciled in Developed Markets but at the time of investment, derive a majority of their economic value, revenues or profits from, or whose assets or cost base are mainly located in EMs.

 

The Company's   LEI is 254900Z4X5Y7NTODRI75

For further information:

 

Company Secretary

        AWEMT.Cosec@jtcgroup.com +44 207 409 0181

WhiteOak Capital Partners Pte Ltd.

        Prashant Khemka    Via Buchanan

Fadrique BalmasedaBen Hayward

 

Marex

        Mark Thompson +44 (0) 20 7016 6711

Eddie Nissen  +44 (0) 20 7016 6713

Oliver Kenyon +44 (0) 20 7016 6704

 

Burson Buchanan

        Henry Harrison-Topham +44 (0) 20 7466 5000

Henry Wilson          AWEM@buchanancomms.co.uk

Samuel Adams