Company Announcements

20 August 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - July 2025

 

The Company's monthly factsheet as at 31 July 2025 is now available: https://awemtrust.com/factsheet/

 

The Fund was up 4.9% in July 2025, underperforming the benchmark by 0.63%. The key contributors include TSMC (+10.9%), Samsung Electronics (+20.3%), and Delta Electronics (+39.1%), whereas OneSource Specialty Pharma (-9.1%), CIE Fin. Richemont (-9.4%), and SK Hynix (-5.6%) were the key detractors.

 

Market Review

 

In July 2025, the MSCI EM index was up 5.6%. It underperformed other global indices like the US equities (S&P 500) which returned 6.0% but outperformed MSCI World which returned 5.0%.

For the month, Healthcare and IT Services outperformed, while Consumer Staples and Utilities underperformed. Large caps outperformed mid and small caps this month. Among major EM markets, Taiwan and China outperformed, while Brazil and India underperformed.

 

Top 10 Holdings

 

 __________________________________________________________
|Top 10 holdings (as at 31 July 2025)|Country     |% of NAV|
|____________________________________|____________|________|
|  1. TSMC                           |Taiwan      |9.2     |
|____________________________________|____________|________|
|  1. Alibaba Group Holding          |China/HK    |3.1     |
|____________________________________|____________|________|
|  1. Naspers                        |South Africa|2.5     |
|____________________________________|____________|________|
|  1. Tencent Holdings               |China/HK    |2.5     |
|____________________________________|____________|________|
|  1. Samsung Electronics            |South Korea |2.4     |
|____________________________________|____________|________|
|  1. OneSource Specialty Pharma     |India       |2.2     |
|____________________________________|____________|________|
|  1. Hong Kong Exchanges & Clearing |China/HK    |1.9     |
|____________________________________|____________|________|
|  1. SK Hynix                       |South Korea |1.3     |
|____________________________________|____________|________|
|  1. Sambhv Steel Tubes             |India       |1.3     |
|____________________________________|____________|________|
|  1. Delta Electronics              |Taiwan      |1.3     |
|____________________________________|____________|________|
|Total                               |            |27.8%   |
|____________________________________|____________|________|

 

Key Contributors

July 2025                    Ending     Total      Contribution to

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

TSMC                         9.2        +10.9      +94

Samsung Electronics Co       2.4        +20.3      +42

Delta Electronics            1.3        +39.1      +37

Ellenbarrie Industrial Gases 0.9        +44.7      +31

Tencent Holdings Ltd         2.5        +13.2      +29

 

 

Key Detractors

July 2025                  Ending     Total      Contribution to

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

OneSource Specialty Pharma 2.2        -9.1       -24

CIE Fin. Richemont SA      1.1        -9.4       -11

ASM International N.V.     0.4        -20.6      -11

SK Hynix Inc.              1.3        -5.6       -8

CAMS                       0.6        -11.3      -7

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 Ashoka WhiteOak Capital 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 £5.2 billion in assets under management or advisory 4 . Analytical approach integral to disciplined research process underpinned by proprietary frameworks OpcoFinco™ for valuation and ABLEx™ 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 31 July 2025. AUM data refers to aggregate assets under management or investment advisory for WhiteOak 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

 

 

- Ends -

For further information:

 

Company Secretary

        AWEMT.Cosec@jtcgroup.com Tel: +44 (0) 20 7409 0181

Ashoka WhiteOak Capital Pte. Ltd

        Prashant Khemka    Via Burson Buchanan

Fadrique Balmaseda

Ben Hayward

 

Marex

        Mark Thompson Tel: +44 (0) 20 7016 6711

Eddie Nissen  Tel: +44 (0) 20 7016 6713

 

Burson Buchanan

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

Henry Wilson          AWEM@buchanancomms.co.uk