Company Announcements

  19 February 2026

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - January 2026

 

The Company's monthly factsheet as at 31 January 2026 is now available: https://awemtrust.com/factsheet/

 

The Fund was up 5.85% in January 2026, underperforming the benchmark by 0.85%. The key contributors include Samsung Electronics (+31.3%), TSMC (+12.1%), and SK Hynix (+37.0%), whereas OneSource Specialty (-37.3%), Naspers (-9.1%), and Vivara Participacoes (-13.0%) were the key detractors.

 

Market Review

 

In January 2026, the MSCI EM index was up 6.70%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned -0.5% and 0.3% respectively.

 

For the month, IT Services and Materials outperformed, while Consumer Staples and Communication Services underperformed. Large caps outperformed Mid and Small caps this month. Among major EM markets, South Korea and Brazil outperformed, while India and Indonesia underperformed.

 

Top 10 Holdings

 

 _____________________________________________________________
|Top 10 holdings (as at 31 January 2026)|Country     |% of NAV|
|_______________________________________|____________|________|
|  1. TSMC                              |Taiwan      |10.4    |
|_______________________________________|____________|________|
|  1. Samsung Electronics               |South Korea |5.8     |
|_______________________________________|____________|________|
|  1. Alibaba Group Holding             |China/HK    |3.7     |
|_______________________________________|____________|________|
|  1. SK Hynix                          |South Korea |3.6     |
|_______________________________________|____________|________|
|  1. Tencent Holdings                  |China/HK    |3.1     |
|_______________________________________|____________|________|
|  1. Naspers                           |South Africa|1.9     |
|_______________________________________|____________|________|
|  1. Delta Electronics                 |Taiwan      |1.4     |
|_______________________________________|____________|________|
|  1. Hong Kong Exchanges & Clearing    |China/HK    |1.2     |
|_______________________________________|____________|________|
|  1. CIE Financiere Richemont          |Switzerland |1.0     |
|_______________________________________|____________|________|
|  1. Onesource Specialty Pharma        |India       |1.0     |
|_______________________________________|____________|________|
|Total                                  |            |33.1%   |
|_______________________________________|____________|________|

 

Key Contributors

January 2026        Ending     Total      Contribution to

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

Samsung Electronics 5.8        +31.3      +144

TSMC                10.4       +12.1      +117

SK Hynix            3.7        +37.0      +100

Alibaba Group       3.7        +15.7      +52

Delta Electronics   1.4        +24.0      +28

 

 

Key Detractors

January 2026               Ending     Total      Contribution to

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

OneSource Specialty Pharma 1.0        -37.3      -59

Naspers                    1.9        -9.1       -19

Vivara Participacoes       0.9        -13.0      -14

CIE Financiere Richemont   1.0        -12.3      -14

Trip.com                   0.7        -15.0      -11

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 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 £5.6 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 January 2026. 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 BuchananHiren Dasani

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