Company Announcements

  22 April 2026

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - March 2026

 

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

 

The Fund was up 1.48% in 1Q 2026, underperforming the benchmark by 0.35%. The key contributors include Samsung Electronics (+34.1%), WinWay Technology (+152.4%), and SK hynix (+19.1%), whereas OneSource (-21.4%), Naspers (-14.6%), and Trip.com (-30.4%) were the key detractors.

 

Market Review

 

In 1Q 2026, the MSCI EM index was up 1.83%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned -2.72% and -1.85% respectively.

 

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

 

Top 10 Holdings

 

 ____________________________________________________________
| Top 10 holdings (as at 31 March 2026)| Country   | % of NAV|
|______________________________________|___________|_________|
|  1. TSMC                             |Taiwan     |10.7     |
|______________________________________|___________|_________|
|  1. Samsung Electronics              |South Korea|6.1      |
|______________________________________|___________|_________|
|  1. Tencent Holdings                 |China/HK   |4.4      |
|______________________________________|___________|_________|
|  1. SK Hynix                         |South Korea|3.3      |
|______________________________________|___________|_________|
|  1. Alibaba Group Holding            |China/HK   |2.7      |
|______________________________________|___________|_________|
|  1. Delta Electronics                |Taiwan     |1.6      |
|______________________________________|___________|_________|
|  1. China Merchants Bank             |China/HK   |1.2      |
|______________________________________|___________|_________|
|  1. Elite Material                   |Taiwan     |1.2      |
|______________________________________|___________|_________|
|  1. Hong Kong Exchanges & Clearing   |China/HK   |1.1      |
|______________________________________|___________|_________|
|  1. Overseas-Chinese Banking Corp    |Singapore  |1.1      |
|______________________________________|___________|_________|
| Total                                |           | 33.4%   |
|______________________________________|___________|_________|

 

Key Contributors

 1Q 2026             Ending      Total       Contribution to

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

Samsung Electronics 6.1         +34.1       +136

TSMC                10.7        +14.2       +123

WinWay Technology   0.5         +152.4      +66

Delta Electronics   1.7         +43.7       +45

SK hynix            3.2         +19.1       +44

 

 

Key Detractors

 1Q 2026                    Ending      Total       Contribution to

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

Tencent Holdings           4.4         -18.2       -65

OneSource Specialty Pharma 0.5         -21.4       -48

Alibaba Group              2.7         -15.6       -40

Naspers                    0.0         -14.6       -29

Trip.com                   0.6         -30.4       -22

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 £5.03 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 March 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