29 August 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - July 2024

The Company's quarterly factsheet as at 31 July 2024 is now available:   https://awemtrust.com/factsheet/

The Company's NAV was down 1.6% in July 2024, underperforming the MSCI EM index by 33bps. Key contributors for July 2024 include Awfis Space Solutions (+32.5%, leading co-working space company in India), Alibaba Group Holding (+7.8%, amongst the biggest e-commerce companies in the world), and CAMS (+23.6%, India's largest services provider to mutual funds).

 

Notable detractors include Sk hynix (-19.0%, leading global semiconductor manufacturer especially focused on memory semiconductors), Hong Kong Exchanges (-8.9%, world's leading stock and commodity exchange) and LVMH (-9.1%, a global leader in luxury brands with significant exposure to EM consumers).

 

Market Review

 

In July 2024, the MSCI EM index was down 1.3%. It underperformed other global indices like US equities (S&P 500) which was down 0.3% and MSCI World which was up 0.2%. For the month, Healthcare and Utilities outperformed, while Information Technology and Energy underperformed. Large caps underperformed mid and small caps this month. Among major EM markets, Thailand and South Africa outperformed, while Taiwan and Poland underperformed.

 

Top 10 Holdings

 ___________________________________________________________
|Top 10 holdings (as at 31 July, 2024)|Country     |% of NAV|
|_____________________________________|____________|________|
|  1. TSMC                            |Taiwan      |6.9     |
|_____________________________________|____________|________|
|  1. Samsung Electronics             |Korea       |4.8     |
|_____________________________________|____________|________|
|  1. Awfis Space Solutions           |India       |2.2     |
|_____________________________________|____________|________|
|  1. Naspers                         |South Africa|2.1     |
|_____________________________________|____________|________|
|  1. Hong Kong Exchanges & Clearing  |China/HK    |1.8     |
|_____________________________________|____________|________|
|  1. SK Hynix                        |South Korea |1.7     |
|_____________________________________|____________|________|
|  1. DBS Group Holdings              |Singapore   |1.6     |
|_____________________________________|____________|________|
|  1. Prosus NV                       |Netherlands |1.6     |
|_____________________________________|____________|________|
|  1. Alibaba Group Holdings          |China/HK    |1.5     |
|_____________________________________|____________|________|
|  1. CIE Fin. Richemont              |Switzerland |1.4     |
|_____________________________________|____________|________|
|Total                                |            |25.7%   |
|_____________________________________|____________|________|

 

  Key Contributors

July 2024                Ending     Total      Contribution to

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

Awfis Space Solutions    2.2        +32.5      +66

DOMS Industries          1.2        +13.7      +14

Alibaba Group Holdings   1.5        +7.8       +11

Computer Age Mgmt. Serv. 0.5        +23.6      +9

Zomato                   0.8        +12.3      +9

 

 

Key Detractors

July 2024           Ending     Total      Contribution to

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

TSMC                6.8        -6.1       -44

SK hynix inc.       1.7        -19.0      -39

Hong Kong Exchanges 1.8        -8.9       -17

MediaTek            0.9        -13.5      -14

LVMH Louis Vuitton  1.1        -9.1       -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 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 £5.9 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 31 st July 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

 

Ellora Partners

        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.ukGeorge Beale