25 September 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - August 2024

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

The Company's NAV was down 0.6% in August 2024, outperforming the benchmark by 12bps. Key contributors for August 2024 include Trent (+19.8%, a part of the Tata Group, is amongst the leading fashion retailers in India), Nien Made (+18.7%, second largest window coverings manufacturer in the world, based out of Taiwan), and MercadoLibre (+20.7%, largest E-commerce and Fintech operator in LatAm).

 

Notable detractors include Sk hynix (-10.1%, leading global semiconductor manufacturer especially focused on memory semiconductors), Tencent Music Ent. Grp. (-27.1%, leading online music and audio entertainment platform in China) and Warrior Met Coal (-13.2%, amongst the low-cost producers of premium quality metallurgical coal).

 

Market Review

 

In August 2024, the MSCI EM index was down 0.7%. It underperformed other global indices like US equities (S&P 500) and MSCI World, which were up 0.2% and 0.4%, respectively. For the month, Healthcare and Communication Services outperformed, while Materials and Industrials underperformed. Large caps underperformed mid and small caps this month. Among major EM markets, Indonesia and Malaysia outperformed, while South Korea and Mexico underperformed.

Top 10 Holdings

 _____________________________________________________________
|Top 10 holdings (as at 31 August, 2024)|Country     |% of NAV|
|_______________________________________|____________|________|
|  1. TSMC                              |Taiwan      |7.0     |
|_______________________________________|____________|________|
|  1. Samsung Electronics               |Korea       |4.3     |
|_______________________________________|____________|________|
|  1. Naspers                           |South Africa|2.2     |
|_______________________________________|____________|________|
|  1. Hong Kong Exchanges & Clearing    |China/HK    |1.8     |
|_______________________________________|____________|________|
|  1. Prosus NV                         |Netherlands |1.7     |
|_______________________________________|____________|________|
|  1. DBS Group Holdings                |Singapore   |1.6     |
|_______________________________________|____________|________|
|  1. Alibaba Group Holdings            |China/HK    |1.6     |
|_______________________________________|____________|________|
|  1. SK Hynix                          |South Korea |1.5     |
|_______________________________________|____________|________|
|  1. Awfis Space Solutions             |India       |1.4     |
|_______________________________________|____________|________|
|  1. CIE Fin. Richemont                |Switzerland |1.4     |
|_______________________________________|____________|________|
|Total                                  |            |24.5%   |
|_______________________________________|____________|________|

Key Contributors

Aug 2024         Ending     Total      Contribution to

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

TSMC             7.0        +1.5       +16

Trent            0.9        +19.8      +15

Nien Made        0.9        +18.7      +15

MercadoLibre     0.8        +20.7      +14

E Ink Holdings   1.1        +13.6      +13

 

 

Key Detractors

Aug 2024               Ending     Total      Contribution to

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

Samsung Electronics    4.3        -10.8      -55

SK hynix Inc.          1.5        -10.1      -17

Tencent Music Ent.     0.5        -27.1      -15

Warrior Met Coal       0.7        -13.2      -11

Adani Energy Solutions 0.2        -15.6      -10

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 Aug 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