Monthly Update - September 2026
30 October 2026
Ashoka WhiteOak Emerging Markets Trust plc
(the `Company')
Monthly Update - September 2026
The Company's monthly factsheet as at 30 September 2026 is now available: https://awemtrust.com/factsheet/
The Fund was down 0.53% in 3Q 2026, underperforming the benchmark by 0.06%. The key contributors include Jentech Precision Industrial (+99.5%), OCBC (+32.5%), and MediaTek (+16.6%), whereas Accton Technology (-28.3%), NAURA Technology (-29.5%), and Infineon Technologies (-27.7%) were the key detractors.
Market Review
In 3Q 2026, the MSCI EM index was down 0.46%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned 2.12% and 1.78% respectively.
For the quarter, Health Care, Energy and Financials outperformed, while, Industrials, Information Technology and Communication Services underperformed. Large caps underperformed Mid and Small caps this quarter. Among major EM markets, Brazil, Taiwan and China outperformed, while South Korea, India and Mexico underperformed.
Top 10 Holdings
Top 10 holdings (as at 30 September 2026)
Country
% of NAV
- TSMC
Taiwan
13.0
- Samsung Electronics
South Korea
8.8
- SK Hynix
South Korea
6.6
- Tencent Holdings
China/HK
3.1
- MediaTek Inc
Taiwan
2.0
- Alibaba Group Holding
China/HK
1.9
- Delta Electronics
Taiwan
1.6
- China Merchants Bank
China/HK
1.0
- OCBC
Singapore
0.9
- Hong Kong Exchanges
China/HK
0.9
Total
39.8%
Key Contributors
3Q 2026
Key Contributors
Ending
Weight (%)
Total
Return (%)
Contribution to
Return (bps)
TSMC
12.8
+3.2
+41
Jentech Precision Industrial
0.7
+99.5
+40
OCBC
1.3
+32.5
+33
MediaTek
2.0
+16.6
+30
Alibaba Group
1.9
+14.6
+28
Key Detractors
September 2026
Key Detractors
Ending
Weight (%)
Total
Return (%)
Contribution to
Return (bps)
SK Hynix
6.4
-23.3
-213
Samsung Electronics
8.5
-7.9
-77
Accton Technology
0.6
-28.3
-24
NAURA Technology
0.4
-29.5
-21
Infineon Technologies
0.5
-27.7
-19
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 £6.13 billion in assets under management or advisory4. 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 30 September 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
Hiren Dasani
Via Burson Buchanan
Fadrique Balmaseda
Ben Hayward
Deutsche Numis
Hugh Jonathan
Tel: +44 (0) 20 7545 8000
Matt Goss
Burson Buchanan
Henry Harrison-Topham
Tel: +44 (0) 20 7466 5000
Henry Wilson
AWEM@buchanancomms.co.uk