20 October 2025
Ashoka WhiteOak Emerging Markets Trust plc
(the `Company')
Q3 Update - September 2025
The Company's monthly factsheet as at 30 September 2025 is now available:
https://awemtrust.com/factsheet/
The Fund was up 13.03% in Q3 2025, outperforming the benchmark by 0.40%. The key contributors include Delta Electronics (+101.7%), Sambhv Steel Tubes (+31.2%), and Contemporary Amperex Technology (63.9%), whereas OneSource (-17.9%), InPost (-24.5%), and CAMS (-13.4%) were the key detractors.
Market Review
In Q3 2025, the MSCI EM index was up 12.6%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned 10.1% and 9.3% respectively.
For the quarter, Materials and Communication Services outperformed, while Energy and Financials underperformed. Large caps outperformed Small and Mid caps this quarter. Among major EM markets, South Africa and Taiwan outperformed, while India and Indonesia underperformed.
Top 10 Holdings
Top 10 holdings (as at 30 September 2025)
Country
% of NAV
TSMC
Taiwan
8.6
Tencent Holdings
China/HK
3.4
Alibaba Group
China/HK
3.0
Naspers
South Africa
2.6
Samsung Electronics
South Korea
2.3
OneSource Specialty Pharma
India
2.0
Hong Kong Exchanges & Clearing
China/HK
1.9
Delta Electronics
Taiwan
1.5
SK Hynix
South Korea
1.3
Sambhv Steel Tubes
India
1.2
Total
27.8%
Key Contributors
Q3 2025 Key Contributors
Ending Weight (%)
Total Return (%)
Contribution to Return (bps)
Delta Electronics
1.2
+101.7
+103
Sambhv Steel Tubes
0.5
+31.2
+39
Contemporary Amperex Tech
0.7
+63.9
+30
Aura Minerals
0.7
+43.6
+26
Grupo Mexico S.A.B. de C.V.
0.9
+48.9
+31
Key Detractors
Q3 2025 Key Detractors
Ending Weight (%)
Total Return (%)
Contribution to Return (bps)
OneSource Specialty Pharma
1.8
-17.9
-49
InPost S.A.
0.3
-24.5
-13
CAMS
0.5
-13.4
-9
MercadoLibre
0.6
-9.0
-7
Cigniti Technologies Limited
0.3
-17.8
-9
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 Ashoka WhiteOak 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 £5.3 billion in assets under management or advisory
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. 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.
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Data as at 30 September 2025. 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 Buchanan
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
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