REG-Ashoka WhiteOak Emerging Markets Trust Plc: Monthly Update - February 2026

Ashoka WhiteOak Emerging Markets TrustAnnouncement

Today 07:02

                                23 March 2026

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - February 2026

 

The Company's monthly factsheet as at 28 February 2026 is now available:      
                           https://awemtrust.com/factsheet/

 

The Fund was up 6.96% in February 2026, underperforming the benchmark by
0.71%. The key contributors include Samsung Electronics (+37.8%), TSMC
(+15.7%), and SK Hynix (+19.4%), whereas Alibaba Group (-13.9%), Tencent
(-12.9%), and Naspers (-6.0%) were the key detractors.

 

Market Review

 

In February 2026, the MSCI EM index was up 7.68%. It outperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 1.0% and
2.6% respectively.

 

For the month, IT Services and Materials outperformed, while Consumer
Discretionary and Communication Services underperformed. Large caps
outperformed Mid and Small caps this month. Among major EM markets, South
Korea and Taiwan outperformed, while China and Saudi Arabia underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 28 February 2026)  Country      % of NAV  
 1. TSMC                                   Taiwan       11.0      
 1. Samsung Electronics                    South Korea  7.5       
 1. Tencent Holdings                       China/HK     4.2       
 1. SK Hynix                               South Korea  4.0       
 1. Alibaba Group Holding                  China/HK     2.9       
 1. Delta Electronics                      Taiwan       1.6       
 1. Hong Kong Exchanges & Clearing         China/HK     1.1       
 1. China Merchants Bank                   China/HK     1.1       
 1. Elite Material                         Taiwan       1.0       
 1. CIE Financiere Richemont               Switzerland  1.0       
 Total                                                  35.4%     

 

Key Contributors

 February 2026   Key Contributors  Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 Samsung Electronics               7.4                  +37.8               +213                            
 TSMC                              11.1                 +15.7               +161                            
 SK Hynix                          4.0                  +19.4               +66                             
 Montage Technology                0.5                  +69.4               +35                             
 Elite Material                    1.0                  +43.9               +34                             

 

 

Key Detractors

 February 2026   Key Detractors  Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 Alibaba Group                   2.9                  -13.9               -52                             
 Tencent Holdings                4.1                  -12.9               -47                             
 Naspers                         0.0                  -6.0                -12                             
 Fractal Analytics               0.2                  -27.5               -10                             
 Trip.com Group Ltd.             0.5                  -13.0               -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 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 £5.6 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 28 February 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                                         

 

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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