REG-Ashoka WhiteOak Emerging Markets Trust Plc: Monthly Update - January 2025

Ashoka WhiteOak Emerging Markets TrustAnnouncement

24/02/2025 07:15

24 February 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - January 2025

 

The Company's monthly factsheet as at 31 January 2025 is now available:
https://www.awemtrust.com/factsheet

 

The Fund was up 1.85% in January 2025, underperforming the benchmark by 0.74%.
The key contributors include TSMC (+6.6%, is the world's largest semiconductor
manufacturer focusing on advanced nodes), CIE Fin. Richemont (+29.2%, global
leader in luxury brands with significant exposure to EM consumers), and SK
hynix (+18.7%, leading global semiconductor manufacturer especially focused on
memory semiconductors), whereas Newgen Software (-38.6%, leading provider of
low-code digital transformation platforms), Inventurus Knowledge Solutions
(-8.5%, a healthcare services and enablement platform assisting healthcare
enterprises primarily in US), and CAMS (-29.2%, India's largest services
provider to mutual funds) were the key detractors.

 

Market Review

 

In January 2025, the MSCI EM index was up 2.6%. It underperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 3.3% and
4.1%, respectively.

For the month, IT Services and Communication Services outperformed, while
Materials and Consumer Staples underperformed. Large caps underperformed mid
and small caps this month. Among major EM markets, Poland and Brazil
outperformed, while India and Indonesia underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 31 January 2025)  Country       % of NAV  
 1. TSMC                                  Taiwan        8.1       
 1. OneSource Specialty Pharma            India         2.3       
 1. Naspers                               South Africa  2.2       
 1. Samsung Electronics                   South Korea   2.2       
 1. Inventurus Knowledge Solutions        India         1.7       
 1. Hong Kong Exchanges & Clearing        China/HK      1.7       
 1. Prosus NV                             Netherlands   1.7       
 1. CIE Fin. Richemont                    Switzerland   1.7       
 1. Alibaba Group Holding                 China/HK      1.6       
 1. SK Hynix Inc                          South Korea   1.5       
 Total                                                  24.6%     

 

Key Contributors

 Jan 2025 Key Contributors  Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 TSMC                       8.0                +6.6              +51                           
 CIE Fin. Richemont SA      1.7                +29.2             +38                           
 Hermes International       1.5                +18.7             +24                           
 SK Hynix Inc               1.5                +17.0             +22                           
 Koh Young Technology Inc.  0.4                +105.9            +21                           

 

 

Key Detractors

 Jan 2025 Key Detractors    Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 Newgen Software            0.2                -38.6             -17                           
 Inventurus Knowledge Sol.  1.7                -8.5              -16                           
 Cigniti Technologies       0.8                -15.3             -15                           
 CAMS                       0.3                -29.2             -14                           
 Intl. Gemmological Inst.   1.3                -8.8              -13                           

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 £5.2 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 31 January 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  
                                                      

 

WhiteOak Capital Partners 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  
 Oliver Kenyon  Tel: +44 (0) 20 7016 6704  

 

Burson Buchanan

 Henry Harrison-Topham  Tel: +44 (0) 20 7466 5000  
 Henry Wilson           AWEM@buchanancomms.co.uk   
 Samuel Adams                                      

 



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