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

Ashoka WhiteOak Emerging Markets TrustAnnouncement

20/08/2025 07:02

20 August 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - July 2025

 

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

 

The Fund was up 4.9% in July 2025, underperforming the benchmark by 0.63%. The
key contributors include TSMC (+10.9%), Samsung Electronics (+20.3%), and
Delta Electronics (+39.1%), whereas OneSource Specialty Pharma (-9.1%), CIE
Fin. Richemont (-9.4%), and SK Hynix (-5.6%) were the key detractors.

 

Market Review

 

In July 2025, the MSCI EM index was up 5.6%. It underperformed other global
indices like the US equities (S&P 500) which returned 6.0% but outperformed
MSCI World which returned 5.0%.

For the month, Healthcare and IT Services outperformed, while Consumer Staples
and Utilities underperformed. Large caps outperformed mid and small caps this
month. Among major EM markets, Taiwan and China outperformed, while Brazil and
India underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 31 July 2025)  Country       % of NAV  
 1. TSMC                               Taiwan        9.2       
 1. Alibaba Group Holding              China/HK      3.1       
 1. Naspers                            South Africa  2.5       
 1. Tencent Holdings                   China/HK      2.5       
 1. Samsung Electronics                South Korea   2.4       
 1. OneSource Specialty Pharma         India         2.2       
 1. Hong Kong Exchanges & Clearing     China/HK      1.9       
 1. SK Hynix                           South Korea   1.3       
 1. Sambhv Steel Tubes                 India         1.3       
 1. Delta Electronics                  Taiwan        1.3       
 Total                                               27.8%     

 

Key Contributors

 July 2025 Key Contributors    Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 TSMC                          9.2                +10.9             +94                           
 Samsung Electronics Co        2.4                +20.3             +42                           
 Delta Electronics             1.3                +39.1             +37                           
 Ellenbarrie Industrial Gases  0.9                +44.7             +31                           
 Tencent Holdings Ltd          2.5                +13.2             +29                           

 

 

Key Detractors

 July 2025 Key Detractors    Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 OneSource Specialty Pharma  2.2                -9.1              -24                           
 CIE Fin. Richemont SA       1.1                -9.4              -11                           
 ASM International N.V.      0.4                -20.6             -11                           
 SK Hynix Inc.               1.3                -5.6              -8                            
 CAMS                        0.6                -11.3             -7                            

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 £5.2 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 July 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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