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

Ashoka WhiteOak Emerging Markets TrustAnnouncement

22/04/2026 07:02

                                22 April 2026

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - March 2026

 

The Company's monthly factsheet as at 31 March 2026 is now available:         
                        https://awemtrust.com/factsheet/

 

The Fund was up 1.48% in 1Q 2026, underperforming the benchmark by 0.35%. The
key contributors include Samsung Electronics (+34.1%), WinWay Technology
(+152.4%), and SK hynix (+19.1%), whereas OneSource (-21.4%), Naspers
(-14.6%), and Trip.com (-30.4%) were the key detractors.

 

Market Review

 

In 1Q 2026, the MSCI EM index was up 1.83%. It outperformed other global
indices like the US equities (S&P 500) and MSCI World which returned -2.72%
and -1.85% respectively.

 

For the quarter, IT Services and Energy outperformed, while Communication
Services and Consumer Discretionary underperformed. Large caps outperformed
Mid and Small caps this quarter. Among major EM markets, Brazil and South
Korea outperformed, while Indonesia and India underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 31 March 2026)  Country      % of NAV  
 1. TSMC                                Taiwan       10.7      
 1. Samsung Electronics                 South Korea  6.1       
 1. Tencent Holdings                    China/HK     4.4       
 1. SK Hynix                            South Korea  3.3       
 1. Alibaba Group Holding               China/HK     2.7       
 1. Delta Electronics                   Taiwan       1.6       
 1. China Merchants Bank                China/HK     1.2       
 1. Elite Material                      Taiwan       1.2       
 1. Hong Kong Exchanges & Clearing      China/HK     1.1       
 1. Overseas-Chinese Banking Corp       Singapore    1.1       
 Total                                               33.4%     

 

Key Contributors

 1Q 2026   Key Contributors  Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 Samsung Electronics         6.1                  +34.1               +136                            
 TSMC                        10.7                 +14.2               +123                            
 WinWay Technology           0.5                  +152.4              +66                             
 Delta Electronics           1.7                  +43.7               +45                             
 SK hynix                    3.2                  +19.1               +44                             

 

 

Key Detractors

 1Q 2026   Key Detractors    Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 Tencent Holdings            4.4                  -18.2               -65                             
 OneSource Specialty Pharma  0.5                  -21.4               -48                             
 Alibaba Group               2.7                  -15.6               -40                             
 Naspers                     0.0                  -14.6               -29                             
 Trip.com                    0.6                  -30.4               -22                             

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 £5.03 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 31 March 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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