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

Ashoka WhiteOak Emerging Markets TrustAnnouncement

24/06/2025 07:02

24 June 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - May 2025

 

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

 

The Fund was up 5.2% in May 2025, outperforming the benchmark by 1.88%. The
key contributors include TSMC (+12.6%, world's leading semiconductor
manufacturing company), Hong Kong Exchanges (+13.8%, world's leading stock and
commodity exchange), and Hitachi Energy (+30.6%, technology leader
specializing in high-voltage equipment, transformers, and services for
renewable energy), whereas Alibaba (-5.1%, Chinese company specializing in
e-commerce, cloud computing, and digital media), Raia Drogasil (-26.8%,
Brazil's leading retail pharmacy chain), and DOMS Industries (-12.8%, one of
India's largest stationery and art & craft materials businesses) were the key
detractors.

 

Market Review

 

In May 2025, the MSCI EM index was up 3.3%. It underperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 5.4% and
5.0%, respectively.

For the month, IT Services and Industrials outperformed, while Real Estate and
Utilities underperformed. Large caps underperformed mid and small caps this
month. Among major EM markets, Taiwan and Indonesia outperformed, while Brazil
and India underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 31 May 2025)  Country       % of NAV  
 1. TSMC                              Taiwan        8.2       
 1. Alibaba Group Holding             China/HK      3.3       
 1. Naspers                           South Africa  2.5       
 1. Tencent Holdings                  China/HK      2.4       
 1. OneSource Specialty Pharma        India         2.4       
 1. Samsung Electronics               South Korea   2.1       
 1. Hong Kong Exchanges & Clearing    China/HK      1.9       
 1. CIE Fin. Richemont                Switzerland   1.4       
 1. Inventurus Knowledge Solutions    India         1.3       
 1. Vivara Participacoes SA           Brazil        1.1       
 Total                                              26.4%     

 

Key Contributors

 May 2025 Key Contributors   Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 TSMC                        8.3                +12.6             +101                          
 OneSource Specialty Pharma  2.4                +16.5             +34                           
 Hong Kong Exchanges         1.9                +13.8             +25                           
 Naspers Limited             2.5                +7.7              +20                           
 Hitachi Energy India        0.8                +30.6             +20                           

 

 

Key Detractors

 May 2025 Key Detractors  Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 Alibaba Group Holdings   3.3                -5.1              -15                           
 Raia Drogasil S.A.       0.3                -26.8             -12                           
 Benefit Systems S.A.     0.9                -5.8              -5                            
 DOMS Industries          0.2                -12.8             -3                            
 Aadhar Housing Finance   0.4                -6.8              -3                            

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 May 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  
 Priyan Rayatt  Tel: +44 (0) 20 7016 6724  

 

Burson Buchanan

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

 



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