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

Ashoka WhiteOak Emerging Markets TrustAnnouncement

17/12/2025 07:02

17 December 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - November 2025

 

The Company's monthly factsheet as at 30 November 2025 is now available:      
                           https://awemtrust.com/factsheet/

 

The Fund was down 2.41% in November 2025, outperforming the benchmark by
0.80%. The key contributors include Sudeep Pharma (+30.3%), Vivara
Participacoes (+12.5%), and Aura Minerals (+24.7%), whereas TSMC (-6.8%),
Samsung Electronics (-10.2%), and Alibaba Group Holding (-9.2%) were the key
detractors.

 

Market Review

 

In November 2025, the MSCI EM index was down 3.21%. It underperformed other
global indices like the US equities (S&P 500) and MSCI World which returned
-0.6% and -0.5% respectively.

For the month, Materials and Energy outperformed, while Information Technology
and Consumer Discretionary underperformed. Large caps underperformed Mid and
Small caps this month. Among major EM markets, Brazil and South Africa
outperformed, while Saudi Arabia and South Korea underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 30 November 2025)  Country       % of NAV  
 1. TSMC                                   Taiwan        9.2       
 1. Samsung Electronics                    South Korea   3.8       
 1. Alibaba Group Holding                  China/HK      3.5       
 1. Tencent Holdings                       China/HK      3.3       
 1. Naspers                                South Africa  2.2       
 1. SK Hynix                               South Korea   2.1       
 1. Onesource Specialty Pharma             India         1.4       
 1. Hong Kong Exchanges & Clearing         China/HK      1.3       
 1. Vivara Participacoes                   Brazil        1.3       
 1. CIE Financiere Richemont               Switzerland   1.2       
 Total                                                   29.3%     

 

Key Contributors

 November 2025   Key Contributors  Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 Sudeep Pharma                     0.8                  +30.3               +18                             
 Vivara Participacoes              1.3                  +12.5               +14                             
 Aura Minerals                     0.6                  +24.7               +12                             
 Jentech Precision Industrial      0.5                  +32.5               +11                             
 Koh Young Technology              0.4                  +36.3               +11                             

 

 

Key Detractors

 November 2025   Key Detractors  Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 TSMC                            9.2                  -6.8                -66                             
 Samsung Electronics             3.8                  -10.2               -41                             
 Alibaba Group Holding           3.5                  -9.2                -34                             
 OneSource Specialty Pharma      1.5                  -18.4               -33                             
 Naspers Limited                 2.2                  -12.0               -30                             

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 £5.9 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 30 November 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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