REG-Ashoka WhiteOak Emerging Markets Trust Plc: Q3 Update - September 2025

Ashoka WhiteOak Emerging Markets TrustAnnouncement

Yesterday 07:02

20 October 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Q3 Update - September 2025

 

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

 

The Fund was up 13.03% in Q3 2025, outperforming the benchmark by 0.40%. The
key contributors include Delta Electronics (+101.7%), Sambhv Steel Tubes
(+31.2%), and Contemporary Amperex Technology (63.9%), whereas OneSource
(-17.9%), InPost (-24.5%), and CAMS (-13.4%) were the key detractors.

 

Market Review

 

In Q3 2025, the MSCI EM index was up 12.6%. It outperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 10.1% and
9.3% respectively.

For the quarter, Materials and Communication Services outperformed, while
Energy and Financials underperformed. Large caps outperformed Small and Mid
caps this quarter. Among major EM markets, South Africa and Taiwan
outperformed, while India and Indonesia underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 30 September 2025)  Country       % of NAV  
 1. TSMC                                    Taiwan        8.6       
 1. Tencent Holdings                        China/HK      3.4       
 1. Alibaba Group                           China/HK      3.0       
 1. Naspers                                 South Africa  2.6       
 1. Samsung Electronics                     South Korea   2.3       
 1. OneSource Specialty Pharma              India         2.0       
 1. Hong Kong Exchanges & Clearing          China/HK      1.9       
 1. Delta Electronics                       Taiwan        1.5       
 1. SK Hynix                                South Korea   1.3       
 1. Sambhv Steel Tubes                      India         1.2       
 Total                                                    27.8%     

 

Key Contributors

 Q3 2025   Key Contributors   Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 Delta Electronics            1.2                  +101.7              +103                            
 Sambhv Steel Tubes           0.5                  +31.2               +39                             
 Contemporary Amperex Tech    0.7                  +63.9               +30                             
 Aura Minerals                0.7                  +43.6               +26                             
 Grupo Mexico S.A.B. de C.V.  0.9                  +48.9               +31                             

 

 

Key Detractors

 Q3 2025   Key Detractors      Ending   Weight (%)  Total   Return (%)  Contribution to   Return (bps)  
 OneSource Specialty Pharma    1.8                  -17.9               -49                             
 InPost S.A.                   0.3                  -24.5               -13                             
 CAMS                          0.5                  -13.4               -9                              
 MercadoLibre                  0.6                  -9.0                -7                              
 Cigniti Technologies Limited  0.3                  -17.8               -9                              

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 £5.3 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 September 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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