REG-Ashoka WhiteOak Emerging Markets Trust Plc: Quarterly Update - December 2024

Ashoka WhiteOak Emerging Markets TrustAnnouncement

27/01/2025 07:15

27 January 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Quarterly Update - December 2024

 

The Company's quarterly factsheet as at 31 December 2024 is now available:
https://awemtrust.com/factsheet/

 

The Fund was up 2.63% in Q4 2024, outperforming the benchmark by 4.11%. The
key contributors include KRN Heat Exchanger (+231.4%), DBS Group (+17.1%), and
MediaTek (+24.5%), whereas Samsung Electronics (-17.1%), Nien Made (-25.7%),
and Allegro.eu (-22.6%) were the key detractors.

 

For CY 2024, the Fund was up 14.52%, outperforming the benchmark by 5.09%. The
key contributors include KRN Heat Exchanger (+231.4%), Naspers (+32.0%), and
DBS Group (+50.2%), whereas Samsung Electronics (-38.4%), Raia Drogasil S.A.
(-39.3%), and Budweiser Brewing (-45.6%) were the key detractors.

 

Market Review

 

In Q4 2024, MSCI EM index was down 1.5%. It underperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 9.5% and
6.9%, respectively. For the quarter, Information Technology and Financials
outperformed, while Materials and Consumer Discretionary underperformed. Large
caps underperformed mid and small caps in Q4 2024. Among major EM markets,
Taiwan and Saudi Arabia outperformed, while Brazil and Indonesia
underperformed.

 

In CY 2024, the MSCI EM index was up 9.4%. It underperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 26.9% and
21.0%, respectively. For the year, Information Technology and Communication
Services outperformed, while Materials and Consumer Staples underperformed.
Large caps underperformed mid and small caps in CY 2024. Among major EM
markets, Taiwan and China outperformed, while Brazil and South Korea
underperformed.

 

Top 10 Holdings

 

 Top 10 holdings (as at 31 December 2024)  Country       % of NAV  
 1. TSMC                                   Taiwan        7.5       
 1. Samsung Electronics                    South Korea   2.6       
 1. OneSource Speciality Pharma            India         2.5       
 1. Naspers                                South Africa  2.2       
 1. Hong Kong Exchanges & Clearing         China/HK      2.1       
 1. Inventurus Knowledge Solutions         India         1.9       
 1. Prosus NV                              Netherlands   1.7       
 1. Alibaba Group Holding                  China/HK      1.5       
 1. International Gemmological Institute   India         1.5       
 1. SK Hynix                               South Korea   1.3       
 Total                                                   24.8%     

 

Key Contributors

 Q4 2024 Key Contributors  Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 KRN Heat Exchanger        0.6                +231.4            +321                          
 Awfis Space Solutions     7.5                +16.6             +112                          
 DOMS Industries           1.9                +45.2             +157                          
 Naspers Limited           1.3                +17.1             +75                           
 DBS Group Holdings        1.0                +24.5             +70                           

 

 

Key Detractors

 Q4 2024 Key Detractors    Ending Weight (%)  Total Return (%)  Contribution to Return (bps)  
 Samsung Electronics       2.6                -17.1             -58                           
 Alibaba Group Holdings    1.5                -19.8             -39                           
 Nien Made Enterprise      0.7                -25.7             -24                           
 Allegro.eu SA             0.6                -22.6             -17                           
 Cholamandalam Fin. Hold.  0.4                -28.3             -16                           

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 Partners 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 £6.0 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 December 2024. 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  
                                                      

WhiteOak Capital Partners 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  
 Oliver Kenyon  Tel: +44 (0) 20 7016 6704  

 

Burson Buchanan

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

 



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