REG-Ashoka WhiteOak Emerging Markets Trust Plc: Quarterly Update - March 2024
29/04/2024 07:00
29 April 2024
Ashoka WhiteOak Emerging Markets Trust plc
(the "Company")
Quarterly Update – March 2024
The Company's factsheet as at 31 March 2024 is now
available: https://awemtrust.com/factsheet/
The Company has delivered a NAV total return of 11.5% since inception to 31
March 2024, outperforming the benchmark MSCI EM1 (in sterling terms) by 359bps
over the same period. Among other factors, stock selection within the small
and mid-cap segment has been a key driver of this outperformance. For the
first quarter of 2024, the NAV was up 3.9%, outperforming the benchmark by
85bps.
Key contributors for Q1 2024 include DOMS Industries (+25.4%, a leading
stationery brand in India), ASML Holding (+29.4%, leading semiconductor
capital equipment manufacturer), and Benefit Systems (+44.4%, Poland’s
largest wellness company).
Notable detractors include Hong Kong Exchanges (-13.1%, world’s leading
stock and commodity exchange), Budweiser Brewing (-20.7%, leading premium
brewer in China) and Orion Corp (-23.6%, one of Korea’s leading food
companies).
Market Review
In Q1 2024, the MSCI EM index was up 3.0%. It underperformed other global
indices like US equities (S&P 500) and MSCI World which were up 11.6% and
10.0%, respectively.
For the quarter, Information Technology and Energy outperformed, while Real
Estate and Materials underperformed. Large caps outperformed mid and small
caps this quarter. Among major EM markets, Taiwan and India outperformed,
while China and Brazil underperformed.
Top 10 Holdings
Top 10 holdings (as at 31 Mar, 2024) Country % of NAV
1. TSMC Taiwan 6.4
2. Samsung Electronics Korea 5.2
3. Hermes Intl France 2.4
4. Rashi Peripherals India 2.1
5. Hong Kong Exchanges & Clearing China/HK 1.9
6. SK Hynix South Korea 1.7
7. DOMS Industries India 1.6
8. Prosus NV Netherlands 1.6
9. DBS Group Holdings Singapore 1.6
10. LVMH Moet Hennessy France 1.5
Total 26.0%
Key Contributors
31 Dec 2023 – 31 Mar 2024 Key Contributors Ending Weight (%) Total Return (%) Contribution to Return (bps)
DOMS Industries Limited 1.6 +25.4 +73
Hermes International SCA 2.4 +21.9 +37
Disco Corporation 0.4 +54.2 +37
ASML Holding NV 1.5 +29.4 +33
Benefit Systems S.A. 1.1 +44.4 +32
Key Detractors
31 Dec 2023 – 31 Mar 2024 Key Detractors Ending Weight (%) Total Return (%) Contribution to Return (bps)
Hong Kong Exchanges 1.9 -13.1 -38
Innova Captab 0.3 -17.2 -35
Budweiser Brewing Co. 0.6 -20.7 -18
AIA Group 0.5 -22.2 -17
ORION CORP. 0.0 -23.6 -15
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.
1 Benchmark index - MSCI Emerging Markets Net Return Sterling (Bloomberg
MGEF)
Past performance cannot be relied on as a guide to future performance.
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. AWEMT is advised by White Oak Capital Partners Pte. Ltd, founded by
Prashant Khemka with leading Emerging Markets investment experience. WhiteOak
Capital Group has delivered an exceptional track record for its other
strategies and has £5.3 billion in assets under management or advisory4. The
Adviser’s analytical approach is integral to disciplined research process
underpinned by proprietary frameworks OpcoFinco™ for valuation and
ABLExTM for ESG research. The team at WhiteOak believes that emerging
markets present potential for higher alpha, given that they remain
under-researched and inefficient. AWEMT leverages WhiteOak's investment
approach to capture the higher alpha potential in these markets. There is no
fixed management fee and 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 31st Mar 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
For further information:
Company Secretary
AWEMT.Cosec@jtcgroup.com +44 207 409 0181
WhiteOak Capital Partners Pte Ltd.
Prashant Khemka Via Buchanan
Fadrique Balmaseda
Ben Hayward
Ellora Partners
Mark Thompson +44 (0) 20 7016 6711
Eddie Nissen +44 (0) 20 7016 6713
Oliver Kenyon +44 (0) 20 7016 6704
Buchanan
Henry Harrison-Topham +44 (0) 20 7466 5000
Henry Wilson AWEM@buchanancomms.co.uk
George Beale
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