• 22 Sep 25
 

Ashoka WhiteOak Emerging Markets Trust Plc - Monthly Update - August 2025

Ashoka Whiteoak Emerging Markets Trust Plc | AWEM | 145 -0.50 (-0.3%) | Mkt Cap: 62.5m


 

22 September 2025

 

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

 

Monthly Update - August 2025

 

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

 

The Fund was up 0.26% in August 2025, outperforming the benchmark by 1.05%. The key contributors include Delta Electronics (+19.9%), Tencent Holdings (+7.0%), and Vivara Participacoes (+15.3%), whereas TSMC (-4.4%), OneSource (-6.9%), and Ellenbarrie Industrial Gases (-12.9%) were the key detractors.

 

Market Review

 

In August 2025, the MSCI EM index was down 0.79%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned -0.2% and 0.4%, respectively.

For the month, Materials and Communication Services outperformed, while Energy and Healthcare underperformed. Mid and Small caps outperformed large caps this month. Among major EM markets, Brazil and South Africa outperformed, while South Korea and India underperformed.

 

Top 10 Holdings

 

Top 10 holdings (as at 31 August 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

India

1.2

Total

 

27.8%

 

Key Contributors

August 2025

Key Contributors

Ending

Weight (%)

Total

Return (%)

Contribution to

Return (bps)

Delta Electronics

1.5

+19.9

+26

Tencent Holdings

3.4

+7.0

+21

Vivara Participacoes SA

1.2

+15.3

+16

E Ink Holdings

0.7

+22.1

+13

Cowell e Holdings

2.6

+28.5

+12

 

 

Key Detractors

August 2025

Key Detractors

Ending

Weight (%)

Total

Return (%)

Contribution to

Return (bps)

TSMC

8.6

-4.4

-40

OneSource Specialty Pharma

2.0

-6.9

-16

Ellenbarrie Industrial Gases

0.8

-12.9

-12

Samsung Electronics Co., Ltd.

2.3

-4.6

-11

Sambhv Steel Tubes Limited

1.2

-8.3

-11

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 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 31 August 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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