2Q Update - June 2025
22 July 2025
Ashoka WhiteOak Emerging Markets Trust plc
(the `Company')
2Q Update - June 2025
The Company's monthly factsheet as at 30 June 2025 is now available: https://awemtrust.com/factsheet/
The Fund was up 6.1% in 2Q 2025, outperforming the benchmark by 0.64%. The key contributors include Sk Hynix (+57.6%), OneSource Specialty Pharma (+16.5%), and Vivara Participacoes (+38.8%), whereas Alibaba (-5.1%), Yum China (- 18.7%), and E Ink Holdings (-10.7%) were the key detractors.
Market Review
In 2Q 2025, the MSCI EM index was up 5.5%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned 4.3% and 4.9%, respectively.
For the quarter, IT Services and Industrials outperformed, while Consumer Discretionary and Real Estate underperformed. Large caps underperformed mid and small caps this quarter. Among major EM markets, South Korea and Taiwan outperformed, while Saudi Arabia and China underperformed.
Top 10 Holdings
| Top 10 holdings (as at 30 June 2025) | Country | % of NAV |
| Taiwan | 8.7 |
| China/HK | 3.0 |
| India | 2.6 |
| South Africa | 2.6 |
| China/HK | 2.3 |
| South Korea | 2.1 |
| China/HK | 1.9 |
| South Korea | 1.5 |
| Switzerland | 1.3 |
| Brazil | 1.1 |
| Total |
| 27.1% |
Key Contributors
| 2Q 2025 Key Contributors | Ending Weight (%) | Total Return (%) | Contribution to Return (bps) |
| TSMC | 8.3 | +12.6 | +101 |
| SK Hynix Inc | 1.5 | +57.6 | +58 |
| Naspers Limited | 2.5 | +7.7 | +20 |
| OneSource Specialty Pharma | 2.4 | +16.5 | +34 |
| Vivara Participacoes SA | 1.1 | +38.8 | +35 |
Key Detractors
| 2Q 2025 Key Detractors | Ending Weight (%) | Total Return (%) | Contribution to Return (bps) |
| Alibaba Group Holding | 3.3 | -5.1 | -15 |
| Tencent Holdings | 2.3 | -4.7 | -15 |
| Yum China Holdings | 0.5 | -18.7 | -14 |
| E Ink Holdings Inc | 0.7 | -10.7 | -12 |
| Kweichow Moutai Co. | 0.8 | -12.2 | -12 |
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. (Singapore), 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 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 30 June 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 |
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Ashoka WhiteOak Capital Pte. Ltd
| Prashant Khemka | Via Burson Buchanan |
| Fadrique Balmaseda |
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| Ben Hayward |
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Marex
| Mark Thompson | Tel: +44 (0) 20 7016 6711 |
| Eddie Nissen | Tel: +44 (0) 20 7016 6713 |
| Priyan Rayatt | Tel: +44 (0) 20 7016 6724 |
Burson Buchanan
| Henry Harrison-Topham | Tel: +44 (0) 20 7466 5000 |
| Henry Wilson | AWEM@buchanancomms.co.uk |
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