Monthly Update - December 2025

  27 January 2026

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

Monthly Update - December 2025

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

The Fund was up 23.32% in CY 2025, underperforming the benchmark by 1.05%. The key contributors include SK Hynix (+259.9%), Delta Electronics (+121.2%), and Naspers (+41.0%), whereas IGI (-45.6%), PT Central Bank (-22.1%), and E Ink Holdings (-27.9%) were the key detractors.

Market Review

In CY 2025, the MSCI EM index was up 24.37%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned 9.3% and 12.7% respectively.

For the year, Materials and IT Services outperformed, while Real Estate and Consumer Staples underperformed. Large caps outperformed Mid and Small caps this year. Among major EMs, South Korea and South Africa outperformed, while Saudi Arabia and India underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 December 2025)	Country	% of NAV
TSMC	Taiwan	9.8
Samsung Electronics	South Korea	4.7
Alibaba Group Holding	China/HK	3.3
Tencent Holdings	China/HK	3.3
SK Hynix	South Korea	2.8
Naspers	South Africa	2.2
Onesource Specialty Pharma	India	1.6
Hong Kong Exchanges & Clearing	China/HK	1.2
CIE Financiere Richemont	Switzerland	1.2
Delta Electronics	Taiwan	1.2
Total		31.4%

Key Contributors

CY 2025 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
TSMC	9.7	+42.4	+351
Samsung Electronics	4.7	+118.7	+255
SK Hynix Inc.	2.8	+259.9	+229
Delta Electronics, Inc.	1.2	+121.2	+115
Naspers Limited Class N	2.2	+41.0	+108

Key Detractors

CY 2025 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
IGI	0.3	-45.6	-56
Inventurus Knowledge Solutions	0.1	-23.1	-55
PT Bank Central Asia	0.6	-22.1	-29
E Ink Holdings	0.4	-27.9	-28
Info Edge India	0.4	-31.7	-27

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 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 £5.9 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 December 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

[e-mail]	Tel: [phone]

Ashoka WhiteOak Capital Pte. Ltd

Prashant Khemka Hiren Dasani	Via Burson Buchanan
Fadrique Balmaseda
Ben Hayward

Marex

Mark Thompson	Tel: [phone]
Eddie Nissen	Tel: [phone]

Burson Buchanan

Henry Harrison-Topham	Tel: [phone]
Henry Wilson	[e-mail]

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