Monthly Update - May 2024

28 June 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - May 2024

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

The Company has delivered a NAV total return of 13.0% since inception to 31 May 2024, outperforming the benchmark MSCI EM1 (in sterling terms) by 4.55% over the same period. Among other factors, stock selection within the small and mid-cap segment continues to drive outperformance. For the month of May 2024, the NAV was down 0.8%, outperforming the benchmark by 0.27%.

Significant contributors for the month of May 2024 include CIE. Fin Richemont (+12.6%, a Switzerland-based luxury goods company), Awfis Space Solutions (+5.5%, leading co-working space company in India), and Tencent Music Ent. (+15.0%, leading online music and audio entertainment platform in China).

Notable detractors include Samsung Electronics (-6.9%, South Korean multinational major appliance and consumer electronics corporation), PT Bank Central Asia (-7.1%, largest private bank in Indonesia) and Koh Young Technology(-17.4%, global leader in 3D measurement-based inspection equipment and solutions).

Market Review

In May 2024, the MSCI EM index was down 1.1%. It underperformed other global indices like US equities (S&P 500) and MSCI World, which were up 3.1% and 2.6%, respectively.

For the month, Utilities and Information Technology outperformed, while Healthcare and Materials underperformed. Large caps underperformed mid and small caps this month. Among major EM markets, Taiwan and China outperformed, while Indonesia and Brazil underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 May, 2024)	Country	% of NAV
1.   TSMC	Taiwan	6.5
2.   Samsung Electronics	Korea	4.4
3.   Awfis Space Solutions	India	2.7
4.   Naspers	South Africa	2.3
5.   Hong Kong Exchanges & Clearing	China/HK	2.1
6.   Prosus NV	Netherlands	1.7
7.   SK Hynix	South Korea	1.7
8.   DBS Group Holdings	Singapore	1.6
9.   Alibaba Group	China/HK	1.5
10. CIE Fin. Richemont	France	1.5
Total		26.0%

 Key Contributors

30 Apr 2024 - 31 May 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
CIE Fin. Richemont SA	1.5	+12.6	+17
Awfis Space Solutions	2.7	+5.5	+14
Go Digit General Insurance	1.4	+9.7	+12
Tencent Music Ent	0.8	+15.0	+11
Bharat Bijlee	0.5	+30.5	+11

Key Detractors

30 Apr 2024 - 31 May 2024 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Samsung Electronics Co., Ltd.	4.4	-6.9	-31
Rashi Peripherals	0.1	-14.8	-9
PT Bank Central Asia	1.2	-7.1	-9
Koh Young Technology	0.4	-17.4	-8
Sonata Software	0.0	-25.1	-8

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. 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 £5.5 billion in assets under management or advisory4. Analytical approach 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. 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 31st May 2024. AUM data refers to aggregate assets under management or investment advisory for White Oak 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

[e-mail]	[phone]

WhiteOak Capital Partners Pte Ltd.

Prashant Khemka	Via Buchanan
Fadrique Balmaseda
Ben Hayward

Ellora Partners

Mark Thompson	[phone]
Eddie Nissen	[phone]
Oliver Kenyon	[phone]

Buchanan

Henry Harrison-Topham	[phone]
Henry Wilson	[e-mail]
George Beale

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