Monthly Update - October 2024

27 November 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - October 2024

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

The Company NAV was up 0.97% in October 2024, outperforming the benchmark by 1.28%. The key contributors include KRN Heat Exchanger (+111.8%, a leading manufacturer of heat exchangers in India), MediaTek (+13.1%, leader in semiconductor solutions), and Salik Company PJSC (+21.3%, Dubai's exclusive toll gate operator), whereas Alibaba Group Holding (-10.4%, Chinese technology company specialising in e-commerce, retail, cloud technology, and payments), Samsung Electronics (-4.8%, South Korean multinational major appliance and consumer electronics corporation), and Kweichow Moutai (-10.1%, distiller of premium Moutai-style Baijiu and the largest beverage company in the world) were the key detractors.

Market Review

In October 2024, the MSCI EM index was down 0.3%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned 3.2% and 2.1%, respectively. For the month, Information Tech and Financials outperformed, while Consumer Staples and Communication Services underperformed. Large caps outperformed mid and small caps this month. Among major EM markets, Taiwan and South Africa outperformed, while India and China underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 October 2024)	Country	% of NAV
TSMC	Taiwan	7.4
KRN Heat Exchanger And Refrigeration	India	3.6
Samsung Electronics	South Korea	3.2
Naspers	South Africa	2.4
Hong Kong Exchanges & Clearing	China/HK	2.3
Prosus NV	Netherlands	1.8
Alibaba Group Holding	China/HK	1.7
DBS Group Holdings	Singapore	1.6
SK Hynix	South Korea	1.5
CIE Fin. Richemont	Switzerland	1.2
Total		26.8%

Key Contributors

Oct 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
KRN Heat Exchanger	3.6	+111.8	+186
Poly Medicure	0.6	+29.0	+14
MediaTek	1.0	+13.1	+11
Ami Organics	0.7	+18.0	+10
Salik Company PJSC	0.5	+21.3	+10

Key Detractors

Oct 2024 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Alibaba Group Holding	1.7	-10.4	-19
Samsung Electronics	3.2	-4.8	-16
Kweichow Moutai	1.0	-10.1	-11
LVMH Louis Vuitton	1.0	-10.1	-11
ASML Holding NV	0.5	-15.2	-9

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 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 £5.9 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 31 October 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

[e-mail]	[phone]

WhiteOak Capital Partners Pte Ltd.

Prashant Khemka	Via Burson Buchanan
Fadrique Balmaseda
Ben Hayward

Marex

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

Burson Buchanan

Henry Harrison-Topham	[phone]
Henry Wilson	[e-mail]
Samuel Adams

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