Quarterly Update - June 2024

25 July 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Quarterly Update - June 2024

The Company's quarterly factsheet as at 30 June 2024 is now available: https://awemtrust.com/factsheet/

The Company has delivered a NAV total return of 5.6% in 2Q 2024, outperforming the benchmark MSCI EM1 (in sterling terms) by 35bps over the same period. Significant contributors for 2Q 2024 include Awfis Space Solutions (+35.9%, India's leading workspace solutions provider), SK Hynix (+26.3%, a leading global semiconductor manufacturer based in South Korea) and Naspers (+10.1%, owner of 43% of Prosus NUV, a global internet and entertainment group and one of the largest technology investors in the world).

Notable detractors include LVMH Moet Hennessy (-14.3%, the world leader in luxury goods), Yum China Holdings (-22.2%, the largest restaurant company in China) and Sendas Distribuidora SA (-36.7%, the second-largest food retailer in Brazil).

Market Review

In 2Q 2024, the MSCI EM index was up 5.2%, outperforming the MSCI World and S&P 500, which were up 2.5% and 4.0%, respectively.

For the quarter, Information Technology and Communication Services outperformed, while Healthcare and Consumer Staples underperformed. Large caps outperformed mid and small caps this quarter. Among major EM markets, Taiwan and South Africa outperformed, while Indonesia and Mexico underperformed.

Top 10 Holdings

Top 10 holdings (as at 30 June, 2024)	Country	% of NAV
TSMC	Taiwan	7.3
Samsung Electronics	Korea	4.7
Awfis Space Solutions	India	3.3
Naspers	South Africa	2.1
SK Hynix	South Korea	2.1
Hong Kong Exchanges & Clearing	China/HK	1.9
Prosus NV	Netherlands	1.7
DBS Group Holdings	Singapore	1.6
CIE Fin. Richemont	France	1.4
Alibaba Group Holdings	China/HK	1.4
Total		27.5%

 Key Contributors

Q2 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
TSMC	7.3	+22.7	+143
Awfis Space Solutions	3.3	+35.9	+91
SK Hynix Inc.	2.1	+26.3	+43
DOMS Industries	1.0	+30.2	+40
Naspers	2.1	+10.1	+24

Key Detractors

Q2 2024 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Koh Young Technology	0.4	-35.5	-22
LVMH Louis Vuitton SE	1.2	-14.3	-21
Samsung Electronics	4.7	-2.9	-19
Yum China Holdings	0.6	-22.2	-18
Sendas Distribuidora SA	0.3	-36.7	-18

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 £5.9 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 30th June 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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