Quarterly Update - March 2024

29 April 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Quarterly Update – March 2024

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

The Company has delivered a NAV total return of 11.5% since inception to 31 March 2024, outperforming the benchmark MSCI EM1 (in sterling terms) by 359bps over the same period. Among other factors, stock selection within the small and mid-cap segment has been a key driver of this outperformance. For the first quarter of 2024, the NAV was up 3.9%, outperforming the benchmark by 85bps.

Key contributors for Q1 2024 include DOMS Industries (+25.4%, a leading stationery brand in India), ASML Holding (+29.4%, leading semiconductor capital equipment manufacturer), and Benefit Systems (+44.4%, Poland’s largest wellness company).

Notable detractors include Hong Kong Exchanges (-13.1%, world’s leading stock and commodity exchange), Budweiser Brewing (-20.7%, leading premium brewer in China) and Orion Corp (-23.6%, one of Korea’s leading food companies).

Market Review

In Q1 2024, the MSCI EM index was up 3.0%. It underperformed other global indices like US equities (S&P 500) and MSCI World which were up 11.6% and 10.0%, respectively.

For the quarter, Information Technology and Energy outperformed, while Real Estate and Materials underperformed. Large caps outperformed mid and small caps this quarter. Among major EM markets, Taiwan and India outperformed, while China and Brazil underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 Mar, 2024)	Country	% of NAV
1.   TSMC	Taiwan	6.4
2.   Samsung Electronics	Korea	5.2
3.   Hermes Intl	France	2.4
4.   Rashi Peripherals	India	2.1
5.   Hong Kong Exchanges & Clearing	China/HK	1.9
6.   SK Hynix	South Korea	1.7
7.   DOMS Industries	India	1.6
8.   Prosus NV	Netherlands	1.6
9.   DBS Group Holdings	Singapore	1.6
10. LVMH Moet Hennessy	France	1.5
Total		26.0%

 Key Contributors

31 Dec 2023 – 31 Mar 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
DOMS Industries Limited	1.6	+25.4	+73
Hermes International SCA	2.4	+21.9	+37
Disco Corporation	0.4	+54.2	+37
ASML Holding NV	1.5	+29.4	+33
Benefit Systems S.A.	1.1	+44.4	+32

Key Detractors

31 Dec 2023 – 31 Mar 2024 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Hong Kong Exchanges	1.9	-13.1	-38
Innova Captab	0.3	-17.2	-35
Budweiser Brewing Co.	0.6	-20.7	-18
AIA Group	0.5	-22.2	-17
ORION CORP.	0.0	-23.6	-15

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. AWEMT is advised by White Oak Capital Partners Pte. Ltd, founded by Prashant Khemka with leading Emerging Markets investment experience. WhiteOak Capital Group has delivered an exceptional track record for its other strategies and has £5.3 billion in assets under management or advisory4. The Adviser’s analytical approach is 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, given that they remain under-researched and inefficient. AWEMT leverages WhiteOak's investment approach to capture the higher alpha potential in these markets. There is no fixed management fee and 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 Mar 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 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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