Monthly Update - November 2024

23 December 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - November 2024

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

The Company NAV was down 0.57% in November 2024, outperforming the benchmark by 1.91%. The key contributors include KRN Heat Exchanger (+74.2%, a leading manufacturer of heat exchangers in India), DBS Group (+10.9%, Singapore's largest bank with more than 50% of the loan book originating outside Singapore, mainly from Asia), and Zomato (+16.4%, India's leading food delivery aggregator and quick-commerce player), whereas Samsung Electronics (-8.4%, South Korean multinational major appliance and consumer electronics corporation), Alibaba Group Holding (-10.6%, Chinese technology company specializing in e-commerce, retail, cloud technology, and payments), and Nien Made (-17.0%, based in Taiwan it is the second largest window coverings manufacturer in the world) were the key detractors.

Market Review

In November 2024, the MSCI EM index was down 2.5%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned 7.0% and 5.7%, respectively. For the month, Communication Services and Industrials outperformed, while Materials and Utilities underperformed. Large caps underperformed mid and small caps this month. Among major EM markets, India and Poland outperformed, while Indonesia and Brazil underperformed.

Top 10 Holdings

Top 10 holdings (as at 30 November 2024)	Country	% of NAV
TSMC	Taiwan	7.1
KRN Heat Exchanger And Refrigeration	India	3.6
Samsung Electronics	South Korea	2.9
Naspers	South Africa	2.3
Hong Kong Exchanges & Clearing	China/HK	2.1
OneSource Speciality Pharma	India	1.9
DBS Group Holdings	Singapore	1.7
Prosus NV	Netherlands	1.7
Alibaba Group Holding	China/HK	1.5
SK Hynix	South Korea	1.3
Total		26.1%

Key Contributors

Nov 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
KRN Heat Exchanger	3.6	+74.2	+155
DBS Group Holdings	1.7	+10.9	+18
Zomato	1.2	+16.4	+13
Warrior Met Coal	0.8	+12.8	+9
Salik Company PJSC	0.6	+16.5	+9

Key Detractors

Nov 2024 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Samsung Electronics	2.9	-8.4	-27
TSMC	7.1	-3.5	-25
SK Hynix	1.3	-14.1	-21
Alibaba Group Hold.	1.5	-10.6	-18
Nien Made	0.7	-17.0	-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.

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 £6.0 billion in assets under management or advisory4. 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 30 November 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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