Quarterly Update - December 2024

27 January 2025

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

Quarterly Update - December 2024

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

The Fund was up 2.63% in Q4 2024, outperforming the benchmark by 4.11%. The key contributors include KRN Heat Exchanger (+231.4%), DBS Group (+17.1%), and MediaTek (+24.5%), whereas Samsung Electronics (-17.1%), Nien Made (-25.7%), and Allegro.eu (-22.6%) were the key detractors.

For CY 2024, the Fund was up 14.52%, outperforming the benchmark by 5.09%. The key contributors include KRN Heat Exchanger (+231.4%), Naspers (+32.0%), and DBS Group (+50.2%), whereas Samsung Electronics (-38.4%), Raia Drogasil S.A. (-39.3%), and Budweiser Brewing (-45.6%) were the key detractors.

Market Review

In Q4 2024, MSCI EM index was down 1.5%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned 9.5% and 6.9%, respectively. For the quarter, Information Technology and Financials outperformed, while Materials and Consumer Discretionary underperformed. Large caps underperformed mid and small caps in Q4 2024. Among major EM markets, Taiwan and Saudi Arabia outperformed, while Brazil and Indonesia underperformed.

In CY 2024, the MSCI EM index was up 9.4%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned 26.9% and 21.0%, respectively. For the year, Information Technology and Communication Services outperformed, while Materials and Consumer Staples underperformed. Large caps underperformed mid and small caps in CY 2024. Among major EM markets, Taiwan and China outperformed, while Brazil and South Korea underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 December 2024)	Country	% of NAV
TSMC	Taiwan	7.5
Samsung Electronics	South Korea	2.6
OneSource Speciality Pharma	India	2.5
Naspers	South Africa	2.2
Hong Kong Exchanges & Clearing	China/HK	2.1
Inventurus Knowledge Solutions	India	1.9
Prosus NV	Netherlands	1.7
Alibaba Group Holding	China/HK	1.5
International Gemmological Institute	India	1.5
SK Hynix	South Korea	1.3
Total		24.8%

Key Contributors

Q4 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
KRN Heat Exchanger	0.6	+231.4	+321
Awfis Space Solutions	7.5	+16.6	+112
DOMS Industries	1.9	+45.2	+157
Naspers Limited	1.3	+17.1	+75
DBS Group Holdings	1.0	+24.5	+70

Key Detractors

Q4 2024 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Samsung Electronics	2.6	-17.1	-58
Alibaba Group Holdings	1.5	-19.8	-39
Nien Made Enterprise	0.7	-25.7	-24
Allegro.eu SA	0.6	-22.6	-17
Cholamandalam Fin. Hold.	0.4	-28.3	-16

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 31 December 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

- Ends -

For further information:

Company Secretary

[e-mail]	Tel: [phone]

WhiteOak Capital Partners Pte Ltd.

Prashant Khemka	Via Burson Buchanan
Fadrique Balmaseda
Ben Hayward

Marex

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

Burson Buchanan

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

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