27 January 2026
Ashoka WhiteOak Emerging Markets Trust plc
(the `Company')
Monthly Update - December 2025
The Company's monthly factsheet as at 31 December 2025 is now available:
https://awemtrust.com/factsheet/
The Fund was up 23.32% in CY 2025, underperforming the benchmark by 1.05%. The
key contributors include SK Hynix (+259.9%), Delta Electronics (+121.2%), and
Naspers (+41.0%), whereas IGI (-45.6%), PT Central Bank (-22.1%), and E Ink
Holdings (-27.9%) were the key detractors.
Market Review
In CY 2025, the MSCI EM index was up 24.37%. It outperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 9.3% and
12.7% respectively.
For the year, Materials and IT Services outperformed, while Real Estate and
Consumer Staples underperformed. Large caps outperformed Mid and Small caps this
year. Among major EMs, South Korea and South Africa outperformed, while Saudi
Arabia and India underperformed.
Top 10 Holdings
+----------------------------------------+------------+--------+
|Top 10 holdings (as at 31 December 2025)|Country |% of NAV|
+----------------------------------------+------------+--------+
| |Taiwan |9.8 |
| 1. TSMC | | |
+----------------------------------------+------------+--------+
| |South Korea |4.7 |
| 2. Samsung Electronics | | |
+----------------------------------------+------------+--------+
| |China/HK |3.3 |
| 3. Alibaba Group Holding | | |
+----------------------------------------+------------+--------+
| |China/HK |3.3 |
| 4. Tencent Holdings | | |
+----------------------------------------+------------+--------+
| |South Korea |2.8 |
| 5. SK Hynix | | |
+----------------------------------------+------------+--------+
| |South Africa|2.2 |
| 6. Naspers | | |
+----------------------------------------+------------+--------+
| |India |1.6 |
| 7. Onesource Specialty Pharma | | |
+----------------------------------------+------------+--------+
| |China/HK |1.2 |
| 8. Hong Kong Exchanges & Clearing | | |
+----------------------------------------+------------+--------+
| |Switzerland |1.2 |
| 9. CIE Financiere Richemont | | |
+----------------------------------------+------------+--------+
| |Taiwan |1.2 |
|10. Delta Electronics | | |
+----------------------------------------+------------+--------+
|Total | |31.4% |
+----------------------------------------+------------+--------+
Key Contributors
CY 2025 Ending Total Contribution to
Key Contributors Weight (%) Return (%) Return (bps)
TSMC 9.7 +42.4 +351
Samsung Electronics 4.7 +118.7 +255
SK Hynix Inc. 2.8 +259.9 +229
Delta Electronics, Inc. 1.2 +121.2 +115
Naspers Limited Class N 2.2 +41.0 +108
Key Detractors
CY 2025 Ending Total Contribution to
Key Detractors Weight (%) Return (%) Return (bps)
IGI 0.3 -45.6 -56
Inventurus Knowledge Solutions 0.1 -23.1 -55
PT Bank Central Asia 0.6 -22.1 -29
E Ink Holdings 0.4 -27.9 -28
Info Edge India 0.4 -31.7 -27
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 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 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.
4Data as at 31 December 2025. 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
[email protected] Tel: +44 (0) 20 7409 0181
Ashoka WhiteOak Capital Pte. Ltd
Prashant Khemka Via Burson Buchanan
Hiren Dasani
Fadrique Balmaseda
Ben Hayward
Marex
Mark Thompson Tel: +44 (0) 20 7016 6711
Eddie Nissen Tel: +44 (0) 20 7016 6713
Burson Buchanan
Henry Harrison-Topham Tel: +44 (0) 20 7466 5000
Henry Wilson [email protected]
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