Ashoka WhiteOak Emerging Markets Trust Plc - Quarterly Update - December 2024
PR Newswire
LONDON, United Kingdom, January 27
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 |
| Taiwan | 7.5 |
| South Korea | 2.6 |
| India | 2.5 |
| South Africa | 2.2 |
| China/HK | 2.1 |
| India | 1.9 |
| Netherlands | 1.7 |
| China/HK | 1.5 |
| India | 1.5 |
| 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.
AboutAshoka 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
AWEMT.Cosec@jtcgroup.com | Tel: +44 (0) 20 7409 0181 |
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WhiteOak Capital Partners Pte Ltd.
Prashant Khemka | Via Burson Buchanan |
Fadrique Balmaseda |
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Ben Hayward |
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Marex
Mark Thompson | Tel: +44 (0) 20 7016 6711 |
Eddie Nissen | Tel: +44 (0) 20 7016 6713 |
Oliver Kenyon | Tel: +44 (0) 20 7016 6704 |
Burson Buchanan
Henry Harrison-Topham | Tel: +44 (0) 20 7466 5000 |
Henry Wilson | AWEM@buchanancomms.co.uk |
Samuel Adams |
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