Ashoka Whiteoak Emerging Markets Trust PLC

Fund Information / Factsheet • Sep 22, 2025

National Storage Mechanism | Additional information

Ashoka WhiteOak Emerging Markets Trust Plc - Monthly Update - August 2025

PR Newswire

LONDON, United Kingdom, September 22

22 September 2025

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

Monthly Update - August 2025

The Company's monthly factsheet as at 31 August 2025 is now available: https://awemtrust.com/factsheet/

The Fund was up 0.26% in August 2025, outperforming the benchmark by 1.05%. The key contributors include Delta Electronics (+19.9%), Tencent Holdings (+7.0%), and Vivara Participacoes (+15.3%), whereas TSMC (-4.4%), OneSource (-6.9%), and Ellenbarrie Industrial Gases (-12.9%) were the key detractors.

Market Review

In August 2025, the MSCI EM index was down 0.79%. It underperformed other global indices like the US equities (S&P 500) and MSCI World which returned -0.2% and 0.4%, respectively.

For the month, Materials and Communication Services outperformed, while Energy and Healthcare underperformed. Mid and Small caps outperformed large caps this month. Among major EM markets, Brazil and South Africa outperformed, while South Korea and India underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 August 2025)	Country	% of NAV
1. TSMC	Taiwan	8.6
2. Tencent Holdings	China/HK	3.4
3. Alibaba Group	China/HK	3.0
4. Naspers	South Africa	2.6
5. Samsung Electronics	South Korea	2.3
6. OneSource Specialty Pharma	India	2.0
7. Hong Kong Exchanges & Clearing	China/HK	1.9
8. Delta Electronics	Taiwan	1.5
9. SK Hynix	South Korea	1.3
10. Sambhv Steel	India	1.2
Total		27.8%

Key Contributors

August 2025 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
Delta Electronics	1.5	+19.9	+26
Tencent Holdings	3.4	+7.0	+21
Vivara Participacoes SA	1.2	+15.3	+16
E Ink Holdings	0.7	+22.1	+13
Cowell e Holdings	2.6	+28.5	+12

Key Detractors

August 2025 Key Detractors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
TSMC	8.6	-4.4	-40
OneSource Specialty Pharma	2.0	-6.9	-16
Ellenbarrie Industrial Gases	0.8	-12.9	-12
Samsung Electronics Co., Ltd.	2.3	-4.6	-11
Sambhv Steel Tubes Limited	1.2	-8.3	-11

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 Ashoka WhiteOak 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 £5.2 billion in assets under management or advisory 4 . 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 August 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
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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