Ashoka WhiteOak Emerging Markets Trust Plc - Quarterly Update - March 2024

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PR Newswire

LONDON, United Kingdom, April 29

29 April 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Quarterly Update – March 2024

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

The Company has delivered a NAV total return of 11.5% since inception to 31 March 2024, outperforming the benchmark MSCI EM1 (in sterling terms) by 359bps over the same period. Among other factors, stock selection within the small and mid-cap segment has been a key driver of this outperformance. For the first quarter of 2024, the NAV was up 3.9%, outperforming the benchmark by 85bps.

Key contributors for Q1 2024 include DOMS Industries (+25.4%, a leading stationery brand in India), ASML Holding (+29.4%, leading semiconductor capital equipment manufacturer), and Benefit Systems (+44.4%, Poland’s largest wellness company).

ARIVA.DE Börsen-Geflüster

Notable detractors include Hong Kong Exchanges (-13.1%, world’s leading stock and commodity exchange), Budweiser Brewing (-20.7%, leading premium brewer in China) and Orion Corp (-23.6%, one of Korea’s leading food companies).

Market Review

In Q1 2024, the MSCI EM index was up 3.0%. It underperformed other global indices like US equities (S&P 500) and MSCI World which were up 11.6% and 10.0%, respectively.

For the quarter, Information Technology and Energy outperformed, while Real Estate and Materials underperformed. Large caps outperformed mid and small caps this quarter. Among major EM markets, Taiwan and India outperformed, while China and Brazil underperformed.

Top 10 Holdings

Top 10 holdings (as at 31 Mar, 2024)	Country	% of NAV
1. TSMC	Taiwan	6.4
2. Samsung Electronics	Korea	5.2
3. Hermes Intl	France	2.4
4. Rashi Peripherals	India	2.1
5. Hong Kong Exchanges & Clearing	China/HK	1.9
6. SK Hynix	South Korea	1.7
7. DOMS Industries	India	1.6
8. Prosus NV	Netherlands	1.6
9. DBS Group Holdings	Singapore	1.6
10. LVMH Moet Hennessy	France	1.5
Total		26.0%

Key Contributors

31 Dec 2023 – 31 Mar 2024 Key Contributors	Ending Weight (%)	Total Return (%)	Contribution to Return (bps)
DOMS Industries Limited	1.6	+25.4	+73
Hermes International SCA	2.4	+21.9	+37
Disco Corporation	0.4	+54.2	+37
ASML Holding NV	1.5	+29.4	+33
Benefit Systems S.A.	1.1	+44.4	+32

Key Detractors

31 Dec 2023 – 31 Mar 2024

Key Detractors

Ending

Weight (%)

Total

Return (%)

Contribution to

Return (bps)

Hong Kong Exchanges

1.9

-13.1

-38

Innova Captab

0.3

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