25 September 2024
Ashoka
WhiteOak Emerging Markets Trust plc
(the
"Company")
Monthly
Update - August
2024
The
Company's quarterly factsheet as at 31
August 2024 is now available: https://awemtrust.com/factsheet/
The
Company's NAV was down 0.6% in August
2024, outperforming the benchmark by 12bps. Key contributors
for August 2024 include Trent
(+19.8%, a part of the Tata Group, is amongst the leading fashion
retailers in India), Nien Made
(+18.7%, second largest window coverings manufacturer in the world,
based out of Taiwan), and
MercadoLibre (+20.7%, largest E-commerce and Fintech operator in
LatAm).
Notable
detractors include Sk hynix (-10.1%, leading global semiconductor
manufacturer especially focused on memory semiconductors),
Tencent Music Ent. Grp. (-27.1%,
leading online music and audio entertainment platform in
China) and Warrior Met Coal
(-13.2%, amongst the low-cost producers of premium quality
metallurgical coal).
Market
Review
In
August 2024, the MSCI EM index was
down 0.7%. It underperformed other global indices like US equities
(S&P 500) and MSCI World, which were up 0.2% and 0.4%,
respectively. For the month, Healthcare and Communication Services
outperformed, while Materials and Industrials underperformed. Large
caps underperformed mid and small caps this month. Among major EM
markets, Indonesia and
Malaysia outperformed, while
South Korea and Mexico underperformed.
Top
10 Holdings
Top
10 holdings (as at 31 August, 2024)
|
Country
|
%
of NAV
|
-
TSMC
|
Taiwan
|
7.0
|
-
Samsung
Electronics
|
Korea
|
4.3
|
-
Naspers
|
South
Africa
|
2.2
|
-
Hong Kong
Exchanges & Clearing
|
China/HK
|
1.8
|
-
Prosus
NV
|
Netherlands
|
1.7
|
-
DBS Group
Holdings
|
Singapore
|
1.6
|
-
Alibaba
Group Holdings
|
China/HK
|
1.6
|
-
SK
Hynix
|
South
Korea
|
1.5
|
-
Awfis
Space Solutions
|
India
|
1.4
|
-
CIE Fin.
Richemont
|
Switzerland
|
1.4
|
Total
|
|
24.5%
|
Key
Contributors
Aug
2024
Key
Contributors
|
Ending
Weight
(%)
|
Total
Return
(%)
|
Contribution
to
Return
(bps)
|
TSMC
|
7.0
|
+1.5
|
+16
|
Trent
|
0.9
|
+19.8
|
+15
|
Nien
Made
|
0.9
|
+18.7
|
+15
|
MercadoLibre
|
0.8
|
+20.7
|
+14
|
E Ink
Holdings
|
1.1
|
+13.6
|
+13
|
Key
Detractors
Aug
2024
Key
Detractors
|
Ending
Weight
(%)
|
Total
Return
(%)
|
Contribution
to
Return
(bps)
|
Samsung
Electronics
|
4.3
|
-10.8
|
-55
|
SK hynix
Inc.
|
1.5
|
-10.1
|
-17
|
Tencent
Music Ent.
|
0.5
|
-27.1
|
-15
|
Warrior Met
Coal
|
0.7
|
-13.2
|
-11
|
Adani
Energy Solutions
|
0.2
|
-15.6
|
-10
|
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 £5.9 billion in assets under
management or advisory4.
Analytical approach integral to disciplined research process
underpinned by proprietary frameworks OpcoFinco™ for valuation and
ABLExTM 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 31st
Aug 2024. AUM data refers
to aggregate assets under management or investment advisory for
White Oak 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
For
further information:
Company
Secretary
AWEMT.Cosec@jtcgroup.com
|
+44 207
409 0181
|
|
|
WhiteOak
Capital Partners Pte Ltd.
Prashant
Khemka
|
Via
Buchanan
|
Fadrique
Balmaseda
|
|
Ben
Hayward
|
|
Ellora
Partners
Mark
Thompson
|
+44 (0) 20
7016 6711
|
Eddie
Nissen
|
+44 (0) 20
7016 6713
|
Oliver
Kenyon
|
+44 (0) 20
7016 6704
|
Burson Buchanan
Henry
Harrison-Topham
|
+44 (0) 20
7466 5000
|
Henry
Wilson
|
AWEM@buchanancomms.co.uk
|
George
Beale
|
|