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

24 October 2024 Ashoka WhiteOak Emerging Markets Trust plc (the "Company") Quarterly Update - September 2024 The Company's quarterly factsheet as at 30 September 2024 is now available:https://awemtrust.com/factsheet/ The Company NAV increased 1.75% in Q3 2024, underperforming the benchmark by 0.71%. The key contributors include Alibaba Group Holding (+47.8%), Hong Kong Exchanges (+25.8%) and Prosus (+15.8%), whereas Samsung Electronics (-24.7%), SK hynix (-26.8%) and ASML Holding (-24.0%) were the key detractors. Market Review In 3Q 2024, the MSCI EM index was up 2.5%. It outperformed other global indices like the US equities (S&P 500) and MSCI World which returned -0.2%, and 0.3%, respectively. For the quarter, Consumer Discretionary and Healthcare outperformed, while Information Tech and Energy underperformed. Large caps underperformed mid and small caps this quarter. Among major EM markets, China and Indonesia outperformed, while South Korea and Taiwan underperformed. Top 10 Holdings +------------------------------------------+------------+--------+ |Top 10 holdings (as at 30 September, 2024)|Country |% of NAV| +------------------------------------------+------------+--------+ | |Taiwan |6.8 | | 1. TSMC | | | +------------------------------------------+------------+--------+ | |South Korea |3.4 | | 2. Samsung Electronics | | | +------------------------------------------+------------+--------+ | |South Africa|2.4 | | 3. Naspers | | | +------------------------------------------+------------+--------+ | |China/HK |2.4 | | 4. Hong Kong Exchanges & Clearing | | | +------------------------------------------+------------+--------+ | |China/HK |2.0 | | 5. Alibaba Group Holding | | | +------------------------------------------+------------+--------+ | |Netherlands |1.9 | | 6. Prosus NV | | | +------------------------------------------+------------+--------+ | |India |1.7 | | 7. KRN Heat Exchanger And Refrigeration | | | +------------------------------------------+------------+--------+ | |Singapore |1.6 | | 8. DBS Group Holdings | | | +------------------------------------------+------------+--------+ | |South Korea |1.5 | | 9. SK Hynix | | | +------------------------------------------+------------+--------+ | |Switzerland |1.3 | |10. CIE Fin. Richemont | | | +------------------------------------------+------------+--------+ |Total | |25.0% | +------------------------------------------+------------+--------+ Key Contributors Q3 2024 Ending Total Contribution to Key Contributors Weight (%) Return (%) Return (bps) Awfis Space Solutions 0.5 +28.2 +71 Alibaba Group Holding 2.0 +47.8 +68 Hong Kong Exchanges 2.4 +25.8 +49 Naspers Limited 2.4 +17.4 +39 Prosus N.V. Class N 1.9 +15.8 +27 Key Detractors Q3 2024 Ending Total Contribution to Key Detractors Weight (%) Return (%) Return (bps) Samsung Electronics Co 3.4 -24.7 -127 SK hynix Inc. 1.5 -26.8 -59 ASML Holding NV 0.6 -24.0 -19 MediaTek Inc. 0.9 -17.1 -18 ASM International N.V. 0.7 -18.7 -18 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(TM) 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. 4Data as at 30 September 2024. AUM datarefers 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'sLEI 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 Marex 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 Samuel Adams This information was brought to you by Cision http://news.cision.com https://news.cision.com/ashoka-whiteoak-emerging-markets-trust-plc/r/quarterly-update---september-2024,c4055718

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