25 July 2024
Ashoka
WhiteOak Emerging Markets Trust plc
(the
"Company")
Quarterly
Update - June
2024
The
Company's quarterly factsheet as at 30 June
2024 is now available: https://awemtrust.com/factsheet/
The
Company has delivered a NAV total return of 5.6% in 2Q 2024,
outperforming the benchmark MSCI EM1
(in
sterling terms) by 35bps over the same period. Significant
contributors for 2Q 2024 include Awfis Space Solutions (+35.9%,
India's leading workspace
solutions provider), SK Hynix (+26.3%, a leading global
semiconductor manufacturer based in South
Korea) and Naspers (+10.1%, owner of 43% of Prosus NUV, a
global internet and entertainment group and one of the largest
technology investors in the world).
Notable
detractors include LVMH Moet Hennessy (-14.3%, the world leader in
luxury goods), Yum China Holdings (-22.2%, the largest restaurant
company in China) and Sendas
Distribuidora SA (-36.7%, the second-largest food retailer in
Brazil).
Market
Review
In 2Q
2024, the MSCI EM index was up 5.2%, outperforming the MSCI World
and S&P 500, which were up 2.5% and 4.0%,
respectively.
For the
quarter, Information Technology and Communication Services
outperformed, while Healthcare and Consumer Staples underperformed.
Large caps outperformed mid and small caps this quarter. Among
major EM markets, Taiwan and
South Africa outperformed, while
Indonesia and Mexico underperformed.
Top
10 Holdings
Top
10 holdings (as at 30 June, 2024)
|
Country
|
%
of NAV
|
-
TSMC
|
Taiwan
|
7.3
|
-
Samsung
Electronics
|
Korea
|
4.7
|
-
Awfis
Space Solutions
|
India
|
3.3
|
-
Naspers
|
South
Africa
|
2.1
|
-
SK
Hynix
|
South
Korea
|
2.1
|
-
Hong Kong
Exchanges & Clearing
|
China/HK
|
1.9
|
-
Prosus
NV
|
Netherlands
|
1.7
|
-
DBS Group
Holdings
|
Singapore
|
1.6
|
-
CIE Fin.
Richemont
|
France
|
1.4
|
-
Alibaba
Group Holdings
|
China/HK
|
1.4
|
Total
|
|
27.5%
|
Key
Contributors
Q2
2024
Key
Contributors
|
Ending
Weight
(%)
|
Total
Return
(%)
|
Contribution
to
Return
(bps)
|
TSMC
|
7.3
|
+22.7
|
+143
|
Awfis Space
Solutions
|
3.3
|
+35.9
|
+91
|
SK Hynix
Inc.
|
2.1
|
+26.3
|
+43
|
DOMS
Industries
|
1.0
|
+30.2
|
+40
|
Naspers
|
2.1
|
+10.1
|
+24
|
Key
Detractors
Q2
2024
Key
Detractors
|
Ending
Weight
(%)
|
Total
Return
(%)
|
Contribution
to
Return
(bps)
|
Koh Young
Technology
|
0.4
|
-35.5
|
-22
|
LVMH Louis
Vuitton SE
|
1.2
|
-14.3
|
-21
|
Samsung
Electronics
|
4.7
|
-2.9
|
-19
|
Yum China
Holdings
|
0.6
|
-22.2
|
-18
|
Sendas
Distribuidora SA
|
0.3
|
-36.7
|
-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.
1 Benchmark
index - MSCI Emerging Markets Net Return Sterling (Bloomberg
MGEF)
Past
performance cannot be relied on as a guide to future
performance.
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 30th
June 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
|
Buchanan
Henry
Harrison-Topham
|
+44 (0) 20
7466 5000
|
Henry
Wilson
|
AWEM@buchanancomms.co.uk
|
George
Beale
|
|