28 June 2024
Ashoka
WhiteOak Emerging Markets Trust plc
(the
"Company")
Monthly
Update - May 2024
The
Company's monthly factsheet as at 31 May
2024 is now available: https://awemtrust.com/factsheet/
The
Company has delivered a NAV total return of 13.0% since inception
to 31 May 2024, outperforming the
benchmark MSCI EM1
(in
sterling terms) by 4.55% over the same period. Among
other factors, stock selection within the small and mid-cap segment
continues to drive outperformance. For the month of May 2024, the NAV was down 0.8%, outperforming
the benchmark by 0.27%.
Significant
contributors for the month of May
2024 include CIE. Fin Richemont (+12.6%, a Switzerland-based luxury goods company), Awfis
Space Solutions (+5.5%, leading co-working space company in
India), and Tencent Music Ent. (+15.0%, leading online music
and audio entertainment platform in China).
Notable
detractors include Samsung Electronics (-6.9%, South Korean
multinational major appliance and consumer electronics
corporation), PT Bank Central Asia (-7.1%, largest private bank in
Indonesia) and Koh Young
Technology(-17.4%, global leader in 3D measurement-based inspection
equipment and solutions).
Market
Review
In
May 2024, the MSCI EM index was down
1.1%. It underperformed other global indices like US equities
(S&P 500) and MSCI World, which were up 3.1% and 2.6%,
respectively.
For the
month, Utilities and Information Technology outperformed, while
Healthcare and Materials underperformed. Large caps underperformed
mid and small caps this month. Among major EM markets, Taiwan and China outperformed, while Indonesia and Brazil underperformed.
Top
10 Holdings
Top
10 holdings (as at 31 May, 2024)
|
Country
|
%
of NAV
|
1.
TSMC
|
Taiwan
|
6.5
|
2.
Samsung
Electronics
|
Korea
|
4.4
|
3.
Awfis Space
Solutions
|
India
|
2.7
|
4.
Naspers
|
South
Africa
|
2.3
|
5.
Hong Kong
Exchanges & Clearing
|
China/HK
|
2.1
|
6.
Prosus
NV
|
Netherlands
|
1.7
|
7.
SK
Hynix
|
South
Korea
|
1.7
|
8.
DBS Group
Holdings
|
Singapore
|
1.6
|
9.
Alibaba
Group
|
China/HK
|
1.5
|
10. CIE
Fin. Richemont
|
France
|
1.5
|
Total
|
|
26.0%
|
Key
Contributors
30
Apr 2024 - 31 May 2024
Key
Contributors
|
Ending
Weight
(%)
|
Total
Return
(%)
|
Contribution
to
Return
(bps)
|
CIE Fin.
Richemont SA
|
1.5
|
+12.6
|
+17
|
Awfis Space
Solutions
|
2.7
|
+5.5
|
+14
|
Go Digit
General Insurance
|
1.4
|
+9.7
|
+12
|
Tencent
Music Ent
|
0.8
|
+15.0
|
+11
|
Bharat
Bijlee
|
0.5
|
+30.5
|
+11
|
Key
Detractors
30
Apr 2024 - 31 May 2024
Key
Detractors
|
Ending
Weight
(%)
|
Total
Return
(%)
|
Contribution
to
Return
(bps)
|
Samsung
Electronics Co., Ltd.
|
4.4
|
-6.9
|
-31
|
Rashi
Peripherals
|
0.1
|
-14.8
|
-9
|
PT Bank
Central Asia
|
1.2
|
-7.1
|
-9
|
Koh Young
Technology
|
0.4
|
-17.4
|
-8
|
Sonata
Software
|
0.0
|
-25.1
|
-8
|
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 £5.5 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
May 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
|
|