Ashoka WhiteOak Emerging Markets Trust PLC on Friday reported an increase its net asset value per share as it noted a ‘tilt towards a more accommodative monetary policy’.

However, it underperformed its benchmark during the first six months of its financial year.

The investment trust focused on global emerging markets reported an NAV total return in the six month to September 30 of 7.4%, whilst its benchmark, the MSCI Emerging Markets Index returned 7.8% over the same period.

NAV per share at the end of September was up 7.1% to 117.7 pence from 109.9p at March 31, with its share price up by 8.6% over the same period to 114.0p from 105.0p.

Ashoka WhiteOak shares were unmoved at 120.00 pence on Friday afternoon in London.

The trust attributed its underperformance for the interim period to challenging headwinds and volatility across emerging market equities, particularly in August.

It added that since the period end to December 10, its NAV has outperformed the benchmark, generating total returns of 3.7% compared to 0.0%.

Chair Martin Shenfield said: ‘We are pleased to present these half-year results, showing investment performance ahead of the benchmark since IPO.

‘Whilst the international geo-political environment remains challenging, the tilt towards a more accommodative monetary policy and cutting interest rates by the Federal Reserve together with the

recently announced new stimulus measures in China are likely to support both underlying economic growth as well as improved sentiments for EMs’.

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