26 March 2024

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - February 2024

The Company's monthly factsheet as at 29 February 2024 is now available: https://awemtrust.com/factsheet/

The Company has delivered a NAV total return of 10.1% since inception to 29 February 2024, outperforming the benchmark MSCI EM¹ (in sterling terms) by 460bps over the same period. Among other factors, stock selection within the mid and small-cap segment continue to drive outperformance. For the month of February 2024, the NAV was up 5.7%, outperforming the benchmark by 28bps.

Significant contributors for the month of February 2024 include Hermes (+18.7%, a global leader in luxury brands with significant exposure to EM consumers), Rashi Peripherals (+10.7%, India's leading distributor of hardware products), and E Ink Holdings (+17.9%, a market leader in ePaper technology based out of Taiwan).

Notable detractors include Warrior Met Coal (-9.7%, a US based supplier of coking coal to steel industry with more than 50% revenues from EMs), Erste Group (-7.6%, Austria based bank with significant exposure to CEE) and Grupo Mexico (-4.7%, owns 89% of Southern Copper with assets in Mexico and Peru).

Market Review

In February 2024, the MSCI EM index was up 5.5%. It underperformed other global indices like US equities (S&P 500), which was up 6.1%, but outperformed MSCI World, which was up 5.1%.

For the month, Consumer Discretionary and Information Technology outperformed, while Consumer Staples and Materials underperformed. Large caps outperformed mid and small caps this month. Among major EM markets, China and South Korea outperformed, while India and Brazil underperformed.

Top 10 Holdings

 Key Contributors

Key Detractors

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 £5.4 billion in assets under management or advisory⁴. Analytical approach integral to disciplined research process underpinned by proprietary frameworks OpcoFinco™ for valuation and ABLEx^TM 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 29^th Feb 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

WhiteOak Capital Partners Pte Ltd.

Ellora Partners

Buchanan