PR Newswire
LONDON, United Kingdom, March 23
23 March 2026
Ashoka WhiteOak Emerging Markets Trust plc
(the `Company’)
Monthly Update – February 2026
The Company’s monthly factsheet as at 28 February 2026 is now available:
https://awemtrust.com/factsheet/
The Fund was up 6.96% in February 2026, underperforming the benchmark by 0.71%.
The key contributors include Samsung Electronics (+37.8%), TSMC (+15.7%), and SK
Hynix (+19.4%), whereas Alibaba Group (-13.9%), Tencent (-12.9%), and Naspers (
-6.0%) were the key detractors.
Market Review
In February 2026, the MSCI EM index was up 7.68%. It outperformed other global
indices like the US equities (S&P 500) and MSCI World which returned 1.0% and
2.6% respectively.
For the month, IT Services and Materials outperformed, while Consumer
Discretionary and Communication Services underperformed. Large caps outperformed
Mid and Small caps this month. Among major EM markets, South Korea and Taiwan
outperformed, while China and Saudi Arabia underperformed.
Top 10 Holdings
+—————————————-+———–+——–+
|Top 10 holdings (as at 28 February 2026)|Country |% of NAV|
+—————————————-+———–+——–+
| |Taiwan |11.0 |
| 1. TSMC | | |
+—————————————-+———–+——–+
| |South Korea|7.5 |
| 2. Samsung Electronics | | |
+—————————————-+———–+——–+
| |China/HK |4.2 |
| 3. Tencent Holdings | | |
+—————————————-+———–+——–+
| |South Korea|4.0 |
| 4. SK Hynix | | |
+—————————————-+———–+——–+
| |China/HK |2.9 |
| 5. Alibaba Group Holding | | |
+—————————————-+———–+——–+
| |Taiwan |1.6 |
| 6. Delta Electronics | | |
+—————————————-+———–+——–+
| |China/HK |1.1 |
| 7. Hong Kong Exchanges & Clearing | | |
+—————————————-+———–+——–+
| |China/HK |1.1 |
| 8. China Merchants Bank | | |
+—————————————-+———–+——–+
| |Taiwan |1.0 |
| 9. Elite Material | | |
+—————————————-+———–+——–+
| |Switzerland|1.0 |
|10. CIE Financiere Richemont | | |
+—————————————-+———–+——–+
|Total | |35.4% |
+—————————————-+———–+——–+
Key Contributors
February 2026 Ending Total Contribution to
Key Contributors Weight (%) Return (%) Return (bps)
Samsung Electronics 7.4 +37.8 +213
TSMC 11.1 +15.7 +161
SK Hynix 4.0 +19.4 +66
Montage Technology 0.5 +69.4 +35
Elite Material 1.0 +43.9 +34
Key Detractors
February 2026 Ending Total Contribution to
Key Detractors Weight (%) Return (%) Return (bps)
Alibaba Group 2.9 -13.9 -52
Tencent Holdings 4.1 -12.9 -47
Naspers 0.0 -6.0 -12
Fractal Analytics 0.2 -27.5 -10
Trip.com Group Ltd. 0.5 -13.0 -9
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.
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 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 £5.6
billion in assets under management or advisory4. Analytical approach integral to
disciplined research process underpinned by proprietary frameworks OpcoFinco™
for valuation and ABLEx™ 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 28 February 2026. AUM data refers to aggregate assets under
management or investment advisory for WhiteOak 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
– Ends –
For further information:
Company Secretary
[email protected] Tel: +44 (0) 20 7409 0181
Ashoka WhiteOak Capital Pte. Ltd
Prashant Khemka Via Burson Buchanan
Hiren Dasani
Fadrique Balmaseda
Ben Hayward
Marex
Mark Thompson Tel: +44 (0) 20 7016 6711
Eddie Nissen Tel: +44 (0) 20 7016 6713
Burson Buchanan
Henry Harrison-Topham Tel: +44 (0) 20 7466 5000
Henry Wilson [email protected]
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