Monthly Update

Ashoka WhiteOak Emerging Markets Trust fell 2.41% in November 2025 but outperformed its MSCI EM benchmark by 80bps as the MSCI EM slid 3.21% (performance reported in GBP). Stock selection drove results: mid/small-cap cyclicals and miners (notably Sudeep Pharma +30.3%, Vivara +12.5%, Aura Minerals +24.7%) contributed, while heavyweight tech names (TSMC -6.8% at a 9.2% NAV weight, Samsung -10.2%, Alibaba -9.2%) were the main detractors, reflecting a month where Materials and Energy outperformed and Information Technology and Consumer Discretionary lagged; Brazil and South Africa outperformed, while Saudi Arabia and South Korea underperformed. The top 10 holdings comprise 29.3% of NAV, underscoring some concentration risk, and the manager (WhiteOak, £5.9bn AUM) is remunerated solely on outperformance, aligning fees with alpha generation.

Analysis

Ashoka WhiteOak Emerging Markets Trust (AWEMT) returned -2.41% in November 2025, outperforming the MSCI Emerging Markets benchmark by 0.80 percentage points while the MSCI EM index fell 3.21%. Positive attribution came from mid/small-cap cyclicals and miners—Sudeep Pharma +30.3% (0.8% weight, +18bps), Vivara Participacoes +12.5% (1.3% weight, +14bps) and Aura Minerals +24.7% (0.6% weight, +12bps)—offset by significant detractors led by large-cap technology: TSMC -6.8% (9.2% weight, -66bps), Samsung Electronics -10.2% (-41bps) and Alibaba -9.2% (-34bps).

Market context shows MSCI EM underperformed global indices (S&P 500 -0.6%, MSCI World -0.5%) with Materials and Energy outperforming and Information Technology and Consumer Discretionary lagging; regionally Brazil and South Africa outperformed while Saudi Arabia and South Korea lagged. The month also exhibited large-cap underperformance versus mid/small caps, amplifying the impact of the fund’s large TSMC exposure on returns.

Portfolio concentration is notable: the top 10 holdings represent 29.3% of NAV and TSMC alone is 9.2% of NAV, highlighting single-stock and large-cap sector risk. The manager’s remuneration is solely performance-based, aligning incentives with benchmark outperformance, and performance is reported in GBP so currency moves will affect sterling-denominated returns.

Key Decisions for Investors

• Given the fund's 80bps outperformance and performance-fee alignment, consider maintaining exposure for active EM alpha but size positions conservatively because of TSMC's 9.2% concentration
• Monitor large-cap tech names (TSMC, Samsung, Alibaba) and sector momentum closely as further weakness there would meaningfully pressure near-term performance
• Mitigate single-stock and large-cap downside via position limits or targeted hedges (e.g., index or sector protection) while retaining exposure to mid/small-cap cyclicals that drove positive attribution
• Review the latest factsheet for detailed market-cap, regional and currency exposures (performance reported in GBP) before adjusting allocations