23rd Jun 2025 13:03
(Alliance News) - Ashoka WhiteOak Emerging Markets Trust PLC on Monday said it outperformed its benchmark during the 2025 financial year and has continued to trade at a premium rating.
The investment trust focused on global emerging markets said its net asset value total return was 8.8% during the 12 months to the end of March, outperforming the benchmark MSCI EM (GBP) index for the second year, as it recorded a 5.8% return.
NAV per share was up 8.8% to 119.6 pence at the end of March from 109.9p a year ago.
The company said it generated "strong positive stock selection attribution" in the industrials, financials, healthcare and materials sectors, which saw its mid and small caps outperform the market despite the wider segment lagging the large caps.
The company noted that 55% of its portfolio names generated positive stock selection attribution during the year.
Key contributions during the period were from Indian heat exchanger manufacturer KRN Heat Exchanger and Refrigeration Ltd, Indian workspace provider Awfis Space Solutions Ltd and Chinese e-commerce firm Alibaba Group Holding Ltd.
Ashoka WhiteOak also noted the positive performance of Taiwan Semiconductor Manufacturing Co Ltd and Hong Kong Exchanges and Clearing Ltd.
The company did not declare a dividend, as its focus is on long-term capital appreciation rather than income generation.
In the first period of the new financial year, from the end of March to last Thursday, the company said it recorded a NAV total return of 3.8% amid tariff uncertainty.
"Whilst the current macro environment presents the potential for disruption to equities globally, the company's investment manager nonetheless continues to find attractive opportunities through active stock selection," said Chair Martin Shenfield.
"This is reinforced by the investment manager's stock picking edge within the more alpha rich small and mid cap companies segments of emerging markets and an emphasis on high quality corporate governance, both of which assisted in delivering outperformance during the period under review."
Shenfield noted that emerging markets remain "cheap and under-owned" on a historic basis despite recent outperformance.
"All of these factors strongly position the company's investment strategy in the current environment," Shenfield added.
Shares in Ashoka WhiteOak Emerging Markets Trust were down 0.8% at 124.00 pence in London on Monday afternoon.
By Michael Hennessey, Alliance News reporter
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