Ashoka Whiteoak Emerging Markets Trust PLC: Key Developments

Leadership Change and New Appointment

On August 5, 2025, Ashoka Whiteoak Emerging Markets Trust PLC announced the appointment of Hiren Dasani as the Chief Investment Officer (CIO) of Emerging Markets at WhiteOak. Dasani, who previously served as Co-Head of Global Emerging Markets Equity and Lead Portfolio Manager for India Equity at Goldman Sachs Asset Management, will join the team on August 12, 2025. He will work alongside existing portfolio managers Prashant Khemka, Fadrique Balmaseda, and Loong Lim.

Prashant Khemka, a senior member of the investment team, expressed enthusiasm about Dasani’s appointment, highlighting his decade-long collaboration at Goldman Sachs. Khemka emphasized Dasani’s significant contributions to alpha generation across various Emerging Markets strategies and expressed confidence in leveraging his expertise for the benefit of global investor portfolios.

Equity Issue Announcement

On August 4, 2025, Ashoka Whiteoak Emerging Markets Trust PLC announced the issuance of 275,000 new ordinary shares at a price of 133.1 pence each. This issuance, conducted under the company’s block listing facility, represents a premium to the prevailing net asset value per share. Following this issuance, the company’s issued share capital will comprise 36,749,329 ordinary shares, all of which carry voting rights. This updated share count will be used by shareholders to determine if they need to notify their interest in the company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

For further information, shareholders and interested parties are directed to contact the Company Secretary at JTC (UK) Limited via email at AWEMT.Cosec@jtcgroup.com or by phone at +44 207 409 0181.

Market Trends and Fund Performance

In related financial news, India-focused funds have experienced significant redemptions, with a notable outflow of $289 million in a single week, marking the largest since April 2025. This trend includes $167 million withdrawn from ETFs and $122 million from long-only active funds such as ABSL Umbrella and Jupiter India Select SICA. Despite these redemptions, some funds like SMAM High Growth, Ashoka WhiteOak, and Kotak Midcap saw modest inflows, although they also posted negative returns for the week.

Since January 2025, approximately 65% of India-focused funds have faced redemptions, following strong inflows in 2023 and 2024. The reversal in sentiment began in October 2024, coinciding with Dalal Street reaching its peak. Asset management companies like Jupiter Fund Management, Nomura Holdings, and Fidelity have experienced the sharpest redemptions from their India-focused funds. The shift towards ETFs and the uneven performance across active funds indicate a cautious approach and portfolio repositioning among investors, reminiscent of trends observed in 2018.