Ashoka WhiteOak Emerging Markets (ticker: AWEM) was launched in May 2023. It is run by Prashant Khemka of White Oak, which also manages Ashoka India Equity. Like its sister trust, AWEM has no basic management fee but charges a three-yearly performance fee set at 30% of returns above its benchmark. The trust outperformed by 4% in its first year, 3% in its second, and 1% in the last six months, and has generally traded at a premium to NAV. It operates an annual redemption facility that has seen a very low take-up so far, and regular issuance has increased its share count from 30.5m at its IPO to...