Ashoka India Equity (ticker: AIE) joined the London market in July 2018, raising a modest £46m at 100p per share. It has been the best performer of the four Indian trusts since it was launched, and this has led to it frequently trading at a premium rating. Ongoing regular issuance has seen its share count rise from 46m to 169m and its net assets increase nearly tenfold to £440m. AIE also offers an uncapped annual redemption facility, which has so far seen very modest take-up. The highly-rated Indian market has struggled in the last couple of years, though, and so AIE currently trades at a 5% d...
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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...
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UPDATE: A revised version of this profile was published in August 2026.
Ashoka India Equity (ticker: AIE) joined the London market in July 2018 but only managed to raise £46m in its IPO due to concerns over how high oil prices might affect the Indian economy. It focuses on stock selection rather than making sectoral, macro, or market timing calls and has been the best-performing Indian trust since its launch. Ashoka has frequently traded at a premium rating and regular issuance has seen the share count rise from 46m to 111m. With its share price more than doubling as well, its market cap has ...
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