Trust Issues: Investing in emerging markets with AWEM's Hiren Dasani

In this episode of Trust Issues, we speak to Hiren Dasani, portfolio manager for Ashoka WhiteOak Emerging Markets Trust (AWEM), to talk about the outlook for emerging markets, after a strong 2025, what AWEM’s portfolio looks like today and how AWEM chooses companies in which to invest.

00:00 Introduction

01:14 Why emerging markets had such good performance in 2025

03:37 How AWEM distinguishes true quality companies from quality traps

06:31 Why AWEM prefers investing in non-state-owned enterprises

10:20 AWEM's overweight to developed market stocks that derive revenue from emerging countries

14:01 How AWEM invests in China and the outlook for Chinese stock markets

17:12 AWEM's advantage when investing in India and the outlook for Indian companies

21:17 How AWEM is finding opportunities in Poland

22:57 The outlook for AWEM's high-quality portfolio

25:37 AWEM's unique fee structure and aligning the interest of shareholders and management

27:32 What does the long-term horizon look like for emerging markets - has performance turned the corner?

32:21 Further information

32:40 Risk warning

Our latest note on AWEM - https://www.trustintelligence.co.uk/investor/articles?fund_id=1874

AWEM website - https://www.awemtrust.com/

Please note that this podcast was recorded on 12 January 2026.