CONTRIBUTORS
Mel Jenner
Director, Investment Trusts (Edison)
Extract from the Edison Report: Written by Mel Jenner, Director, Investment Trusts. Edison, a leading investment intelligence and advisory firm, provides comprehensive research and analysis to empower investors and businesses around the world.
Building on strong outperformance record
Templeton Emerging Markets Investment Trust (TEMIT) can be considered as a one-stop shop for exposure to emerging markets. It is the oldest and by far the largest fund in the AIC Global Emerging Markets sector.
The trust delivered a very strong performance in H126, with significant NAV and share price outperformance versus its benchmark, the MSCI Emerging Markets Index, largely due to successful stock selection.
This has added to TEMIT’s commendable long-term record. Since launch in 1989 until the end of September 2025, the trust generated an annualised NAV total return of 14.6%, which compares favourably with the benchmark’s 11.0% annualised total return.
Exhibit 1: Long-term NAV outperformance vs MSCI Emerging Markets Index
Source: LSEG Data & Analytics, Edison Investment Research
Why consider TEMIT?
TEMIT’s two highly experienced managers, Chetan Sehgal (lead manager) based in Singapore and Andrew Ness based in Edinburgh, follow a clearly defined, straightforward investment strategy, focusing on companies with sustainable earnings power, which are trading at a discount to their estimated intrinsic value. The managers’ long-term bullish view about emerging markets is based on the regions’ above-average growth prospects and relatively attractive valuations. Near term, the managers consider there is more clarity around global trade and companies are adapting well to US tariff policies.
Sehgal and Ness are part of a large investment team that is positioned across the globe, which brings the benefits of local knowledge and very good access to company management teams. They have a wide remit so can invest in nonindex names and also unlisted businesses. Although the majority of the portfolio is made up of large-cap companies, the managers invest across the capitalisation spectrum. Geographic and sector weightings are a result of bottom-up stock selection; the portfolio currently has an above-market allocation to South Korea and an underweight exposure to India. By sector, the largest active position is an overweight position in technology stocks.
TEMIT’s discount has been narrowing and there is scope for the trust to be afforded a higher valuation supported by continued share repurchases and strong investment performance. There could be a further narrowing of the discount if investors become less risk-averse and seek exposure outside the traditional developed markets, such as the dominant US, where valuations look extended.
* Information correct as at the report's date of 9 December 2025. Please see Portfolio & Performance page for full current performance information.
This research note has been commissioned by Templeton Emerging Markets Investment Trust from Edison. The research note does not constitute independent research for the purpose of legal and regulatory requirements and is therefore not subject to the regulatory protections afforded to independent research. In particular, the research note is not subject to any prohibition on dealing and both Edison and Franklin Templeton, and their respective staff, may have dealt in the securities discussed in the research note.
Meet the Team
Unparalleled Emerging Markets Experience
Chetan Sehgal is the lead portfolio manager of Templeton Emerging Markets Investment Trust (TEMIT). He has been a portfolio manager and senior research analyst for TEMIT since 2015. He is also a senior managing director and the director of portfolio management for Franklin Templeton’s Emerging Markets Equity Team.
Chetan was joined by portfolio manager Andrew Ness on 17 September 2018. Andrew is a seasoned investor with over two decades of experience as an emerging markets equity portfolio manager, and a strong alignment with the investment approach and philosophy utilised in the management of TEMIT’s portfolio.
Chetan Sehgal, CFA
Lead Portfolio Manager,
Templeton Emerging Markets Investment Trust (TEMIT)
Andrew Ness
Edinburgh (Portfolio Manager)
The TEMIT portfolio management team are supported by an experienced team of over 80 dedicated emerging markets investment professionals located across 20 offices around the world.
How to Invest with Us
Shares in TEMIT qualify as an investment which can be held through an ISA. TEMIT is available through a stocks and shares ISA from a number of different companies. Your financial adviser will be able to give you full details of the options available to you.
Important information
Past performance is not a guide to future performance.
The value of shares in the Templeton Emerging Markets Investment Trust, and any income from them can go down as well as up and you may not get back the amount you invested.
In emerging markets, the risks can be greater than in developed markets. Emerging Markets can sometimes experience periods of political, economic and currency instability, as well as changing investor sentiment that cause investments to fall in value, sometimes sharply. For full details of all of the risks involved in investing in the Templeton Emerging Markets Investment Trust please read the Annual Report.
Issued by Franklin Templeton Investment Management Limited (FTIML), Cannon Place, 78 Cannon Street, London EC4N 6HL. Telephone: 0800 313 4049, Email: [email protected]. FTIML is authorised and regulated by the Financial Conduct Authority.
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