Portfolio And Performance

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Company objective

To provide long term capital appreciation for its shareholders through investment in companies listed in emerging markets or companies which earn a significant amount of their revenues in emerging markets, but are listed on stock exchanges in developed countries.

TEMIT has been helping investors access the dynamic growth potential of emerging markets companies since 1989.

More about TEMIT

Quick factsAs of 30/06/2021

Total Net Assets [further-information] £2,601.43million
Market Capitalisation [further-information] £2,367.18 million
No of shares in issue 236,245,731
Net Gearing [further-information] 0.0%
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ChargesAs of 30/06/2021

Ongoing Charge [further-information] 0.97%

Key dates

Launch Date 12 June 1989
Financial Year End 31 March
Half-Year End 30 September
Annual Report Published June
Half-Yearly Report Published November
AGM July
Potential Interim Dividend Ex-D Date (for 2020 H-Y Report) December 2020
Potential Interim Dividend Record Date (for 2020 H-Y Report) December 2020
Potential Interim Payment Date (for 2020 H-Y Report) January 2021
Potential Final Dividend Ex-D Date (for 2021 Annual Report) June 2021
Potential Final Dividend Record Date (for 2021 Annual Report) June 2021
Potential Final Dividend Payment Date (for 2021 Annual Report) July 2021
Final Dividend Ex-Date 17 June 2021
Final Dividend Record Date 18 June 2021
AGM 8 July 2021
Final Dividend Payment Date 15 July 2021
Share Split Ex-Date 22 July 2021
Share Split Record Date 23 July 2021
Share Split Implementation Date 26 July 2021
Half Year End 30 September 2021
Half Yearly Report Published November 2021
Potential Interim Dividend Record Date December 2021
Stock exchange announcements

Management


Investment strategy

As pioneers in emerging market equity investing, the Templeton Emerging Markets Group use their expertise, experience and local country knowledge to help them uncover emerging market companies with the potential to grow in value over the long-term.

Find out more

Risks

Like all stock market investments, you take the risk that the companies, currencies and markets that TEMIT invests in do not perform as expected. Emerging markets can be subject to significant and rapid changes in value, particularly in the short-term, so the value of your investment can rise and fall accordingly. It could mean you may get back less than you invested. Although you are free to decide at any time when to sell shares in TEMIT, you should consider it a long-term investment.

Past performance is not a guarantee or an indicator of future performance.

The companies in which TEMIT invests are, by reason of the locations in which they operate, exposed to the risk of a lack of established legal, political, business and social frameworks to support a securities markets or the imposition of trade barriers and exchange controls. They may make it difficult to sell investments or result in price changes. It may not always be possible to sell shares in investment companies such as TEMIT.

There is no guarantee that TEMIT will achieve its objective.

TEMIT can borrow money to purchase additional investments (gearing). This can increase the risk to your investment if the cost of the gearing exceeds the investment return from it.

These and other risk considerations are covered in TEMIT's annual report.

We are unable to provide any advice about TEMIT's suitability for your personal circumstances. If you are in any doubt you should speak to a professional financial adviser.

10 largest holdings As of {{portfolio.holdings.asOfDate}}

Security% of portfolio
SAMSUNG ELECTRONICS CO LTD 7.0268%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 6.9485%
NASPERS LTD 6.1070%
ALIBABA GROUP HOLDING LTD 5.5421%
ICICI BANK LTD 3.8199%
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD 3.3029%
UNILEVER PLC 3.0693%
TENCENT HOLDINGS LTD 3.0251%
LUKOIL PJSC 2.5616%
NAVER CORP 2.5132%


Portfolio Details

Sector breakdown As of 30/06/2021

SectorPercMSCI Emerging Markets Index (BM2658)
Information Technology 30.93 20.42
Financials 19.52 17.80
Consumer Discretionary 17.75 17.58
Communication Services 17.22 11.26
Materials 5.99 8.42
Consumer Staples 4.01 5.62
Industrials 2.49 4.87
Energy 2.46 5.03
Health Care 1.14 5.04
Real Estate 0.29 2.01
Utilities 0.00 1.94
Cash & Cash Equivalents -1.81 0.00

Country weightings As of 30/06/2021

CountryTEMITBenchmark (BM2658)
China 30.38 37.50
South Korea 23.14 13.22
Taiwan 16.67 13.95
Brazil 7.40 5.21
Russia 6.78 3.34
India 6.31 9.90
South Africa 3.83 3.53
Mexico 1.50 1.74
United Kingdom 1.37 0.00
Thailand 1.18 1.60
Rest of the world 3.26 10.00
Cash & Cash Equivalents -1.81 0.00

GEARING

TEMIT has the ability to borrow money for investment purposes. The Board has agreed that the Company may borrow up to 10% of its net assets.

Net Gearing: 0.0% as at 30/06/2021

Market capitalisation As at 30 June 2021

<2.0 Billion 4.54%
2.0-5.0 Billion 9.23%
5.0-10.0 Billion 5.06%
10.0-25.0 Billion 12.02%
25.0-50.0 Billion 16.46%
>50.0 Billion 52.69%

Portfolio Characteristics As at 30 June 2021

Number of Holdings 76
Dividend Yield (i) [further-information] 1.71%
Price to Earnings (i) [further-information] 18.36
Price to Cashflow (i) [further-information] 8.62
Price to Book (i) [further-information] 2.25
Weighted Average Market Capitalisation (i) (billion) [further-information] £ 190.24

Performance

The prices of shares and income from them can go down as well as up, and investors may not get back the full amount invested. Past performance is not a guarantee or indicator of future performance. Currency fluctuation may affect the value of overseas investments. In emerging markets, the risks can be greater than in developed markets An investment in TEMIT entails risks which are described in the annual report.


Discrete Performance to the end of the last month

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Quarterly COMMENTARY (AS OF 30 June 2021)

Overview

Emerging market (EM) equities rose over a volatile quarter, finishing behind developed market stocks. The MSCI Emerging Markets Index gained 5.0%, whilst the MSCI World Index returned 7.8%, both in sterling terms.
Asian equities booked a quarterly gain. Stocks in Taiwan advanced despite COVID-19’s resurgence on the island. Meanwhile, stocks in Indonesia and Thailand declined as both countries grappled with new COVID-19 waves.
Latin American equities rallied. Brazil’s market climbed on higher commodity prices. Mexican equities advanced on improving domestic demand, as well as a US-led recovery in manufacturing and exports.
In Europe, the Middle East and Africa, Russian equities rose amidst higher oil prices and easing geopolitical concerns following a meeting between Russian President Vladimir Putin and his US counterpart Joe Biden.

Portfolio Changes & Positioning

We added a new holding - South Korea-based Soulbrain, a major supplier of key chemicals for semiconductor and display manufacturing. As a whole, we increased investments in materials, consumer discretionary, and financials by sector, and in China, Brazil, and South Korea by market.
Overall, we reduced holdings in consumer staples, communication services, and energy in sector terms. In market terms, we undertook sales in India, Thailand, and the United Kingdom.

Performance Attribution

Key stock detractors from TEMIT’s performance relative to the benchmark MSCI Emerging Markets Index included South Korean semiconductor and consumer electronics company Samsung Electronics, South Africa-based internet group Naspers, and car maker Brilliance China Automotive.
Sectors that held back relative returns included consumer discretionary, information technology, and health care, all due to stock selection. In market terms, stock selection across China, Taiwan, and South Korea drove relative weakness.
Looking across sectors, stock selection in both financials and materials, as well as an underweight in real estate, bolstered relative returns. Providing relative support at the market level were overweights in both Russia and Brazil plus a lack of exposure to Chile.

Outlook

The global impact of COVID-19 has largely continued to abate amidst accelerating vaccination drives, although some countries remain hampered by additional waves of infection and new virus variants.
We have seen strong corporate earnings momentum in EMs as a whole, thanks to higher sales volumes and prices in several industries. China’s major internet companies have continued to report robust results.
Our investment focus has remained on companies that demonstrate sustainable earnings power.
We also expect a widening adoption of technology in EMs to boost their productivity and economic growth. Technological progress has contributed to the rise of world-leading EM companies in the EV component and solar energy industries, and we see further room for them to grow as decarbonisation emerges as a major secular trend.

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QUARTERLY PERFORMANCE ATTRIBUTION

Largest Contributors to Performance [further-information] (3 months to 30.06.2021)

Securities - Largest ContributorsSectorCountryTotal Effect (%)
Guangzhou Tinci Materials Technology Co Ltd Materials China 0.48
Fila Korea Consumer Discretionary South Korea 0.21
Naver Corp Communication Services South Korea 0.20
Itau Unibanco Holding S/A Financials Brazil 0.19
Banco Bradesco SA Financials Brazil 0.17

Largest Detractors to Performance [further-information] (3 months to 30.06.2021)

Securities - Largest DetractorsSectorCountryTotal Effect (%)
Brilliance China Automotive Holdings Ltd Consumer Discretionary China -0.70
Samsung Electronics Co Ltd Information Technology South Korea -0.51
Naspers Ltd Consumer Discretionary South Africa -0.43
Taiwan Semiconductor Manufacturing Co Ltd Information Technology Taiwan -0.29
Tencent Holdings Ltd Communication Services China -0.28

Largest Contributors to Performance [further-information] (3 months to 30.06.2021)

Sector

Total Effect (%)
Financials 0.46
Materials 0.36
Real Estate 0.16
Consumer Staples 0.10
Utilities 0.06
Cash & Other Net Assets -0.00
Energy -0.08
Communication Services -0.32
Industrials -0.39
Health Care -0.51
Information Technology -1.25

Country - Largest Contributors

Total Effect (%)
Russia 0.19
Brazil 0.19
Chile 0.10
Mexico 0.10
Malaysia 0.10

Country - Largest Detractors

Total Effect (%)
China -1.49
Taiwan -0.88
South Korea -0.40
South Africa -0.34
Saudi Arabia -0.13

Risks

Risk Statistics (As of 30.06.2021)

1 year3 years
Alpha [further-information] 1.75 2.17
Beta [further-information] 0.98 1.14
Annualised Downside Risk [further-information] 2.91 2.58
Information Ratio (Relative) [further-information] 0.33 0.82
R2 [further-information] 67.53 94.41
Sharpe Ratio [further-information] 3.40 0.80
Annualised Tracking Error [further-information] 4.69 4.39
Annualised Volatility [further-information] 8.23 16.54
Positive Months [further-information] 10.00 23.00
Negative Months [further-information] 2.00 13.00

Pricing overview As of {{pricing.asOfDate}}

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TEMIT Dividends (Paid or Declared)

Ex dividend datePay dateDividend per share
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