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UK PROFESSIONAL ADVISERS – IMPORTANT LEGAL INFORMATION
THIS AREA OF THE WEBSITE IS INTENDED FOR UK PROFESSIONAL INVESTORS. IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC, PLEASE REFER TO THE RETAIL INVESTORS SECTION OF THIS WEBSITE.
I CONFIRM THAT I AM A PROFESSIONAL INVESTOR, HAVE READ THE IMPORTANT INFORMATION AND WISH TO PROCEED
IMPORTANT INFORMATION
You must read this before proceeding, as it explains both the legal and regulatory restrictions which apply to the information contained and investment products referred to within this Website.
- This Website is directed only at individuals resident within the United Kingdom and the information provided is not for distribution outside the United Kingdom. None of the information, whether in part or full, should be copied, reproduced or redistributed in any form nor should it be regarded as an offer or a solicitation of an offer for investment in countries outside the United Kingdom. No shares or units in these products or funds may be offered or sold to US Persons (as more fully defined in the latest Fund prospectus) or in any other country, state or jurisdiction where it would be unlawful to offer, solicit an offer for or sell such shares or units.
- The information on this Website is issued and approved by Franklin Templeton Investment Management Limited and does not, in any way, constitute investment advice. Franklin Templeton Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA).
- This site uses cookies to improve your online experience. Sites like ours store small text files on your computer when you visit. We use this information to monitor traffic and look for ways to improve the services we offer at www.temit.co.uk. The cookies we use don't include any information about your personal identity or your accounts. Your browser must accept at least a session cookie to use all the features on this site. For instructions on disabling these files, please visit our cookie policy. By closing this message, you consent to our use of cookies on this site.
- The prices of shares and units and income there from can go down as well as up, and you may not get back the full amount invested. Past performance not an indicator, nor a guarantee of future performance. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, performance may also be affected by currency fluctuations. Where a fund invests in derivative instruments, this entails specific risks that may increase the risk profile of the fund and are more fully described in the TEMIT audited annual report. Where a fund invests in a specific sector or geographical area, the returns may be more volatile than a more diversified fund. Emerging Markets can be more risky than developed markets.
- Subscriptions for shares or units in any Franklin Templeton Investments product or fund can be made only on the basis of the latest available audited annual report and the latest semi-annual report if published thereafter (or other offering document) for that product or fund which more fully describes the investment risks.
- This website is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of any of Franklin Templeton Investments’ fund ranges. Nothing in this website should be construed as investment advice. Franklin Templeton Investments has exercised professional care and diligence in the collection of information in this website. However, data from third party sources may have been used in its preparation and Franklin Templeton Investments has not independently verified, validated or audited such data. Opinions expressed are the author’s at the publication date and they are subject to change without prior notice. Given the rapidly changing market environment, Franklin Templeton Investments disclaim responsibility for updating this material. Any research and analysis contained in this website has been procured by Franklin Templeton Investments for its own purposes and is provided to you only incidentally. Franklin Templeton Investments shall not be liable to any user of this website or to any other person or entity for the inaccuracy of information or any errors or omissions in its contents, regardless of the cause of such inaccuracy, error or omission.
Portfolio Holdings for Non-US Funds/Non-US Advisers - From time to time Franklin Templeton Resources Inc (FRI) and its subsidiaries, partnerships, joint ventures and related and affiliated business entities (“FTI”) may provide you with a partial listing of portfolio securities including but not limited to top contributors and detractors to portfolio performance owned by one or more non-US domiciled funds that are registered or passported with local regulatory authorities and are sponsored by FTI (each a “Fund” and together “Funds”) and any such additional information relating to the Fund(s) that may not otherwise be publicly disseminated. Such listing of portfolio securities and any other non-public information is subject to the following terms and conditions below and is herein referred to as “Holdings Information”.
- You are an authorised representative of a bank, broker-dealer, insurance company, registered investment adviser or other professional client (together, “Financial Institutions”) engaged in business activities outside the United States (a “Non-US Adviser”) and the Financial Institution has authorised you to access and use the Holdings Information. You are deemed to have read, understood and accepted the terms and conditions and you further agree that all provisions of this Agreement are equally binding upon you and the Financial Institution. IF YOU ARE NOT AUTHORISED TO ACCESS HOLDINGS INFORMATION OR YOU DO NOT WANT TO BE BOUND BY THE TERMS OF THIS AGREEMENT YOU SHOULD NOT ACCEPT HOLDINGS INFORMATION.
- You undertake to keep the Holdings Information strictly confidential, regardless of the Holdings Information form or whether the Holdings Information is marked or identified as proprietary or confidential. You also agree not to disclose or disseminate the Holdings Information to any third party and to treat the Holdings Information as nonpublic and proprietary, and you further acknowledge that the Holdings Information constitutes a valuable asset of FTI, the Funds and Fund shareholders. You recognise that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, FTI may reasonably request that you make available to FTI all research produced on the Funds.
- You will not:
- Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
- Trade against the Funds or knowingly engage in any trading practices that are adverse to FTI or the Funds on the basis of the Holdings Information; and
- Trade in shares of any US registered investment company sponsored by FTI that is substantially similar to the Fund.
- You will use your best efforts to take all appropriate action and otherwise satisfy your obligations under this Agreement and to prevent the misuse of the Holdings Information. You will immediately notify FTI if you learn of any use of the Holdings Information by any employees, agents or clients that would otherwise violate this Agreement. You acknowledge that damages alone would not be an adequate remedy for any breach of the provisions of this Agreement and, accordingly, without prejudice to any and all other rights or remedies, you acknowledge that FTI or any Fund or F-T Fund to which the Holdings Information pertains shall be entitled to the remedies of injunction, specific performance and other equitable relief for any threatened or actual breach of the provisions of this Agreement.
- You shall not be bound by the provisions of confidentiality contained in this Agreement if such Holdings Information 1) is or becomes publicly known through no act or omission of the Financial Institution, its employees, agents or subcontractors; 2) is lawfully disclosed to you by a third party without restriction and without any obligation of confidentiality; 3) is required to be disclosed by any Governmental body, regulatory body (including without limitation any relevant securities exchange) or court of competent jurisdiction or otherwise pursuant to any statutory or regulatory obligation.
- The Agreement shall remain in effect for so long as you access the Holdings Information from FTI. FT may terminate this Agreement immediately if this Agreement conflicts with any laws, rules or relevant regulatory interpretations. Upon termination, you shall continue to take reasonable measures to prevent the disclosure or dissemination of the Holdings Information. You acknowledge that the Holdings Information may be utilised for damaging purposes, such as duplicating FTI’s proprietary investment and trading strategies, techniques and methodologies. As a result, your nondisclosure obligations and the prohibition on your dissemination of the Holdings Information to any third party shall survive this Agreement’s termination. To the extent of any conflict between this Agreement and any other agreement between you and FTI, then this Agreement shall be deemed to constitute an amendment to such other agreement
- This Agreement may not be assigned by you, and you may not delegate its duties hereunder, without the prior written consent of FTI. All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, successors and assigns. Nothing contained in this Agreement shall be construed as creating any obligation or any expectation on the part of either party to enter into a business relationship with the other party, or an obligation to refrain from entering into a business relationship with any third party.
- Nothing contained in this Agreement shall be construed as creating a joint venture, partnership or employment relationship between the parties, it being understood that the parties are independent contractors vis-à-vis one another. Except as specified herein, no party shall have the right, power or implied authority to create any obligation or duty, express or implied, on behalf of any other party hereto.
- YOU SHALL INDEMNIFY AND HOLD ANY AND ALL FTI PERSONS HARMLESS AGAINST ANY AND ALL COSTS, EXPENSES, LOSSES, LIABILITIES, OBLIGATIONS, DAMAGES, PENALTIES TO WHICH ANY SUCH PARTY MAY BECOME SUBJECT INCLUDING REASONABLE LEGAL AND OTHER SUCH PROFESSIONAL FEES INCURRED IN INVESTIGATING AND DEFENDING OR APPEALING PENDING OR THREATENED CLAIMS, ACTIONS, SUITS, PROCEEDINGS, ARBITRATIONS, AMOUNTS PAID IN SETTLEMENT THEREOF (COLLECTIVELY “EXPENSES”) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY BREACH OF THIS AGREEMENT SAVE WHERE SUCH EXPENSES RESULTED DIRECTLY FROM OUR GROSS NEGLIGENCE, FRAUD OR WILFUL MISCONDUCT.
- The Agreement: (i) may be modified or supplemented by FTI at anytime upon reasonable notice to You; (ii) shall be binding upon and inure to the benefit of the successors and assigns of FTI and You; and (iii) shall be governed and construed in accordance with the laws of the United Kingdom.
Please read the Terms of Use Agreement and indicate your acceptance.
This website uses cookies. You can read about the cookies that we use here. Please accept the terms and conditions before continuing:
Institutional Investor Terms & Conditions
UK INSTITUTIONAL INVESTORS - IMPORTANT LEGAL INFORMATION
THIS AREA OF THE WEBSITE IS INTENDED FOR UK INSTITUTIONAL INVESTORS. IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC, PLEASE REFER TO THE RETAIL INVESTORS SECTION OF THIS WEBSITE.
I CONFIRM THAT I AM A PROFESSIONAL INVESTOR, HAVE READ THE IMPORTANT INFORMATION AND WISH TO PROCEED
IMPORTANT INFORMATION
You must read this before proceeding, as it explains both the legal and regulatory restrictions which apply to the information contained and investment products referred to within this Website.
- This Website is directed only at individuals resident within the United Kingdom and the information provided is not for distribution outside the United Kingdom. None of the information, whether in part or full, should be copied, reproduced or redistributed in any form nor should it be regarded as an offer or a solicitation of an offer for investment in countries outside the United Kingdom. No shares or units in these products or funds may be offered or sold to US Persons (as more fully defined in the latest Fund prospectus) or in any other country, state or jurisdiction where it would be unlawful to offer, solicit an offer for or sell such shares or units.
- The information on this Website is issued and approved by Franklin Templeton Investment Management Limited and does not, in any way, constitute investment advice. Franklin Templeton Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA).
- This site uses cookies to improve your online experience. Sites like ours store small text files on your computer when you visit. We use this information to monitor traffic and look for ways to improve the services we offer at www.temit.co.uk. The cookies we use don't include any information about your personal identity or your accounts. Your browser must accept at least a session cookie to use all the features on this site. For instructions on disabling these files, please visit our cookie policy. By closing this message, you consent to our use of cookies on this site.
- The prices of shares and units and income there from can go down as well as up, and you may not get back the full amount invested. Past performance not an indicator, nor a guarantee of future performance. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, performance may also be affected by currency fluctuations. Where a fund invests in derivative instruments, this entails specific risks that may increase the risk profile of the fund and are more fully described in the TEMIT audited annual report. Where a fund invests in a specific sector or geographical area, the returns may be more volatile than a more diversified fund. Emerging Markets can be more risky than developed markets.
Subscriptions for shares or units in any Franklin Templeton Investments product or fund can be made only on the basis of the latest available audited annual report and the latest semi-annual report if published thereafter (or other offering document) for that product or fund which more fully describes the investment risks. - This website is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of any of Franklin Templeton Investments’ fund ranges. Nothing in this website should be construed as investment advice. Franklin Templeton Investments has exercised professional care and diligence in the collection of information in this website. However, data from third party sources may have been used in its preparation and Franklin Templeton Investments has not independently verified, validated or audited such data. Opinions expressed are the author’s at the publication date and they are subject to change without prior notice. Given the rapidly changing market environment, Franklin Templeton Investments disclaim responsibility for updating this material. Any research and analysis contained in this website has been procured by Franklin Templeton Investments for its own purposes and is provided to you only incidentally. Franklin Templeton Investments shall not be liable to any user of this website or to any other person or entity for the inaccuracy of information or any errors or omissions in its contents, regardless of the cause of such inaccuracy, error or omission.
Portfolio Holdings for Non-US Funds/Non-US Advisers - From time to time Franklin Templeton Resources Inc (FRI) and its subsidiaries, partnerships, joint ventures and related and affiliated business entities (“FTI”) may provide you with a partial listing of portfolio securities including but not limited to top contributors and detractors to portfolio performance owned by one or more non-US domiciled funds that are registered or passported with local regulatory authorities and are sponsored by FTI (each a “Fund” and together “Funds”) and any such additional information relating to the Fund(s) that may not otherwise be publicly disseminated. Such listing of portfolio securities and any other non-public information is subject to the following terms and conditions below and is herein referred to as “Holdings Information”.
- You are an authorised representative of a bank, broker-dealer, insurance company, registered investment adviser or other professional client (together, “Financial Institutions”) engaged in business activities outside the United States (a “Non-US Adviser”) and the Financial Institution has authorised you to access and use the Holdings Information. You are deemed to have read, understood and accepted the terms and conditions and you further agree that all provisions of this Agreement are equally binding upon you and the Financial Institution. IF YOU ARE NOT AUTHORISED TO ACCESS HOLDINGS INFORMATION OR YOU DO NOT WANT TO BE BOUND BY THE TERMS OF THIS AGREEMENT YOU SHOULD NOT ACCEPT HOLDINGS INFORMATION.
- You undertake to keep the Holdings Information strictly confidential, regardless of the Holdings Information form or whether the Holdings Information is marked or identified as proprietary or confidential. You also agree not to disclose or disseminate the Holdings Information to any third party and to treat the Holdings Information as nonpublic and proprietary, and you further acknowledge that the Holdings Information constitutes a valuable asset of FTI, the Funds and Fund shareholders. You recognise that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, FTI may reasonably request that you make available to FTI all research produced on the Funds.
- You will not:
- Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
- Trade against the Funds or knowingly engage in any trading practices that are adverse to FTI or the Funds on the basis of the Holdings Information; and
- Trade in shares of any US registered investment company sponsored by FTI that is substantially similar to the Fund.
- You will use your best efforts to take all appropriate action and otherwise satisfy your obligations under this Agreement and to prevent the misuse of the Holdings Information. You will immediately notify FTI if you learn of any use of the Holdings Information by any employees, agents or clients that would otherwise violate this Agreement. You acknowledge that damages alone would not be an adequate remedy for any breach of the provisions of this Agreement and, accordingly, without prejudice to any and all other rights or remedies, you acknowledge that FTI or any Fund or F-T Fund to which the Holdings Information pertains shall be entitled to the remedies of injunction, specific performance and other equitable relief for any threatened or actual breach of the provisions of this Agreement.
- You shall not be bound by the provisions of confidentiality contained in this Agreement if such Holdings Information 1) is or becomes publicly known through no act or omission of the Financial Institution, its employees, agents or subcontractors; 2) is lawfully disclosed to you by a third party without restriction and without any obligation of confidentiality; 3) is required to be disclosed by any Governmental body, regulatory body (including without limitation any relevant securities exchange) or court of competent jurisdiction or otherwise pursuant to any statutory or regulatory obligation.
- The Agreement shall remain in effect for so long as you access the Holdings Information from FTI. FT may terminate this Agreement immediately if this Agreement conflicts with any laws, rules or relevant regulatory interpretations. Upon termination, you shall continue to take reasonable measures to prevent the disclosure or dissemination of the Holdings Information. You acknowledge that the Holdings Information may be utilised for damaging purposes, such as duplicating FTI’s proprietary investment and trading strategies, techniques and methodologies. As a result, your nondisclosure obligations and the prohibition on your dissemination of the Holdings Information to any third party shall survive this Agreement’s termination. To the extent of any conflict between this Agreement and any other agreement between you and FTI, then this Agreement shall be deemed to constitute an amendment to such other agreement.
- This Agreement may not be assigned by you, and you may not delegate its duties hereunder, without the prior written consent of FTI. All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, successors and assigns. Nothing contained in this Agreement shall be construed as creating any obligation or any expectation on the part of either party to enter into a business relationship with the other party, or an obligation to refrain from entering into a business relationship with any third party.
- Nothing contained in this Agreement shall be construed as creating a joint venture, partnership or employment relationship between the parties, it being understood that the parties are independent contractors vis-à-vis one another. Except as specified herein, no party shall have the right, power or implied authority to create any obligation or duty, express or implied, on behalf of any other party hereto.
- YOU SHALL INDEMNIFY AND HOLD ANY AND ALL FTI PERSONS HARMLESS AGAINST ANY AND ALL COSTS, EXPENSES, LOSSES, LIABILITIES, OBLIGATIONS, DAMAGES, PENALTIES TO WHICH ANY SUCH PARTY MAY BECOME SUBJECT INCLUDING REASONABLE LEGAL AND OTHER SUCH PROFESSIONAL FEES INCURRED IN INVESTIGATING AND DEFENDING OR APPEALING PENDING OR THREATENED CLAIMS, ACTIONS, SUITS, PROCEEDINGS, ARBITRATIONS, AMOUNTS PAID IN SETTLEMENT THEREOF (COLLECTIVELY “EXPENSES”) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY BREACH OF THIS AGREEMENT SAVE WHERE SUCH EXPENSES RESULTED DIRECTLY FROM OUR GROSS NEGLIGENCE, FRAUD OR WILFUL MISCONDUCT.
- The Agreement: (i) may be modified or supplemented by FTI at anytime upon reasonable notice to You; (ii) shall be binding upon and inure to the benefit of the successors and assigns of FTI and You; and (iii) shall be governed and construed in accordance with the laws of the United Kingdom.
Please read the Terms of Use Agreement and indicate your acceptance.
Portfolio And Performance
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Share Price
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NAV
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Discount (% of NAV)
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As of
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.
Quick factsAs of 31/10/2020
| Total Net Assets [further-information] | £2,260.09 million |
|---|---|
| Market Capitalisation [further-information] | £2,007.63 million |
| No of shares in issue | 236,470,286 |
| Net Gearing [further-information] | 0.1% |
| Benchmark | {{overview.quickFacts.benchmark}} |
| Ticker | {{overview.quickFacts.ticker}} |
| ISIN | {{overview.quickFacts.ISIN}} |
| SEDOL | {{overview.quickFacts.SEDOL}} |
ChargesAs of 31/10/2020
| Ongoing Charge [further-information] | 0.99% |
|---|
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 |
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 moreRisks
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% |
These securities do not represent all of the securities purchased, sold or recommended for clients, and the reader should not assume that investment in the securities listed was or will be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list.
Portfolio Details
Sector breakdown As of 31/10/2020
| Sector | Perc | MSCI Emerging Markets Index (BM2658) |
|---|---|---|
| Information Technology | 27.19 | 18.39 |
| Consumer Discretionary | 21.66 | 20.89 |
| Communication Services | 20.72 | 13.24 |
| Financials | 16.39 | 17.06 |
| Consumer Staples | 4.82 | 5.87 |
| Materials | 3.47 | 6.87 |
| Energy | 2.90 | 4.93 |
| Industrials | 2.23 | 4.30 |
| Health Care | 0.81 | 4.26 |
| Real Estate | 0.00 | 2.27 |
| Utilities | 0.00 | 1.91 |
| Cash & Cash Equivalents | -0.20 | 0.00 |
Country weightings As of 31/10/2020
| Country | TEMIT | Benchmark (BM2658) |
|---|---|---|
| Hong Kong / China / Macao | 34.99 | 43.23 |
| South Korea | 19.11 | 11.90 |
| Taiwan | 14.69 | 12.67 |
| Russia | 5.77 | 2.67 |
| Brazil | 5.56 | 4.39 |
| India | 5.27 | 8.15 |
| South Africa | 3.63 | 3.48 |
| United Kingdom | 2.62 | 0.00 |
| United States | 2.11 | 0.00 |
| Thailand | 1.57 | 1.69 |
| Rest of the world | 5.01 | 11.81 |
| Cash & Cash Equivalents | -0.20 | 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: 0.1% as at 31/10/2020
Market capitalisation As at 31 October 2020
| <2.0 Billion | |
|---|---|
| 2.0-5.0 Billion | |
| 5.0-10.0 Billion | |
| 10.0-25.0 Billion | |
| 25.0-50.0 Billion | |
| >50.0 Billion |
Portfolio Characteristics As at 31 October 2020
| Number of Holdings | |
|---|---|
| Dividend Yield (i) [further-information] | |
| Price to Earnings (i) [further-information] | |
| Price to Cashflow (i) [further-information] | |
| Price to Book (i) [further-information] | |
| Weighted Average Market Capitalisation (i) |
Further Information
Values are shown as a percentage of total including cash. Totals may not equal 100% due to rounding and/or gearing. References to particular industries, sectors or companies are for general information and are not necessarily indicative of a portfolio’s holding at any one time. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
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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|---|---|---|---|---|---|
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| NAV | {{performance.tables.discreteAnnual.nav.[0]}}% | {{performance.tables.discreteAnnual.nav.[1]}}% | {{performance.tables.discreteAnnual.nav.[2]}}% | {{performance.tables.discreteAnnual.nav.[3]}}% | {{performance.tables.discreteAnnual.nav.[4]}}% |
| {{overview.quickFacts.benchmark}} | {{performance.tables.discreteAnnual.benchmark.[0]}}% | {{performance.tables.discreteAnnual.benchmark.[1]}}% | {{performance.tables.discreteAnnual.benchmark.[2]}}% | {{performance.tables.discreteAnnual.benchmark.[3]}}% | {{performance.tables.discreteAnnual.benchmark.[4]}}% |
Cumulative performance as at {{performance.tables.cumulative.asof}}
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|---|---|---|
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| NAV | {{performance.tables.cumulative.nav.[0]}}% | {{performance.tables.cumulative.nav.[1]}}% | {{performance.tables.cumulative.nav.[2]}}% | {{performance.tables.cumulative.nav.[3]}}% | {{performance.tables.cumulative.nav.[4]}}% | {{performance.tables.cumulative.nav.[5]}}% | {{performance.tables.cumulative.nav.[6]}}% |
| {{overview.quickFacts.benchmark}} | {{performance.tables.cumulative.benchmark.[0]}}% | {{performance.tables.cumulative.benchmark.[1]}}% | {{performance.tables.cumulative.benchmark.[2]}}% | {{performance.tables.cumulative.benchmark.[3]}}% | {{performance.tables.cumulative.benchmark.[4]}}% | {{performance.tables.cumulative.benchmark.[5]}}% | {{performance.tables.cumulative.benchmark.[6]}}% |
QUARTERLY COMMENTARY(AS OF 31 OCTOBER 2020)
Overview
Emerging market (EM) equities finished a volatile month higher, while developed market stocks declined. Recovering economic momentum in emerging Asia cushioned EMs’ performance against renewed recession fears in Europe as mounting COVID-19 infections pushed several countries back into lockdowns. Rising coronavirus cases in the United States, plus uncertainty around additional fiscal stimulus and the presidential election, also drove market caution. The MSCI Emerging Markets Index gained 2.1%, while the MSCI World Index fell by 3.1%, both in sterling terms. Emerging Asian equities defied market declines globally to deliver gains. Stocks in China rose as its economic pick-up gained pace. Taiwan’s market advanced with technology related stocks proving to be resilient. Latin American equities fell. Brazil’s market pulled back in sterling terms, with the Brazilian real’s weakness widening a dip in local-currency terms. Conversely, Mexican equities rose in sterling terms as the Mexican peso’s appreciation erased local-currency losses. Emerging European markets pulled back as a fresh wave of COVID-19 infections in Europe brought on tighter mobility restrictions. A faltering outlook for economic momentum and energy demand drove oil prices lower. Against this backdrop, Russian equities fell. In the Middle East and Africa region, South African stocks gained in sterling terms.
Portfolio Changes & Positioning
We added to some existing positions, including South Korea-based semiconductor and consumer electronics company Samsung Electronics. Overall, we increased investments in information technology, materials, and financials by sector. By market, we undertook purchases in South Korea, Taiwan, and the United States (represented by IMAX, a US-listed entertainment technology company with significant exposure to EMs). Repurchases of TEMIT’s own shares also occurred.
Amongst holdings that we trimmed was Unilever. As a whole, we reduced positions in consumer staples and communication services at the sector level, and in Russia, China, and the United Kingdom (Unilever) at the market level.
Performance Attribution
Key stock detractors from TEMIT’s performance relative to the benchmark MSCI Emerging Markets Index included Russian internet company Yandex, car maker Brilliance China Automotive, and Unilever.
Analysing by sector, consumer discretionary, communication services, and consumer staples capped relative returns, all due to stock selection. In market terms, stock selection in China, an overweight in Russia, and an off-benchmark position in the United Kingdom (Unilever) detracted from relative returns.
By sector, stock selection in financials, an underweight in energy, and a lack of exposure to real estate supported relative performance. At the market level, stock selection in both South Africa and India boosted relative returns, as did a lack of exposure to Saudi Arabia.
Outlook
We have seen increased differentiation within EMs amidst rapid changes brought about by various economic, social, and exogenous shocks such as the pandemic. EM equities have as a whole been resilient, although this masks wide divergences across countries and sectors. As a region, emerging Asia has outperformed. By industry, the narrow leadership of internet, technology, consumer and other “new economy” companies thriving amidst COVID-19 has been apparent.
Central to our approach is our philosophy of seeking companies that demonstrate sustainable earnings power, trading at discounts to our assessment of their intrinsic worth.
In our view, innovation and technology have been the driving forces behind EMs’ recovery amidst the COVID-19 fallout.
While developments from the US presidential election—and their potential impact on US-China relations—could spur market volatility, our focus remains on individual companies that could fare well over the longer run.
QUARTERLY PERFORMANCE ATTRIBUTION
Largest Contributors to Performance [further-information] (3 months to 30.09.2020)
| Securities - Largest Contributors | Sector | Country | Total Effect (%) |
|---|---|---|---|
| Taiwan Semiconductor manufacturing co ltd | Information Technology | Taiwan | 1.32 |
| Alibaba Group holding ltd | Consumer Discretionary | China | 0.53 |
| Yandex NV | Communication Services | Russia | 0.44 |
| Samsung Life Insurance co ltd | Consumer Discretionary | South Korea | 0.34 |
| Cognizant Technology Solutions Corp | Information Technology | United Sates | 0.16 |
Largest Detractors to Performance [further-information] (3 months to 30.09.2020)
| Securities - Largest Detractors | Sector | Country | Total Effect (%) |
|---|---|---|---|
| Lukoil Pjsc | Energy | Russia | -0.44 |
| Itau Unibanco Holding s/a | Financials | Brazil | -0.31 |
| Naspers Ltd | Consumer Discretionary | South Africa | -0.23 |
| Banco Bradesco SA | Financials | Brazil | -0.21 |
| Banco Santander Mexico SA IN | Financials | Mexico | -0.20 |
Largest Contributors to Performance [further-information] (3 months to 30.09.2020)
Sector | Total Effect (%) |
|---|---|
| Information Technology | 1.46 |
| Communication Services | 1.08 |
| Financials | 0.45 |
| Utilities | 0.30 |
| Health Care | 0.28 |
| Industrials | 0.24 |
| Consumer Staples | 0.23 |
| Real Estate | 0.21 |
| Materials | -0.01 |
| Cash & Other Net Assets | -0.04 |
| Energy | -0.38 |
| Consumer Discretionary | -1.51 |
Country - Largest Contributors | Total Effect (%) |
|---|---|
| Taiwan | 1.61 |
| South Korea | 0.46 |
| China | 0.28 |
| United States | 0.17 |
| Russia | 0.17 |
Country - Largest Detractors | Total Effect (%) |
|---|---|
| Brazil | -0.55 |
| India | -0.39 |
| South Africa | -0.11 |
| Mexico | -0.06 |
| Cambodia | -0.04 |
Risks
Risk Statistics (As of 30.09.2020)
| 1 year | 3 years | |
|---|---|---|
| Alpha [further-information] | 3.21 | 1.74 |
| Beta [further-information] | 1.17 | 1.13 |
| Annualised Downside |
3.55 | 2.70 |
| Information Ratio |
0.74 | 0.49 |
| R2 [further-information] | 96.35 | 94.55 |
| Sharpe Ratio [further-information] | 0.42 | 0.34 |
| Annualised Tracking |
5.24 | 4.29 |
| Annualised |
21.89 | 16.53 |
| Positive Months [further-information] | 8 | 20 |
| Negative Months [further-information] | 4 | 16 |
Further Information
Source: Franklin Templeton Investments. Performance details are in sterling, include reinvested dividends net of basic rate UK tax and are net of management fees. Sales charges and other commissions, other taxes and relevant costs to be paid by an investor are not included in the calculations. Performance figures are not based on audited financial statements and, unless indicated otherwise, assume reinvestment of interest and dividends. References to indices are made for comparative purposes only and are provided to represent the investment environment existing during the time periods shown. An index is unmanaged and one cannot invest directly in an index. The performance of the index does not include the deduction of expenses and does not represent the performance of any Franklin Templeton fund.
Data from third party sources may have been used in its preparation and Franklin Templeton Investments has not independently verified, validated or audited such data.
Attribution-related data provided by FactSet as at 30/09/2020. Relative attribution refers to the MSCI Emerging Markets Index in sterling terms.
Pricing data provided by Financial Express Limited.
© 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Pricing overview As of {{pricing.asOfDate}}
Prices shown are the closing price on the date shown and will vary throughout the day. Please check with your broker/financial adviser for details of all charges and the current price.
Past performance is not an indicator of future performance. The value of investments may go down as well as up and you could get back less than invested. Source: Financial Express.
TEMIT Dividends (Paid or Declared)
| Ex dividend date | Pay date | Dividend per share |
|---|---|---|
| - | - | - |
Dividends are not guaranteed. From 1 April 2017, 70% of the annual Alternative Investment Fund Manager (AIFM) fee and 70% of the costs of borrowing will be allocated to the capital account. While this will boost TEMIT’s revenue it will reduce capital returns.
This website is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of the Templeton Emerging Markets Investment Trust (TEMIT). Nothing in this website should be construed as investment advice. Opinions expressed are the author's at publication date and they are subject to change without prior notice. Subscriptions to TEMIT can only be made on the basis of the latest available audited TEMIT annual report and TEMIT half-yearly report if published thereafter.
The value of shares in TEMIT and income received from it can go down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator or a guarantee of future performance. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations. An investment in TEMIT entails risks which are described in the TEMIT annual report. In emerging markets, the risks can be greater than in developed markets. Investments in derivative instruments entail specific risks more fully described in the TEMIT annual report.
US Persons are not eligible to invest in TEMIT. Shares of the TEMIT are available for sale and distribution in the UK. Any research and analysis contained in this website has been procured by Franklin Templeton Investments for its own purposes and is provided to you only incidentally. References to particular industries, sectors or companies are for general information and are not necessarily indicative of TEMIT's holding at any one time.
References to indices are made for comparative purposes only and are provided to represent the investment environment existing during the time periods shown. An index is unmanaged and one cannot invest directly in an index. The performance of the index does not include the deduction of expenses and does not represent the performance of any Franklin Templeton fund.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
There is no guarantee that TEMIT will achieve its objective. Please consult your financial adviser before deciding to invest. You can download a copy of the latest TEMIT annual report and TEMIT half-yearly report, or request one, free of charge, from Franklin Templeton Investment Management Limited, Cannon Place, 78 Cannon Street, London EC4N 6HL. Authorised and regulated by the Financial Conduct Authority. Telephone: 0800 305 306, Email: enquiries@franklintempleton.co.uk.
Chetan Sehgal,
Singapore (Lead Portfolio Manager)
Andrew Ness,
Edinburgh (Portfolio Manager)