Templeton Emerging Markets Investment Trust

LN: TEM

Market Cap£1,734m

Last Close 147.4p

Launched in June 1989, TEMIT was one of the first emerging markets funds in the UK. The trust seeks long-term capital appreciation through investment in companies operating in emerging markets, or listed on the stock markets of such countries. This may include companies that have a significant amount of their revenues in emerging markets, but which are listed on stock exchanges in developed countries. Performance is benchmarked against the MSCI Emerging Markets Index.

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Investment summary

Templeton Emerging Markets Investment Trust (TEMIT) is a very large and well-established fund run by experienced managers, Chetan Sehgal (lead manager) and Andrew Ness. Despite a tough period of performance since Q221 due to macroeconomic developments, the managers are sticking to their long-term strategy of investing in companies with sustainable earnings power that are trading at a discount to their estimated intrinsic values. Sehgal and Ness remain positive on the prospects for emerging markets, which are home to a range of ‘best-in-breed’ companies including semiconductor manufacturers and low-cost commodity producers. The managers are further diversifying the portfolio in response to the new realities of rising interest rates, China’s zero-COVID policy, the war in Ukraine and climate change.