Publication of Circular and Notice of GM
Summary by AI BETAClose X
Templeton Emerging Markets Investment Trust PLC (the "Company")
Legal Entity Identifier: 5493002NMTB70RZBXO96
10 November 2026
Recommended Proposal to amend the Company’s Investment Policy and
Notice of General Meeting
The Company announces that it has today published a circular (the ‘Circular’) to shareholders (the ‘Shareholders’) setting out a proposal to amend the Company’s existing Investment Policy (the ‘Proposal’) and convening a general meeting (the ‘General Meeting’) of the Company.
The Proposal
The Company’s current Investment Policy limits investment in any single company to 12% of the Company’s total assets, measured at the time of investment. A holding may subsequently rise above that limit without requiring a sale. However, the Investment Managers cannot make a further purchase if it would leave the holding above the permitted limit.
In common with a number of companies critical to the deployment of Artificial Intelligence, the share price of Taiwan Semiconductor Manufacturing Company (‘TSMC’) has performed extremely strongly. In the Benchmark TSMC now has a weighting of 15.6% as at 30 September 2026. This compares to a Benchmark weight of 6.8% in June 2023. The Company has been overweight in TSMC throughout that period and the Investment Managers view it as a major contributor to the absolute and relative performance of the Company. At 30 September 2026 the Company had 18.2% of its assets in TSMC.
At this level of weighting it is the Board’s view that the Investment Managers are constrained by the current Investment Policy. Under the current Investment Policy, the Investment Managers cannot sell part of the holding in TSMC and then, if they wish, increase the investment again if the holding remains above 12% of total assets. Therefore, subject to Shareholder approval of the new Investment Policy, the Board believes that it is appropriate to amend the maximum permitted exposure to each investee company to the higher of 12% of total assets or the investee company’s weighting in the Benchmark plus 4 percentage points, (subject to an absolute limit of 25 per cent. of the Company's total assets), measured at the time of investment. For example, under the proposed Investment Policy, the maximum permitted exposure to TSMC assuming an investment date of 30 September 2026 would be 19.6% of total assets, based on TSMC’s Benchmark weighting of 15.6% on the same date.
In proposing this change, the Board is not advocating the concentration of the portfolio in TSMC or any other company which might have a high Benchmark weighting. The proposed new Investment Policy would give the Investment Managers greater flexibility to adjust significant holdings as valuations and investment opportunities change. The Company’s objective to manage the portfolio in a way which aims to spread investment risk is not changing and the Company and the Investment Managers intend to continue to invest and manage all assets in a way which is consistent with this objective. The full text of the changes to the Investment Policy is set out in Part 2 of the Circular.
Shareholders should, however, be aware that under the new Investment Policy the Company would be able to hold a larger proportion of its total assets in a single investee company than it currently can. Further details of the risks associated with the Proposal are set out in Part 3 of the Circular, which Shareholders are encouraged to read before deciding how to vote.
Under UK Listing Rule 11.4.14, a material change to a closed-ended investment fund’s published investment policy requires prior FCA approval and Shareholder approval by ordinary resolution. The proposed revisions to the Investment Policy have already been approved by the FCA and approval of the new Investment Policy is to be sought from Shareholders at the General Meeting, the Notice of which is set out in Part 5 of the Circular. Should the new Investment Policy be adopted, any future material changes to the new Investment Policy will similarly require the prior approval of both the FCA and Shareholders.
Consequences of the resolution not being passed
If the Resolution is not passed, the Company’s existing Investment Policy will continue to apply.
General Meeting
The Board considers that the Proposal, which is conditional on Shareholders’ approval at the General Meeting, is in the best interests of the Company and its Shareholders as a whole. Shareholders should read the whole of the Circular and, in particular, the letter from the Chairman, which contains the unanimous recommendation from the Board that Shareholders vote in favour of the Resolution to be proposed at the General Meeting.
The General Meeting has been convened for 11.15am on 1 December 2026 at the offices of CMS Cameron McKenna Nabarro Olswang LLP at Cannon Place, 78 Cannon Street, London EC4N 6AF. Notice of the General Meeting is set out in Part 5 of the Circular.
A copy of the Circular will be made available for inspection on the Company’s website (www.temit.co.uk) and on the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism).
Capitalised terms used in this announcement shall, unless the circumstances require otherwise, have the same meanings given to them in the Circular.
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Expected timetable |
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Publication of the Circular |
Tuesday 10 November 2026
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Latest time and date of receipt of forms of proxy or electronic proxy appointments (NZ) for the Notice of General Meeting |
5pm on Thursday 26 November 2026, New Zealand time
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Latest time and date of receipt of forms of proxy, CREST Proxy instructions or electronic proxy appointments (UK) for the Notice of General Meeting
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11.15am on Friday 27 November 2026 |
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Record date for entitlement to vote at the General Meeting
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6.30pm on Friday 27 November 2026
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General Meeting
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11.15 am on Tuesday 1 December 2026
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Amended Investment Policy becomes effective (subject to the passing of the Resolution)
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Tuesday 1 December 2026 |
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Publication of the results of the General Meeting |
As soon as practicable after the conclusion of the General Meeting |
For further information please email temitcosec@franklintempleton.com
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South Africa.
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