Quarterly Portfolio Insight R
A full pdf version of this report is attached to this announcement.
Templeton Emerging Markets Investment Trust PLC
Quarterly Portfolio Insight
Three months to 31 March 2010
Summary of investment objective
The Company seeks long-term capital appreciation through investment in companies operating in emerging markets or whose stocks are listed on the stock markets of such countries.
Company characteristics (31/03/10)
Fund launch date 12/06/1989
Benchmark MSCI Emerging Markets Index (in £)
Lead manager Mark Mobius
Total Net Assets £2.05b
Market Capitalisation £1.90b
Gearing 100.0%
TER 1.28%
Pricing information (31/03/10)
NAV (Cum-Income) 621.1p
Share price 577.0p
Discount to NAV (Cum-Income) 7.1%
Current Yield (net) 1.0%
Pricing information (Cum-income-12 months to 31/03/10)
Highest NAV 633.5p
Lowest NAV 322.5p
Highest share price 582.5p
Lowest share price 293.5p
For the most up-to-date information, please visit www.temit.co.uk.
Market Overview (All figures are based in sterling)
· Stock markets fell at the start of the quarter as concerns about the withdrawal of stimulus measures, overheating worries in China and fiscal imbalances in Greece provided investors with an excuse to lock in gains resulting from the strong performances in 2009. February saw most markets trading in a narrow range as investors waited for clarification on these variables, although in sterling terms, the MSCI Emerging Markets Index was up 5.7% due to currency movements. In March, equity prices recuperated losses for the quarter as comments from the US and China signalling the continuation of stimulus measures, as well as expansionary policies and successful bond sales in Greece, coupled with signs of robust economic activity in most emerging markets and low interest rates led to a return in investor confidence. As a result, the MSCI Emerging Markets Index ended the quarter with a 9.1% return in sterling terms.
· It's noteworthy that emerging market equity prices have more than doubled from their previous low in early March 2009. The surge in prices was spearheaded by the rapid increase in liquidity resulting from expansionary monetary policies and huge stimulus packages implemented by governments and central banks globally to pull economies out of recession and return to sustainable growth. Higher commodity prices and stronger emerging market currencies also supported markets. Over the longer-term, we expect this upward trend to continue, albeit with some corrections along the way.
Investment Outlook
Emerging markets have rallied over the past year and some investors might be tempted to take profits, which could lead to short-term market corrections. However, we expect these kinds of corrections in emerging markets and rather than focusing on when a correction might happen, we focus on buying and adding to investments that, in our view, have dropped to compelling valuations as a result. Overall, we continue to remain positive on the long-term outlook for emerging markets. Our optimism remains founded on: (1) growing investor confidence in equities, generally and emerging markets specifically, (2) strong fund inflows into emerging markets, (3) the search for higher returns in the face of low bank interest rates, (4) relatively higher GDP growth in emerging markets, (5) the accumulation of foreign exchange reserves, which puts emerging economies in a much stronger position to weather external shocks, (6) the relatively lower debt levels of emerging market countries, and (7) the high level of money supply growth globally. We believe all these factors make emerging markets attractive to investors over the world.
Performance
· For the three months to 31 March 2010, TEMIT's share price rose 10.1% compared to the MSCI Emerging Markets Index, which rose 9.1%1. Please note that past performance is not a guide to future performance.
Cumulative Performance1
31 March 2010
Past performance is not a guide to future performance.
|
|
3 Months |
6 Months |
Year To Date |
1 Year |
3 Years |
5 Years |
Since Launch |
|
TEMIT (NAV) |
11.4% |
25.1% |
11.4% |
100.8% |
83.5% |
218.0% |
2,181.0%* |
|
TEMIT (Share Price) |
10.1% |
24.9% |
10.1% |
100.4% |
88.8% |
249.4% |
1,947.0** |
|
MSCI Emerging Mkts Index |
9.1% |
17.3% |
9.1% |
71.6% |
51.6% |
161.7% |
941.4%** |
*NAV price is calculated from 31/07/89 (the first available date). **Share price and index are calculated from 12/06/89 (TEMIT's launch date).
Discrete Annual Performance1
To end of December each year
Past performance is not a guide to future performance.
|
|
31/03/09 to 31/03/10 |
31/03/08 to 31/03/09 |
30/03/07 to 31/03/08 |
31/03/06 to 30/03/07 |
31/03/05 to 31/03/06 |
|
TEMIT (NAV) |
100.8% |
-28.5% |
27.8% |
4.6% |
65.6% |
|
TEMIT (Share Price) |
100.4% |
-25.5% |
26.5% |
7.3% |
72.4% |
|
MSCI Emerging Mkts Index |
71.6% |
-26.4% |
20.1% |
7.0% |
61.2% |
Geographic Information
Geographic Allocation2
31 March 2010
|
|
TEMIT |
|
Emerging Markets |
98.7% |
|
Frontier Markets |
1.3% |
|
Developed Markets |
0.0% |
Regional Weightings vs. Benchmark (%)2
31 March 2010
|
|
TEMIT |
MSCI Emerging Markets Index |
|
Asia |
55.9% |
55.5% |
|
L. America/Caribbean |
23.6% |
23.2% |
|
Europe |
17.0% |
10.4% |
|
Mid-East/Africa |
2.8% |
10.7% |
10 Largest Country Weightings vs. Benchmark (%)2
31 March 2010
|
|
TEMIT |
MSCI Emerging Markets Index |
|
Brazil |
21.6% |
16.3% |
|
Hong Kong / China |
19.2% |
17.5% |
|
India |
14.4% |
7.7% |
|
Thailand |
8.9% |
1.5% |
|
Turkey |
6.8% |
1.5% |
|
Indonesia |
6.6% |
2.0% |
|
Russia |
6.1% |
6.6% |
|
South Korea |
5.3% |
12.8% |
|
South Africa |
2.8% |
7.0% |
|
Mexico |
2.0% |
4.5% |
Largest contributors and detractors to performance3
1 January 2010 - 31 March 2010
Past performance is not a guide to future performance.
|
Top Country Contributors |
Top Country Detractors |
||
|
Country |
Contribution |
Country |
Contribution |
|
India |
2.4% |
China |
-0.1% |
|
Indonesia |
1.7% |
Austria |
-0.1% |
|
Thailand |
1.6% |
|
|
|
Brazil |
1.6% |
|
|
|
Hong Kong |
1.3% |
|
|
Sector Information
Sector Weightings vs. Benchmark (%)2
31 March 2010
|
|
TEMIT |
MSCI Emerging Markets Index |
|
Financials |
25.9% |
24.7% |
|
Materials |
23.2% |
15.2% |
|
Energy |
19.0% |
14.3% |
|
Consumer Discretionary |
12.2% |
5.9% |
|
Utilities |
5.8% |
3.5% |
|
Information Technology |
4.2% |
13.0% |
|
Industrials |
3.5% |
6.8% |
|
Telecommunication Services |
2.9% |
8.5% |
|
Consumer Staples |
2.6% |
5.6% |
|
Healthcare |
0.0% |
2.5% |
Sector Overweights/Underweights vs. Benchmark (%)2
31 March 2010
|
|
Overweight/Underweight Benchmark |
|
Materials |
8.0% |
|
Consumer Discretionary |
6.3% |
|
Energy |
4.7% |
|
Utilities |
2.3% |
|
Financials |
1.2% |
|
Healthcare |
-2.5% |
|
Consumer Staples |
-3.0% |
|
Industrials |
-3.3% |
|
Telecommunication Services |
-5.6% |
|
Information Technology |
-8.8% |
Largest contributors and detractors to performance3
1 January 2010 - 31 March 2010
Past performance is not a guide to future performance.
|
Top Sector Contributors |
Top Sector Detractors |
||
|
Sector |
Contribution |
Sector |
Contribution |
|
Materials |
3.9% |
All sectors made a positive contribution this quarter |
|
|
Financials |
2.6% |
||
|
Energy |
1.6% |
||
|
Information Technology |
1.2% |
||
|
Consumer Staples |
1.0% |
||
TEMIT Holdings
10 Largest Equity Issuers4
31 March 2010
|
Security |
Sector |
Country |
% of total assets |
|
Sesa Goa Ltd. |
Materials |
India |
6.9% |
|
Vale SA, ADR, pfd. A |
Materials |
Brazil |
6.6% |
|
Itau Unibanco Banco Multiplo SA, ADR |
Financials |
Brazil |
6.1% |
|
Banco Bradesco SA, ADR, pfd |
Financials |
Brazil |
4.7% |
|
Akbank TAS |
Financials |
Turkey |
4.6% |
|
Petroleo Brasileiro SA, ADR, pfd. |
Energy |
Brazil |
4.3% |
|
Tata Consultancy Services Ltd |
Information Technology |
India |
3.4% |
|
PetroChina Co. Ltd. |
Energy |
China |
2.9% |
|
VTech Holdings Ltd. |
Telecommunication Services |
Hong Kong |
2.9% |
|
SK Energy Co. Ltd |
Energy |
South Korea |
2.8% |
|
TOTAL |
|
|
45.2% |
Portfolio Turnover Rate5
12 months to 31 March 2010
|
Portfolio Turnover Rate (annualised) |
7.75% |
Market Capitalisation Breakdown5
As at 31 March 2010
|
|
Less than £1.5bn |
£1.5bn to £5bn |
Greater than £5bn |
Cash |
|
Market Capitalisation |
10.1% |
16.0% |
73.3% |
0.7% |
Largest Contributors and Detractors to Performance
Top Security Contributors4
1 January 2010 - 31 March 2010
Past performance is not a guide to future performance.
|
Security |
Sector |
Country |
Contribution |
|
Sesa Goa Ltd. |
Materials |
India |
1.7% |
|
Vale SA, ADR, pfd |
Materials |
Brazil |
1.2% |
|
Astra International |
Consumer Discretionary |
Indonesia |
0.8% |
|
VTech Holdings Ltd. |
Telecommunication Services |
Hong Kong |
0.6% |
|
Tata Consultancy Services Ltd |
Information Technology |
India |
0.5% |
Top Security Detractors4
1 January 2010 - 31 March 2010
Past performance is not a guide to future performance.
|
Security |
Sector |
Country |
Contribution |
|
Denway Motors Ltd. |
Consumer Discretionary |
China |
-0.4% |
|
TMK |
Energy |
Russia |
-0.3% |
|
Hyundai Development Co. |
Industrials |
South Korea |
-0.1% |
|
OMV AG |
Energy |
Austria |
-0.1% |
|
Aluminum Corp. of China Ltd |
Materials |
China |
-0.1% |
Significant purchases4
1 January 2010 - 31 March 2010
There were no transactions undertaken during the first quarter of 2010.
Statistics
Fundamental Porfolio Characteristics6
31 March 2010
Past performance is not a guide to future performance.
|
|
Price to Earnings |
Price to |
Price to |
Dividend |
Market Cap |
|
TEMIT (Weighted Average) |
16.6x |
2.3x |
9.2x |
2.0% |
£19,183* |
|
MSCI Emerging Markets Index (Weighted Average) |
20.6x |
2.1x |
10.9x |
2.0% |
£24,595 |
*Market Cap figure for the portfolio covers 90.5% of holdings.
Risk Statistics7
31 March 2010
Past performance is not a guide to future performance.
|
|
1 Year |
3 years (annualised) |
|
Annualised Alpha |
1.3 |
0.6 |
|
Beta |
1.0 |
1.1 |
|
Annualised Downside Risk |
8.3 |
11.5 |
|
Information Ratio (Relative) |
0.6 |
0.2 |
|
R2 |
0.9 |
0.9 |
|
Sharpe Ratio |
0.9 |
0.2 |
|
Annualised Tracking Error |
7.5 |
8.7 |
|
Annualised Volatility |
22.5 |
33.2 |
|
Maximum Gain |
100.4 |
149.3 |
|
Maximum Loss |
-7.4 |
-50.5 |
|
Negative Months |
2 |
13 |
|
Positive Months |
10 |
23 |
Investment Style
· The Investment Manager and his team use in-depth company research to find securities in any emerging market country or industry sector, regardless of company size, that they believe are undervalued by the market, but have the potential to increase in value over time.
· Templeton Emerging Markets Investment Trust PLC (TEMIT) is actively managed, aiming to invest in those securities that the Investment Manager believes have the best potential to grow in value over a five year period. Although performance is measured against the MSCI Emerging Markets Index for reporting purposes, there is no requirement for the Investment Manager to invest in the same companies or in the same amount as the index. TEMIT's performance or portfolio positioning may therefore be very different to the index.
· TEMIT invests in emerging markets; these markets can experience significant and sudden changes in price and can carry a higher degree of risk than developed markets. An investment in TEMIT should be considered as long-term.
Investment Manager and Team
Mark Mobius, Ph.D., Executive Chairman of Templeton Asset Management Ltd is the Head of the Templeton Emerging Markets Team.
The Templeton Emerging Markets Team is one of the pioneers of emerging market investment. Established in 1987, the Team has over 20 years of experience and now manages £24.1 billion in emerging markets assets for retail, institutional and professional investors across the globe (as at 31/03/10)
The Templeton Emerging Markets Team is one of the largest of its kind and has a presence in 15 offices around the world.
The Team includes 40 dedicated emerging markets portfolio managers, analysts and product specialists; senior members of the Team include Allan Lam, Tom Wu, Dennis Lim, Carlos Hardenberg, Gregorz Konieczny and Gustavo Stenzel. Together, they speak 22 different languages and dialects. On average, each of the Team's investment professionals has almost 12 years of relevant industry experience, and has been with the company for 9 years (all information as at 31/03/10).
Investor Suitability
TEMIT may be appropriate for investors who want to invest in emerging markets and are willing to take some risk for the potential of strong capital growth over the long term.
Emerging market companies can be more volatile than developed markets and an investment in TEMIT could occasionally change in value significantly over the short-term. Shareholders in TEMIT should therefore consider it as a long-term financial commitment.
Please refer to the latest annual report for more details of the risks associated with an investment in TEMIT.
Glossary of Terms
Alpha - Alpha measures the difference between a portfolio's actual returns and its expected performance, given its level of risk (as measured by beta). A positive alpha means that the portfolio has over performed, a negative alpha means the portfolio has under performed; for example, an alpha of 1.0 means the portfolio outperformed the market 1.0%.
Beta - Beta is a measure of a portfolio's sensitivity to market movements. It measures the relationship between a portfolio's excess return over an investment in a risk-free investment such as cash (we have used a return of 3.5%) and the excess return of the benchmark index. For TEMIT, this is the Investment Trusts Global Emerging Markets Universe. By definition, the beta of the benchmark (in this case, an index) is 1.00. Accordingly, a portfolio with a 1.10 beta has performed 10% better (after deducting the cash rate) than the index in up markets and 10% worse in down markets, assuming all other factors remain constant. A portfolio with a high beta will tend to move more than the benchmark, a portfolio with a low beta will tend to move less.
Contributor - The amount an individual stock, country or sector has added to the performance of the entire portfolio for a given period.
Cumulative Performance - The percentage increase or decrease of a portfolio's share price or NAV over a given time period, with net income (dividends) reinvested. The fund's performance is usually benchmarked against either a relevant index or sector.
Detractor - The amount an individual stock, country or sector has subtracted from the performance of the entire portfolio for a given period.
Discrete Annual Performance - The percentage increase or decrease of a portfolio's share price or NAV over a complete 12 month period, with net income (dividends) reinvested. The fund's performance is usually benchmarked against either a relevant index or sector.
Dividend Yield - The yield a company pays out to its shareholders in the form of dividends. It is calculated by the dividends paid per share over a year divided by the stock's price. For a vehicle like TEMIT, which invests in a number of companies, this figure represents the weighted average annual dividend paid by all of the companies in which it invests. Because of share types, fees and other considerations, the dividend yield quoted here should not be used as an indication of the income to be received from this portfolio.
Downside Risk - Downside risk is a measurement which only considers negative returns. It is calculated as a downside deviation of returns below the Risk Free Rate (this is the amount a manager could expect to receive by investing in a "risk free" asset, such as with a cash deposit).
Gearing - Gearing (sometimes described as leverage)- a term used to describe the process of borrowing money for investment purposes in the expectation that the returns on the investments purchased using the borrowings exceeds the costs of those borrowings. It illustrates the effect that current prior charges may have on the value of the shareholder funds if the total assets were to rise or fall. A figure of 115 means that the shareholder funds are 15% geared and indicates the extra amount by which the shareholder funds would rise or fall if the total assets were to rise or fall. A figure of 100 means there is no gearing.
Information Ratio - This ratio divides the annualised average return for the portfolio by the Tracking Error (Relative). The higher the ratio, the better, as it reflects the extent to which a portfolio has outperformed the benchmark.
Market Capitalisation - The total market value of a company's shares. For a vehicle like TEMIT, which invests in a number of companies, this is calculated by the share price on a certain date multiplied by the number of shares in issue.
Market Cap (average) - The weighted average of all the companies in which it invests.
Maximum Gain - The best possible investment period in the period analysed. This includes temporary down periods.
Maximum Loss - The worst possible investment period in the period analysed. This includes temporary up periods.
NAV - Net Asset Value, or the total value of the portfolio at any one time, including all shares and cash, divided by the number of shares in issue.
Portfolio Turnover Rate - The frequency with which assets within a portfolio are bought and sold by the manager. Portfolio turnover is calculated by taking either the total amount of new securities purchased or the amount of securities sold - whichever is less - over a particular period, divided by the total net asset value (NAV) of the portfolio. The measurement for a 12-month time period.
Positive & Negative Periods - This shows how many positive/negative months returns that a portfolio experiences across a period.
Price to Book (P/B) - The price per share of a stock divided by its book value (i.e. net worth) per share. For a portfolio, the ratio is the weighted average price/book ratio of the stocks it holds.
Price to Cash Flow (P/CF) - Supplements price/earnings ratio as a measure of relative value; it represents a weighted average of the price/cash flow ratios for the underlying portfolio holdings.
Price to Earnings (P/E) - The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, it is the weighted average P/E ratio of the stocks in the portfolio. P/E is a good indicator of market expectations about a company's prospects; the higher the P/E, the greater the expectations for a company's future growth in earnings.
R2 - R2 or R squared, is an indication of how closely aligned the portfolio and the benchmark index are. R2 ranges between 0 and 1, with 0 indicating a lot of difference and 1 indicating a perfect match. A value of 0.7 and upwards generally suggests that a portfolio's performance is very closely linked to the performance of the benchmark index.
Share Price - The cost of a unit of ownership in a company as purchased through the stock exchange.
Sharpe Ratio - Sharpe Ratio judges whether the relationship between a portfolio's risk and its return is good or bad. The underlying assumption is that a portfolio manager could invest in a riskless asset (such as cash), therefore the return of the risk free asset is deducted from the annualised average return. This net return is then divided by the total risk (annualised volatility). The higher the ratio the better the return for investors for the risk taken.
Total Net Assets - The total value of a company's shares. For a vehicle like TEMIT, which invests in a number of companies, this is calculated by the Net Asset Value (NAV) on a certain date multiplied by the number of shares in issue.
Tracking Error (Relative) - Tracking Error (Relative) measures how much the return of the portfolio deviates from the benchmark index. The lower the tracking error of the portfolio, the more it resembles the benchmark in terms of risk and return characteristics.
Trust - A Trust, or Investment Trust, is a closed ended vehicle investing in a wide variety of underlying investments. Investment Trusts are traded in exactly the same way as any other equity on the London Stock Exchange. The price at which they are traded (share price) depends on the demand for the shares in the investment trust and is often at a variance with the value of their underlying holdings (or NAV).
Volatility - This is a statistical measure of the amount of movement in the price of a share or portfolio over a given period of time. If a portfolio's share price hardly moves over time, it is said to have a low volatility. Volatility is a simple measure of the consistency of returns.
Important Information
1. Performance is calculated NAV-NAV, GBP net of UK basic rate tax and gross of fees. Source: ©Morningstar as at 31/03/10. Past performance is not a guide to future performance. Emerging markets can carry a higher degree of risk than developed markets.
2. Source for the Company's "Geographic Information" and "Sector Information", Franklin Templeton Investments as at 31/03/10. Holdings of the same issuer have been combined. Weightings as percent of equity. Source for the benchmark's "Geographic Information" and "Sector Information", MSCI, as at 31/03/10. Geographic split between "Emerging Markets", "Frontier Markets" and "Other" are as per MSCI index classifications. The MSCI Index, the primary benchmark for this Company, is an equity index calculated by Morgan Stanley Capital International (MSCI). The index measures the total return (gross dividends are reinvested) of equity securities available to foreign (nonlocal) investors in the relevant geographic region as reflected in the name of the index or as defined by MSCI. Securities included in the index are weighted according to their Free Float adjusted market capitalisation (Price*Shares outstanding*Foreign Inclusion Factor).
3. Source for Country and Sector "Top Contributors and Detractors to Performance", FactSet Research System, Inc. as at 31/03/10. Profile data is calculated as a percentage of total. Holdings of the same issuer have been combined.
4. For the "10 Largest Equity Issuers", please note that top ten equity holdings information is historical and may not reflect current or future composite characteristics. All holdings are subject to change. Holdings of the same issuers have been combined. The information provided is not a recommendation to purchase, sell, or hold any particular security. The securities identified do not represent the Company's entire holdings and in the aggregate may represent only a small percentage of such holdings. There is no assurance that securities purchased will remain in TEMIT, or that securities sold will not be repurchased. In addition, it should not be assumed that any securities mentioned were or will prove to be profitable. Stocks mentioned in this report are not a solicitation to purchase those stocks, and are for example purposes only.
The portfolio manager for TEMIT reserves the right to withhold release of information with respect to holdings that would otherwise be included in a top 10 holdings list.
"Top Security Contributors" and "Top Security Detractors" are holdings based on the last 3 months period. These securities do not represent all the securities purchased, sold or recommended, and the reader should not assume that investment in the security listed was or will be profitable. Holdings are subject to change, holdings of the same issuer have been combined. The information provided is not a recommendation to purchase, sell or hold any particular security. Source for "Top Security Contributors" and "Top Security Detractors": FactSet Research System, Inc. three months as at 31/03/10. Profile data is calculated as a percentage of total. Holdings of the same issuer have been combined.
5. Source for "Portfolio Turnover Rate" and "Market Capitalisation Breakdown", Franklin Templeton Investments as at 31/03/10.
6. Source for "Fundamental Portfolio Characteristics", FactSet Research System, Inc. as at 31/03/10. The Price to Earnings, Price to Cash Flow and Price to Book Value calculations shown herein use harmonic means. Values less than 0.01 (i.e. negative value) are excluded and values in excess of 200x are capped at 200x. Yields above 100% are also excluded. For the benchmarks, no limits are applied to these ratios in keeping with the benchmark's calculation methodology. Market capitalisation statistics are indicated in the base currency for the portfolio presenter.
7. Source for "Risk Statistics" ©Morningstar as at 31/03/10. Total return, annualised ratios (31/03/10). Statistics calculated using a "risk free rate" at 1.0% and the Investment Trusts Global Emerging Markets universe as a benchmark
The price of shares in TEMIT and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not a guide to future performance. Currency fluctuations will affect the value of overseas investments. In emerging markets, the risks can be greater than in developed markets.
This document does not constitute or form part of an offer for shares or an invitation to apply for shares. An investment in this Company entails risks which are described in the Annual Report and Accounts. Please consult your professional adviser before deciding to invest.
Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security's issuing company. This methodology may cause small differences between portfolio's reported characteristics and the portfolio's actual characteristics. In practice, Franklin Templeton's portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. The market capitalisation figures for both the portfolio and the benchmark are at the security level, not aggregated up to the main issuer. The dividend yield quoted here should not be used as an indication of the income to be received from this portfolio.
Performance figures are not based on audited financial statements and, unless indicated otherwise, assume reinvestment of interest and dividends. When comparing the performance of TEMIT with the benchmark index, it is important to note that the securities in which TEMIT invests may be substantially different than those represented by the benchmark index. Furthermore, an investment in TEMIT represents an investment in a managed investment company in which certain charges and expenses, including management fees, are applicable. These charges and expenses are not applicable to indices. Lastly, please note that indices are unmanaged and are not available for direct investment. Certain data and other information shown have been supplied by outside sources. While we consider that information to be reliable, we give no assurance that such data and information is accurate or complete.
The indices are provided only to show the investment environment during the specific periods shown. The performance of each index does not include the deduction of expenses and does not represent the performance of any Franklin Templeton portfolio. The indices include a greater number of securities than those held in the portfolio. An index is unmanaged.
All MSCI data is provided "as is." The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited.
This report is issued in the United Kingdom by Franklin Templeton Investment Management Limited, which is authorised and regulated by the Financial Services Authority. Copies of the most recent annual and half-yearly Manager's Report are available from the website www.temit.co.uk or Franklin Templeton Investments, The Adelphi, 1-11 John Adam Street, London, WC2N 6HT.
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