Templeton Emerging Markets Investment Trust review
London, UK, 7 August 2023
Edison issues review on Templeton Emerging Markets Investment Trust (TEM)
Templeton Emerging Markets Investment Trust (TEMIT) benefits from the extensive experience of co-managers Chetan Sehgal (lead manager) and Andrew Ness. The trust's performance has turned a corner as its results tend to be better during periods when share prices are driven by company fundamentals, which are the driver of long-term equity returns, rather than macroeconomic factors. Emerging markets offer a broad range of investment opportunities and are home to a growing number of world-class, leading businesses. While all portfolio stocks are selected on a bottom-up basis, TEMIT's high-conviction portfolio is widely diversified by geography, sector and market cap. Its balanced structure means the fund has potential to outperform in both up and down markets.
The trust is the largest fund in the AIC Global Emerging Markets sector by a wide margin and its shares are liquid. TEMIT's 12.8% discount is wider than its historical average of c 11.5% over the last decade, providing scope for a higher valuation if investor risk aversion moderates or if the trust's relative performance continues to improve versus its benchmark and its peers.
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