London, UK, 6 August 2021
Edison issues review on Templeton Emerging Markets Investment Trust (TEM)
Templeton Emerging Markets Investment Trust (TEMIT) is managed by Chetan Sehgal (lead manager, based in Singapore) and Andrew Ness (based in Edinburgh). They have a broader remit as up to 10% of the portfolio may now be held in unlisted companies, while the limit on a single holding has been raised from 10% to 12%. The managers are able to draw on the considerable resources of a global team of more than 80 investment professionals operating out of 14 countries; this enables them to seek out interesting opportunities that other investors may not have access to. TEMIT has a strong performance record - its NAV and share price total returns are meaningfully ahead of those of the MSCI Emerging Markets Index over the past three and five years. Sehgal and Ness remain positive on the outlook for emerging market equities based on earnings growth that has exceeded consensus expectations and relatively attractive valuations.
Following the July 2021 5:1 share split, TEMIT now has more than one billion ordinary shares in issue. They are currently trading at a 8.0% discount to cum-income NAV, which is narrower than the 9.5% to 11.5% range of average discounts over the past one, three, five and 10 years. The trust pays semi-annual dividends and offers a dividend yield of 2.0%, which does not include an FY21 special dividend paid as a result of a favourable tax ruling.
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