London, UK, 27 June 2022
Edison issues review on Templeton Emerging Markets Investment Trust (TEM)
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.
TEMIT's shares are trading at a 12.9% discount to cum income NAV, which is wider than the 10.6% to 11.1% range of average discounts over the last one, three, five and 10 years. This may be due to the trust's relative underperformance since Q221; hence any improvement in TEMIT's results could result in a narrower discount.
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