London, UK, 4 July 2019

Edison reviews Templeton Emerging Markets Inv. Trust (TEM)

Templeton Emerging Markets Investment Trust (TEMIT) is managed by Chetan Sehgal (based in Singapore) and Andrew Ness (based in Edinburgh). They draw on the broad resources of the Franklin Templeton Emerging Markets Equity (FTEME) investment team, seeking quality companies trading at a discount to their intrinsic value that can be held for the long term. Despite increased stock market volatility in recent quarters, the managers have built on TEMIT's solid long-term track record; it has outperformed its MSCI Emerging Markets index benchmark over the last one, three and 10 years, and is broadly in line over the last five years.

TEMIT's discount has been in a narrowing trend since early-June 2018; its current 9.5% share price discount to cum-income NAV compares with the 9.9% to 12.2% range of average discounts over the last one, three, five and 10 years. Historically, the trust made a single July distribution, but now also pays an interim dividend in January (current annual yield of 2.0%). Gearing of up to 10% of NAV is permitted; at end-May 2019, it was 1.8%.

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