Templeton Emerging Markets Investment Trust - Revision history

95.149.241.133 at 20:08, 20 August 2022

2022-08-20T20:08:48Z

← Older revision		Revision as of 21:08, 20 August 2022
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	[[Category:Thesis]]		[[Category:Thesis]]
	[[Category:Equities]]		[[Category:Equities]]

			__INDEX__

>Louis at 16:07, 22 July 2022

2022-07-22T16:07:56Z

← Older revision		Revision as of 17:07, 22 July 2022
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	== References ==		== References ==
			<references />
			[[Category:Thesis]]
			[[Category:Equities]]

>Edison at 13:50, 28 June 2022

2022-06-28T13:50:23Z

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>Edison at 13:38, 28 June 2022

2022-06-28T13:38:27Z

← Older revision		Revision as of 14:38, 28 June 2022
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			[[File:Franklin Templeton logo.jpg\|thumb\|Franklin Templeton logo]]
	'''Sticking to process – potential for higher valuation'''		'''Sticking to process – potential for higher valuation'''

>Edison: /* Discount: Wider than historical averages */

2022-06-28T13:33:13Z

Discount: Wider than historical averages

← Older revision		Revision as of 14:33, 28 June 2022
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	'''Exhibit 11: Discount over three years (%)<ref>Source: Refinitiv, Edison Investment Research.</ref>'''		'''Exhibit 11: Discount over three years (%)<ref>Source: Refinitiv, Edison Investment Research.</ref>'''

	[[File:Image9-bedc9128802294f99fa327012849dbbf.png\|600x600px]]'''Exhibit 12: Buybacks and issuance<ref>Source: Morningstar, Edison Investment Research.</ref>'''		[[File:Image9-bedc9128802294f99fa327012849dbbf.png\|600x600px]]

			'''Exhibit 12: Buybacks and issuance<ref>Source: Morningstar, Edison Investment Research.</ref>'''

	[[File:Image10-bc705375ca02bc99eb2ada6acfdf338e.png\|600x600px]]		[[File:Image10-bc705375ca02bc99eb2ada6acfdf338e.png\|600x600px]]
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	'''Exhibit 14: Major shareholders<ref>Source: Bloomberg. Note: At 31 May 2022.</ref>'''		'''Exhibit 14: Major shareholders<ref>Source: Bloomberg. Note: At 31 May 2022.</ref>'''

	[[File:Image11-2321f6c75339dc7d8427f77cdef32ca8.png\|600x600px]]'''Exhibit 15: Average daily volume<ref>Source: Refinitiv. Note 12 months to 23 June 2022.</ref>'''		[[File:Image11-2321f6c75339dc7d8427f77cdef32ca8.png\|600x600px]]

			'''Exhibit 15: Average daily volume<ref>Source: Refinitiv. Note 12 months to 23 June 2022.</ref>'''

	[[File:Image12-b1014a1503ebfacc03ae5b99e57e31b9.png\|600x600px]]		[[File:Image12-b1014a1503ebfacc03ae5b99e57e31b9.png\|600x600px]]

>Edison: /* Dividends */

2022-06-28T13:32:21Z

Dividends

← Older revision		Revision as of 14:32, 28 June 2022
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	As well as above-average growth potential in emerging markets, in aggregate, stocks listed in these areas look relatively attractively valued. Shown in Exhibit 1 (right-hand side), the Datastream Emerging Market Index is trading at an 11.4x forward P/E multiple, which is a 17.3% discount to its five-year average. It is also trading at a 15.0% discount to the Datastream World Index, albeit modestly lower than the 15.6% average discount over the last five years.		As well as above-average growth potential in emerging markets, in aggregate, stocks listed in these areas look relatively attractively valued. Shown in Exhibit 1 (right-hand side), the Datastream Emerging Market Index is trading at an 11.4x forward P/E multiple, which is a 17.3% discount to its five-year average. It is also trading at a 15.0% discount to the Datastream World Index, albeit modestly lower than the 15.6% average discount over the last five years.

	'''Exhibit 1a: Performance of indices in £ (last five years)<ref name=":0">Source: Refinitiv, Edison Investment Research, MSCI.</ref>'''[[File:Image3-d46b1630a60b808baee6684057cc021f.png\|600x600px]]'''Exhibit 1b: Valuation of Datastream Emerging Market Index (at 23 June 2022)<ref name=":0" />'''		'''Exhibit 1a: Performance of indices in £ (last five years)<ref name=":0">Source: Refinitiv, Edison Investment Research, MSCI.</ref>'''

			[[File:Image3-d46b1630a60b808baee6684057cc021f.png\|600x600px]]

			'''Exhibit 1b: Valuation of Datastream Emerging Market Index (at 23 June 2022)<ref name=":0" />'''

	[[File:Image4-bfd50e1322bd08e3e6df41ffe5c761aa.png\|600x600px]]		[[File:Image4-bfd50e1322bd08e3e6df41ffe5c761aa.png\|600x600px]]
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	'''Exhibit 6a: Price, NAV and benchmark total return performance, one-year rebased'''<ref name=":1">Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.</ref>		'''Exhibit 6a: Price, NAV and benchmark total return performance, one-year rebased'''<ref name=":1">Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.</ref>

	[[File:Image5-993cb9afacc15e915169b44e7bffff85.png\|600x600px]]'''Exhibit 6b: Price, NAV and benchmark total return performance (%)<ref name=":1" />'''[[File:Image6-cbe5c8afb342646ed670d571f3814d9e.png\|600x600px]]As shown in Exhibits 7 and 8, TEMIT has experienced a difficult period of relative performance over the last 12 months. This has negatively affected its longer-term record and its NAV has lagged the benchmark over the last one, three, five and 10 years, although its share price has been broadly in line over the last five years.		[[File:Image5-993cb9afacc15e915169b44e7bffff85.png\|600x600px]]

			'''Exhibit 6b: Price, NAV and benchmark total return performance (%)<ref name=":1" />'''[[File:Image6-cbe5c8afb342646ed670d571f3814d9e.png\|600x600px]]

			As shown in Exhibits 7 and 8, TEMIT has experienced a difficult period of relative performance over the last 12 months. This has negatively affected its longer-term record and its NAV has lagged the benchmark over the last one, three, five and 10 years, although its share price has been broadly in line over the last five years.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Exhibit 7: Share price and NAV total return performance, relative to indices (%)<ref>Source: Refinitiv, Edison Investment Research. Note: Data to end-May 2022. Geometric calculation.</ref>		\|+Exhibit 7: Share price and NAV total return performance, relative to indices (%)<ref>Source: Refinitiv, Edison Investment Research. Note: Data to end-May 2022. Geometric calculation.</ref>
	\|		!
	\|One month		!One month
	\|Three months		!Three months
	\|Six months		!Six months
	\|One year		!One year
	\|Three years		!Three years
	\|Five years		!Five years
	\|10 years		!10 years
	\|-		\|-
	\|Price relative to MSCI Emerging Markets		\|Price relative to MSCI Emerging Markets
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	10 year		10 year
	\|Discount (cum fair)		!Discount (cum fair)
	\|Ongoing charge		!Ongoing charge
	\|Perf.		!Perf.

	fee		fee
	\|Net gearing		!Net gearing
	\|Dividend yield		!Dividend yield
	\|-		\|-
	\|Templeton Emerging Mkts Inv Trust		\|Templeton Emerging Mkts Inv Trust
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	'''Exhibit 10: Dividend history since FY17'''<ref>Source: Bloomberg, Edison Investment Research.</ref>		'''Exhibit 10: Dividend history since FY17'''<ref>Source: Bloomberg, Edison Investment Research.</ref>

			[[File:Image8-c6225c01b11f828d8c87d46e2c791b91.png\|600x600px]]

	== Discount: Wider than historical averages ==		== Discount: Wider than historical averages ==
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	'''Exhibit 11: Discount over three years (%)<ref>Source: Refinitiv, Edison Investment Research.</ref>'''		'''Exhibit 11: Discount over three years (%)<ref>Source: Refinitiv, Edison Investment Research.</ref>'''

			[[File:Image9-bedc9128802294f99fa327012849dbbf.png\|600x600px]]'''Exhibit 12: Buybacks and issuance<ref>Source: Morningstar, Edison Investment Research.</ref>'''

	~~'''Exhibit 12~~: ~~Buybacks and issuance<ref>Source: Morningstar, Edison Investment Research~~.~~</ref>'''~~		[[File:Image10-bc705375ca02bc99eb2ada6acfdf338e.png\|600x600px]]

	== Fund profile: Largest UK emerging markets trust ==		== Fund profile: Largest UK emerging markets trust ==
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	\|+Exhibit 13: Portfolio versus the benchmark (at 31 May 2022)<ref>Source: TEMIT.</ref>		\|+Exhibit 13: Portfolio versus the benchmark (at 31 May 2022)<ref>Source: TEMIT.</ref>
	!		!
	\|Portfolio		!Portfolio
	\|Benchmark		!Benchmark
	\|-		\|-
	\|Dividend yield (%)		\|Dividend yield (%)
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	'''Exhibit 14: Major shareholders<ref>Source: Bloomberg. Note: At 31 May 2022.</ref>'''		'''Exhibit 14: Major shareholders<ref>Source: Bloomberg. Note: At 31 May 2022.</ref>'''

			[[File:Image11-2321f6c75339dc7d8427f77cdef32ca8.png\|600x600px]]'''Exhibit 15: Average daily volume<ref>Source: Refinitiv. Note 12 months to 23 June 2022.</ref>'''

	~~'''Exhibit 15~~: ~~Average daily volume<ref>Source: Refinitiv. Note 12 months to 23 June 2022~~.~~</ref>'''~~		[[File:Image12-b1014a1503ebfacc03ae5b99e57e31b9.png\|600x600px]]

	== The board ==		== The board ==

>Edison at 12:27, 28 June 2022

2022-06-28T12:27:07Z

← Older revision		Revision as of 13:27, 28 June 2022
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	As well as above-average growth potential in emerging markets, in aggregate, stocks listed in these areas look relatively attractively valued. Shown in Exhibit 1 (right-hand side), the Datastream Emerging Market Index is trading at an 11.4x forward P/E multiple, which is a 17.3% discount to its five-year average. It is also trading at a 15.0% discount to the Datastream World Index, albeit modestly lower than the 15.6% average discount over the last five years.		As well as above-average growth potential in emerging markets, in aggregate, stocks listed in these areas look relatively attractively valued. Shown in Exhibit 1 (right-hand side), the Datastream Emerging Market Index is trading at an 11.4x forward P/E multiple, which is a 17.3% discount to its five-year average. It is also trading at a 15.0% discount to the Datastream World Index, albeit modestly lower than the 15.6% average discount over the last five years.

	'''Exhibit 1a: Performance of indices in £ (last five years)<ref name=":0">Source: Refinitiv, Edison Investment Research, MSCI.</ref>'''		'''Exhibit 1a: Performance of indices in £ (last five years)<ref name=":0">Source: Refinitiv, Edison Investment Research, MSCI.</ref>'''[[File:Image3-d46b1630a60b808baee6684057cc021f.png\|600x600px]]'''Exhibit 1b: Valuation of Datastream Emerging Market Index (at 23 June 2022)<ref name=":0" />'''


	'''Exhibit 1b: Valuation of Datastream Emerging Market Index (at 23 June 2022)<ref name=":0" />'''

			[[File:Image4-bfd50e1322bd08e3e6df41ffe5c761aa.png\|600x600px]]
	== The fund managers: Chetan Sehgal and Andrew Ness ==		== The fund managers: Chetan Sehgal and Andrew Ness ==

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	'''Exhibit 6a: Price, NAV and benchmark total return performance, one-year rebased'''<ref name=":1">Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.</ref>		'''Exhibit 6a: Price, NAV and benchmark total return performance, one-year rebased'''<ref name=":1">Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.</ref>

			[[File:Image5-993cb9afacc15e915169b44e7bffff85.png\|600x600px]]'''Exhibit 6b: Price, NAV and benchmark total return performance (%)<ref name=":1" />'''[[File:Image6-cbe5c8afb342646ed670d571f3814d9e.png\|600x600px]]As shown in Exhibits 7 and 8, TEMIT has experienced a difficult period of relative performance over the last 12 months. This has negatively affected its longer-term record and its NAV has lagged the benchmark over the last one, three, five and 10 years, although its share price has been broadly in line over the last five years.
	'''Exhibit 6b: Price, NAV and benchmark total return performance (%)<ref name=":1" />'''


	As shown in Exhibits 7 and 8, TEMIT has experienced a difficult period of relative performance over the last 12 months. This has negatively affected its longer-term record and its NAV has lagged the benchmark over the last one, three, five and 10 years, although its share price has been broadly in line over the last five years.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Exhibit 7: Share price and NAV total return performance, relative to indices (%)<ref>Source: Refinitiv, Edison Investment Research. Note: Data to end-May 2022. Geometric calculation.</ref>		\|+Exhibit 7: Share price and NAV total return performance, relative to indices (%)<ref>Source: Refinitiv, Edison Investment Research. Note: Data to end-May 2022. Geometric calculation.</ref>
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	\|(17.1)		\|(17.1)
	\|}		\|}
	'''Exhibit 8: NAV total return performance relative to benchmark over 10 years<ref>Source: Refinitiv, Edison Investment Research.</ref>'''		'''Exhibit 8: NAV total return performance relative to benchmark over 10 years<ref>Source: Refinitiv, Edison Investment Research.</ref>'''[[File:Image7-e0e2e4a89cc29b30d5aacdf6acac6b6a.png\|600x600px]]

	== Peer group comparison ==		== Peer group comparison ==

>Edison: Created page with "'''Sticking to process – potential for higher valuation''' == Summary == '''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..."

2022-06-28T12:15:01Z

Created page with "'''Sticking to process – potential for higher valuation''' == Summary == '''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..."

Show changes