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Templeton Emerging Markets Investment Trust
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== Discount: Wider than historical averages<ref name=":2" /> == TEMITβs shares are trading at a 12.9% discount to cum-income NAV, which is at the wider end of the 5.8% to 16.4% range of discounts over the last 12 months. It is also wider than the 10.6%, 10.6%, 11.1% and 11.0% average discounts over the last one, three, five and 10 years, respectively. The board has regularly repurchased shares with the aim of reducing the volatility of the discount. During FY22, 2.3m shares were bought back (0.2% of the share base) at a cost of Β£3.6m. This was less than in FY21, when the share base was reduced by 2.6%. There was only one buyback in the first 11 months of FY22, but the pace has stepped up following the Russian invasion of Ukraine. '''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:Image10-bc705375ca02bc99eb2ada6acfdf338e.png|600x600px]]
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