Templeton Emerging Markets Fund
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- Primrose Bennett
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1 Product Profile Product Details 1 Fund Assets $267,096, Fund Inception Date 09/20/1991 Number of Issuers 82 Base Currency CAD Benchmark MSCI Emerging Markets Index Distribution Frequency Annually Inception Date Series O 11/24/2000 Fund Description This Fund seeks long-term capital appreciation by investing primarily in equities of companies in emerging markets. The Fund may also invest in companies that trade in emerging markets, or that trade elsewhere in the world and earn at least 50% of their revenue from production or sales in emerging markets. Performance Data 2 Average Annual Total Returns 3 (%) Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (11/24/2000) Series O MSCI Emerging Markets Index The indicated rates of return are the Series O historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account investment management fees, sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. 40% 20% 0% -20% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Series O Calendar Year Returns (%) Series O MSCI Emerging Markets Index 1. All holdings are subject to change. Holdings of the same issuers have been combined. 2. The fund offers other series subject to different fees and expenses, which will affect their performance. 3. Periods shorter than one year are shown as cumulative total returns.
2 Portfolio Manager Insight 4 Performance Review QUARTERLY KEY PERFORMANCE DRIVERS Helped Hurt Stocks Sectors Countries Banco Bradesco S.A. Sponsored ADR Pfd Materials (Stock Selection) Brazil (Stock Selection) ICICI Bank Limited Health Care (Stock Selection) Peru (Stock Selection, Overweight) Itau Unibanco Holding S.A. Sponsored ADR Pfd Financials (Stock Selection) India (Stock Selection) Brilliance China Automotive Holdings Limited Consumer Discretionary (Stock Selection) China (Stock Selection) Samsung Electronics Co., Ltd. Information Technology (Overweight) Taiwan (Stock Selection) Banco Santander (Mexico) SA Institucion de Banca Multiple Grupo Financiero Santander Energy (Stock Selection) Russia (Stock Selection) Mexico Sponsored ADR Class B China-based auto makers were pressured by policy shifts, including the government s decision to lift foreign ownership caps in the auto industry. Brilliance China Automotive fell after it agreed to let its joint venture partner, Germany s BMW, raise its stake in their tie-up to 75%. Nonetheless, we expect Brilliance China to continue benefitting from long-term growth in luxury auto demand amidst a premiumisation trend in consumption, and we believe the stock s discount to our assessment of its intrinsic value has been excessive. South Korea-based smartphone and semiconductor company Samsung Electronics declined. Though the company reported strong quarterly earnings, an increase in memory chip inventories and drop in prices, as well as a slowdown in smartphone demand, raised market concerns. We believe conditions in the memory chip industry should improve as inventory levels adjust. We are also positive on Samsung s market-leading position in several areas and its efforts to enhance shareholder returns. In contrast, India s financials stocks, including ICICI Bank, rose on hopes for the central bank to improve liquidity and ease lending rules in the banking system. India s private-sector banks have demonstrated their competitiveness and we expect them to gain market share from their stateowned peers. We favor ICICI Bank as it grows its retail franchise and improves its asset quality. Outlook & Strategy Trade tensions have been a primary contributor to weakness in EM equities, and while exports remain a key engine of growth for EMs, they are increasingly shipped to other emerging economies; the relative importance of DMs has declined. Similarly, the roles of consumption and technology in generating economic growth have become more prominent; EMs have become more domestically oriented. Despite slowing global growth, EMs are still widely expected to achieve faster economic growth than DMs in 2019 and for the foreseeable future. The International Monetary Fund forecasts EMs to grow 4.7% in 2019, more than double the 2.1% estimate for DMs. 5 EM currencies are relatively cheap after declining in 2018, returning to levels. We expect to see a recovery in EM valuations have become increasingly attractive to us due to weakened confidence (and performance), yet cash flows and earnings generally remain resilient. EM earnings growth is expected to exceed that of the US and DMs, resuming the trend witnessed in These conditions, when paired with improving corporate governance that includes dividend payouts and buybacks, present an increasingly attractive long-term buying opportunity to us and should contribute to renewed optimism in the EM asset class, in our view. Portfolio Characteristics 6 Portfolio Price to Earnings (12 Month Trailing) 9.81x 12.00x Price to Book 1.48x 1.52x Price to Cash Flow 5.17x 7.62x Market Capitalization (Millions in CAD) 124,785 88, The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund s portfolio selection process. Holdings are subject to change. 6. The portfolio characteristics listed are based on the fund s underlying holdings, and do not necessarily reflect the fund s characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security s issuing company. This methodology may cause small differences between the portfolio s reported characteristics and the portfolio s actual characteristics. In practice, Franklin Templeton s portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. The market capitalisation figures for both the portfolio and the benchmark are at the security level, not aggregated up to the main issuer. Source: Factset. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. ftinstitutional.ca 2
3 Portfolio Diversification Top Ten Holdings 7 Top Holdings Sector Country % TAIWAN SEMICONDUCTOR Semiconductors & Semiconductor Taiwan 7.42 MANUFACTURING CO LTD Equipment SAMSUNG ELECTRONICS CO LTD Technology Hardware & Equipment South Korea 7.05 NASPERS LTD Media & Entertainment South Africa 6.55 ALIBABA GROUP HOLDING LTD Retailing China 4.17 ICICI BANK LTD Banks India 3.66 TENCENT HOLDINGS LTD Media & Entertainment China 3.10 UNILEVER PLC Household & Personal Products United Kingdom 3.02 BRILLIANCE CHINA AUTOMOTIVE Automobiles & Components China 2.90 HOLDINGS LTD BANCO BRADESCO SA Banks Brazil 2.71 ITAU UNIBANCO HOLDING SA Banks Brazil 2.68 Geographic Weightings vs. 8 China South Korea Taiwan India Brazil Russia South Africa Indonesia Thailand United Kingdom 3.02 Peru Mexico United States 1.23 Hungary Hong Kong 0.64 Turkey Philippines Czech Republic Kenya 0.31 Cash & Cash Equivalents % 25% 50% Sector Weightings vs. 9 Financials Information Technology Communication Services Consumer Discretionary Energy Consumer Staples Materials Health Care Industrials Utilities Real Estate Cash & Cash Equivalents % 5% 10% 15% 20% 25% 30% 7. Holdings of the same issuers have been combined. Top ten holdings information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 8,9. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. ftinstitutional.ca 3
4 Asset Allocation 10 Equity Cash & Cash Equivalents % 20% 40% 60% 80% 100% 120% Supplemental Performance Statistics 3 Yrs 5 Yrs 10 Yrs Since Inception Standard Deviation (%) Tracking Error (%) Information Ratio Beta Sharpe Ratio The indicated rates of return are the Series O historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account investment management fees, sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment Philosophy We believe that stock prices are primarily driven by the ability of companies to sustain profitability and earnings power in the long run. Companies economic value creation can be temporarily mispriced due to factors such as market noise, short-term focused behavior and/or information gaps. Alpha can be generated over time by having the insights, skill and a repeatable process to identify and invest in securities which have sustainable earning power at a discount to their intrinsic worth. Investment Process STEP 1 Identify stocks for potential purchase STEP 2 Analyse securities STEP 3 Evaluate securities with research team STEP 4 Construct portfolio STEP 5 Manage and maintain portfolio Investment Team Portfolio Manager Years with Firm Years Experience Chetan Sehgal, CFA, Senior Management Director, Director of Portfolio Management, Emerging Markets Equities Glossary Beta: A measure of the magnitude of a portfolio s past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. Information Ratio: In investing terminology, the ratio of expected return to risk. Usually, this statistical technique is used to measure a manager s performance against a benchmark. This measure explicitly relates the degree by which an investment has beaten the benchmark to the consistency by which the investment has beaten the benchmark. 10. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. 11. Beta, Information Ratio and Tracking Error information are measured against the. 12. Information Ratio is a way to evaluate a manager s ability to outperform a benchmark in relation to the risk that manager is assuming, with risk defined as deviation from the benchmark. This measure is calculated by dividing the portfolio s excess return (portfolio return less the benchmark return) by the tracking error (derived by taking the standard deviation of the monthly differences between the portfolio return and the benchmark return over time). ftinstitutional.ca 4
5 Market Capitalization: A determination of a company s value, calculated by multiplying the total number of company stock shares outstanding by the price per share. Market capitalization is expressed in millions of CAD. Price to Book Value: The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Cash Flow: Supplements price/earnings ratio as a measure of relative value for a stock. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Earnings (12-mo Trailing): The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, the value represents a weighted average of the stocks it holds. Sharpe Ratio: To calculate a Sharpe ratio, an asset s excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) are divided by the asset s standard deviation. Standard Deviation: A measure of the degree to which returns vary from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that performance will fluctuate from the average return. Tracking Error: Measure of the deviation of the return of a product compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment is managed, the smaller the tracking error. ftinstitutional.ca 5
6 Important Legal Information All performance data herein is for Series O units. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Important data provider notices and terms available at: Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. Franklin Templeton Institutional is part of Franklin Templeton Investments Corp. (FTIC). Series O investors do not pay any of the management fees within the fund but instead pay a separate management and administration fee that they negotiate directly with Franklin Templeton Investments Corp. To qualify to purchase or hold Series O units an investor must meet minimum investment requirements as set out in the fund s current prospectus. For more details on the management and administration fee, please read the prospectus. Performance is presented in Canadian dollars and is gross of fees (before management and custodial fees) of Series O units of the Fund. Taking into account such fees would result in lower rates of return. 5. Source: International Monetary Fund, World Economic Outlook, October By International Monetary Fund. All Rights Reserved. Franklin Templeton Institutional 200 King Street West, Suite 1500 Toronto, Ontario M5H 3T4 Tel: Fax: ftinstitutional.ca 2019 Franklin Templeton Investments. All rights reserved. 171 PPE 12/18
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