TIF Emerging Markets Series
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- Benjamin Burke
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1 Equity Product Profile Product Details Fund Assets $57,261, Fund Inception Date 05/03/1993 Number of Issuers 94 Total Annual Operating 1.31% Expenses With Waiver Total Annual Operating 1.44% Expenses Without Waiver Base Currency USD Investment Style Overview Templeton s interest and research in emerging markets is a logical extension of our long-term value approach to investing dating back nearly 70 years. Our acknowledged emerging markets expertise has allowed us to develop a comprehensive understanding of interrelations between the world s emerging markets in our search to identify the best buying opportunities. Our emerging markets capabilities are built on the firm s bottom-up, value-oriented, long-term approach to investing. Performance Data Average Annual Total Returns (USD %) 1 Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (05/03/1993) TIF Emerging Markets Series - Gross of Fees TIF Emerging Markets Series - Net of Fees S&P/IFCI Composite Index MSCI Emerging Markets Index 60% 40% 20% 0% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs Since Inception - Gross of Fees S&P/IFCI Composite Index MSCI Emerging Markets Index - Net of Fees Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund s investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call your Franklin Templeton institutional marketing representative at or visit ftinstitutional.com for the most recent month-end performance. Although does not have any sales charges, some specific fees and expenses may apply to certain retirement plan investors. The fund has an expense reduction and a fee waiver associated with any investments it makes in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through 04/30/2018. Fund investment results reflect the expense reduction and fee waiver; without these reductions, the results would have been lower. 1. Periods shorter than one year are shown as cumulative total returns. Not FDIC Insured May Lose No Bank Guarantee
2 Calendar Year Returns (USD %) TIF Emerging Markets Series - Gross of Fees TIF Emerging Markets Series - Net of Fees Primary Shares S&P/IFCI Composite Index MSCI Emerging Markets Index Portfolio Manager Insight 2 Market Review Emerging-market equities broadly outperformed developed markets during the fourth quarter of 2017, supported by better earnings and economic growth prospects, strong asset inflows and higher commodity prices. South Africa, India and South Korea were among the strongest markets in the benchmark. South Africa was driven by a stronger rand and positive political developments. Sentiment for India was bolstered by the ruling party s victory in two key state elections and expectations of a pro-growth budget. South Korea was driven by easing geopolitical tensions, solid economic growth and strong appreciation in the won. The largest decliners included Mexico and Pakistan, the former impacted by higher US interest rates in December and uncertainty regarding the renegotiation of the North American Free Trade Agreement (NAFTA). Meanwhile, political instability weighed on Pakistan s market. Performance Review The fund gained ground over the quarter, driven primarily by investments in South Africa, South Korea, China and India. Virtually all sectors contributed to absolute returns, led by consumer discretionary, information technology (IT) and financials. South Africa-based media conglomerate Naspers and China-based IT company Tencent were top contributors. Naspers has a significant stake in Tencent and benefited as the latter, repeating a trend from previous periods, announced better-than-expected third-quarter earnings thanks to higher revenues from online games and advertising. Returns in South Korea were driven by a position in consumer electronics firm Samsung Electronics, which advanced as the company posted higher sales and earnings for the third quarter and unveiled plans to boost its dividends. Meanwhile, India-based biotech company Biocon rallied after its cancer formulation Trastuzumab received approval from the US Food and Drug Administration. In contrast, Mexico and Brazil were among the largest detractors from absolute performance. In Mexico, Grupo Financiero Santander Mexico lost ground as the company reported weaker-than-expected third-quarter earnings. Financials in Brazil were also weak, with bank stocks Banco Bradesco and Itau Unibanco among top overall detractors. Brazil s equity market was dragged down over the quarter as delays in social security reform continued to weigh on investor sentiment, despite a faster-than-expected economic recovery and continued monetary easing in the country. Elsewhere, select Taiwan-based technology stocks detracted from absolute returns, especially electronic components manufacturer Hon Hai Precision Industry and digital camera lens module supplier Largan Precision. Both companies are tied to Apple s iphone X and declined as expectations of soft demand for the iphone X triggered weakness in smartphone-related shares. Outlook & Strategy Emerging markets did well in 2017 and we expect the asset class to remain on an upward trend in 2018, against a favorable backdrop of robust economic growth, increased asset inflows, solid foreign reserves, strong current accounts and stable local currencies. Valuations in emerging markets remain attractive, in our view, trading at a discount to their developed-market peers. Earnings of many EM companies have also been gradually improving, in terms of profitability, margins and return on equity. We believe that Asia remains the most exciting EM region, and we are also finding opportunities in Latin America. As fundamental stock pickers, we are equally excited about individual opportunities in other parts of the world, where we are finding companies we regard as extremely well run, growing at a fast pace, and providing exposure to key themes such as economic growth, demographic changes, and local consumer trends. 2. 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 publication date 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. Portfolio Characteristics 3 Portfolio IFC Investable Composite Index Price to Earnings (12 Month Trailing) 14.67x 14.80x Price to Book 2.10x 1.74x Price to Cash Flow 8.23x 8.08x Market Capitalization (Millions in USD) 106,221 80,939 Number of Issuers 94-2
3 Portfolio Diversification Geographic Weightings vs. S&P/IFCI Composite Index 4 ASIA EUROPE MID-EAST/AFRICA L. AMERICA/CARIBBEAN NORTH AMERICA CASH & CASH EQUIVALENTS % 25% 50% 75% 100% Sector Weightings vs. S&P/IFCI Composite Index 4 Information Technology Consumer Discretionary Financials Consumer Staples Materials Energy Industrials Health Care Telecommunication Services Real Estate Utilities Cash & Cash Equivalents % 5% 10% 15% 20% 25% 30% 35% 40% S&P/IFCI Composite Index S&P/IFCI Composite Index Top Ten Holdings 5 Top Holdings Sector Country % SAMSUNG ELECTRONICS CO LTD Technology Hardware & Equipment South Korea 7.51 NASPERS LTD Media South Africa 7.32 TAIWAN SEMICONDUCTOR Semiconductors & Semiconductor Taiwan 6.08 MANUFACTURING CO LTD Equipment BRILLIANCE CHINA AUTOMOTIVE Automobiles & Components China 6.07 HOLDINGS LTD ALIBABA GROUP HOLDING LTD Software & Services China 3.97 TENCENT HOLDINGS LTD Software & Services China 3.29 UNILEVER PLC Household & Personal Products United Kingdom 2.96 ICICI BANK LTD Banks India 2.46 HON HAI PRECISION INDUSTRY CO Technology Hardware & Equipment Taiwan 1.93 LTD SBERBANK OF RUSSIA PJSC Banks Russia
4 Supplemental Performance Statistics (USD) 6 3 Yrs 5 Yrs 10 Yrs Since Inception Supplemental Performance Statistics Standard Deviation (%) S&P/IFCI Composite Index Tracking Error (%) Information Ratio Beta Sharpe Ratio S&P/IFCI Composite Index Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund s investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call your Franklin Templeton institutional marketing representative at or visit ftinstitutional.com for the most recent month-end performance. Investment Philosophy Templeton s time-tested investment philosophy is built on a disciplined, yet flexible, long-term approach to value-oriented emerging markets investing which allows us to look beyond short-term news, noise, and emotion. Our goal is to identify those companies that appear to be trading at a discount to what our estimation indicates as their projected future intrinsic value, which, over time, may produce strong share price return. Patience On a short-term basis, stocks may overreact to news and noise. On a long-term basis, we believe markets are efficient and patience may reward those who have identified undervalued stocks. Bottom-Up Stock Selection We identify value through rigorous fundamental analysis, proprietary screens, and a worldwide network of experienced research resources. Research is done on a company-by-company basis in different countries and industries to determine what we consider its economic worth to be based on projected future earnings, cash flow, asset value potential, and material environmental, social and governance (ESG) factors. Investment Process STEP 1 Identify stocks for potential purchase STEP 2 Analyze 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, Executive Vice President / Director of Global Emerging Markets / Small Cap Templeton Emerging Markets Team Number of Members Average Years Experience Portfolio Managers/Analysts Additional Resources Global Portfolio Compliance Global Research Library Global Trading Platform Junior Research Analysts Performance Analysis and Investment Risk Group Research Technology Group 6. Beta, Information Ratio and Tracking Error information are measured against the S&P/IFCI Composite Index. 4
5 What Are The Risks? All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. Investments in emerging markets involve heightened risks related to the same factors, in addition to those associated with these markets smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. securities may not increase in price as anticipated or may decline further in value. The fund s ability to invest in smallercompany securities that may have limited liquidity involves additional risks, such as relatively small revenues, limited product lines and small market share. Historically, these stocks have exhibited greater price volatility than larger-company stocks, especially over the short term. These and other risk considerations are discussed in the fund s prospectus. Important Legal Information Returns are presented in U.S. dollars both gross and net (as applicable) of total fund operating expenses, are inclusive of commissions and transaction costs, and assume reinvestment of any dividends, interest income, capital gains, or other earnings. Average annual total return figures represent the average annual change in value of an investment over the specified periods, assuming reinvestment of dividends and capital gains at net asset value. Total return figures for one year or less represent the change in value of an investment over the specified periods. Periods greater than one year are shown as average annual total returns. Performance data is shown rounded to the nearest hundredth. Past performance is not an indicator or a guarantee of future performance. The S&P/IFCI Composite Index is designed to be a liquid and investable emerging markets equity index. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted equity index comprised of emerging markets securities available to foreign (non-local) investors. The benchmark is used for comparative purposes only and is provided to represent the investment environment existing during the time periods shown. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. Investors should carefully consider a fund s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, call Franklin Templeton at (800) or visit ftinstitutional.com. Please carefully read a prospectus before you invest or send money. 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 3. Source: FactSet. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. 4. 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. 5. 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. 7. 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). This piece is intended for institutional investment management consultants or investors interested in institutional products and services available through Franklin Templeton Institutional and its affiliates. Various account minimums or other eligibility qualifications apply depending on the investment strategy or vehicle. Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA Tel: (800) ftinstitutional.com 2018 Franklin Templeton Investments. All rights reserved.
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