Templeton Emerging Markets Investment Trust - Good opportunity to revisit an unloved asset class
Templeton Emerging Markets Investment Trust (TEMIT) has experienced a difficult period of performance in recent quarters as investors have focused on the tough macroeconomic backdrop rather than on individual company fundamentals. However, managers Chetan Sehgal (lead manager) and Andrew Ness are confident in the long-term strategy of investing in companies with sustainable earnings power that are trading at a discount to their estimated intrinsic values. They believe emerging markets are under-owned and undervalued; hence, it is a compelling time to consider an allocation to the regions. The global asset allocation to emerging markets is 6.5% versus an 11.0% index weighting, which has declined by 40% over the last 10 years. Also, in aggregate, the valuation of emerging market shares is almost at a historic low discount to those in developed markets, while they are very inexpensive compared with their own history.
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