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Morgan Stanley Diversified Alpha Plus - Downgraded
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RobecoSAM Smart Materials Fund - New rating
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P2P Global Investments C-share issue
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Murray International - Downgraded
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Templeton Emerging Markets Trust (TEM) - Downgraded
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iShares S&P SmallCap 600 UCITS ETF - New rating
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Old Mutual UK Smaller Companies - Downgraded
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Newton Asian Income - Downgraded
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Lazard Emerging Markets - Downgraded
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Templeton Emerging Markets Investment Trust - Downgraded
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TM Sanditon European fund - New rating
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UK Commercial Property Trust - Rating suspended
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BlueCrest BlueTrend (BBTS) - Downgraded
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Templeton Emerging Markets Investment Trust - Downgraded
Templeton Emerging Markets Investment Trust – TEM – is one of the longest-running emerging market investment trusts. It is managed by a well-resourced team, with employees spread all over the world. Mark Mobius has authority over the fund, but decisions on individual investments are generally driven by a portfolio manager based in the region. The trust tends to invest in large and mid-cap stocks with a value bias based on five-year earnings forecasts, which are calculated internally.
We have downgraded TEM, which has lagged both its benchmark MSCI Emerging Markets Index and our rated peer over the past three years and shorter periods. Performance is looking to be on a deteriorating trend. The downgrade is only by one notch to a three-star rating, which means it is a fund we expect to deliver above average returns over the medium to longer term. The downgrade reflects our concerns about weakness in performance. We will continue to monitor the fund, which includes meeting the manager.
Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing.