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Templeton Emerging Markets Trust (TEM) - Downgraded
The Templeton Emerging Markets Trust (TEM) seeks long-term capital appreciation through investment in companies operating in emerging markets, or companies whose stocks are listed on the stock markets in such countries. The portfolio managers of TEM are supported by the entire Templeton Emerging Markets team of 53 dedicated portfolio managers and analysts, located across 18 Franklin Templeton offices around the world. The team applies a value-investing style that means that the fund tends to have very low turnover.
The board of the investment trust announced on 13 July 2015 that Mark Mobius is to step down as lead manager, effective 1 October 2015. Mobius has managed it for 26 years since its launch. Carlos Hardenberg, who has been part of the Templeton Emerging Markets Group for 13 years and serves as senior vice president and managing director, will replace Mobius as lead manager. As executive chairman of Templeton Emerging Markets Group, Mobius will continue to be involved on the trust and will serve as portfolio manager.
We recently downgraded TEM to three stars from four stars, as we felt its management could not function efficiently. Mobius was trying to do too many things at once, overseeing the global team of more than 50 investment professionals as well as managing funds. This lead manager change could potentially be positive for this close-ended fund, as arguably Hardenberg will have more time to devote to the fund than Mobius did.
We are lowering the rating of the fund to two stars from three following the lead manager change. The fund is also being removed from our top-rated funds – our research team’s premier selection. We will meet the new lead manager – Carlos Hardenberg – to assess the potential of this mandate in due course.
Historical or current yields quoted should not be considered an indication of future returns. The value of investments, and the income derived from them, can go down as well as up and you may get back less than you originally invested. Due to their nature, specialist funds can be subject to specific sector risks. Investors should ensure they read all relevant information in order to understand the nature of such investments and the specific risks involved. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.