Edison issues review on Templeton Emerging Markets

RNS Number : 2024S

Templeton Emerging Markets IT PLC

07 March 2019

 

London, UK, 7 March 2019

Edison issues review on Templeton Emerging Markets Inv. Trust (TEM)

Templeton Emerging Markets Investment Trust (TEMIT) has recently appointed Andrew Ness as portfolio manager alongside Chetan Sehgal. Ness is based in Edinburgh, providing investors with a more accessible presence in the UK. The managers are constructive on the outlook for emerging markets in 2019, as they believe corporate earnings growth in the regions will surpass that in developed markets and emerging market equity valuations are attractive. TEMIT has outperformed its benchmark in NAV terms over one, three and 10 years, while its share price has also outperformed over five years. The trust now pays a semi-annual, rather than single year-end distribution, and currently yields 2.0% (based on the FY18 dividend).

TEMIT's current 9.3% share price discount to cum-income NAV is narrower than the 12.1% to 12.7% range of average discounts over the last one, three and five years. Starting in FY19, shareholders will receive an interim dividend in January and a final dividend in July, rather than a single annual distribution. Based on the 15.0p FY18 dividend, TEMIT currently offers a 2.0% yield. The trust's first interim dividend of 5.0p per share was paid in January 2019.

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