Upload
ngotu
View
229
Download
3
Embed Size (px)
Citation preview
Emerging Markets Overview
Emerging Markets : Economic Fundamentals
Growth
4
Templeton Emerging Markets
1987 to 2007F
Source: IMF; World Economic Outlook; April 2007
%Emerging vs Developed Countries: GDP Growth
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
87 88 89 90 91 92 93 94 95 96 97 98 99 0 1 2 3 4 5 6E 07F
Developed CountriesEmerging Countries
5
Templeton Emerging Markets
Emerging vs Developed Countries: GDP Growth%
2007F
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Chin
aIn
dia
Arge
ntin
aRu
ssia
Paki
stan
Pola
ndIn
done
sia
Sing
apor
ePh
ilipp
ines
Turk
eyCh
ileM
alay
sia
Hong
Kon
gCz
ech
Sout
h Af
rica
Kore
aBr
azil
Taiw
anTh
aila
ndM
exic
o
U.K
E.U.
Hung
ary
Japa
n
U.S.
Emerging Markets
Developed Market
Source: EIU
Money Supply
7
Templeton Emerging Markets
US, UK, Japan & EU: Money Supply vs MSCI EMF Index
Source: Factset
US$ billion
10/87 10/89 10/91 10/93 10/95 10/97 10/99 10/01 10/03 10/05 10/072,000
4,000
6,000
8,000
10,000
12,000
0
500
1,000
1,500
2,000
2,50009-OCT-1987-09-OCT-2007
MSCI EM (Emerging Markets) - Price with Gross Dividends - Daily Official - USD (Index) (Right)Money supply M1,U.S. + U.K. + Japan + EU (Left)
MSCI EM Index
U.S.+ U.K.+ Japan + EU Money Supply
Fund Flows
9
Templeton Emerging Markets
Cumulative since Jan 1995 to July 2007
0
10
20
30
40
50
60
70
80
90
100
Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07
Emerging Markets : Monthly Equity Fund Flows
Source: EmergingPortfolio.com
US$ billion
*- Covers funds registered for sale in most major developed market jurisdictions and offshore domiciles, including USA, UK, Canada, Luxembourg, Switzerland, Australia, Hong Kong, Channel Islands, Germany, Austria, France and many others; includes all emerging markets funds, not limited to just emerging markets funds
Inflation
11
Templeton Emerging Markets
Emerging Markets : Inflation
Source: Factset
%
'88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '070
10
20
30
40
50
60
70
80
90
100 30-OCT-1987-28-SEP-2007Cpi % Change Percent Per Annum - Developing Countries
Foreign Exchange Reserves
13
Templeton Emerging Markets
1199
278244
192
139137
92
71
48
361
68
49
31
24
149
76
40
26
1815
893
56
0 200 400 600 800 1000 1200 1400
ChinaJapan
RussiaTaiwan
South KoreaIndia
BrazilHong KongSingapore
MalaysiaMexico
ThailandTurkey
United StatesPoland
IndonesiaArgentina
Czech RepublicSouth Africa
HungaryPeruChile
Emerging AsiaRest of Emerging MarketsLatin AmericaDeveloped
March 2007 US$ bn
Source : EIU; IMF
Emerging vs Developed Markets: Foreign Reserves
Confidence
15
Templeton Emerging Markets
Emerging Markets :Yield Spreads vs Stock Market Index
Source : Factset *- Emerging Markets Bond Yield Spreads Over US Treasuries
Basis Point Index
MSCI EM Index
EM Spread10/02 10/03 10/04 10/05 10/06 10/07
100
200
300
400
500
600
700
800
900
1,000
1,100
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,20009-OCT-2002-09-OCT-2007JP Morgan EMBI+ - Index Spread (Basis Points) - Emerging Markets Indices (Left)MSCI EM (Emerging Markets) - Price with Gross Dividends - Daily Official - USD (Index) (Right)
16
Templeton Emerging Markets
Source: Markit; Macquaire
Emerging Markets Vs U.S Corporate Bonds :Yield Spreads Over U.S. Treasuries
10/02 10/03 10/04 10/05 10/06 10/070
200
400
600
800
1,000
1,200
09-OCT-2002-09-OCT-2007JP Morgan EMBI+ - Index Spread (Basis Points) - Emerging Markets IndicesUS Coporates BB Spread over US TreasuriesUS Coporates BBB Spread over US Treasuries
3 C‘s THEMES
Convergence
Consumers
Commodities
Convergence
Mergers & Acquisitions
20
Templeton Emerging Markets
DateAnnounced Acquiror Name
Acquiror Nation Target Name
TargetNation
Value ofTransaction($mil)
2006 Tata Steel India Corus Group PLC U.K. 16,4002006 Cemex SAB de CV Mexico Rinker Group Ltd Australia 15,4332004 Ambev Brazil John Labatt Ltd Canada 7,7582005 Teva Pharma Inds Ltd Israel IVAX Corp U.S. 7,3672006 Vimpelcom OJSC Russia ZAO Kyivstar GSM Ukraine 5,4562006 Sinopec Corp Qingdao Br,China China OAO Udmurtneft Russia 3,5002006 Tenaris SA Argentina Maverick Tube Corp U.S. 3,0962006 Cia Vale do Rio Doce SA Brazil Inco Ltd Canada 2,3162007 Tenaris SA Argentina Hydril Co LP U.S. 2,2122005 Lukoil Overseas Holding Ltd Russia Nelson Resources Ltd U.K. 2,0002005 Bank Polska Kasa Opieki SA Poland Bank BPH SA Poland 1,9332005 Doosan Heavy Inds & Constr Co South Korea Daewoo Heavy Industries & Mach South Korea 1,8282004 Lenovo Group Ltd Hong Kong IBM Corp-Personal Computing U.S. 1,7502006 Sadia SA Brazil Perdigao SA Brazil 1,7022004 OAO Gazprom Russia Sevmorneftegaz Russia 1,7002005 Alfa Group Russia Turkcell Iletisim Hizmetleri Turkey 1,6022005 TPSA Poland PTK Centertel SP zoo Poland 1,5072006 PKN ORLEN Poland Mazeikiu Nafta Lithuania 1,501
Some Major Mergers and Acquisitions Done by Emerging Market Companies
Source: Thomson
Trade Convergence
22
Templeton Emerging Markets
'99 '00 '01 '02 '03 '04 '05 '06 '074%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%31-MAR-1999-28-SEP-2007
Asian Exports To US /Total ExportsAsian Exports To China /Total Exports
USUS
ChinaChina
* data Smoothed by 12-mths moving average; Includes Hong Kong, Taiwan, South Korea, Singapore, Malaysia, Thailand and the Philippines
Asian Export Shares to U.S. and China
Source: Factset
Exports /Total Exports
23
Templeton Emerging Markets
01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/070%
5%
10%
15%
20%
25%
30% 29-JAN-1999-28-SEP-2007
Taiwan's Exports To China / Total ExportsTaiwan's Exports To US / Total Exports
US
China
Exports /Total Exports
Source: Factset
Taiwan’s Export Shares to U.S. and China
24
Templeton Emerging Markets
01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07
6%
8%
10%
12%
14%
16%
18%
20%
22%
24% 29-JAN-1999-28-SEP-2007
(Korea's Exports To China / Total ExportsKorea's Exports To US / Total Exports
US
China
Exports /Total Exports
Source: Factset
Korea’s Export Shares to U.S. and China
Consumers
26
Templeton Emerging Markets
Million2006
0
200
400
600
800
1,000
1,200
1,400
People'sRepublic of
China
India EU US Brazil Russia Japan Korea Taipei,China
Developed Countries
Selected Emerging Countries
Source: EIU
Emerging vs Developed Countries: Population
27
Templeton Emerging Markets
01/81 09/83 05/86 02/89 10/91 07/94 03/97 11/99 08/02 04/05 12/07
-5
0
5
10
15
20
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2
2.131-DEC-1981-31-DEC-2007(% 1YR) Nominal GDP (US$) - Developing countries (Left)Population (% change pa) - Developing countries (Right)
Emerging Markets : GDP* Vs Population Growth Rate%
* Shown as nominal GDP Growth RateSource : EIU
Population
GDP Growth
28
Templeton Emerging Markets
50%
25%
0%
10%
20%
30%
40%
50%
60%
Emerging Markets Developed Markets
2001-2005
Source : EIU * - GPD Per Capita Growth for the5 year period from 2001 to 2005
Emerging Vs Developed Markets : GDP Per Capita Growth
29
Templeton Emerging Markets
Cellular Phone Subscribers
Millions
Source :ML; ITU
102 88 83 7150 41
481
103
239
162 155
0
100
200
300
400
500
600
China US India Russia Brazil Japan Germany Italy UK France SouthKorea
Q1 2007
Commodities
31
Templeton Emerging Markets
Oil Prices - EM Index vs Crude Oil
Source:Factset01/88 01/90 01/92 01/94 01/96 01/98 01/00 01/02 01/04 01/060
500
1,000
1,500
2,000
0
10
20
30
40
50
60
70
80
90
01-JAN-1988-05-OCT-2007MSC EM Total Return Price Index (Left)Energy Oil Brent Crude Futures 1-Pos, IPE, Price, Close - World (Right)
Recession Periods - United States
MSCI EM Index
Oil
32
Templeton Emerging Markets
Commodities : EM Index vs CRB Commodities Index (USD)
Source : Factset
MSCI EM Index
Commodities Index
01/88 01/90 01/92 01/94 01/96 01/98 01/00 01/02 01/04 01/060
500
1,000
1,500
2,000
150
200
250
300
350
400
450
01-JAN-1988-09-OCT-2007(INDEX) MSCI EM (Emerging Markets) - Price with Gross Dividends - Daily Official - USD (Index) (Left)CRB Spot Index, USD, Close - World (Right)Recession Periods - United States
Raw Industrials: Hides, tallow, copper scrap, lead scrap, steel scrap, zinc, tin, burlap, cotton, print cloth, wool tops, rosin,and rubber (59.1%). Foodstuffs: Hogs, steers, lard, butter, soybean oil, cocoa, corn, Kansas City wheat, Minneapolis wheat, and sugar (40.9%).
Asia
34
Templeton Emerging Markets
EM Asia : GDP Growth
%
Source: EIU; Factset Asia Includes Hong Kong, Singapore, Taiwan, India, Indonesia, China, Philippines, Thailand & Malaysia'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
0
1
2
3
4
5
6
7
8
931-DEC-1997-31-DEC-2007
(% 1YR) Real GDP Growth - Asia
35
Templeton Emerging Markets
Emerging Asia vs Developed Countries : GDP Growth%
2007F
0.0
2.0
4.0
6.0
8.0
10.0
12.0
China India Pakistan Indonesia Singapore Philippines Malaysia Hong Kong Korea Taiwan Thailand U.K E.U. Japan U.S.
Emerging AsiaDeveloped MarketEmerging Asia _ Average (Simple)
Source: EIU
36
Templeton Emerging Markets
Million 2006
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Emerging Asia Developed Europe U.S. Japan
Developed Europe Emerging AsiaU.S. Japan
Source: EIU
Emerging Asia vs Developed Countries: Population
**Comprises Bangladesh, China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam...Developed Europe includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, Spain & U.K.
37
Templeton Emerging Markets
Aluminum Corp. of China (Chalco)
• Chalco produced approximately 8.8 million tons of alumina products in 2006, which supplied about 64% and 46% of all alumina products produced and consumed in China that year, respectively.
• The company's main production facilities include four integrated alumina refineries, one primary aluminum smelter and one research center that are located in Qinghai, Shanxi, Shandong, Zhongzhou, Zhengzhou, Guizhou and Pingguo.
38
Templeton Emerging Markets
PetroChina
• China’s largest oil & gas company in terms of reserves and has been diversifying into marketing and downstream activities.
• Total proved reserves were 17.8 billion BOE comprising 11 billion barrels of crude oil and 41 tcf of natual gas, equivalent to roughly 75% of China total oil & gas reserves.
• Approximately 3,600 service stations wholly-owned by CNPC or jointly-owned by CNPC and third parties which exclusively sell refined products produced or supplied by the Company and to which the Company provides supervisory support under contractual arrangements, .
• These service stations are located across China and sell exclusively gasoline and diesel produced by the Company.
Emerging Europe & South Africa
40
Templeton Emerging Markets
Emerging Europe : Real GDP Growth
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1
0
1
2
3
4
5
6
7
831-DEC-1997-31-DEC-2007
(% 1YR) Real GDP US$ Emerging Europe
Source: EIU Countries Includes Poland, Czech, Hungary, Russia & Turkey
41
Templeton Emerging Markets
South Africa : GDP Growth
Source: EIU
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '070
1
2
3
4
5
6 31-DEC-1997-31-DEC-2007GDP (% real change pa) - South AfricaGDP (% real change pa) - South Africa 2007F
42
Templeton Emerging Markets
Emerging Europe & South Africa vs Developed Countries : GDP Growth%
2007F
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Russia Poland Turkey Czech South Africa U.K E.U. Hungary Japan U.S.
Emerging Europe & S. Africa
Developed Market
Emerging Europe & S. Africa Average ( Simple)
Source: EIU
43
Templeton Emerging Markets
Million2006
0
50
100
150
200
250
300
350
400
450
500
Emerging Europe, South Africa
Developed Europe U.S. Japan
Emerging Europe Developed EuropeSouth Africa U.S.Japan
Source: EIU
Emerging Europe vs Developed Countries: Population
*Emerging Europe includes the Balkans, Baltics, East-central Europe, CIS and Turkey; Developed Europe includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, Spain & U.K.
44
Templeton Emerging Markets
Norilsk Nickel
• Norilsk Nickel produces nickel, copper, cobalt, palladium, platinum, selenium, tellurium, technical sulfur, hard coal and other materials for industrial needs.
• The company is the world’s largest producer of nickel and palladium and one of the biggest producers of platinum.
• Its market share exceeds 10% of cobalt and 2.7% of copper production worldwide.
• The company accounts for 4.3% of Russia’s exports and 1.9% of the country’s GDP.
45
Templeton Emerging Markets
Akbank
• Founded in 1948, Akbank is one of Turkey's largest privately owned banks with 682 (2006) branches
• Akbank, operating Turkey’s second largest branch network among private banks, has more than 5.4 million retail customers.
• Citigroup now owns 20% of Akbank
46
Templeton Emerging Markets
Anglo American
• Anglo American is a international natural resources group with operations in sixty four countries (mainly emerging markets)
• Covers eight principal product groupings, gold (5%), Platinum (7%), Diamonds (12%), Coal (11%), Base Metals (31%), Industrial Minerals (8%), Paper & Packaging (12%) and Ferrous Metals (14%).
• De Beers is active in every category of diamond mining: Open-pit, underground, large-scale alluvial, coastal and deep sea mining across South Africa and in partnership with the governments of Botswana, Namibia and Tanzania. It produces around 40% of the world's supply of rough diamonds.
47
Templeton Emerging Markets
Remgro
• The group has interests in tobacco, liqour, mining, financials, packaging, food and other.
• Firstrand, is one of the big four banking groups in South Africa. It provides merchant banking, retail banking, asset and fund management, property management and other services through First National Bank and Rand Merchant Bank. The Group also provides life insurance and pension and provident fund services through Momentum Life Assurers and Southern Life Association.
• Remgro also has a substantial invesment in one of the big three South African private healthcare providers, Medi-Clinic
Latin America
49
Templeton Emerging Markets
Latin America: GDP Growth
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1
0
1
2
3
4
5
6 31-DEC-1997-31-DEC-2007(% 1YR) Real GDP - Latin America
Source: EIU
50
Templeton Emerging Markets
Latin America vs Developed Countries : GDP Growth%
2007F
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Argentina Chile Brazil Mexico U.K E.U. Japan U.S.
Latin AmericaDeveloped MarketLatin America Average ( Simple)
Source: EIU
51
Templeton Emerging Markets
Million 2006
0
100
200
300
400
500
600
Latin America Developed Europe U.S. Japan
Developed Europe Latin AmericaU.S. Japan
Source: EIU
Latin America vs Developed Countries: Population
**Comprises Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay and Venezuela.Developed Europe includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, Spain & U.K.
52
Templeton Emerging Markets
Vale Do Rio Doce
Vale Do Rio Doce is present in 13 Brazilian states and in 32 countries, in the five continents
Among the top world's producer of iron ore and pellets as well as Nickel.
CVRD is an integrated company with more than 9 thousand kilometers of railways and 10 port heads and mines.
Holdings may change without notice and this is not a complete analysis of every material fact regarding an industry, security or investment.
It should not be viewed as an investment recommendation, but is intended to provide insight into the firm’s portfolio selection process.
53
Templeton Emerging Markets
Petrobras
National oil and gas company in Brazil with activities in exploration, production, refining, transportation and distribution of oil and byproducts.
Operations are mainly in Brazil but also through out South America, Gulf of Mexico, Africa and Middle east.
6,933 gas stations (763 owned) with 34% market share
Holdings may change without notice and this is not a complete analysis of every material fact regarding an industry, security or investment.
It should not be viewed as an investment recommendation, but is intended to provide insight into the firm’s portfolio selection process.
Currency
55
Templeton Emerging Markets
Currencies : % Change Against the U.S. Dollar
%
Source :Bloomberg
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Czech
Koru
na
Slovakia
Kor
una
Polish
Zloty
Hungari
an Fo
rint
Euro
British
Pounds
South
Korea
n Won
China R
enminbi
Malays
ian R
inggit
Singapo
re D
ollar
Indian R
upee
Russia
n Rou
bleTh
ai Bah
t
Chilea
n Pes
o
Israe
li She
kel
Hong K
ong D
ollar
Brazilia
n Rea
l
Colombian
Peso
Philippin
es Pes
o
Japan
ese Y
en
South
Africa
n Ran
d
Mexica
n Pes
o
Indones
ian R
upiah
Egypti
an Pou
nd
Turki
sh N
ew Li
ra
Argen
tine P
eso
Venez
uelan
Boli
var
Jan 2000 to Sept 21st 2007
56
Templeton Emerging Markets
China : Currency
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.090 91 92 93 94 95 96 97 98 99 0 1 2 3 4 5 6 7
RMB/ US$ Exchange Rates vs China/ US PPP Index
RMB per US$China / US PPP
21/08/07: 7.6 RMB/US$
RMB undervalued 14%
RMB per US$
Based date : JAN 1990
Source: IMF; Templeton
Valuations
58
Templeton Emerging Markets
01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07
8
10
12
14
16
18
20
22
24
26
31-OCT-1997-28-SEP-2007MSCI USA - IBES Aggregates - Price to Earnings - 12 MonthMSCI EM (Emerging Markets) - IBES Aggregates - Price to Earnings - 12 MonthTrendline: Average
Source : MSCI; I/B/E/S
US
Average
Emerging Markets
P/E : Emerging Markets vs U.S.
59
Templeton Emerging Markets
01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/070
1
2
3
4
5
631-OCT-1997-28-SEP-2007
MSCI EM (Emerging Markets) - Price to Book Value Ratio - Monthly (Index)MSCI USA - Price to Book Value Ratio - Monthly (Index)Trendline: Average
Source : MSCI
US
Average
Emerging Markets
P/BV : Emerging Markets vs U.S.
60
Templeton Emerging Markets
10/97 09/98 09/99 09/00 09/01 09/02 09/03 09/04 09/05 09/06 09/071
1.5
2
2.5
3
3.5
431-OCT-1997-28-SEP-2007
MSCI USA - Dividend Yield - Monthly (Index)MSCI EM (Emerging Markets) - Dividend Yield - Monthly (Index)Trendline: Average
Source : MSCI
US
Average
Emerging Markets
Dividend Yield : Emerging Markets vs U.S.
Performance
62
Templeton Emerging Markets
Source: Factset Declines of over 20% are indicated
MSCI Emerging Markets Index
01/88 01/89 01/90 01/91 01/92 01/93 01/94 01/95 01/96 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07
500
1,000
1,500
2,000
Log
Scal
e
MexicanCrisis:-24%
5Months
AsiaFinancial
Crisis : -56%13 Months
TMTBubble
Burst : -49%17 Months
2006 Fall : -24%1 Month
UP : 38%28 Months
UP : 114%18 Months
UP : 116%18 Months
Gulf War-29%
4 months
AccountingScandal
:-29%5 Months
MadridTrain Bombing
-20%1 Month
UP : 251.4%47 Months
UP : 181%31 Months
UP : 136%24 Months
UP : 96%
UP : 50%7 Months
01-JAN-1988-09-OCT-2007MSCI EM (Emerging Markets) - - Price with Gross Dividends - Daily Official - USD (Index)
63
T E M P L E T O N
Emerging Markets Equity
01/06 04/06 07/06 10/06 01/07 04/07 07/07 10/071,000
1,200
1,400
1,600
1,800
2,000
2,200
2006 Fall : -24%1 Month
30-DEC-2005-09-OCT-2007MSCI EM (Emerging Markets) - - Price with Gross Dividends - Daily Official - USD (Index)
Source: Factset Declines of over 20% are indicated
MSCI Emerging Markets Index
-10%
-18%
+44%
+39%
Index
64
Templeton Emerging Markets
Emerging Markets : Bear / Bull Markets
Source: Factset
Dates%
Increase# of
Months Dates%
Decline# of
MonthsBull 01/88-08/90 181% 31 Bear 08/90-12/90 -29% 4Bull 12/90-11/94 251% 47 Bear 11/94-04/95 -24% 5Bull 04/95-08/97 38% 28 Bear 08/97-09/98 -56% 13Bull 09/98-04/00 114% 19 Bear 04/00-10/01 -49% 17Bull 10/01-05/02 50% 7 Bear 05/02-10/02 -29% 5Bull 10/02-04/04 116% 18 Bear 04/04-05/04 -20% 1Bull 05/04-05/06 136% 24 Bear 05/06-06/06 -24% 1Bull 06/06- 95%Average 123% 25 -33% 7
* Based on 20% changes
Templeton Emerging Markets Group
66
Templeton Emerging Markets
0
5
10
15
20
25
30
35
40
45
50
12/8712/8812/8912/9012/9112/9212/9312/9412/9512/9612/9712/9812/9912/0012/0112/0212/0312/0412/0512/06
AUM
Source : Templeton
February 1987 to September 2007US$ US$ BnBn
US$45 billionUS$45 billion
Templeton Emerging Markets Group : AUM
67
Templeton Emerging MarketsTempleton Emerging Markets Research Offices : A Team Approach
RIO DE JANEIRO
BUENOS AIRES
WARSAW
JOHANNESBURG
MUMBAI
SINGAPORE
ISTANBUL
MOSCOW
SHANGHAI
SEOUL
HONG KONG
Emerging MarketsResearch Offices
VIENNA
Dubai
- A DEEP AND EXPERIENCED TEAM- PEER REVIEW DISCUSSIONS
• 13 Offices
• 35 Portfolio Managers and Analysts
• 60 Professionals
• 18 Nationalities
• 19 Languages
Templeton’s competitive advantage: Global resources supporting seasoned local teams to identify opportunities and execute transactions.
68
Templeton Emerging Markets
Templeton’s Investment Philosophy
*VALUE
*PATIENCE
*BOTTOM-UP
End