Templeton Emerging Markets Investment Trust PLC (“TEMIT”)

For Professional investor use only. Not for distribution to retail investors.
Emerging Markets
GB0008829292
September 2017
Templeton Emerging Markets
Investment Trust PLC (TEMIT)
Quarterly Report
Performance
Performance over 5 Years in GBP (rebased to 100)
(Shaded area represents performance since Carlos Hardenberg became lead manager of TEMIT in October 2015)










Performance in Share Class Currency (%)





Cumulative Performance (%) Discrete Annual Performance (%)
3 Mths 1 Yr 3 Yrs 5 Yrs 10 Yrs
Since
Incept
Sep-16
Sep-17
Sep-15
Sep-16
Sep-14
Sep-15
Sep-13
Sep-14
Sep-12
Sep-13
Share Price 10.90 31.55 34.57 44.59 97.71 2,935.69 31.55 46.67 -30.26 8.50 -0.97
NAV
8.32 27.01 38.28 48.47 92.56 3,259.41 27.01 49.21 -27.03 7.59 -0.20
Benchmark 4.60 19.00 41.02 48.96 78.89 1,456.31 19.00 36.67 -13.29 4.55 1.04
Past performance is not an indicator or a guarantee of future performance. The value of shares in TEMIT and income
received from it can go down as well as up, and investors may not get back the full amount invested. Performance details are
in TEMIT’s base currency, include the reinvested dividends net of basic rate UK tax and are net of management fees. Sales
charges and other commissions, other taxes and relevant costs to be paid by an investor are not included in the calculations.
Performance may also be affected by currency fluctuations. Up to date performance figures can be found on our local website.
UK Freefone Tel Fax E-Mail Web
0800 305 306 +44 20 7073 8690 +44 20 7073 8701 enquiries@franklintempleton.co.uk www.temit.co.uk
Company Overview
Base Currency GBP
Launch Date 12.06.1989
Benchmark MSCI Emerging Markets
Index
Total Net Assets (GBP) 2,333.62 million
Market Capitalisation (GBP) 2,076.38 million
Net Gearing 1.1%
Invested Assets 101.0%
Ongoing Charges Ratio

1.12%
Number of Shares in Issue

277,590,432
ISA Status Yes
Investment Objective and Policy
The Company seeks long-term capital appreciation
through investment in companies listed in emerging
markets or companies which have a significant amount of
their revenues in emerging markets, but are listed on
stock exchanges in developed countries.

It is intended that the Company will normally invest in
equity investments. However, the Investment Manager
may invest in equity-related investments (such as
convertibles) where there are believed to be advantages
to so doing. The portfolio may frequently be overweight or
underweight against the MSCI Emerging Markets Index
and may be concentrated in a more limited number of
sectors, geographical areas or countries. The Company
may also invest a significant portion of its assets in the
securities of one issuer, securities domiciled in a
particular country, or securities within one industry. No
more than 10% of the Company’s assets will be invested
in the securities of any one issuer at the time of
investment.

The Board has agreed that TEMIT may borrow up to 10%
of its net assets.
Fund Management
Carlos Hardenberg (Lead Manager) London
Chetan Sehgal (Portfolio Manager) Mumbai
Mark Mobius, PhD (Portfolio Manager) Hong Kong
Pricing Information
NAV (Cum-Income) 840.67p
Ordinary Share Price 748.00p
Discount (Cum-Income) -11.02%
Net Yield (% of NAV) 0.98%
Dividends 8.25p per Ordinary Share
(paid July 2017)
Ratings
Morningstar
TM
Category: Global Emerging Markets
Equity
Morningstar
TM
Overall Rating: 
Market Capitalisation Breakdown (%)
>25 Billion 44.8
10-25 Billion 20.3
2-10 Billion 19.9
<2 Billion 14.5
Not Classified 0.6
Securities – Largest Contributors Sector Country Total Effect (%)
Brilliance China Automotive
Consumer Discretionary China / Hong Kong 2.52
CIA Hering
Consumer Discretionary Brazil 0.46
Banco Bradesco
Financials Brazil 0.37
Itaú Unibanco
Financials Brazil 0.25
Lojas Americanas
Consumer Discretionary Brazil 0.25
Securities – Largest Detractors Sector Country Total Effect (%)
Astra International Consumer Discretionary Indonesia -0.50
Hyundai Development Industrials South Korea -0.42
ICICI Bank Financials India -0.25
Catcher Technology Information Technology Taiwan -0.22
Daelim Industrial Industrials South Korea -0.18
Top 10 Holdings
Largest Contributors and Detractors to Performance (3 months to 30.09.2017)
Security Sector Country % of Total
Samsung Electronics Information Technology South Korea
8.0
Brilliance China Automotive Consumer Discretionary China / Hong Kong
6.7
Naspers Consumer Discretionary South Africa
4.6
Taiwan Semiconductor Manufacturing Information Technology Taiwan
4.3
Alibaba, ADR Information Technology China / Hong Kong
3.8
Unilever Consumer Staples United Kingdom
3.5
Tencent Information Technology China / Hong Kong
3.0
Banco Bradesco, ADR Financials Brazil
2.8
Buenaventura, ADR Materials Peru
2.8
Itaú Unibanco, ADR Financials Brazil
2.6
60
80
100
120
140
160
Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17
TEMIT NAVTEMIT Share PriceMSCI Emerging Markets

Templeton Emerging Markets Investment Trust PLC (TEMIT)
30 September 2017
For Professional investor use only. Not for distribution to retail investors. For Professional investor use only. Not for distribution to retail investors. For Professional investor use only. Not for distribution to retail investors.
www.temit.co.uk
Sector TEMIT Benchmark +/-
Information Technology
30.5 27.6 2.9
Financials
22.9 23.4 -0.5
Consumer Discretionary
21.3 10.3 11.0
Consumer Staples
7.7 6.5 1.2
Energy
7.2 6.8 0.4
Materials
5.9 7.2 -1.3
Industrials
2.3 5.4 -3.1
Health Care
1.9 2.3 -0.4
Real Estate
0.6 2.9 -2.3
Telecommunication Services
0.5 5.1 -4.6
Utilities
0.2 2.6 -2.4
Cash & Cash Equivalents
-1.0 0.0 -1.0
INVESTMENT APPROACH
The investment management team is led by Carlos Hardenberg, Senior Vice President and Managing Director, Templeton Emerging Markets Group, working alongside Dr. Mark Mobius,
Executive Chairman of Templeton Emerging Markets Group (who is a portfolio manager) and Chetan Sehgal (also a portfolio manager). The team uses in-depth company research to find
securities in any emerging market country or industry sector, regardless of company size, that they believe are undervalued by the market but have the potential to increase in value over time.
Using a time-tested investment philosophy and a long-term approach to value-oriented investing, the investment team look beyond short-term news, noise and emotion to identify the most
compelling investment opportunities available.
Shareholders in TEMIT should consider it as a long-term financial commitment. Please refer to the latest annual report for more details of the risks associated with an investment in TEMIT.
BOARD OF DIRECTORS (as at 13.07.2017)
Paul Manduca (Chairman) Hamish N Buchan Simon Jeffreys Beatrice Hollond
David Graham Gregory E Johnson
GLOSSARY OF TERMS
Alpha - Alpha measures the difference between a portfolio's actual returns and its expected performance, given its level of risk (as measured by beta). A positive alpha means that the portfolio
has over performed, a negative alpha means the portfolio has under performed; for example, an alpha of 1.0 means the portfolio outperformed the market 1.0%.
Beta - Beta is a measure of a portfolio's sensitivity to market movements. It measures the relationship between a portfolio's excess return over an investment in a risk-free investment such as
cash and the excess return of the benchmark index. For TEMIT, this is the Investment Trusts Global Emerging Markets Universe. By definition, the beta of the benchmark (in this case, an
index) is 1.00. Accordingly, a portfolio with a 1.10 beta has performed 10% better (after deducting the cash rate) than the index in up markets and 10% worse in down markets, assuming all
other factors remain constant. A portfolio with a high beta will tend to move more than the benchmark, a portfolio with a low beta will tend to move less.
Contributor - The amount an individual stock, country or sector has added to the performance of the entire portfolio for a given period.
Cumulative Performance - The percentage increase or decrease of a portfolio's share price or NAV over a given time period, with net income (dividends) reinvested. The fund's performance is
usually benchmarked against either a relevant index or sector.
Detractor - The amount an individual stock, country or sector has subtracted from the performance of the entire portfolio for a given period.
Discrete Annual Performance - The percentage increase or decrease of a portfolio's share price or NAV over a complete 12 month period, with net income (dividends) reinvested. The fund's
performance is usually benchmarked against either a relevant index or sector.
Dividend Yield - The yield a company pays out to its shareholders in the form of dividends. It is calculated by the dividends paid per share over a year divided by the stock's price. For a vehicle
like TEMIT, which invests in a number of companies, this figure represents the weighted average annual dividend paid by all of the companies in which it invests. Because of share types, fees
and other considerations, the dividend yield quoted here should not be used as an indication of the income to be received from this portfolio.
Downside Risk - Downside risk is a measurement which only considers negative returns. It is calculated as a downside deviation of returns below the Risk Free Rate (this is the amount a
manager could expect to receive by investing in a “risk free” asset, such as with a cash deposit).
Country TEMIT Benchmark +/-
China / Hong Kong 22.7 29.5 -6.8
South Korea 13.7 15.0 -1.3
Brazil 11.4 7.6 3.8
Taiwan 9.8 11.5 -1.7
Russia 8.0 3.4 4.4
South Africa 5.3 6.3 -1.0
India 5.3 8.4 -3.1
Thailand 5.1 2.2 2.9
Indonesia 4.1 2.3 1.8
United Kingdom 3.5 0.0 3.5
Sector Total Effect (%)
Consumer Discretionary 3.14
Financials 1.01
Consumer Staples 0.32
Telecommunication Services 0.23
Cash & Other Net Assets 0.21
Energy -0.01
Materials -0.02
Utilities -0.06
Health Care -0.12
Information Technology -0.24
Real Estate -0.26
Industrials -0.38
Country – Largest Contributors* Total Effect (%)
China/Hong Kong 1.89
Brazil 0.94
Russia 0.57
South Africa 0.40
South Korea 0.19
Country – Largest Detractors Total Effect (%)
Indonesia -0.56
Thailand -0.24
Hungary -0.15
Pakistan -0.11
Chile** -0.09
TEMIT Benchmark
Price / Earnings 15.13 15.27
Price / Book 1.93 1.74
Price / Cash Flow 8.46 9.61
Dividend Yield 2.28% 2.31%
Weighted Average Market Capitalisation (millions) £67,301 £57,764
1 Year 3 Years
Alpha
7.58 -1.03
Beta
0.96 1.05
Annualised Downside Risk
1.59 4.49
Information Ratio (Relative)
2.44 -0.13
R
2
93.77 90.03
Sharpe Ratio
2.07 0.63
Annualised Tracking Error
3.28 5.57
Annualised Volatility
12.97 17.45
Positive Months
8 21
Negative Months
4 15
Largest Contributors/Detractors to Performance (3 months to 30.09.2017) Largest Contributors/Detractors to Performance (3 months to 30.09.2017)
Sector Weightings v Benchmark (%) Ten Largest Country Weightings v Benchmark (%)
Risk Statistics (as at 30.09.2017) Fundamental Portfolio Characteristics (as at 30.09.2017)
Note: *Cash was also a contributor, 0.21%. **No holdings in portfolio

Templeton Emerging Markets Investment Trust PLC (TEMIT)
30 September 2017
For Professional investor use only. Not for distribution to retail investors. For Professional investor use only. Not for distribution to retail investors.
GLOSSARY OF TERMS (continued)
Information Ratio - This ratio divides the annualised average return for the portfolio by the Tracking Error (Relative). The higher the ratio, the better, as it reflects the extent to which a portfolio
has outperformed the benchmark.
Market Capitalisation - The total market value of a company’s shares. For a vehicle like TEMIT, which invests in a number of companies, this is calculated by the share price on a certain date
multiplied by the number of shares in issue.
Market Cap (average) - The weighted average of all the companies in which it invests.
Maximum Gain - The best possible investment period in the period analysed. This includes temporary down periods.
Maximum Loss - The worst possible investment period in the period analysed. This includes temporary up periods.
NAV - Net Asset Value, or the total value of the portfolio at any one time, including all shares and cash, divided by the number of shares in issue.
Net Gearing (sometimes described as leverage) - a term used to describe the process of borrowing money for investment purposes in the expectation that the returns on the investments
purchased using the borrowings exceeds the costs of those borrowings. For example, a figure of 5% means that the shareholder funds are 5% geared and indicates the extra amount by which
the shareholder funds would rise or fall if the total assets were to rise or fall. A figure of 0% means there is no gearing. Net Gearing is the gearing level less the level of cash in the portfolio.
Ongoing Charges Ratio (“OCR”) - From the year ending 31 March 2012, the Ongoing Charges Ratio (“OCR”) replaces the Total Expense Ratio. Prior year numbers have not been restated as
the ratios are not materially different. The OCR represents the annualised ongoing charges of the Company divided by the average daily net asset values of the Company for the year, and has
been prepared in accordance with the AIC’s recommended methodology.
Positive & Negative Periods - This shows how many positive/negative months returns that a portfolio experiences across a period.
Price to Book (P/B) - The price per share of a stock divided by its book value (i.e. net worth) per share. For a portfolio, the ratio is the weighted harmonic average price/book ratio of the stocks
it holds.
Price to Cash Flow (P/CF) - Supplements price/earnings ratio as a measure of relative value; it represents a weighted harmonic average of the price/cash flow ratios for the underlying portfolio
holdings.
Price to Earnings (P/E) - The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, it is the weighted harmonic average P/E ratio of the stocks in the
portfolio. P/E is a good indicator of market expectations about a company's prospects; the higher the P/E, the greater the expectations for a company's future growth in earnings.
R
2
- R
2
or R squared, is an indication of how closely aligned the portfolio and the benchmark index are. R
2
ranges between 0 and 100, with 0 indicating a lot of difference and 100 indicating a
perfect match. A value of 70 and upwards generally suggests that a portfolio’s performance is very closely linked to the performance of the benchmark index.
Share Price - The cost of a unit of ownership in a company as purchased through the stock exchange.
Sharpe Ratio - Sharpe Ratio judges whether the relationship between a portfolio's risk and its return is good or bad. The underlying assumption is that a portfolio manager could invest in a
riskless asset (such as cash), therefore the return of the risk free asset is deducted from the annualised average return. This net return is then divided by the total risk (annualised volatility). The
higher the ratio the better the return for investors for the risk taken.
Total Net Assets - The total value of a company’s shares. For a vehicle like TEMIT, which invests in a number of companies, this is calculated by the Net Asset Value (NAV) on a certain date
multiplied by the number of shares in issue.
Tracking Error (Relative) - Tracking Error (Relative) measures how much the return of the portfolio deviates from the benchmark index. The lower the tracking error of the portfolio, the more it
resembles the benchmark in terms of risk and return characteristics.
Trust - A Trust, or Investment Trust, is a closed ended vehicle investing in a wide variety of underlying investments. Investment Trusts are traded in exactly the same way as any other equity on
the London Stock Exchange. The price at which they are traded (share price) depends on the demand for the shares in the investment trust and is often at a variance with the value of their
underlying holdings (or NAV).
Volatility - This is a statistical measure of the amount of movement in the price of a share or portfolio over a given period of time. If a portfolio’s share price hardly moves over time, it is said to
have a low volatility. Volatility is a simple measure of the consistency of returns.
IMPORTANT INFORMATION
The price of shares in TEMIT and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not an indicator or
a guarantee of future performance. Currency fluctuations will affect the value of overseas investments. Investments in funds denominated in a currency other than sterling, your performance
may also be affected by currency fluctuations. In emerging markets, the risks can be greater than in developed markets.
This document does not constitute or form part of an offer for shares or an invitation to apply for shares. An investment in TEMIT entails risks which are described in the current Annual Report.
Please consult your professional adviser before deciding to invest.
Performance figures are not based on audited financial statements and, unless indicated otherwise, assume reinvestment of interest and dividends.
Data from third party sources may have been used in its preparation and Franklin Templeton Investments has not independently verified, validated or audited such data.
References to particular industries, sectors or companies are for general information and are not necessarily indicative of a portfolio’s holding at any one time.
Opinions expressed are the author’s at publication date and they are subject to change without prior notice. Given the rapidly changing market environment, we disclaim responsibility for
updating this material.
Attribution-related data provided by FactSet as at 30/09/2017. Relative attribution refers to the MSCI Emerging Markets Index in sterling terms.
References to indices are made for comparative purposes only and are provided to represent the investment environment existing during the time periods shown. An index is unmanaged and
one cannot invest directly in an index. The performance of the index does not include the deduction of expenses and does not represent the performance of any Franklin Templeton fund.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further
redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
© 2017 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate,
complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
A copy of the latest annual report and half-yearly report, if published thereafter can be found, on our website: www.temit.co.uk or can be obtained, free of charge, from the address below. For
more information, UK investors should contact: Franklin Templeton Investments, Cannon Place, 78 Cannon Street, London EC4N 6HL. Telephone: 0800 305 306, Email:
enquiries@franklintempleton.co.uk.
Issued by Franklin Templeton Investment Management Limited (FTIML). FTIML is authorised and regulated by the Financial Conduct Authority.

Franklin Templeton Investment Management Limited
Cannon Place, 78 Cannon Street,
London EC4N 6HL
0800 305 306
enquiries@franklintempleton.co.uk
www.temit.co.uk


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