Half-year Report

CORPORATE
Templeton Emerging Markets Investment Trust PLC ("TEMIT" or "the Company")
Half Yearly Report to 30 September 2023
Legal Entity Identifier 5493002NMTB70RZBXO96

Company Overview

Launched in June 1989, Templeton Emerging Markets Investment Trust plc ("TEMIT" or the "Company") is an
investment trust that invests principally in emerging markets companies with the aim of delivering capital
growth to shareholders over the long term. While the majority of the Company's shareholders are based in the
UK, shares are traded on both the London and New Zealand stock exchanges.

TEMIT has a diversified portfolio of around 80 high quality companies, actively selected for their long-term
growth potential and sustainable earnings, and with due regard to Environmental, Social and Governance
("ESG") attributes. TEMIT's research-driven investment approach and strong long-term performance has helped
it to grow to be the largest emerging markets investment trust in the UK, with net assets of £1.9 billion as at 30
September 2023. From its launch to 30 September 2023, TEMIT's net asset value ("NAV") total return was
+3,832.7% compared to the benchmark total return of +1,698.1%.

The Company is governed by a Board of Directors who are committed to ensuring that shareholders' best
interests, considering the wider community of stakeholders, are at the forefront of all decisions. Under the
guidance of the Chairman, the Board of Directors is responsible for the overall strategy of the Company and
monitoring its performance.

TEMIT at a glance

For the six months to 30 September 2023

Net asset value total return
(cum-income)
(a)

-0.3%
(2022: -8.3%)

Share price total return
(a)

-1.6%
(2022: -8.5%)

MSCI Emerging
Markets
Index total return
(a)(b)

-0.5%
(2022: -7.4%)

Interim dividend for
the financial year 2024
2.00p
(Interim dividend for the
financial year 2023:
2.00p)
(a)
A glossary of alternative performance measures is included in the full Half Yearly Report.
(b)
Source: MSCI. The Company's benchmark is the MSCI Emerging Markets Index, with net dividends
reinvested.

Chairman's Statement

Market overview and investment performance
Over the six months to 30 September 2023, TEMIT produced a small negative total return of -0.3%
(a)
which was
marginally better than the benchmark index's return of -0.5%
(a)
. In aggregate, emerging markets as measured by
the index have been less volatile than they were in our last financial year but have not shown any meaningful
progress, moving ahead for short periods only to fall back again, particularly towards the end of the six-month
period.

(a)
A glossary of alternative performance measures is included in the full Half Yearly Report.

Revenue and dividend
Net revenue earnings for the six months to 30 September 2023 amounted to 3.34 pence per share. It is too early
to predict earnings for the full financial year but, noting that TEMIT usually earns the majority of its revenue in
the first six months of its financial year, an unchanged interim dividend of 2.00 pence per share will be paid on
26 January 2024.

Share rating
The Board continues to encourage and support our managers in their active programme of promoting TEMIT's
shares to existing and potential investors via a variety of traditional and online channels. We have long held the
view that marketing and promotion is an area to which a company should commit over the long term. The Board

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was therefore very pleased to be the inaugural recipient of the AIC's Consistent Communications Award. The
award panel recognised that TEMIT "has delivered a comprehensive strategy including advertising, PR and
social media to win over current and potential shareholders."

The discount remained under pressure during the period under review and we were regularly active in buying
back shares. A total of 23.9 million shares were bought back at an average discount of 13.9%. This increased the
NAV per share by 0.3% for continuing shareholders.

The Board
We recently announced that Angus Macpherson had joined the Board as a non-executive Director of the
Company, with effect from 6 October 2023. Angus is chief executive of Noble and Company (UK) Limited, an
independent boutique Scottish corporate finance business. He was based in Singapore and Hong Kong between
1995 and 2004, latterly as head of capital markets and financing for Merrill Lynch in Asia. He is currently
Chairman of Pacific Horizon Investment Trust, Henderson Diversified Income and a director of Schroder Japan
Trust and Hampden & Co. As a consequence of his appointment he intends to step down from the Chair of
Pacific Horizon as soon as a suitable successor can be appointed.

The Board's intention is that Angus will take on the role of Chairman of the Company on 1 January 2024. In the
meantime, I will work closely with him to ensure an effective handover of the role. As this will be my last
formal report, I would like to thank shareholders for their support and particularly those shareholders who I have
spoken to for their invaluable insights. I would also like to thank the team at Franklin Templeton and all of the
suppliers to TEMIT for their considerable efforts over the last eight and a half years.


Annual General Meeting
The Board was pleased to welcome shareholders to the AGM in July. All resolutions at the AGM were duly
carried by a large majority and I would like to thank shareholders for their continuing support. I recognise that
some shareholders are unable to attend meetings in person and if you have any questions, please send these by
email to temitcosec@franklintempleton.com or via www.temit.co.uk./investor/contact-us.

Continuation vote and the Conditional Tender Offer
At next year's AGM, TEMIT will hold its five yearly continuation vote. The 31 March 2024 financial year-end
will also be the end of the five-year measurement period for our Conditional Tender Offer, under which the
Board has undertaken to arrange a tender offer for up to 25% of the Company's shares if the NAV total return
underperforms that of the benchmark index over the five-year period. For the four years and six months to the
end of September, the NAV total return was +14.0%, some 4.2 percentage points higher than that of the
comparator benchmark.

Outlook
The geopolitical and macroeconomic outlook remains difficult and investors are clearly facing a number of
headwinds. Managing investments for the long term relies on an ability to see beyond the issues posed by wars
in Ukraine and Gaza, along with high inflation, and to focus on the long-term trends. Notwithstanding the
immediate challenges, with their extensive resources on the ground and around the world, our managers are well
equipped to deal with this environment as they continue to focus on some of the world's most interesting and
dynamic companies.

The prospects for emerging markets remain compelling, with relatively high levels of economic growth, young
populations and increasing wealth. As I step down from the Board I look to the future with optimism and I know
that I leave the Company in very capable hands.

Paul Manduca
Chairman
7 December 2023



Interim Management Report

Principal risks

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The Company invests predominantly in the stock markets of emerging markets. The principal categories of risks
facing the Company, determined by the Board and described in detail in the Strategic Report within the Annual
Report and Audited Accounts, are:
• Market;
• Geopolitical;
• Technology;
• Portfolio concentration;
• Sustainability and climate change;
• Foreign currency;
• Discount;
• Operational and custody;
• Key personnel; and
• Regulatory.

The Board has provided the Investment Manager with guidelines and limits for the management of principal
risks. The Board and Investment Manager are aware that the economic challenges continue to be the key issue
affecting investment markets around the world, as well as the tensions between the United States and China over
trade and the Taiwan Strait. The ongoing Israel-Hamas conflict also adds to existing geopolitical uncertainties,
as do the continuing ramifications of the Russian invasion of Ukraine. While pandemic risk is no longer
considered a top risk the Board remains mindful of the possibility of a future pandemic and its potential impacts
on the Company. There have been no further changes to the principal and emerging risks reported in the Annual
Report and, in the Board's view, these risks are equally applicable to the remaining six months of the financial
year as they were to the six months under review.

Related party transactions
There were no transactions with related parties during the period other than the fees paid to the Directors and the
AIFM.

Going concern
The Company's assets consist of equity shares in companies listed on recognised stock exchanges and in most
circumstances are realisable within a short timescale. Having made suitable enquiries, including consideration of
the Company's objective, the nature of the portfolio, net current assets, expenditure forecasts, the principal and
emerging risks and uncertainties described within the Annual Report, the Directors are satisfied that, assuming
that there will be a successful continuation vote at the 2024 AGM, the Company has adequate resources to
continue to operate as a going concern for the period to 31 March 2025, which is at least 12 months from the
date of approval of these Financial Statements, and are satisfied that the going concern basis is appropriate in
preparing the Financial Statements.

Statement of Directors' Responsibilities
The Disclosure Guidance and Transparency Rules of the UK Listing Authority require the Directors to confirm
their responsibilities in relation to the preparation and publication of the Interim Management Report and
Financial Statements.

Each of the Directors, who are listed in the full Half Yearly Report, confirms that to the best of their knowledge:

(a) the condensed set of Financial Statements, for the period ended 30 September 2023, have been prepared in
accordance with the UK adopted International Accounting Standard (IAS) 34 "Interim Financial Reporting";
and
(b) the Half Yearly Report includes a true and fair view of the assets, liabilities, financial position and profit or
loss of the Company and a fair review of the information required by:
(i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important
events that have occurred during the first six months of the financial year and their impact on the
condensed set of Financial Statements, and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that
have taken place in the first six months of the current financial year and that have materially affected

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the financial position or performance of the entity during that period, and any changes in the related
party transactions described in the last Annual Report that could do so.

The Half Yearly Report was approved by the Board on 7 December 2023 and the above Statement of Directors'
Responsibilities was signed on its behalf by

Paul Manduca
Chairman
7 December 2023



Investment Manager's Report

Review of performance
Emerging markets declined over the six months under review. The period started positively, expectations of a
turnaround for the technology sector and signs of receding inflation in several countries were optimistic
developments, but this was somewhat affected by China's slow demand recovery and uncertainty over US
interest rates. A risk-off environment sparked by the US Federal Reserve's forecast of higher-for-longer interest
rate policy through 2024 affected market sentiment towards the end of the period. The MSCI Emerging Markets
Index returned -0.5% in the 6-month period under review, whilst TEMIT delivered a net asset value total return
of -0.3% (all figures are total return measured in sterling). Full details of TEMIT's performance can be found in
the full Half Yearly Report.

By region, Latin America saw an improvement in its general macroeconomic environment. Equities in the
EMEA region also rose. Volatility in energy prices drove a mixed result for Middle Eastern equities, which were
also weighed down by a higher-for-longer interest rate environment in the US. Emerging Asia declined. Stocks
in China were amongst detractors as a slower-than-expected recovery weighed. The technology-heavy countries
of South Korea and Taiwan grappled with slumping exports due to a slower recovery of the semiconductor
industry than investors had expected. However, an improving long-term outlook for semiconductor stocks
helped to limit losses for both countries. India logged gains on improving macroeconomic indicators and robust
corporate earnings.

China was TEMIT's largest market exposure, although the portfolio remained underweight relative to the
benchmark. Chinese equities fell by more than 10% in sterling terms over the six-month period. Concerns about
the country's slow consumption recovery and geopolitical tensions between China and the West impacted
investor sentiment. Its property sector woes, plagued by liquidity worries and lack of demand, also continued
into the reporting period, with the weakness spreading to consumption-related stocks over worries about the
impact of weak property prices on consumer sentiment. These overshadowed early signals of China's recovery
from the release of better-than-expected inflationary, credit and manufacturing data after some stimulus
packages. We do still see some upside in China; in particular the internet sector, to which the portfolio has
sizeable exposure, has adjusted to the new operating environment as China eased its regulatory crackdown on
the sector.

TEMIT's second-largest market position was in South Korea, where the portfolio was overweight versus the
benchmark. South Korean equities declined by more than 1% during the reporting period, as the technology-
heavy market continued to struggle throughout the year on weakening demand for technology products,
including consumer electronics. However, an improving outlook for semiconductor stocks, partially from
increasing interest and ensuing optimism around artificial intelligence ("AI") limited losses. South Korea is less
exposed to geopolitical risks as compared to China, and the country is home to several companies which are
expected to benefit from the secular trends of digitalisation and decarbonisation, such as technology-related
companies, and firms in the value chain of electric vehicle ("EV") production.

The Taiwanese market also fell marginally, ending the reporting period with a loss of more than 1%. The
technology-heavy and export-oriented country experienced a lower demand for its technology exports, which
we view to be a cyclical occurrence, but a demand uplift from AI benefitted Taiwanese equities. TEMIT's
allocation is slightly lower than the benchmark, with the portfolio's exposure to the country largely attributable
to the island's semiconductor industry and TEMIT's largest portfolio holding which is Taiwan Semiconductor
Manufacturing Company ("TSMC"). Besides being an essential component of electronic devices used in various
industries spanning health care, military systems and clean energy, the emergence of AI will drive further

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demand for TSMC's advanced chips. We maintain a positive long-term view on Taiwan's semiconductor
industry.

India was TEMIT's fourth largest exposure at the end of September 2023. Indian equities rose by 17% over the
six-month period, benefitting from a moderating inflationary environment, improving macroeconomic indicators
and strong corporate earnings. India has two growth drivers: strong domestic consumption and infrastructure
investments. Whilst higher energy prices remain a risk to India's near-term outlook, the diversification of its
power sources should eventually ease pressure from imported energy and inflation in the long term. We also
believe that there are still pockets of reasonable and compelling valuations, and there is still room for Indian
equities to post further gains based on improving earnings.

Equities in Brazil experienced some volatility in the beginning of the period, but recovered strongly and ended
the reporting period with double-digit gains. Brazilian equities reacted favourably to improvements in its
macroeconomic environment, inflation reached a new 12-month low whilst a stronger-than-expected GDP gave
rise to an upward forecast of its full-year GDP. The approval of its new fiscal framework and the subsequent
commencement of its rate-easing cycle overcame some negativity from concerns on changes to its taxation
regulations, which could potentially impact corporate earnings.

Investment strategy, portfolio changes and performance attribution
The following sections show how different investment factors (stocks, sectors, and geographies) accounted for
the Company's performance over the period. We continue to emphasise that our investment process selects
companies based on their individual attributes and ability to generate risk-adjusted returns for investors, rather
than taking a high-level view of sectors, countries, or geographic regions to determine our investment
allocations.

Our investment style is centred on finding companies with long-term earnings power and whose shares trade at a
discount relative to our estimates of their intrinsic worth and to other investment opportunities in the market. We
also pay close attention to risks.

We continue to utilise our research-based, active approach to help us to find companies which have high
standards of corporate governance, respect their shareholder base, and understand the local intricacies that may
determine consumer trends and habits. Utilising our large team of analysts, we aim to maintain close contact
with the board and senior management of existing and potential investments and believe in engaging
constructively with our investee companies.

All of these factors require us to conduct detailed analyses of potential returns versus risks with a time horizon
of typically five years or more.

Our well-resourced, locally based teams remain a key competitive advantage and it has certainly been helpful
being on the ground in the benchmark heavyweights of China and India. This local presence allows us to
understand business models, competitive dynamics, and supply chain issues. We have also managed to get
insights into regulatory conversations and management capabilities which are factored into our analysis. We
view our locally based teams, which are armed with vast knowledge of a country's macroeconomic issues and
views on-the-ground, as vital sources of input into the investment process.

In the portfolio, we remain positioned in long-term themes including consumption premiumisation,
digitalisation, health care and technology. We focus on companies reflecting our philosophy of owning good
quality businesses, with long-term repeatable earnings power and share prices at a discount to intrinsic worth.
We see high levels of leverage as a risk and continue to avoid companies with weak balance sheets. We
continue to embed governance and sustainability factors into our fundamental bottom-up research and remain
active owners across our holdings. This involves integrating Environmental, Social and Governance ("ESG")
factors into our stock thesis, engaging with investee companies on material ESG issues and actively voting on
behalf of our investors.

Performance attribution analysis %

Six months to 30 September 2023 2022 2021 2020 2019
Net asset value total return
(a)


(0.3)

(8.3)

(7.5)

31.3

6.3
Expenses incurred
(b)


0.5

0.5

0.5

0.5

0.5

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Gross total return
(a)


0.2

(7.8)

(7.0)

31.8

6.8
Benchmark total return
(a)


(0.5)

(7.4)

(1.0)

24.4

2.2
Excess return
(a)
0.7 (0.4) (6.0) 7.4 4.6
Stock selection

0.1

2.9

(4.3)

2.5

2.6
Sector allocation

0.4

(2.2)

(1.4)

4.0

1.6
Currency

(0.1)

(1.1)

(0.5)

0.5

0.4
Share buyback impact

0.3

0.1

0.0

0.3

0.2
Residual return
(a)


0.0

(0.1)

0.2

0.1

(0.2)
Total contribution 0.7 (0.4) (6.0) 7.4 4.6
Source: FactSet and Franklin Templeton.
(a)
A glossary of alternative performance measures is included in the full Half Yearly Report.
(b)
Represents expenses incurred for the six months to 30 September 2023. Details of the annualised ongoing
charges ratio are included in the glossary of alternative performance measures in the full Half Yearly Report.

Top 10 contributors to relative performance by security (%)
(a)


Top contributors

Country

Sector

Share
price
total
return
Contribution to
portfolio relative
to MSCI
Emerging
Markets Index
Petroleo Brasileiro

Brazil

Energy

86.2

1.1
POSCO
(b)


South Korea

Materials

66.5

0.6
Brilliance China Automotive
(c)


China/Hong
Kong

Consumer
Discretionary

50.3

0.5
Zomato

India

Consumer
Discretionary

99.1

0.5
ICICI Bank

India

Financials

9.5

0.5
Yandex
(b)(c)


Russia

Communication
Services

-

0.4
Itaú Unibanco

Brazil

Financials

13.5

0.2
One 97 Communications
(c)


India

Financials

34.8

0.2
Samsung Life Insurance

South Korea

Financials

9.4

0.2
Cognizant Technology
Solutions
(c)(d)


United States

Information
Technology

13.4

0.2
(a)
For the period 31 March 2023 to 30 September 2023.
(b)
Security not held by TEMIT as at 30 September 2023.
(c)
Security not included in the MSCI Emerging Markets Index as at 30 September 2023.
(d)
This security, listed on a stock exchange in a developed market, has significant exposure to operations
from emerging markets.

Finishing higher over the six-month period were shares of Petroleo Brasileiro ("Petrobras"), a Brazilian
energy company engaged in the exploration, production, and distribution of oil and gas which was a strong
contributor. Its share price remained resilient throughout the period. The company announced a new shareholder
return policy and raised gasoline and diesel prices, which alleviated some concerns regarding capital allocation
and pricing policy. An increase in oil prices towards the end of the quarter also supported its share price.

POSCO, a South Korea-based steel product manufacturer with a diversified line of steel products (including
cold and hot rolled products) was also a strong contributor. Its shares rallied in the later part of the period on
optimism around its battery materials business, where the company has materially raised its longer-term targets.
Whilst POSCO is one of the most efficient and cost competitive steel makers globally, we observed that

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POSCO's strong stock performance rose to a level above our assessment of its intrinsic value and therefore sold
our remaining holding in the period.

Brilliance China Automotive is a Chinese automotive manufacturer noted for its association with German
luxury car maker BMW. The company announced a special dividend in the second quarter of 2023, which was a
key driver of returns.

Top 10 detractors to relative performance by security (%)
(a)


Top detractors Country Sector
Share price
total return

Contribution
to portfolio
relative
to MSCI
Emerging
Markets Index
Guangzhou Tinci Materials
Technology

China/Hong
Kong

Materials

(37.9)

(0.8)
Prosus
(b)


China/Hong
Kong

Consumer
Discretionary

(16.6)

(0.5)
Alibaba

China/Hong
Kong

Consumer
Discretionary

(13.6)

(0.4)
Samsung SDI

South Korea

Information
Technology

(32.0)

(0.4)
Daqo New Energy

China/Hong
Kong

Information
Technology

(34.7)

(0.3)
China Resources Cement

China/Hong
Kong

Materials

(45.9)

(0.3)
Genpact
(b)(c)


United States

Industrials

(20.2)

(0.3)
Uni-President China

China/Hong
Kong

Consumer Staples

(25.7)

(0.3)
TSMC

Taiwan

Information
Technology

(5.1)

(0.2)
Quanta Computer
(d)


Taiwan

Information
Technology

175.7

(0.2)
(a)
For the period 31 March 2023 to 30 September 2023.
(b)
Security not included in the MSCI Emerging Markets Index as at 30 September 2023.
(c)
This security, listed on a stock exchange in a developed market, has significant exposure to operations from
emerging markets.
(d)
Security not held by TEMIT as at 30 September 2023.

Guangzhou Tinci Materials Technology is a China-based producer of electrolytes for EV batteries. Slower
growth in EV demand as well as higher competition driven by an increase in industry capacity for electrolytes
and declining lithium prices have impacted the company's near-term performance. We remain positive about the
company's prospects as the robust demand for batteries needed for EVs and energy storage-two of the fastest
growing parts of the global economy-should allow it to deliver strong earnings over the medium term. The
company is vertically integrated, and we believe it is cost competitive.

An off-benchmark holding in Prosus, a leading global investment company and the largest shareholder of
Tencent, a Chinese technology company, was a key detractor. Its share price tracked Tencent's, which declined
in the period alongside broader Chinese equities despite reporting resilient results. Concerns over China's weak
economic recovery also weighed on Tencent. However, an announcement that Prosus will remove the cross-
holding structure with technology company Naspers (not a portfolio holding) managed to limit losses.

Another portfolio holding that detracted was Alibaba, a Chinese e-commerce company providing brands and
merchants the infrastructure to acquire and sell to customers online. Its share price had been volatile over the

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period, erasing gains from March from its organisational revamp. Its share price ended lower on concerns of
slower demand recovery, China's weak economic recovery and uncertainty around the potential impact of a
complete spin-off of its cloud business. However, there were several uplifts to the stock price within the period
from better-than-expected quarterly results and policy support from the Chinese government. We remain
positive on the strength of its e-commerce ecosystem and its ability to generate strong cash flows. The business
has adjusted to the new environment in China, and we expect the e-commerce businesses of Alibaba to deliver
steady growth.

Top contributors and detractors to relative performance by sector (%)
(a)


Top contributors
MSCI
Emerging
Markets
Index
sector total
return
Contribution
to portfolio
relative
to MSCI
Emerging
Markets
Index Top detractors
MSCI
Emerging
Markets
Index
sector total
return
Contribution
to portfolio
relative
to MSCI
Emerging
Markets
Index
Communication
Services

(11.0)

0.8

Information
Technology

(0.5)

(0.8)
Financials

5.6

0.5

Consumer Staples

(3.1)

(0.2)
Energy

21.3

0.5

Industrials

(0.1)

(0.2)
Health Care

(2.0)

0.3

Consumer
Discretionary

(4.4)

(0.2)

Materials

(6.4)

(0.2)
(a)
For the period 31 March 2023 to 30 September 2023.

Favourable stock selection in the communication services, financials and energy sectors added to TEMIT's
performance relative to the benchmark index in the period under review. Within the communication services
sector, an underweight allocation to Tencent, and an overweight allocation to NetEase, one of the largest online
games companies in China, helped to support returns. The strong performance in the financials sector was led by
an overweight holding in India-based ICICI Bank, and Brazil-based Itaú Unibanco (a Brazilian retail-focused
bank providing a broad range of services such as cards, loans and insurance). Our off-benchmark holding in One
97 Communications, a payment solutions and financial services provider in India, also supported results within
the financials sector. Petrobras was a key contributor in the energy sector.

In contrast, stock selection in the information technology, consumer staples and industrials sectors detracted
relatively. Within the information technology sector, the portfolio's positions in Samsung SDI (a South Korea-
based leading manufacturer of lithium-ion batteries), Daqo New Energy (a China-based polysilicon
manufacturer) and TSMC weighed on performance. The detraction in the consumer staples sector was led by
China-based instant noodle and beverage manufacturer Uni-President China. In the industrials sector, Genpact, a
US-listed technology services company with significant exposure to India, pressured returns.

Top contributors and detractors to relative performance by country (%)
(a)


Top contributors
MSCI
Emerging
Markets
Index
country total
return

Contribution
to portfolio
relative
to MSCI
Emerging
Markets
Index
Top detractors
MSCI
Emerging
Markets
Index
country total
return

Contribution
to portfolio
relative
to MSCI
Emerging
Markets
Index
Brazil

18.1

1.1

China/Hong Kong

(10.2)

(0.6)
South Korea

(1.1)

0.7

India

17.1

(0.5)
Russia
(b)(c)


-

0.4

Taiwan

(1.1)

(0.4)
South Africa

(6.8)

0.1

Turkey
(d)


20.3

(0.1)
Chile

(4.7)

0.1

Saudi Arabia
(d)


3.0

(0.1)

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(a)
For the period 31 March 2023 to 30 September 2023.
(b)
All companies held by TEMIT in this country are fair valued at zero as at 30 September 2023.
(c)
No companies included in the MSCI Emerging Markets Index in this country as at 30 September 2023.
(d)
No companies held by TEMIT in this country as at 30 September 2023.

By markets, Brazil, South Korea, and South Africa were amongst contributors. Besides Petrobras, several
holdings in Brazil such as Itaú Unibanco and Banco Bradesco helped relative returns. Brazilian equities
benefitted from a broad recovery, partially from positive sentiment from its new fiscal framework. South
Korea's contribution was led by POSCO, whilst South Africa's performance was due to an underweight
allocation.

Russia also contributed to relative returns. All Russian securities have been valued at zero since 4 March 2022.
However, during the first six months of the financial year, an opportunity arose to dispose of TEMIT's holding
in Yandex (Russia's largest search engine, which also offers a wide range of other online services in areas such
as e-commerce) via an over-the-counter trade, which led to Russia being a top contributor to relative
performance. The two remaining Russian securities, LUKOIL and Sberbank of Russia, continue to be fair
valued at zero at the period end.

Due to stock selection, China was the top detractor at a country level. Several holdings in China such as
Guangzhou Tinci Materials Technology and Daqo New Energy pressured relative returns. India was the
second-largest detractor, as both stock selection and an underweight allocation to the country dragged
returns. Taiwan also detracted, largely due to stock selection-TSMC led detractions in Taiwan.

Largest holdings
The largest portfolio holding is TSMC. The share price suffered in the last few quarters due to demand
weakness of some of its end customers. Better-than-expected sales from AI-induced demand propped the share
price up at the beginning of the third quarter of 2023, but momentum declined after the release of second-quarter
results. A downward revision to its revenue forecast for 2023 and a cautious near-term outlook weighed on the
stock. News that TSMC asked its major suppliers to delay high-end chipmaking equipment deliveries also
pressured the share price. Driven by structural growth in demand for computing and its technology leadership,
we remain confident in the resilience of the TSMC business model.

The second largest portfolio holding is ICICI Bank, which rose on the back of positive results for several
quarters. The bank delivered strong profit growth driven by loan growth, expansion in net interest income and
continued low credit costs. An uptick in the broader Indian equity market also helped. The bank remains well
positioned with its healthy capital adequacy ratios and strong franchise.

Global semiconductor manufacturer Samsung Electronics was the third-largest holding in the portfolio.
Samsung Electronics also manufactures a wide range of consumer and industrial electronics and equipment. Its
share price has seen some recovery after declining in 2022 on optimism around bottoming of the memory cycle
supported by supply cuts. An improvement in the outlook for semiconductor stocks due to robust AI-driven
demand for advanced chips also fuelled the upward momentum of the stock.

Portfolio changes by sector












Total return in
sterling
Sector

31 March
2023
market
value
£m

Purchases
£m

Sales
£m

Market
movement
£m
30
September
2023
market
value
£m

TEMIT
%

MSCI
Emerging
Markets
Index
%
Information
Technology
(a)


517

70

(65)

(28)

494

(3.7)

(0.5)
Financials
(a)


484

92

(116)

25

485

7.3

5.6
Consumer
Discretionary
(a)


272

17

(23)

(24)

242

(5.5)

(4.4)

CORPORATE
Communication
Services

198

7

(12)

(10)

183

(4.5)

(11.0)
Industrials
(a)


153

42

(24)

(5)

166

(2.4)

(0.1)
Materials

169

20

(58)

(13)

118

(10.0)

(6.4)
Health Care

60

18

-

2

80

5.4

(2.0)
Energy

49

-

-

20

69

67.4

21.3
Consumer Staples

73

2

(7)

(12)

56

(12.2)

(3.1)
Utilities

9

-

(1)

2

10

13.8

3.0
Real Estate

9

-

-

(2)

7

(15.8)

(4.1)
Total investments 1,993 268 (306) (45) 1,910




(a)
One 97 Communications and Genpact were previously included within Information Technology but have
been reallocated to Financials and Industrials, respectively. Astra International was previously included
within Consumer Discretionary and has been reallocated to Industrials. The reallocations have been
performed as a result of a change in the Global Industry Classification Standard ("GICS") structure.

Portfolio changes by country








Total return in
sterling
Country

31 March
2023
market value
£m

Purchases
£m

Sales
£m
Market
movement
£m
30
September
2023
market
value
£m

TEMIT
%
MSCI
Emerging
Markets
Index
%
China/Hong Kong

616

89

(68) (93) 544

(12.7) (10.2)
South Korea

398

46

(71) 10 383

2.4 (1.1)
Taiwan

316

17

(37) (20) 276

(3.7) (1.1)
India

226

45

(50) 33 254

15.6 17.1
Brazil

155

6

(17) 26 170

27.1 18.1
Other

282

65

(63) (1) 283

- -
Total investments 1,993 268 (306) (45) 1,910



Portfolio investments by fair value
As at 30 September 2023

Holding

Country

Sector

Trading
(a)

Fair
value
£'000
% of
net
assets
TSMC

Taiwan

Information
Technology

PS

197,753

10.2
ICICI Bank

India

Financials

PS

107,486

5.6
Samsung Electronics

South Korea

Information
Technology

PS

107,078

5.5
Alibaba
(b)


China/Hong Kong

Consumer
Discretionary

NT

98,656

5.1
NAVER

South Korea

Communication
Services

IH

62,957

3.3
Petrobras
(c)


Brazil

Energy

NT

62,039

3.2
Tencent

China/Hong Kong

Communication
Services

NT

59,544

3.1

CORPORATE
Holding

Country

Sector

Trading
(a)

Fair
value
£'000
% of
net
assets
Prosus
(d)


China/Hong Kong

Consumer
Discretionary

IH

52,341

2.7
LG

South Korea

Industrials

PS

50,828

2.6
Samsung Life Insurance

South Korea

Financials

IH

50,688

2.6
TOP 10 LARGEST
INVESTMENTS







849,370

43.9
MediaTek

Taiwan

Information
Technology

PS

45,006

2.3
Itaú Unibanco
(c)(e)


Brazil

Financials

PS

37,731

1.9
HDFC Bank

India

Financials

IH

36,554

1.9
Techtronic Industries

China/Hong Kong

Industrials

IH

34,581

1.8
Grupo Financiero Banorte

Mexico

Financials

NH

34,537

1.8
Banco Bradesco
(c)(e)


Brazil

Financials

PS

34,445

1.8
China Merchants Bank

China/Hong Kong

Financials

PS

33,752

1.7
Genpact
(f)


United States

Industrials

IH

33,597

1.7
Baidu

China/Hong Kong

Communication
Services

IH

32,941

1.7
WuXi Biologics

China/Hong Kong

Health Care

IH

32,110

1.7
TOP 20 LARGEST
INVESTMENTS







1,204,624

62.2
Samsung SDI

South Korea

Information
Technology

IH

31,470

1.6
Cognizant Technology Solutions
(f)


United States

Information
Technology

PS

30,367

1.6
Vale

Brazil

Materials

NT

29,662

1.5
Infosys Technologies

India

Information
Technology

IH

25,853

1.3
Guangzhou Tinci Materials
Technology

China/Hong Kong

Materials

PS

25,730

1.3
Kasikornbank

Thailand

Financials

IH

24,573

1.3
Unilever
(f)


United Kingdom

Consumer Staples

PS

23,828

1.2
Gedeon Richter

Hungary

Health Care

IH

22,864

1.2
Soulbrain

South Korea

Materials

PS

22,832

1.2
Brilliance China Automotive

China/Hong Kong

Consumer
Discretionary

PS

22,370

1.2
TOP 30 LARGEST
INVESTMENTS







1,464,173

75.6
Ping An Insurance

China/Hong Kong

Financials

NT 22,207 1.1
NetEase

China/Hong Kong

Communication
Services

PS

19,738

1.0
Hon Hai Precision Industry

Taiwan

Information
Technology

IH

19,517

1.0
Doosan Bobcat

South Korea

Industrials

PS 17,874 0.9
Banco Santander Chile
(e)


Chile

Financials

NT 17,319 0.9
One 97 Communications

India

Financials

NT 16,859 0.9
Meituan

China/Hong Kong

Consumer
Discretionary

NT

15,362

0.8
Bajaj Holdings & Investments

India

Financials

PS 15,192 0.8

CORPORATE
Holding

Country

Sector

Trading
(a)

Fair
value
£'000
% of
net
assets
Federal Bank

India

Financials

NH 15,010 0.8
Uni-President China

China/Hong Kong

Consumer Staples

NT 14,877 0.8
TOP 40 LARGEST
INVESTMENTS







1,638,128

84.6
Astra International

Indonesia

Industrials

PS 14,513 0.7
Netcare

South Africa

Health Care

IH 13,906 0.7
Yageo

Taiwan

Information
Technology

IH

13,380

0.7
Daqo New Energy
(e)


China/Hong Kong

Information
Technology

NT

13,332

0.7
Zomato

India

Consumer
Discretionary

PS

13,226

0.7
ACC

India

Materials

NH 12,635 0.7
Fila

South Korea

Consumer
Discretionary

PS

12,497

0.7
LegoChem Biosciences

South Korea

Health Care

IH 11,350 0.6
Emirates Central Cooling Systems

United Arab
Emirates

Utilities

NT

10,116

0.5
Intercorp Financial Services

Peru

Financials

NT 9,515 0.5
TOP 50 LARGEST
INVESTMENTS







1,762,598

91.1
Thai Beverage

Thailand

Consumer Staples

IH 9,015 0.5
Ping An Bank

China/Hong Kong

Financials

NT 9,004 0.5
Wizz Air Holdings

Hungary

Industrials

NH 8,984 0.5
BDO Unibank

Philippines

Financials

NT 8,534 0.4
Haier Smart Home

China/Hong Kong

Consumer
Discretionary

NH

7,919

0.4
H&H Group

China/Hong Kong

Consumer Staples

IH 7,905 0.4
Beijing Oriental Yuhong Waterproof
Technology

China/Hong Kong

Materials

NT

7,780

0.4
Kiatnakin Phatra Bank

Thailand

Financials

NT 6,833 0.4
Star Petroleum Refining

Thailand

Energy

NT 6,593 0.3
Hindalco Industries

India

Materials

NH 6,496 0.3
TOP 60 LARGEST
INVESTMENTS







1,841,661

95.2
Tencent Music Entertainment
(e)


China/Hong Kong

Communication
Services

NT

6,324

0.3
China Resources Cement

China/Hong Kong

Materials

NT 6,276 0.3
LG Chem

South Korea

Materials

NT 6,139 0.3
TOTVS

Brazil

Information
Technology

IH

6,073

0.3
COSCO SHIPPING Ports

China/Hong Kong

Industrials

PS 5,521 0.3
PB Fintech

India

Financials

PS 4,745 0.2
China Resources Land

China/Hong Kong

Real Estate

NT 4,439 0.2
NagaCorp

Cambodia

Consumer
Discretionary

IH

4,309

0.2
L&F

South Korea

Information
Technology

NH

3,739

0.2

CORPORATE
Holding

Country

Sector

Trading
(a)

Fair
value
£'000
% of
net
assets
Hankook Tire

South Korea

Consumer
Discretionary

NT

3,659

0.2
TOP 70 LARGEST
INVESTMENTS







1,892,885

97.7
Nemak

Mexico

Consumer
Discretionary

NT

3,545

0.2
Chervon Holdings

China/Hong Kong

Consumer
Discretionary

IH

3,139

0.2
Greentown Service Group

China/Hong Kong

Real Estate

NT 2,928 0.2
BAIC Motor

China/Hong Kong

Consumer
Discretionary

NT

2,371

0.1
Weifu High-Technology

China/Hong Kong

Consumer
Discretionary

NT

1,634

0.1
KT Skylife

South Korea

Communication
Services

NT

1,584

0.1
JD.com

China/Hong Kong

Consumer
Discretionary

NT

1,384

0.1
East African Breweries

Kenya

Consumer Staples

NT 552 0.0
LUKOIL
(g)


Russia

Energy

NT 0.0 0.0
Sberbank of Russia
(g)


Russia

Financials

NT 0.0 0.0
TOP 80 LARGEST
INVESTMENTS







1,910,022

98.7
TOTAL INVESTMENTS






1,910,022 98.7
NET ASSETS






25,544 1.3
TOTAL NET ASSETS






1,935,566 100.0
(a)
Trading activity during the year: (NH) New Holding, (IH) Increased Holding, (PS) Partial Sale and (NT) No
Trading.
(b)
TEMIT holds in this company shares listed on the Hong Kong stock exchange and American Depository
Receipts listed on the New York stock exchange.
(c)
Preferred shareholders are entitled to dividends before ordinary shareholders.
(d)
This company is listed in the Netherlands. The classification of China/Hong Kong is due to most of its
revenue coming from its holding in Tencent.
(e)
US listed American Depository Receipt.
(f)
This company, listed on a stock exchange in a developed market, has significant exposure to operations
from emerging markets.
(g)
This company is fair valued at zero as a result of its trading being suspended on international stock
exchanges.

Portfolio summary

As at 30 September 2023
All figures are a % of the net assets


Communi
cation
Services

Consum
er
Discreti
onary

Consu
mer
Staple
s

Ene
rgy

Finan
cials

Hea
lth
Car
e

Indust
rials

Inform
ation
Techno
logy

Mate
rials

Rea
l
Est
ate

Utili
ties

Tota
l
Equi
ties

Net
asse
ts
(a)


30
Septe
mber
2023
Total

31
Ma
rch
202
3
Tot
al
Brazil

-

-

-

3.2

3.7

-

-

0.3

1.5

-

-

8.7

-

8.7

7.6

CORPORATE
Cambo
dia

-

0.2

-

-

-

-

-

-

-

-

-

0.2

-

0.2

0.3
Chile

-

-

-

-

0.9

-

-

-

-

-

-

0.9

-

0.9

0.8
China/
Hong
Kong

6.1

10.7

1.2

-

3.3

1.7

2.1

0.7

2.0

0.4

-

28.2

-

28.2

30.3
Hungar
y

-

-

-

-

-

1.2

0.5

-

-

-

-

1.7

-

1.7

1.0
India

-

0.7

-

-

10.2

-

-

1.3

1.0

-

-

13.2

-

13.2

11.2
Indones
ia

-

-

-

-

-

-

0.7

-

-

-

-

0.7

-

0.7

0.9
Kenya

-

-

0.0

-

-

-

-

-

-

-

-

0.0

-

0.0

0.1
Mexico

-

0.2

-

-

1.8

-

-

-

-

-

-

2.0

-

2.0

1.5
Pakista
n

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.1
Peru

-

-

-

-

0.5

-

-

-

-

-

-

0.5

-

0.5

0.5
Philippi
nes

-

-

-

-

0.4

-

-

-

-

-

-

0.4

-

0.4

0.4
Russia
(b)


-

-

-

0.0

0.0

-

-

-

-

-

-

0.0

-

0.0

0.0
South
Africa

-

-

-

-

-

0.7

-

-

-

-

-

0.7

-

0.7

0.6
South
Korea

3.4

0.9

-

-

2.6

0.6

3.5

7.3

1.5

-

-

19.8

-

19.8

19.8
Taiwan

-

-

-

-

-

-

-

14.2

-

-

-

14.2

-

14.2

15.8
Thailan
d

-

-

0.5

0.3

1.7

-

-

-

-

-

-

2.5

-

2.5

2.4
United
Arab
Emirate
s

-

-

-

-

-

-

-

-

-

-

0.5

0.5

-

0.5

0.5
United
Kingdo
m

-

-

1.2

-

-

-

-

-

-

-

-

1.2

-

1.2

1.6
United
States

-

-

-

-

-

-

1.7

1.6

-

-

-

3.3

-

3.3

3.4
Net
assets
(a)


-

-

-

-

-

-

-

-

-

-

-

-

1.3

1.3

1.2
30
Septem
ber
2023
Total

9.5

12.7

2.9

3.5

25.1

4.2

8.5

25.4

6.0

0.4

0.5

98.7

1.3

100.0

-
31
March
2023
Total
(c)


9.8

13.3

3.6

2.4

23.8

3.0

7.7

25.8

8.5

0.4

0.5

98.8

1.2

-

100.
0
(a)
The Company's net assets are the total of net current assets plus non-current liabilities per the Statement of
Financial Position in the full Half Yearly Report.
(b)
All companies held by TEMIT in this country are fair valued at zero.
(c)
One 97 Communications and Genpact were previously included within Information Technology but have
been reallocated to Financials and Industrials, respectively. Astra International was previously included
within Consumer Discretionary and has been reallocated to Industrials. The reallocations have been
performed as a result of a change in the GICS structure.

CORPORATE

Market capitalisation breakdown (%)
Less than
£1.5bn
£1.5bn to
£5bn
£5bn to
£25bn
Greater than
£25bn
Net
assets
(a)

30 September 2023

5.2

9.3

29.5

54.7

1.3
31 March 2023

5.1

11.2

22.9

59.6

1.2








Split between markets
(b)
(%)






30 September
2023
31 March
2023
Emerging markets







94.0

93.3
Developed markets
(c)








4.5

5.0
Frontier markets







0.2

0.5
Net assets
(a)








1.3

1.2
Source: FactSet Research System, Inc.
(a)
The Company's net assets are the total of net current assets plus non-current liabilities per the Statement of
Financial Position in the full Half Yearly Report.
(b)
Geographic split between "Emerging markets", "Frontier markets", "Developed markets" are as per MSCI
index classifications.
(c)
Developed market exposure represented by companies listed in United Kingdom and United States which
have significant exposure to operations from emerging markets.

Environmental, Social and Governance
We continue to embed governance and sustainability factors into our fundamental bottom-up research and
remain active owners across our holdings. This involves integrating ESG factors into our stock thesis, engaging
with investee companies on material ESG issues and actively voting on behalf of our investors. In addition, we
monitor the potential ESG characteristics that may be exhibited by our investee companies, including TEMIT's
portfolio carbon footprint where our portfolio managers seek to understand the carbon risk profile. We provide
below a short summary of our process over the six-month period under review.

Integrating ESG factors
A case study example of integrating ESG factors is Federal Bank, whose shares were purchased during the six
months under review. Federal Bank is a mid-sized regional private sector bank in India. The company has
amongst the strongest liability franchises within mid-sized banks due to its strong presence in Kerala and aided
by traction amongst the non-resident Kerala population working in the Middle East. Looking at the ESG
practices of the company, we first highlight that despite it being a mid-sized bank, the company is board driven,
and has a management team that is well respected. We noted no material past controversies and business
practices focused on risk management and disciplined capital management. The company has board approved
environment and social management systems ("ESMS") in place to incorporate environmental and social risk
considerations into financing activities as part of its credit risk governance. Finally, the company has a stated
framework around cybersecurity, compliant with external certifications/standards (e.g., ISO 27001 certificate for
critical IT areas) and no reported instances of cybersecurity breaches over the past few years. We believe the
company is well positioned to manage its exposure to material operational ESG issues.

Climate change
Note we prefer to commentate around the WACI metric as it provides a measurement of the carbon intensity of
businesses, normalises for company size and allows us to compare companies against each other, helping to
determine the portfolio's exposure to potential carbon related risks.

The TEMIT Portfolio Carbon Emissions are 30% lower (31 March 2023: 23% lower) than the MSCI Emerging
Markets benchmark, Carbon Intensity is 20% lower (31 March 2023: 10% lower) and Weighted Average
Carbon Intensity is 31% lower (31 March 2023: 38% lower). The portfolio carbon exposure is concentrated
amongst a small number of companies, with the top five companies in terms of carbon intensity representing
2.7% of the portfolio by value and accounting for 62.4% of the total portfolio WACI.

Over the six-month period, the portfolio's carbon footprint remained stable with some changes in both
positioning as well as updates in emissions data for a few companies contributing to this. The purchase of ACC,
an update by MSCI to estimated emissions data (previously not covered) for Emirates Central Cooling Systems
and a change from estimated to reported emissions data for Daqo New Energy by MSCI, added to the portfolio

CORPORATE
WACI. The reduction in ending weight for China Resources Cement, and sale of POSCO helped offset some of
the impact on the portfolio WACI.

As at 30 September 2023, China Resources Cement is the company with the largest carbon intensity,
contributing 16.7% to the total portfolio WACI. We believe that the company is managing its emissions profile
well and, looking forward, the company is seeking to improve its carbon emissions management further through
the use of solar, carbon capture, usage and storage ("CCUS"), and alternative fuels. They have also set 2025
targets around their absolute carbon emissions and carbon intensity, with the long-term aim to achieve carbon
neutrality by 2060. We are willing to invest in companies in carbon-intensive sectors, such as cement, steel and
extractive industries. Our engagement with these companies focuses on their intention to decarbonise and any
incremental improvements they are making to reach these goals. These views are integrated into our investment
views.

Active ownership
As investors with a significant presence in emerging markets, our investment team's active ownership efforts are
a key part of the overall approach to stewardship. Over the six-month period, we have engaged with select
investee companies on material governance and sustainability issues, as well as executing on our proxy voting
policy on behalf of our shareholders. For example, in April 2023, we spoke to the CEO of Gedeon
Richter regarding their capital allocation activities, new board structure, and how they expect to improve
disclosure on specific areas within their remuneration policy such as key KPIs. The CEO was very transparent
regarding the higher capital return in 2023, rationale behind first ever share buyback and their intentions. The
company is in contact with key shareholders on best practice and we believe the company's intentions to
improve corporate governance are promising.

We also voted against a proposal to approve the remuneration report at Unilever. We voted against this proposal
as the incoming CEO's salary has been set higher than his predecessor's and is significantly higher than his
current salary and those at UK market peers. The company has not provided a compelling justification for this
remuneration package. We continue to use our voting power as a signal to management on important issues
raised through voting ballots. We believe that our engagement and proxy voting efforts are key in understanding
our companies better and improving outcomes for shareholders as well as stakeholders more broadly.

We will be sharing a more detailed account of our stewardship practices in the next Annual Report and
dedicated Stewardship Report.

Outlook for emerging markets
Emerging markets have been volatile due to fears of higher interest rates lasting for longer. Long-term yields
have now started to come off, which should be positive for the emerging markets asset class. A few emerging
markets economics, such as Brazil, have already started to cut their interest rates. The onset of an easing cycle in
selected countries tilts the balancing act of tackling inflation yet pursuing economic growth. The impact of a rate
cut is positive for overall consumption as well as for financing costs for companies which should also spur
investments.

Besides rate cuts, other long-term opportunities abound in emerging markets. The increasingly popular China+1
strategy, where global manufacturers establish an additional overseas production base in China plus one other
country, stands to benefit India, Mexico and several other Association of Southeast Asian Nations ("ASEAN")
economies.

Another longstanding theme is the transition to a greener future. Asia is home to well-run companies in the
electric vehicle and solar equipment segment. The structural theme of electrical vehicles has seen a short-term
slowdown impacted by slower growth and concerns of oversupply. We believe that the long-term structural
growth opportunities for these sectors remain intact supported by national commitments underpinning energy
transition to a cleaner environment.

The recovery of demand in China has been tepid and low birth rates and difficulties in the property sector pose
further long-term challenges to its growth trajectory. Whilst government policy has become more supportive, we
are cognisant that more substantive policies and a rebound in consumer activity is a prerequisite for a recovery
in Chinese equities. We remain watchful for such developments. China's internet sector, which forms a large
part of the index, has already adjusted to the new policy and demand environment. We expect future returns for
the sector to be driven more by steady cash flow generation and corporate actions.

CORPORATE
The semiconductor cycle has remained weak due to slower demand. With the emerging popularity of AI, there
has been a demand uplift that primarily benefits companies within the value chain. In the portfolio, our holdings
in TSMC and Samsung Electronics are direct beneficiaries of AI-driven demand. In India, information
technology services have been impacted by a slowdown in discretionary spending. Nevertheless, cost takeout
deals-deals aimed at saving costs-have been strong.

Amidst an uncertain macroeconomic environment, we continue to retain a bottom-up focus on research. We
believe that the long-term fundamentals for emerging markets remain attractive despite near term headwinds,
and that equities offer good potential for investors. We believe that breadth of opportunities, growth, innovation
and stronger institutional resilience together create an attractive future for emerging markets.

Chetan Sehgal
Lead Portfolio Manager
7 December 2023



Independent Review Report
to the members of Templeton Emerging Markets Investment Trust plc

Conclusion
We have been engaged by Templeton Emerging Markets Investment Trust plc ('the Company') to review the
condensed set of Financial Statements in the Half Yearly Report for the six months ended 30 September 2023
which comprises the Statement of Comprehensive Income, Statement of Financial Position, Statement of
Changes in Equity, Statement of Cash Flows, and related notes 1-9. We have read the other information
contained in the Half Yearly Report and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of Financial Statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of
Financial Statements in the Half Yearly Report for the six months ended 30 September 2023 is not prepared, in
all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements 2410 (UK)
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued
by the Financial Reporting Council. A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.

As disclosed in note 1, the annual Financial Statements of the Company are prepared in accordance with UK
adopted international accounting standards. The condensed set of Financial Statements included in this Half
Yearly Report has been prepared in accordance with UK adopted International Accounting Standard 34,
"Interim Financial Reporting".

Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the
Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that management have identified material
uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future
events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the Directors
The Directors are responsible for preparing the Half Yearly Report in accordance with the Disclosure Guidance
and Transparency Rules of the United Kingdom's Financial Conduct Authority.

CORPORATE

In preparing the Half Yearly Report, the Directors are responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations,
or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information
In reviewing the Half Yearly Report, we are responsible for expressing to the Company a conclusion on the
condensed set of Financial Statements in the Half Yearly Report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described
in the Basis for Conclusion paragraph of this report.

Use of our report
This report is made solely to the Company in accordance with guidance contained in International Standard on
Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent
Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the
conclusions we have formed.

Ernst & Young LLP
London
7 December 2023



Financial Statements
Statement of Comprehensive Income
For the six months to 30 September 2023




For the six months to
30 September 2023
(unaudited)
For the six months to
30 September 2022
(unaudited)
Year ended
31 March 2023
(audited)


Not
e


Reven
ue
£'000

Capital £'
000

Total
£'000

Revenue £'
000

Capita
l
£'000

Total
£'000

Revenue £'
000

Capital £'
000

Total
£'000
Net losses
on investments
and foreign exchan
ge




















Net losses on
investments at fair
value



-

(44,956)

(44,95
6)

-

(215,48
5)

(215,48
5)

-

(54,645)

(54,64
5)
Net losses on
foreign exchange



-

(649)

(649)

-

(69)

(69)

-

(442)

(442)
Income




















Dividends

2

42,180

6,560

48,74
0

55,693

-

55,693

77,463

8,431

85,89
4
Other income



3,278

-

3,278

877

-

877

3,088

-

3,088




45,458

(39,045)

6,413

56,570
(215,55
4)
(158,98
4)

80,551

(46,656)
33,89
5
Expenses




















AIFM fee
(a)




(2,580
)

(6,019)

(8,599
)

(2,674)

(6,239)

(8,913)

(5,232)

(12,209)

(17,44
1)
Other expenses



(821)

-

(821)

(985)

-

(985)

(1,979)

-

(1,979
)

CORPORATE



(3,401
)

(6,019)
(9,420
)

(3,659)

(6,239)

(9,898)

(7,211)

(12,209)
(19,42
0)
Profit/(loss) before
finance costs and
taxation



42,057

(45,064)

(3,007
)

52,911

(221,79
3)

(168,88
2)

73,340

(58,865)

14,47
5
Finance costs
(a)




(389)

(909)

(1,298
)

(550)

(1,285)

(1,835)

(962)

(2,239)

(3,201
)
Profit/(loss) before
taxation



41,668

(45,973)
(4,305
)

52,361
(223,07
8)
(170,71
7)

72,378

(61,104)
11,27
4
Tax expense

6

(3,338
)

(4,291)

(7,629
)

(3,448)

(3,130)

(6,578)

(5,520)

(3,232)

(8,752
)
Profit/(loss) for the
period



38,330

(50,264)

(11,93
4)

48,913

(226,20
8)

(177,29
5)

66,858

(64,336)

2,522
Profit/(loss) attrib
utable to equity
holders of the
Company



38,330

(50,264)

(11,93
4)

48,913

(226,20
8)

(177,29
5)

66,858

(64,336)

2,522
Earnings per share

3

3.34p

(4.37)p
(1.03)
p

4.16p
(19.25)
p

(15.09)
p

5.72 p

(5.50)p

0.22p
(a)
70% of the annual Alternative Investment Fund Manager ("AIFM") fee and 70% of the finance costs have
been allocated to the capital account.

Under the Company's Articles of Association the capital element of return is not distributable.

The total column of this statement represents the profit and loss account of the Company.

The accompanying notes are an integral part of the Financial Statements.




Statement of Financial Position
As at 30 September 2023


Note
As at
30 September
2023
(unaudited)
£'000
As at
30 September
2022
(unaudited)
£'000
As at
31 March
2023
(audited)
£'000
Non-current assets







Investments at fair value through profit or loss


1,910,022

1,860,514

1,992,775
Current assets







Trade and other receivables


10,622

8,190

7,886
Cash and cash equivalents


130,722

167,115

132,988
Total current assets

141,344 175,305 140,874
Current liabilities







Other payables


(3,902)

(53,875)

(6,402)
Total current liabilities

(3,902) (53,875) (6,402)
Net current assets

137,442 121,430 134,472
Non-current liabilities







Capital gains tax provision


(11,898)

(10,183)

(9,744)
Other payables falling due after more than one year


(100,000)

(100,000)

(100,000)
Total assets less liabilities

1,935,566 1,871,761 2,017,503