Half-year Financial Report
Stock Exchange Announcement
Templeton Emerging Markets Investment Trust PLC (‘TEMIT’ or the ‘Company’)
Half Yearly Results to 30 September 2025
Legal Entity Identifier 5493002NMTB70RZBXO96
Introducing TEMIT
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. From its launch to 30 September 2025, TEMIT’s net asset value (‘NAV’) total return was +5,698.9%
compared to the benchmark total return of +2,134.7%.
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.
Financial highlights
For the six months to 30 September 2025
2025 2024 3 Years Cumulative 5 Years Cumulative 10 Years Cumulative
Net Assets Value
Total Return
(cum-income)
(a)
25.3% 7.2% 61.6% 44.2% 227.1%
Share Price Total
Return
(a)
30.8% 12.0% 70.9% 52.9% 250.5%
MSCI Emerging
Markets Index
(a)(b)
18.8% 7.5% 37.0% 34.8% 142.7%
Interim dividend for
the financial year
(c)(d)
2.00p 2.00p 15.25p 24.85p 38.67p
(a) A glossary of terms and alternative performance measures is included in the full Half Yearly Report.
(b) Source: MSCI. The Company’s benchmark is the MSCI Emerging Markets (Net Dividends) Index.
(c) 3, 5 and 10 year cumulative dividends include ordinary dividends that shareholders were entitled to in those periods. 5 and 10
year cumulative figures exclude the special dividend of 0.52 pence per share for the year ended 31 March 2020 and the
special dividend of 2.00 pence per share for the year ended 31 March 2021.
(d) Financial years 2016 to 2021 have been retrospectively adjusted following the sub-division of each existing ordinary share of
25 pence into five ordinary shares of 5 pence each on 26 July 2021.
Chairman’s statement
“The prize on offer in the long term from investment in emerging markets is exposure to lower valued companies based in
higher growth economies.”
Angus Macpherson
Chairman
Performance
(a)
In the six months under review, the performance of the TEMIT portfolio was, once again, strong. The net asset value (‘NAV’)
total return over the 6 months to 30 September 2025 was +25.3%, while the share price total return was +30.8%. By contrast, the
benchmark’s total return was +18.8%.
The Board was pleased to note that in May 2025 the portfolio managers at our Investment Managers, Chetan Sehgal and Andrew
Ness, were awarded Citywire’s highest rating of AAA, recognising their consistent performance in managing TEMIT’s portfolio.
As I noted in June in our most recent Annual Report, US President Trump’s “Liberation Day” was declared on the second day of
our current financial year. The announcement of the intention to impose widespread tariffs on imports into the United States from
most countries was an unwelcome event creating considerable investor anxiety as a wider range of countries were affected by the
proposed tariffs than had been expected, particularly in Asia. Subsequently, there has been a flurry of activity as countries and
regional blocs have sought an accommodation with the US administration but the situation remains far from settled, particularly
with regard to China. The Board and Investment Managers continue to believe both that China is too integrated into the global
economy for economic sanctions to profit any party and that it seems increasingly apparent that China has the ability to play the
long game.
As a result of the geopolitical tensions, both the NAV of the Company and its share price initially fell sharply but subsequently
increased substantially over the summer.
(a) See Glossary of Terms and Alternative Performance Measures in the full Half Yearly Report.
Share price rating
I would like to reiterate that the Board finds the persistence and scale of the discount that the Company’s shares have traded to
their underlying NAV in recent years to be unsatisfactory.
The Board’s premise is that whilst there are significant benefits to a closed ended vehicle, the fact that we are not required to
return capital to shareholders does not mean that we should not do so, provided that it does not compromise the ability of the
Company to meet its objectives.
In June 2024, we announced a series of measures with the intention of improving liquidity and returns for holders of TEMIT’s
shares. In summary, these were commitments to:
• At least maintain the then-current level of annual dividend of 5.00 pence per share;
• Repurchase up to £200 million of shares over the next 12 to 24 months (from June 2024);
• A conditional tender offer, under which TEMIT will tender for up to 25% of its shares if it underperforms its benchmark index
over five years to March 2029; and
• A phased reduction in AIFM fees.
The Board does not believe that these share buybacks alone will eliminate the discount, but they will enhance liquidity and
earnings to the benefit of all shareholders. For the discount to narrow, we believe that there are three important factors: renewed
investor enthusiasm for emerging market equities; a company structure with investment performance that makes it attractive
relative to other investment vehicles; and an enhanced profile through marketing that increases awareness amongst new investors.
In the Annual Report for the year to 31 March 2025, which was released in June of this year, we announced that TEMIT intends to
purchase a further £100-£200 million of shares over the next 12 to 24 months (that is, from June 2025), subject of course to
market conditions. Over the six months under review, 53.6 million shares were bought back at a cost of £101.2 million and an
average discount of 11.0% which resulted in an accretion of 0.6% to the NAV per share for continuing shareholders.
We reported in the most recent Annual Report that the discount had closed from 15.4% at the end of financial year 2024 to 12.4%
at the end of March 2025. I am pleased to report that at the end of September 2025 the discount had closed further and stood
at 8.8%.
TEMIT has for many years committed a sizeable budget to marketing the Company’s shares, which is matched by a contribution
from Franklin Templeton. We were pleased to be awarded “Best Marketing Campaign” by the Association of Investment
Companies this year, with the citation: “The judges were impressed with the winning entry’s imaginative and meaningful multi-
channel campaign. The scientific approach and measurable results showed the effectiveness of the campaign and the impact on
shareholders.”
The Board has been pleased to note that there has been something of a shift in the market in recent weeks, with more buyers
apparent. I would, of course caution that demand for shares can be transient but it is encouraging to see the return of a more
favourable balance between buyers and sellers.
Revenue and dividends
Revenue earnings for the six months under review were 3.33 pence per share. The majority of TEMIT’s revenues are usually
earned during the first six months of its financial year and the Board has resolved to pay an unchanged interim dividend of 2.00
pence per share. It is our intention at least to maintain the total dividend each year and, while it is too early to predict earnings for
the second half of the year, the final dividend will be at least 3.25 pence per share.
Gearing
TEMIT has a £122 million multi-currency revolving credit facility with The Bank of Nova Scotia, London branch. The loan
facility is available to 30 January 2026 and provides flexible debt which can be drawn in sterling, US dollars and offshore
renminbi (Chinese Yuan, CNH). As at the end of September 2025, drawings were £40 million and CNH 300 million, equivalent to
£31 million, both loans maturing at end of October 2025 and subsequently rolled over to mature on 30 January 2026.
In mid-September 2025, the Board announced that it had authorised the Investment Managers to invest in equity options and
equity Contracts for Difference. Whilst no such investments have yet been made, in due course they will enable more flexibility
and potentially lower costs in managing the portfolio’s geared exposure to equities. To accommodate this, minor changes were
made to the Company’s investment policy which did not require approval by shareholders. The revised investment policy can be
found on TEMIT’s website at www.temit.co.uk/resources/literature.
Annual General Meeting (‘AGM’)
The resolutions at the AGM held on 10 July 2025 were each passed by a large majority. The Board would like to thank
shareholders for their continuing support. We were pleased to welcome shareholders to the meeting in person and I would like to
reiterate that I am happy to hear from shareholders at any time.
Outlook
The Investment Managers refer to there having been a period of ‘uncertainty’ in emerging markets over the last six months. It is
uncertainty for which shareholders have been well rewarded, with an increase in the share price of around 30%. While
performance is unlikely to match this in the next six months, longer term the Board is optimistic about emerging markets.
Irrespective of whether you believe it is justified, the imposition of tariffs by the United States is intended as a move to protect the
US economy from the effects of a rebalancing of power in the world economy. For many years emerging market economies have
been growing at a faster rate than developed economies and the International Monetary Fund (‘IMF’) now estimates that on a
purchasing power parity basis (‘PPP’) emerging and developing economies represent over 60% of the global economy. They are
estimated by the IMF to continue to grow faster than advanced economies in 2025.
Despite this, valuation multiples of listed companies in emerging markets are significantly lower than in developed markets. As at
30 September 2025, the aggregate price to earnings ratio of the MSCI World Index (which measures developed markets) was
24.4x, whilst that of the MSCI Emerging Markets Index was 16.4x
(a)(b)
. In part this reflects the benefits of globalism enjoyed by
major developed markets companies – emerging market growth has also fuelled the growth of multi-nationals based in North
America and Europe. By contrast, in the past it has sometimes been difficult to secure investment exposure to the most interesting
growth segments in emerging markets.
(a) See Glossary of Terms and Alternative Performance Measures in the full Half Yearly Report.
(b) Source: MSCI
Emerging markets are arguably under-owned by western investors. Capitalisation weighted indices, which particularly drive
passive investment, have low weightings for emerging markets. For example, at 31 October 2025 in the MSCI All Country World
Index Nvidia was 5.4%, while the country weighting for China as a whole was only 3.2%. At the same date, US companies were
64.7% of that index despite the US on a PPP basis (as assessed by the IMF) being only 14.7% of the global economy. By contrast
China was estimated to be 19.6% of the global economy on the same basis.
There is no question that geopolitical uncertainty will cause considerable volatility, possibly for some time and experience shows
that investment in emerging markets can be subject to unexpected shocks and to prolonged periods in the doldrums. However, for
the prudent investor the prize on offer in the long term from investment in emerging markets is exposure to lower valued
companies based in higher growth economies which are potentially under-owned by international investors seeking exposure to
global growth. As I have said previously, the imposition of punitive tariffs on China and other emerging markets is a sign of the
economic strength, not the weakness, of these high growth countries. Having continued investment exposure to them may well
turn out to be even more important than before.
Angus Macpherson
Chairman
8 December 2025
Interim management report
Principal risks
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 Accounts, are:
• Market, geopolitical and investment;
• Technology;
• Concentration;
• Key personnel;
• Foreign currency;
• Discount;
• Regulatory;
• Sustainability and climate change; and
• Operational and custody.
The Board has provided the Investment Managers with guidelines and limits for the management of principal risks and receives
regular reports. The Board and Investment Managers remain alert to macroeconomic headwinds and geopolitical tensions
including those between the United States and China (notably over the Taiwan Strait), the ongoing Israel-Hamas conflict, and the
continuing ramifications of the Russian invasion of Ukraine, together with any sanctions and market-access developments that
could affect portfolio companies or investability. 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 primarily 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, current liabilities including those relating to the £122 million multi-currency revolving credit
facility which matures 30 January 2026, expenditure forecasts, the compliance with loan covenants, the principal and emerging
risks and uncertainties described within the Annual Report, the Directors are satisfied that the Company has adequate resources to
continue to operate as a going concern for the period to 31 March 2027, 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:
• The condensed set of Financial Statements, for the period ended 30 September 2025, have been prepared in accordance with the
UK adopted International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’; and
• 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 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 8 December 2025 and the above Statement of Directors’ Responsibilities
was signed on its behalf by
Angus Macpherson
Chairman
8 December 2025
Investment managers’ report
Outlook for emerging markets
We consider the past six months to have had some volatility as emerging markets (‘EMs’) equities see-sawed in accordance with
US tariffs and geopolitical conflicts. As we head into the final quarter of 2025, we believe that some uncertainties have cleared up.
In general, the outlook for EMs has stabilised amid US dollar weakness and a clearer global trade landscape. While there have
been lots of changes to initial tariff announcements, we have seen countries adapt swiftly, and we believe that they will continue
to do so. In general, EMs have taken a more conciliatory approach, seeking trade diversification while limiting the fallout from
tariffs. However, this belies some outliers, notably China, India and Brazil.
At the time of writing, the United States and China have both reached a trade deal. The US’ heightened reciprocal tariffs on
Chinese imports have now been suspended for a year, with the current 10% reciprocal tariff remaining in effect during this period.
This comes shortly after the United States had threatened to impose an additional 100% tariff on China, after China tightened
controls on its rare earth exports. Earlier, investors had believed that the tariff issue had more or less settled. We expect to see
more tariff-related headlines, resulting in volatility in share prices as this topic is broached repeatedly. For Brazil and India, we
note that these economies are not too dependent on exports, making them somewhat more resilient to tariff shocks.
Notwithstanding the above, there are broader considerations for our optimism in EM equities.
It is undeniable that Artificial Intelligence (‘AI’) is gaining ground. AI continues to see strong growth, with companies across
various sectors utilising AI to drive efficiencies. Whilst we are optimistic about the growth potential that AI brings, we are
mindful of the growth that has been factored in by some share prices. In particular, the returns on AI investments have yet to be
seen. AI benefits TEMIT’s portfolio holdings in South Korea and Taiwan, which consist of companies lodged in the supply chain.
These include companies in semiconductor chips, electronic manufacturing services, server cooling solutions.
India remains structurally strong; its economy is characterised by its large domestic market and limited dependence on trade
exports. The Indian government has made reforms; most notably and recently introducing a generous cut and simplification of the
goods and services tax structure. Valuations have corrected in the last six months and, in line with our investment approach, we
have added selectively to our India exposure.
In a twist of fate, China has witnessed a recovery in investor sentiment, and stocks have seen a rerating. While this was partially
driven by an improved tone in trade negotiations between the United States and China (albeit momentarily), domestic policy
support and a return of confidence in China’s ability to innovate spurred investor confidence.
We believe that interest rates in Brazil have peaked or are close to peaking. We expect Brazil eventually to reduce interest rates,
which would bolster domestic demand and infuse local equities with positive sentiment. In the Middle East, slower global growth
as a result of tariffs and increased oil output from OPEC+ have had an impact on energy prices. This has guided our exposure to
the region. We remain underweight in the Middle East, due to its reliance on oil prices for economic growth.
We continue to remain upbeat about EM economies. Despite the current environment of slowing growth and geopolitical issues
globally, we have confidence in both the EM asset class and our strategies. We continue to seek high-quality business with solid
balance sheets, competitive advantages and attractive valuations.
Review of performance
(a)
EMs advanced over the six months under review. Beneath this positive performance were tempestuous geopolitical relationships
emanating from sweeping trade tariffs and regional conflicts, which resulted in notable volatility in financial markets. The
performance of TEMIT surpassed the benchmark, and we believe that our investment approach served us well in achieving this
outcome. Our investment philosophy is anchored in a bottom-up process to find companies that our analysis indicates have
sustainable earnings power and whose shares trade at a discount relative to their intrinsic worth. The MSCI Emerging Markets
(Net Dividends) Index returned 18.8% in the six-month period under review, while TEMIT delivered a net asset value total return
of 25.3% (all performance figures are net total return in sterling terms)
(b)
. Full details of TEMIT’s performance can be found in the
full Half Yearly Report.
(a) All benchmark performance as per the MSCI Emerging Markets (Net Dividends) Index.
(b) See Glossary of Terms and Alternative Performance Measures in the full Half Yearly Report.
Several macroeconomic themes were important during the period:
• The headlines in the past six months of 2025 have been all about US tariffs. The negotiation process between the United States
and other countries saw several unexpected turns. The period kicked off with US President Donald Trump’s “Liberation Day”
announcement, in which he declared sweeping new tariffs on the goods of more than 180 countries and territories. There were
several policy U-turns subsequently, and these eventually culminated in new trade deals between the United States and other
countries. Where most countries secured lower tariff rates as they embarked on negotiations with the United States, India and
Brazil saw a sudden increase in US levies. US tariffs on India doubled to 50%. The trade conflict between China and the United
States worsened, with both countries placing tariffs on each other’s imports. Conflicting statements regarding US-China
negotiations also highlighted underlying tensions. Policy tensions between the United States and China thawed at the end of the
six-month period, where reciprocal tariffs were delayed to November 2026. The US president’s trip to Asia in late October
showed a hint of keenness for bilateral diplomacy, where trade deals were also formed with Malaysia, South Korea and
Thailand, among others. While Latin America had previously been relatively insulated from US tariffs compared to other
regions, a few countries in the region have since faced higher adjusted US tariffs on their imports. US tariffs on selected
Brazilian goods now stand at 50%—a large jump from the 10% set in April—and certain Mexican imports which are not
compliant with the United States-Mexico-Canada Agreement (‘USMCA’) are now subject to a 25% US tariff rate. The US
president also met Brazil’s president in Asia, where, although trade negotiations stalled, there was some alleviation of concerns
that negotiations would continue. The uncertainty and frequency of policy changes have led to significant market volatility. The
United States’ approach towards the rest of the world and policy uncertainty has also put in question US exceptionalism, which
has had some impact on flows and the strength of the US dollar.
• Despite the looming threat of tariffs, semiconductor companies lodged in the AI supply chain kept up with positive outlooks.
While alluding to the uncertainties from tariffs, several Taiwan-based semiconductor and related firms expressed confidence in
the growth trajectory of AI, leading to an improved business outlook. AI continues to see rapid progress; multiple new models
have been released in 2025 alone. Corporations across sectors have started to use AI models in some form, although these are
mainly still in their initial stages. Investments in AI and related developments have been key drivers for markets.
• Major geopolitical issues—including Russia-Ukraine, Middle East and US-China relations—have led to a continuation in
market volatility. This has also affected commodity prices.
The reasons behind each country’s equity market performance are detailed below for TEMIT’s largest country exposures.
China/Hong Kong
Portfolio weighting 27.9%
(a)
Benchmark weighting 31.2%
(a)
TEMIT’s largest market exposure, although the portfolio remained underweight relative to the benchmark. Chinese equities rose
by nearly 18% in sterling terms over the six-month period. Outperformance was mainly driven by the notable easing of trade
tensions with the United States after the initial “Liberation Day” shock, optimism in AI-related stocks and a drive to relieve
manufacturing overcapacity in several industries. Sector-wise, the share prices of infrastructure and power companies benefitted
from China’s launch of the construction of a US$167bn hydropower project in Tibet. Chinese semiconductor firms benefitted
from the government’s intent to strengthen its domestic semiconductor industry.
Our approach towards Chinese equities continues to be selective. While policy support has resulted in a return of investor interest,
we are sceptical of the benefits of these policies in the longer term. Reviewing the macroeconomic background, we have not yet
observed any meaningful change in demand; and the declining and ageing population remains a key structural challenge. Our
largest exposure in Chinese equities remains in internet platforms. Notwithstanding their growth potential from AI developments,
Chinese internet companies give us an additional degree of comfort through their cash flows and shareholder returns. During the
six-month period, we have also added to leading Chinese industrial companies which, in addition to steady domestic demand, are
expected to benefit from rising export demand.
Taiwan
Portfolio weighting 20.6%
(a)
Benchmark weighting 19.4%
(a)
TEMIT’s second-largest market exposure, where the portfolio was slightly overweight versus the benchmark. The Taiwanese
equity market performed well and ended the six-month period with a gain of over 38% in sterling terms. The US tariff reprieve on
semiconductors, together with the strong momentum of AI, infused optimism into the technology-reliant Taiwanese equity
market. The US President’s trip to Asia in late October reinforced the status quo. Despite the uncertainty of US tariffs on the
semiconductor sector, the country’s most valuable company, Taiwan Semiconductor Manufacturing Company (‘TSMC’),
remained upbeat on its outlook.
The portfolio’s exposure to the country is concentrated in the island’s semiconductor and the broader electronics industries which
should be key beneficiaries of growth in AI investments. TEMIT’s largest portfolio holding is in TSMC, a global leader in
semiconductor foundry. TSMC, despite its dominance in the semiconductor foundry, is not immune to trade uncertainties. The
company announced plans to increase its investment in manufacturing in the US amid tariff concerns.
South Korea
Portfolio weighting 18.4%
(a)
Benchmark weighting 11.0%
(a)
TEMIT’s third-largest market exposure, where the portfolio was overweight versus the benchmark. South Korean equities surged
by over 43% in sterling terms during the reporting period. South Korean equities were supported by the election of a President
who promised market reforms, providing a potential for extended equity performance. The South Korean government also
unveiled a tax reform plan to restore fiscal soundness. Like Taiwan, the South Korean equity market received a boost from the
tariff relief on semiconductors and the strong momentum in AI.
Our overweight position in South Korea includes companies that are positioned to capture longer-term structural growth drivers in
the form of semiconductors and AI (Samsung Electronics and SK Hynix), the green transition (Samsung SDI and LG Corp) and
dominant internet search platform integrating e-commerce, payments and digital content (NAVER).
India
Portfolio weighting 10.5%
(a)(b)
Benchmark weighting 15.2%
(a)
TEMIT’s fourth-largest market exposure. India’s equity market experienced a change of fortunes rapidly, in a relatively short
period. The United States unexpectedly doubled its levies on Indian goods, and implemented a large fee hike on H-1B, or non-
immigrant visas in the United States. This impacted information technology stocks in the country. While the impact is not
expected to be material, this further soured sentiment towards Indian information technology companies, which were already
under pressure from declining growth in global information technology spending. Quarterly earnings were mixed, which
influenced the slide of its equity market. However, the macroeconomic backdrop improved. Inflation eased and, for two
consecutive quarters, the country saw better-than-expected gross domestic product growth. The government’s overhaul of the
goods and services tax structure caused a broad-based rally and helped to overcome some weakness. For the period, Indian
equities fell by more than 3%.
While valuations are still a concern for us, recalling that our investment approach hinges on finding companies whose shares,
according to our analysis, trade at a discount relative to their intrinsic worth, we continue to see attractive opportunities in India.
As of end September 2025, more than half of TEMIT’s India exposure is in private-sector banks. These currently offer attractive
valuations compared to other sectors, with strong retail franchises and growing deposit share, making them well-positioned to gain
market share. While the country is one of TEMIT’s largest absolute weighting allocations, the portfolio is still underweight
relative to the benchmark.
Brazil
Portfolio weighting 8.0%
(a)
Benchmark weighting 4.3%
(a)
TEMIT’s fifth-largest market exposure, where the portfolio was overweight compared to the benchmark. We are positioned in
some of the country’s leading banks such as Itaú Unibanco and Banco Bradesco. These trade at compelling valuations. Equities in
Brazil finished the reporting period with a gain of nearly 18%, despite trading against tariff headwinds. US tariffs on selected
Brazilian goods jumped from 10% in April to 50% currently. While this took us by surprise, we note that the Brazilian economy is
not excessively dependent on exports. Brazil’s central bank raised its key interest rate over the period but opted to keep interest
rates unchanged at its more recent meetings in July and September 2025. The benchmark interest rate now hovers at a near two-
decade high of 15%. We expect Brazil eventually to follow the global interest rate trajectory, which should be positive for the
country’s equity market.
(a) As at 30 September 2025.
(b) TEMIT has indirect exposure to India through its holdings in Genpact and Cognizant Technology Solutions. If indirect
exposure was included, TEMIT’s total exposure to India would be 12.9%.
Other emerging markets
In the emerging Europe, Middle East and Africa (‘EMEA’) region, geopolitics was factored into the returns of the regional equity
market, with the continuation of conflict in Gaza, Israel and Iran raising the region’s political risk premium. A weaker oil price
also capped gains. However, global events, particularly US economic policy decisions, continued to play a crucial role in the
region’s stock market performance. The eventual reduction of interest rates in the United States helped the region to overcome
equity weakness from geopolitical concerns to advance as a whole.
Mexico’s central bank reduced interest rates for the 10
th
consecutive meeting to 7.5%. This is the lowest level since June 2022.
This decision was made amid concerns about global trade tensions and sluggish economic growth.
Investment strategy, portfolio changes and performance attribution
The following sections highlight the drivers of TEMIT’s performance over the six-month period. We continue to emphasise our
investment process that selects companies based on their individual attributes and ability to generate attractive risk-adjusted
returns.
Our investment philosophy is centred on seeking companies with sustainable earnings power trading at a discount to their intrinsic
worth and to other investment opportunities in the market. We see high levels of leverage as a risk, avoiding companies with weak
balance sheets.
We utilise our research-based active management approach to identify companies with high standards of corporate governance
and to understand the local factors that influence consumer trends and habits. We regularly engage with senior management of
existing and potential investments.
We conduct detailed analysis of potential returns versus risks over a time horizon of five years or more.
Our well-resourced on the ground analysts are a key competitive advantage. Their local knowledge and language skills are
instrumental in identifying emerging trends in markets including China, India, and Brazil. This local presence gives us greater
insight into business models, supply chains, and competitive dynamics.
Input from our analysts is an integral part of the investment process. Their conversations with regulators, views on industry trends
and insights on management capabilities are incorporated into our estimates of a company’s earnings power. They also enable us
to separate short-term noise from long-term trends.
In the portfolio, we remain positioned in long-term themes including consumption premiumisation, digitalisation, health care and
technology. We remain focused on seeking and investing in companies which reflect our investment philosophy.
Performance Attribution Analysis %
Six months to 30 September
2025 2024 2023 2022 2021
Net Asset Value Total Return
(a)
25.3 7.2 (0.3) (8.3) (7.5)
Expenses Incurred
(b)
0.5 0.5 0.5 0.5 0.5
Gross Total Return
(a)
25.8 7.7 0.2 (7.8) (7.0)
Benchmark Total Return
(a)
18.8 7.5 (0.5) (7.4) (1.0)
Excess Return
(a)
7.0 0.2 0.7 (0.4) (6.0)
Stock Selection 3.5 (0.2) 0.1 2.9 (4.3)
Sector Allocation 0.8 0.5 0.4 (2.2) (1.4)
Currency 1.6 0.0 (0.1) (1.1) (0.5)
Share Buyback Impact 0.6 0.6 0.3 0.1 0.0
Residual Return
(a)
0.5 (0.7) 0.0 (0.1) 0.2
Total Contribution 7.0 0.2 0.7 (0.4) (6.0)
Source: FactSet and Franklin Templeton.
(a) A glossary of terms and alternative performance measures is included in the full Half Yearly Report.
(b) Represents expenses incurred. Details of the annualised ongoing charges ratio are included in the glossary of terms and
alternative performance measures in the full Half Yearly Report.
This table sets out the results of a detailed analysis of the returns produced by the TEMIT portfolio, how this compares with the
theoretical returns available from the benchmark index and factors affecting the comparison with the returns of the benchmark
index.
Top 10 Contributors and Detractors to Relative Performance by Security (%)
(a)
Top Contributors
Contribution to
portfolio relative
to MSCI Emerging
Markets Index Top Detractors
Contribution to
portfolio relative to
MSCI Emerging
Markets Index
Overweight
(TEMIT holds more than
the index weight)
SK Hynix 1.7 ICICI Bank (1.0)
Prosus 1.4 Genpact (0.7)
Samsung Life Insurance 0.9
Cognizant Technology
Solutions
(0.6)
TSMC 0.9
Budweiser Brewing
Company APAC
(0.4)
Grupo Financiero Banorte 0.6 Petrobras (0.4)
Hon Hai Precision Industry 0.5 China Merchants Bank (0.4)
NAVER 0.4 Alibaba (0.4)
Banco Bradesco 0.4 MediaTek (0.4)
Weichai Power (0.3)
Underweight
(TEMIT has no holding or
a holding smaller than the
index weight)
Meituan 0.7 Delta Electronics (0.4)
BYD 0.3
(a) For the period 31 March 2025 to 30 September 2025.
SK Hynix is a South Korean semiconductor company and a maker of memory chips which are used globally across a wide range
of solutions. The company’s share price ascent was mainly driven by an improvement in sentiment around US tariffs and
continued optimism on growth in AI-related demand. The company’s completion of the next generation of high-bandwidth
memory (‘HBM’), the HBM4, which is crucial for AI work, sent its share price to a record high. Investor optimism in South
Korean equities from the conclusion of South Korea’s presidential election—which lent hope of improved corporate governance
and capital market reforms also provided a positive backdrop for SK Hynix’s stock price as well.
An off benchmark holding in Prosus served the portfolio well. Prosus is a leading global investment company with a 22.99%
(a)
shareholding in Tencent (also held directly by TEMIT), a Chinese technology company. The company also has investments in
several food delivery platforms in different parts of the world. Its share price had two drivers for the six-month period under
review. Firstly, it tracked Tencent’s stock price, on account of the latter’s strong second-quarter results and AI development.
Secondly, Prosus’ own better-than-expected results for its 2025 financial year and the company’s positive outlook for the 2026
financial year also aided Prosus’ share price.
(a) As at 25 July 2025.
Samsung Life Insurance is the leading life insurance company in South Korea and owns around 8.5% in Samsung Electronics.
Better-than-expected results for the first and second quarter 2025 earnings results, expectations that Samsung Fire & Marine
Insurance (not a portfolio holding) could become an associate of the company and potentially boost reported earnings, and the
upward performance of the South Korean equity market following the country’s elections were among the factors conducive for
its share price.
ICICI Bank is a leading India-based private sector bank. Its share price inched downwards alongside the broader Indian equity
market. However, this hid the bank’s fourth-quarter fiscal-year 2025 results, where an annual net profit increase was accompanied
by lower non-performing assets.
Genpact and Cognizant Technology Solutions are both US-listed technology services companies that derive much of their
earnings from services provided from India. A pessimistic backdrop affected their share prices—post the US’ tariff
announcement, expectations of a slowdown in the United States and a corresponding weaker demand for information technology
services had led to some pessimism in investor sentiment. Information technology services companies in general are seeing a
slowdown in the execution of discretionary projects, leading to weaker earnings growth for the industry. An increase in fees for
new applications of the United States H-1B visa fees capped off the six-month period. In our view, the overall impact of this visa
fee hike for these two companies— and the industry—seems quite manageable. As the next batch of visa approvals will be
announced in September 2026, these companies have time to calibrate the mix of their onshore-offshore revenue streams, consider
nearshoring options, and/or negotiations with clients.
Contributors and Detractors to Relative Performance by Sector (%)
(b)
Top Contributors
Contribution to
portfolio relative
to MSCI Emerging
Markets Index Top Detractors
Contribution to
portfolio relative to
MSCI Emerging
Markets Index
Overweight
(TEMIT holds more than the index
weight)
Information Technology 2.7 Industrials (1.6)
Consumer Discretionary 2.7
Financials 1.4
Health Care 0.3
Underweight
(TEMIT has no holding or a holding
smaller than the index weight)
Communication Services 0.9 Materials (0.8)
Utilities 0.3
Real Estate 0.1
Energy 0.1
Consumer Staples 0.1
(b) For the period 31 March 2025 to 30 September 2025.
Stock selection in the information technology, consumer discretionary and financials sectors added to TEMIT’s performance
relative to the benchmark index during the six-month period under review. An overweight allocation in the information
technology sector provided additional support. The strength from the information technology sector came from SK Hynix, TSMC,
Hon Hai Precision Industry and Zhen Ding Technology, all of which were in the top 10 relative contributors of the portfolio for
assets held. Hon Hai Precision Industry is a Taiwan-based provider of electronic manufacturing services for consumer electronics,
cloud and networking products, computing products and components. Zhen Ding Technology is the largest printed circuit board
(‘PCB’) manufacturer in the world. Prosus and Samsung Life Insurance (both described above) are examples of companies that
aided relative returns for the consumer discretionary and financials sectors respectively.
In contrast, stock selection in the industrials and materials sectors caused relative detraction, alongside an underweight
allocation in the latter. The weakness in the industrials sector is partially due to Genpact, with the portfolio’s holding in
Techtronic Industries also causing some pressure. Techtronic Industries is a leading power tools and outdoor power equipment
manufacturer based in Hong Kong. Its share price fell as the US imposed high tariffs on Asian countries; Techtronic Industries has
significant exposure to the US market and has manufacturing capabilities in China and Vietnam. The company has been
diversifying its manufacturing footprint and is working on further shifting out production from China for its sales in the United
States. We believe that its diversified production footprint relative to the industry, production efficiency and market positioning
will help Techtronic Industries to mitigate tariff risks.
Contributors and Detractors to Relative Performance by Country (%)
(a)
Top Contributors
Contribution to
portfolio relative
to MSCI Emerging
Markets Index Top Detractors
Contribution to
portfolio relative to
MSCI Emerging
Markets Index
Overweight
(TEMIT holds more than the index
weight)
South Korea 2.2 United States (1.3)
Taiwan 1.3 Thailand (0.4)
Hungary (0.1)
Underweight
(TEMIT has no holding or a holding
smaller than the index weight)
India 2.0 South Africa (0.7)
China/Hong Kong 1.5 Greece (0.1)
Saudi Arabia 0.9
(a) For the period 31 March 2025 to 30 September 2025.
By markets, stock selection and allocations in South Korea (overweight) and India (underweight) added onto a positive
contribution from stock selection in China/Hong Kong. Once again, SK Hynix and Samsung Life Insurance aided relative returns
in South Korea. In China, Prosus was a leading contributor.
Conversely, an off-benchmark allocation in the United States was a key source of detraction. The portfolio’s exposure to the
United States is through Genpact and Cognizant Technology Solutions, both of which have been elaborated earlier. Other sources
of relative detraction were from stock selection in South Africa and Thailand.
South Africa’s weakness came from Discovery, South Africa’s biggest health insurance provider, which also offers banking and
investment services. Additionally, the company has international insurance operations in the United Kingdom and partners with
other insurance companies through its shared-value insurance model called Vitality. It first traded downwards alongside South
African equities as a result of negative sentiment emanating from US tariffs. Discovery’s full-year results for the year ended June
2025 were strong but its share price reacted negatively to the weak new business growth for its South Africa life insurance business.
Top 10 Holdings
As at 30 September 2025
Portfolio
Benchmark
%
Over/(Under)
Weight % Holding £’000 %
TSMC
The world’s largest semiconductor foundry company, which is based in
Taiwan. The company is a key beneficiary of the increase in computing
demand from mobile devices, high performance computing applications
such as AI, data servers and networking among others. It remains the
leading manufacturer of the most advanced logic chips required for AI
applications. The company has maintained a strong lead in technological
advances which should secure its future market position and earnings
growth.
335,325 14.2 10.9 3.3
Prosus
A leading global investment company and the largest shareholder of
Tencent, a Chinese technology company. We see Prosus as a good proxy
for Tencent exposure and its shares are available at a discount to its net
asset value (‘NAV’). Besides Tencent, Prosus has a diversified portfolio of
internet assets in areas such as food delivery, payments and e-commerce.
Management’s efforts to narrow the share price discount to NAV via share
buybacks should also support returns.
137,441 5.8 – 5.8
SK Hynix
A South Korean semiconductor company and a maker of memory chips
used globally across a wide range of solutions. The company is the industry
leader in HBM chips, which are expected to see strong demand growth for
AI applications. We continue to maintain our conviction, largely due to its
leadership position in the latest generation of the HBM market.
122,975 5.2 1.4 3.8
Samsung Electronics
Samsung Electronics is one of the largest memory semiconductor
manufacturers in the world. It also manufactures a wide range of consumer
and industrial electronics and equipment. Loss of technology leadership in
advanced memory products as well as conflicting business interests for its
various business segments, have impacted the company’s performance in
recent years. The company’s share price has seen a recovery in recent
months driven by some order wins for its foundry business as well as
reports that its memory products have passed the qualification test for
Nvidia (not a portfolio holding). The company remains one of the key
companies in the highly consolidated memory market, and should benefit
from the rise in demand for memory products which has been further
accentuated by growth in AI models.
93,213 4.0 3.3 0.7
Alibaba
The leading e-commerce company in China. Intensified competition and a
weak economy have impacted the growth of its e-commerce business,
which had led to a derating for the stock over the past few years. The
company’s recent success in AI and plans for large investments in AI has
sparked investor optimism and contributed to a recovery in Alibaba’s share
price. However, there has been increase in competition for the instant
commerce business in recent quarters, which should impact its earnings in
the near term. Structurally the company remains well positioned with its
strong core e-commerce business, market leadership in Chinese cloud
computing and strong balance sheet.
85,670 3.6 4.0 (0.4)
ICICI Bank
A leading India-based private sector bank. It has a strong retail franchise
with a low-cost deposit base, high-quality retail assets and a large network.
It is well positioned to benefit from the Indian growth story. Its subsidiaries
are market leaders in their respective segments – capital markets, asset
management and insurance.
79,564 3.4 0.8 2.6
Tencent
The largest gaming, communication and social entertainment platform in
China. It has a major presence in online games, digital advertising, video,
music and live-streaming, fintech, and other businesses such as cloud
computing. We believe that the company should be a key beneficiary of AI
across its business segments. Tencent also has significant public and
private investments in China and globally.
75,426 3.2 5.6 (2.4)
Grupo Financiero Banorte
A leading financial institution in Mexico, with a strong presence in
banking, insurance, pensions and brokerage. We remain optimistic on
Mexico’s banking sector growth prospects, given the large percentage of
the population that does not currently have a bank account. The bank’s
robust capitalisation provides some resilience against economic volatility
and supports expansion in high-growth segments.
62,891 2.6 0.3 2.3
MediaTek
MediaTek is a Taiwan-based chip designer for smartphones and other
technology devices. These devices include televisions, wireless
communications and optical storage. MediaTek has a solid position in
mobile computing chips and we believe that it should benefit from growth
in demand for chips from IoT (‘Internet of Things’), automotive, industrial,
and wi-fi applications. Its partnership with Nvidia (not a portfolio holding)
to provide advanced automotive chips integrating Nvidia’s graphic
processors as well as opportunities in enterprise application specific chips
should drive additional growth.
56,161 2.4 0.7 1.7
Hon Hai Precision Industry
The company is a Taiwan-based provider of electronic manufacturing
services for consumer electronics, cloud and networking products,
computing products and components. The group has a proven execution
track record in the information and communications technology industry,
with superior production scale and a global production footprint. The
company has a strong market position in AI servers, which should be a key
growth driver for the company.
53,228 2.3 0.9 1.4
Portfolio Changes by Country
Total Return in Sterling
Country
31 March 2025
Market Value £m
Purchases
£m
Sales
£m
Market
Movement £m
30 September 2025
Market Value £m
TEMIT
%
MSCI Emerging
Markets Index %
China/Hong Kong 549 63 (68) 114 658 23.7 17.9
Taiwan 335 18 (19) 151 485 46.1 38.5
South Korea 332 31 (74) 143 432 47.0 43.5
India 293 29 (82) 6 246 1.0 (3.2)
Brazil 172 3 (9) 23 189 17.8 17.6
Mexico 43 4 (1) 19 65 48.6 30.7
United States 72 – (3) (13) 56 (17.5) –
Thailand 64 2 (9) (2) 55 3.7 13.1
South Africa 46 1 – 2 49 4.6 31.5
United Arab
Emirates 15 20 (6) 1 30 (0.2) 12.5
Others 82 9 (7) 6 90 – –
Total Investments 2,003 180 (278) 450 2,355
Portfolio by Fair Value
Holding Sector Fair Value £’000 % of Portfolio
Brazil
Itaú Unibanco
(a)(b)
Financials 48,308 2.0
Petrobras
(a)
Energy 40,526 1.7
Banco Bradesco
(a)(b)
Financials 40,089 1.7
Vale Materials 21,654 0.9
TOTVS Information Technology 16,511 0.7
Hypera Health Care 10,729 0.5
XP Financials 9,369 0.4
Oncoclinicas do Brasil Servicos Medicos Health Care 2,232 0.1
189,418 8.0
Chile
Banco Santander Chile
(b)
Financials 22,678 1.0
22,678 1.0
China/Hong Kong
Prosus Consumer Discretionary 137,441 5.8
Alibaba Consumer Discretionary 85,670 3.6
Tencent Communication Services 75,426 3.2
China Merchants Bank Financials 41,632 1.8
Techtronic Industries Industrials 40,479 1.7
Baidu Communication Services 31,564 1.4
NARI Technology Industrials 29,203 1.2
WuXi Biologics Health Care 28,461 1.2
NetEase Communication Services 26,320 1.1
Budweiser Brewing Company APAC Consumer Staples 24,914 1.1
Ping An Insurance Financials 24,873 1.1
BYD Consumer Discretionary 23,437 1.0
Kuaishou Technology Communication Services 16,232 0.7
Weichai Power Industrials 14,931 0.6
Haier Smart Home Consumer Discretionary 14,127 0.6
Uni-President China Consumer Staples 12,763 0.5
COSCO SHIPPING Ports Industrials 7,491 0.3
Daqo New Energy
(b)
Information Technology 7,328 0.3
JD.com Consumer Discretionary 6,812 0.3
Greentown Service Group Real Estate 3,789 0.2
Beijing Oriental Yuhong Waterproof Technology Materials 3,340 0.1
Weifu High-Technology Consumer Discretionary 2,191 0.1
658,424 27.9
Hungary
Gedeon Richter Health Care 25,183 1.0
Wizz Air Holdings Industrials 1,592 0.1
26,775 1.1
India
ICICI Bank Financials 79,564 3.4
HDFC Bank Financials 48,836 2.1
Eternal
(c)
Consumer Discretionary 20,755 0.9
ReNew Energy Global Utilities 19,222 0.8
Infosys Information Technology 15,479 0.7
Bajaj Holdings & Investment Financials 13,200 0.6
Federal Bank Financials 12,709 0.4
ACC Materials 9,093 0.4
Niva Bupa Health Insurance Financials 8,295 0.4
Ather Energy Consumer Discretionary 7,008 0.3
Brigade Enterprises Real Estate 6,936 0.3
Asahi India Glass Consumer Discretionary 3,976 0.2
Hemisphere Properties Real Estate 966 0.0
HDB Financial Services Financials 347 0.0
246,386 10.5
Indonesia
Astra International Industrials 13,105 0.6
13,105 0.6
Mexico
Grupo Financiero Banorte Financials 62,891 2.6
Nemak Consumer Discretionary 1,671 0.1
64,562 2.7
Peru
Intercorp Financial Services Financials 9,317 0.4
9,317 0.4
Philippines
BDO Unibank Financials 10,193 0.4
10,193 0.4
Russia
LUKOIL
(d)
Energy 0.0 0.0
Sberbank of Russia
(d)
Financials 0.0 0.0
0.0 0.0
South Africa
Discovery Financials 31,264 1.4
Netcare Health Care 17,285 0.7
48,549 2.1
South Korea
SK Hynix Information Technology 122,975 5.2
Samsung Electronics Information Technology 93,213 4.0
NAVER Communication Services 42,686 1.8
Hyundai Motor Consumer Discretionary 36,819 1.6
LG Corp Industrials 30,971 1.4
Delivery Hero
(e)
Consumer Discretionary 26,406 1.1
Doosan Bobcat Industrials 21,194 0.9
Samsung Life Insurance Financials 17,633 0.7
Samsung SDI Information Technology 12,889 0.5
Fila Consumer Discretionary 10,082 0.5
Hanmi Pharm Health Care 9,160 0.4
LigaChem Biosciences Health Care 5,036 0.2
Hankook Tire Consumer Discretionary 2,193 0.1
KT Skylife Communication Services 1,148 0.0
432,405 18.4
Taiwan
TSMC Information Technology 335,325 14.2
MediaTek Information Technology 56,161 2.4
Hon Hai Precision Industry Information Technology 53,228 2.3
Zhen Ding Technology Information Technology 18,048 0.7
Lite-On Technology Information Technology 11,611 0.5
Yageo Information Technology 11,009 0.5
485,382 20.6
Thailand
Kasikornbank Financials 28,546 1.2
Minor International Consumer Discretionary 12,752 0.5
Thai Beverage Consumer Staples 5,977 0.3
Kiatnakin Phatra Bank Financials 4,220 0.2
Star Petroleum Refining Energy 3,553 0.1
55,048 2.3
Turkey
BIM Birlesik Magazalar Consumer Staples 7,034 0.3
7,034 0.3
United Arab Emirates
Emaar Development Real Estate 15,052 0.6
Emirates Central Cooling Systems Utilities 9,493 0.5
Spinneys Consumer Staples 5,142 0.2
29,687 1.3
United States
Genpact
(f)
Industrials 29,659 1.3
Cognizant Technology Solutions
(f)
Information Technology 26,651 1.1
56,310 2.4
Total Investments 2,355,273 100.0
(a) Preferred shareholders are entitled to dividends before ordinary shareholders.
(b) US listed American Depository Receipt.
(c) ‘Zomato’ was renamed to ‘Eternal’.
(d) This company is fair valued at zero as a result of its trading being suspended on international stock exchanges.
(e) This company is listed in Germany. The classification of South Korea is due to significant exposure to this market.
(f) This company, listed on a stock exchange in a developed market, has significant exposure to operations from emerging
markets.
Market Capitalisation Breakdown %
Less than
£1.5bn
£1.5bn to
£5bn
£5bn to
£25bn
Greater than
£25bn
30 September 2025 2.7 9.7 26.4 61.2
31 March 2025 3.6 9.2 27.7 59.5
Split Between Markets %
(a)
30 September 2025
31 March 2025
Emerging markets
97.6
96.2
Developed markets
(b)
2.4
3.6
Frontier markets
–
0.2
Source: FactSet Research System, Inc.
(a) Geographic split between ‘Emerging markets’, ‘Frontier markets’, ‘Developed markets’ are as per MSCI index
classifications.
(b) Developed market exposure represented by companies listed in the United States which have significant exposure to
operations from emerging markets.
In investment terminology, a developed market is a country that is most developed in terms of its economy and capital markets.
To be classified as a developed market, the country must have a high average level of personal income, but this also includes
openness to foreign ownership, ease of capital movement, and efficiency of market institutions. An emerging market is a market
that has some characteristics of a developed market but does not fully meet its standards. This includes markets that may become
developed markets in the future or were in the past. The term ‘frontier market’ is used for developing countries with smaller,
riskier, or more illiquid capital markets than ‘emerging’.
Stewardship
TEMIT seeks to capture the growth potential of emerging markets companies by employing a bottom-up security selection
process with a long-term perspective. We aim to be a responsible steward of our clients’ capital—that is why we integrate
Environmental, Social and Governance (‘ESG’) factors into our investment research process to understand the financial risks and
opportunities that stem from governance and sustainability issues.
Whilst governance and sustainability issues are analysed in our research, the findings are not binding on the stock selection
process. TEMIT does not pursue any sustainable targets (for example, carbon reduction) or objectives.
We provide some examples from the last six months which illustrate our research process.
Business Thesis and ESG Research
TEMIT’s research process includes a structured analysis of governance and sustainability issues to understand the financial risk
and opportunities of investing in a stock. A case study example considering ESG factors is BIM Birlesik Magazalar (‘BIM’),
whose shares were purchased during the six months under review.
BIM is the largest grocery retailer in Turkey, with over 13,500 stores across the country. The company utilises a hard discounter
model, similar to Germany’s Aldi. Our ESG analysis highlights material environmental, social and governance issues to the
grocery retailer, including climate, waste, health, and supply chain management. BIM has set several sustainability commitments
and goals related to these topics.
Environmental: The company targets reducing its greenhouse gas (‘GHG’) emissions intensity by 20% by 2026 vs a 2019
baseline. As of end 2024, it had achieved a 19% reduction. It also has a target to grow its renewable energy consumption to 25%
of total by 2025, although currently the proportion stands at just 9.4%. Beyond these targets, BIM has begun Scope 3 emissions
measurement. The company has also been increasing its installation of solar power plants at its regional warehouses. The resulting
increase in internal power generation should bring down BIM’s electricity cost base by 10 basis points, based on our research.
Meanwhile, BIM continues to improve resource efficiencies and optimise costs through its internal Packaging Purchasing Unit,
which reduces waste volumes and increases the use of recycled materials. In 2024, the unit reduced raw paper use by 801 tons
(98% of its 2025 target) and plastic use by 491 tons (65% of its 2025 target). The unit also increased BIM’s use of recycled raw
materials to 311 tons, reaching 65% of the 2025 target.
Social: As a grocery retailer, BIM is exposed to social issues related to product quality and consumer preferences. BIM is focused
on maintaining high supplier quality through audits, which are critical to ensuring supplier performance and risk mitigation. In
2024, the company conducted 950 supplier audits, accounting for 65.5% of its private label products supply. While revenue
exposure to healthy products is an important consumer trend in the grocery retail sector, our analysis indicates that BIM may face
challenges in capturing growth driven by healthy product demand, due to its specific business characteristics. Nonetheless, the
company continues to measure and disclose its revenue exposure to healthy products, including categories such as ‘organic
products’, ‘foods with reduced salt, fat and sugar’, and ‘more nutritious products’.
Governance: BIM’s Board is comprised of experienced executives and non-executives. The roles of Board Chairman and CEO
were previously combined, but they were separated in 2023, enhancing Board independence. Although BIM has an experienced
Board, currently only two of the six Board members are independent. We would like to see greater director independence going
forward. This is one of our engagement priorities, as a sufficiently independent Board would help ensure improved oversight in
the best interests of shareholders.
Overall, our ESG analysis indicates BIM has good management of environmental and social risks, with room for improvement on
board independence. These takeaways complement our understanding of BIM’s investment thesis. BIM’s market share gains and
best-in-class cost discipline position the company as a price setter, allowing it to deliver sustainable profitability at the EBITDA
(Earnings Before Interest, Taxes, Depreciation, and Amortization) level. The company’s renewables target and associated
investment in solar panels should reduce GHG emissions and improve its cost base, further boosting the EBITDA margin.
Active ownership
Our significant presence in emerging markets allows our investment team to pursue active ownership, which is a key element of
our comprehensive stewardship approach. Over the period under review, we engaged with select investee companies on various
governance issues, as well as executing our proxy voting policy on behalf of our shareholders.
BDO Unibank (‘BDO’): During the review period, we met with the Head of Investor Relations at Philippine banking group,
BDO, to discuss its ESG-compliant lending practices and employee turnover ratio. Our analysis found that, compared with
regional peers, BDO lagged in applying ESG standards to its lending activities. We encouraged the bank to consider aligning with
industry frameworks, such as the Equator Principles, which help financial institutions manage environmental and social risks in
project financing. We also noted that BDO’s employee turnover ratio of 8% was high relative to peers and suggested further
investigation into the underlying drivers. BDO explained that the elevated turnover is concentrated in the IT department, where
spending on IT capex and system upgrades has pushed up demand for talent. Due to talent scarcity among the younger
demographic in the Philippines, competition for IT professionals is intense, resulting in higher attrition. BDO acknowledged our
comments and agreed to raise them with management. We believe it is now actively exploring measures to improve IT staff
retention.
Delivery Hero: Delivery Hero is a global leader in online food delivery and quick commerce, operating in approximately
70 countries across Europe, Asia, Latin America, the Middle East, and Africa. Listed on the Frankfurt Stock Exchange, the
company generates around 80% of its Gross Merchandise Value (‘GMV’) from emerging markets, driven by leading regional
brands such as HungerStation, Talabat, Baedal Minjok, and Foodpanda. In one of our recent proxy voting efforts, we voted
against proposals made by the food ordering and delivery group to decrease authorised share capital and to increase capital by up
to 10% without pre-emptive rights for existing shareholders. In our engagement with the company to understand the rationale for
these proposals, we were informed that management believes future merger and acquisition deals may require capital increases
without subscription rights and would like to have this flexibility. We decided to vote against the capital-related proposals,
considering concerns over Delivery Hero’s previous M&A activity and risks of high dilution. Despite being approved, the capital-
related proposals faced notable opposition, with approximately 22% of shareholders voting against them.
We continue to use our voting power as a signal to investee company management on important issues raised through voting
ballots. We will share a more detailed account of our stewardship practices in the next Annual Report and dedicated Stewardship
Report.
Chetan Sehgal
Lead Portfolio Manager
8 December 2025
Independent review report
to the members of Templeton Emerging Markets Investment Trust plc
Conclusion
We have been engaged by the 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 2025 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 2025 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 (UK) 2410, ‘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.
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
8 December 2025
Financial statements
Statement of comprehensive income
For the six months to 30 September 2025
For the Six Months to
30 September 2025
(unaudited)
For the Six Months to
30 September 2024
(unaudited)
Year Ended
31 March 2025 (audited)
Note
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Net Gains/(Losses) on
Investments and Foreign
Exchange
Net Gains on Investments at
Fair Value
– 449,725 449,725 – 106,120 106,120 – 115,856 115,856
Net Losses on Foreign
Exchange
– (1,934) (1,934) – (286) (286) – (403) (403)
Income
Dividends 2 38,661 155 38,816 42,859 3,720 46,579 65,353 3,944 69,297
Other Income
1,368 – 1,368 3,046 – 3,046 5,038 – 5,038
40,029 447,946 487,975 45,905 109,554 155,459 70,391 119,397 189,788
Expenses
AIFM Fee
(a)
(2,104) (6,312) (8,416) (2,606) (6,081) (8,687) (4,792) (12,620) (17,412)
Other Expenses
(1,192) – (1,192) (981) – (981) (2,294) – (2,294)
(3,296) (6,312) (9,608) (3,587) (6,081) (9,668) (7,086) (12,620) (19,706)
Profit Before Finance Costs
and Taxation
36,733 441,634 478,367 42,318 103,473 145,791 63,305 106,777 170,082
Finance Costs
(a)
(439) (1,315) (1,754) (316) (733) (1,049) (700) (1,885) (2,585)
Profit Before Taxation
36,294 440,319 476,613 42,002 102,740 144,742 62,605 104,892 167,497
Tax Expense 6 (3,092) (4,073) (7,165) (2,701) (9,044) (11,745) (4,682) (9,119) (13,801)
Profit for the Period
33,202 436,246 469,448 39,301 93,696 132,997 57,923 95,773 153,696
Profit Attributable to Equity
Holders of the Company
33,202 436,246 469,448 39,301 93,696 132,997 57,923 95,773 153,696
Earnings per Share 3 3.33p 43.69p 47.02p 3.60p 8.57p 12.17p 5.41p 8.95p 14.36p
(a) From 1 October 2024, 75% of the annual Alternative Investment Fund Manager ('AIFM') fee and finance costs, except for
interest and fees on overdrafts, have been allocated to the capital account. The previous allocation was 70%.
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 2025
Note
As at 30 September 2025
(unaudited)
£’000
As at 30 September 2024
(unaudited)
£’000
As at 31 March 2025
(audited)
£’000
Non-Current Assets
Investments at Fair Value Through
Profit or Loss
2,355,273 2,055,139 2,002,617
Current Assets
Trade and Other Receivables
5,283 22,349 8,374
Cash and Cash Equivalents
52,265 105,830 75,549
Total Current Assets
57,548 128,179 83,923
Current Liabilities
Bank Loans
(71,294) (100,000) (80,000)
Other Payables
(3,603) (4,460) (4,406)
Provisions
(408) – (416)
Total Current Liabilities
(75,305) (104,460) (84,822)
Net Current (Liabilities)/Assets
(17,757) 23,719 (899)
Non-Current Liabilities
Capital Gains Tax Provision
(16,387) (18,241) (16,276)
Total Assets Less Liabilities
2,321,129 2,060,617 1,985,442
Share Capital and Reserves
Equity Share Capital 4 51,561 58,622 54,241
Capital Redemption Reserve
31,108 24,047 28,428
Capital Reserve
1,669,727 1,407,545 1,334,729
Special Distributable Reserve
433,546 433,546 433,546
Revenue Reserve
135,187 136,857 134,498
Equity Shareholders' Funds
2,321,129 2,060,617 1,985,442
Net Asset Value Pence per Share
(a)
239.0 192.8 193.7
(a) Based on shares in issue excluding shares held in treasury.
Statement of changes in equity
For the six months to 30 September 2025 (unaudited)
Note
Equity Share
Capital
£’000
Capital
Redemption
Reserve
£’000
Capital
Reserve
£’000
Special
Distributable
Reserve
£’000
Revenue
Reserve
£’000
Total
£’000
Balance at 31 March 2024
60,932 21,737 1,388,186 433,546 130,462 2,034,863
Profit for the Period
– – 93,696 – 39,301 132,997
Equity Dividends 5 – – – – (32,906) (32,906)
Purchase and Cancellation of Own Shares 4 (2,310) 2,310 (74,337) – – (74,337)
Balance at 30 September 2024
58,622 24,047 1,407,545 433,546 136,857 2,060,617
Profit for the Period
– – 2,077 – 18,622 20,699
Equity Dividends 5 – – – – (20,981) (20,981)
Purchase and Cancellation of Own Shares 4 (2,190) 2,190 (74,893) – – (74,893)
Cancellation of Treasury Shares 4 (2,191) 2,191 – – – –
Balance at 31 March 2025
54,241 28,428 1,334,729 433,546 134,498 1,985,442
Profit for the Period
– – 436,246 – 33,202 469,448
Equity Dividends 5 – – – – (32,513) (32,513)
Purchase and Cancellation of Own Shares 4 (2,680) 2,680 (101,248) – – (101,248)
Balance at 30 September 2025
51,561 31,108 1,669,727 433,546 135,187 2,321,129
Statement of cash flows
For the six months to 30 September 2025
For the Six Months to
30 September 2025
(unaudited)
£’000
For the Six Months to
30 September 2024
(unaudited)
£’000
For the Year to
31 March 2025
(audited)
£’000
Cash Flows From Operating Activities
Profit Before Taxation 476,613 144,742 167,497
Adjustments to Reconcile Profit Before Taxation to
Cash Used in Operations:
Bank and Deposit Interest Income Recognised (1,368) (3,023) (5,015)
Dividend Income Recognised (38,816) (46,579) (69,297)
Finance Costs 1,754 1,047 2,585
Net Gains on Investments at Fair Value (449,725) (106,120) (115,856)
Net Losses on Foreign Exchange 1,934 286 403
(Increase)/Decrease in Debtors (97) (18) 85
Increase in Creditors 32 159 10
Cash Used in Operations (9,673) (9,506) (19,588)
Bank and Deposit Interest Received 1,372 3,094 5,089
Dividends Received 42,041 50,017 69,421
Bank Overdraft Interest Paid – (2) (2)
Tax Paid (6,911) (3,574) (7,614)
Net Realised (Losses)/Gains on Foreign Currency (859) 647 (82)
Net Cash Inflow From Operating Activities 25,970 40,676 47,224
Cash Flows From Investing Activities
Purchases of Non-Current Financial Assets (179,643) (213,890) (402,009)
Sales of Non-Current Financial Assets 275,776 241,804 509,268
Net Cash Inflow From Investing Activities 96,133 27,914 107,259
Cash Flows From Financing Activities
Equity Dividends Paid (32,513) (32,906) (53,887)
Purchase and Cancellation of Own Shares (101,831) (74,549) (149,034)
Repayment of Bank Loans – Fixed Term Loan – – (100,000)
Repayment of Bank Loans – Revolving Credit Facility (40,000) – –
Drawdown of Bank Loans – Revolving Credit Facility 30,790 – 80,000
Interest and Fees Paid on Bank Loans (2,093) (1,041) (2,165)
Proceeds from Share Forfeiture – – 821
Refund of Unclaimed Dividends – – 220
Charity Donations – – (625)
Net Cash Outflow From Financing Activities (145,647) (108,496) (224,670)
Net Decrease in Cash (23,544) (39,906) (70,187)
Cash at the Start of the Period 75,549 145,736 145,736
Net Unrealised Gains on Foreign Currency Cash and
Cash Equivalents 260 – –
Cash at the End of the Period 52,265 105,830 75,549
Changes in Liabilities Arising from Financing Activities
Liabilities as
at 31 March 2025
£’000
Cash Flows
£’000
Profit & Loss
£’000
Liabilities as
at 30 September 2025
£’000
Revolving Credit Facility 80,000 (9,210) 504 71,294
– Interest and Fees Payable 767 (2,093) 1,754 428
Total Liabilities From Bank Loans 80,767 (11,303) 2,258 71,722
Liabilities as
at 31 March 2024
£’000
Cash Flows
£’000
Profit & Loss
£’000
Liabilities as
at 30 September 2024
£’000
Fixed Term Loan 100,000 – – 100,000
– Interest and Fees Payable 349 (1,041) 1,047 355
Total Liabilities From Bank Loans 100,349 (1,041) 1,047 100,355
Liabilities as
at 31 March 2024
£’000
Cash Flows
£’000
Profit & Loss
£’000
Liabilities as
at 31 March 2025
£’000
Revolving Credit Facility – 80,000 – 80,000
– Interest and Fees Payable – (71) 838 767
Fixed Term Loan 100,000 (100,000) – –
– Interest and Fees Payable 349 (2,094) 1,745 –
Total Liabilities From Bank Loans 100,349 (22,165) 2,583 80,767
Notes to the financial statements
For the six months to 30 September 2025
1 Basis of Preparation
The Half Yearly Report for the six months to 30 September 2025 has been prepared in accordance with the UK adopted
International Accounting Standard (‘IAS’) 34 ‘Interim Financial Reporting’.
The Company has adopted the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of
lnvestment Companies (‘AIC’) and updated in July 2022 insofar as the SORP is compatible with UK adopted International
Accounting Standards. The accounting policies applied in these half yearly Financial Statements are consistent with those applied
in the Company’s Financial Statements for the year ended 31 March 2025 and have been applied consistently to all periods
presented in these interim Financial Statements.
The financial information contained in this interim statement does not constitute statutory accounts as defined in section 434 of
the Companies Act 2006. The financial information for the half years ended 30 September 2025 and 30 September 2024 has not
been audited. The figures and financial information for the year ended 31 March 2025 are extracted from the published accounts
and do not constitute the statutory accounts for that period. Those accounts have been delivered to the Registrar of Companies and
included the Report of the Independent Auditors, which was unqualified and did not include a statement under sections 498(2) or
498(3) of the Companies Act 2006.
As at 30 September 2025, the Company had net current liabilities of £17,757,000 (31 March 2025: net current liabilities
£899,000). The Directors have a reasonable expectation that the Company has sufficient resources to continue in operational
existence for the period to 31 March 2027, which is at least 12 months from the date of approval of these Financial Statements.
Accordingly, the Financial Statements have been prepared on a going concern basis.
2 Income
The Company received special dividends amounting to £2.3 million (30 September 2024: £8.5 million) of which £0.2 million was
classified as capital and £2.1 million was classified as revenue (30 September 2024: £3.7 million and £4.8 million respectively).
3 Earnings per Share
For the Six Months to
30 September 2025
£’000
For the Six Months to
30 September 2024
£’000
For the Year to
31 March 2025
£’000
Revenue Profit 33,202 39,301 57,923
Capital Profit 436,246 93,696 95,773
Total 469,448 132,997 153,696
Weighted Average Number of Shares in Issue 998,433,675 1,092,655,677 1,070,018,105
Revenue Profit per Share 3.33p 3.60p 5.41p
Capital Profit per Share 43.69p 8.57p 8.95p
Total 47.02p 12.17p 14.36p
4 Equity Share Capital
For the Six Months to
30 September 2025
For the Six Months to
30 September 2024
For the Year to
31 March 2025
Ordinary Shares in Issue £’000 Number £’000 Number £’000 Number
Opening Ordinary Shares of 5 Pence 51,241 1,024,828,725 55,741 1,114,818,617 55,741 1,114,818,617
Purchase and Cancellation of Own Shares (2,680) (53,595,999) (2,310) (46,214,019) (4,500) (89,989,892)
Closing Ordinary Shares of 5 Pence 48,561 971,232,726 53,431 1,068,604,598 51,241 1,024,828,725
For the Six Months to
30 September 2025
For the Six Months to
30 September 2024
For the Year to
31 March 2025
Ordinary Shares Held in Treasury £’000 Number £’000 Number £’000 Number
Opening Ordinary Shares of 5 Pence 3,000 60,000,000 5,191 103,825,895 5,191 103,825,895
Cancellation of Shares – – – – (2,191) (43,825,895)
Closing Ordinary Shares of 5 Pence 3,000 60,000,000 5,191 103,825,895 3,000 60,000,000
Total Ordinary Shares in Issue and Held
in Treasury at the End of the Period
51,561 1,031,232,726 58,622 1,172,430,493 54,241 1,084,828,725
In the six months to 30 September 2025, 53,595,999 shares were bought back for cancellation for a total consideration of
£101,248,000 (30 September 2024:46,214,019 shares were bought back for cancellation for a total consideration of £74,337,000).
All shares bought back in the period were cancelled, with none being placed in treasury (30 September 2024: no shares were
placed into treasury).
On 25 March 2025, 43,825,895 shares held in treasury were cancelled. Following the cancellation, 60,000,000 shares remained in
treasury as at 31 March 2025.
5 Dividends
For the Six Months to
30 September 2025
For the Six Months to
30 September 2024
For the Year to
31 March 2025
Rate (Pence) £’000 Rate (Pence) £’000 Rate (Pence) £’000
Declared and Paid During the Period:
Dividend on Shares:
Final Dividends for the Years Ended 31
March 2025 and 31 March 2024
3.25 32,513 3.00 32,906 3.00 32,906
Interim Dividend for the Six Months Ended 30
September 2024
– – – – 2.00 20,981
Total 3.25 32,513 3.00 32,906 5.00 53,887
On 8 December 2025 the Board declared an interim dividend of 2.00 pence per share for the financial year 2026 (financial year
2025: 2.00 pence per share interim dividend). This dividend has not been accrued in the Financial Statements for the six months
ended 30 September 2025 as dividends are recognised when the shareholders’ right to receive the payment is established. For the
2026 interim dividend this would be the ex-dividend date of 18 December 2025.
6 Taxation
The total tax expense of £7.16 million (30 September 2024: £11.74 million) consists of a revenue tax expense of £3.09 million
(30 September 2024: £2.70 million) and a capital tax expense of £4.07 million (30 September 2024: £9.04 million). The revenue
tax expense relates to irrecoverable overseas tax on dividends. The capital tax expense consists of £0.07 million (30 September
2024: £7.77 million) expense arising from an increase in the provision for deferred tax on unrealised gains on holdings in India
and a £4.00 million expense (30 September 2024: £1.27 million) arising from tax on realised gains on holdings in India.
7 Costs of Investment Transactions
During the period, expenses were incurred in acquiring or disposing of investments. The following costs of transactions are
included in the gains/(losses) on investments at fair value:
For the Six Months to
30 September 2025
£’000
For the Six Months to
30 September 2024
£’000
For the Year to
31 March 2025
£’000
Purchase Expenses 200 226 404
Sales Expenses 505 531 978
Total 705 757 1,382
8 Fair Value
Fair values are derived as follows:
• Where assets are denominated in a foreign currency, they are converted into the sterling amount using period-end rates of
exchange;
• Investments held by the Company on the basis set out in the annual accounting policies; and
• Other financial assets and liabilities at the carrying value which is a reasonable approximation of the fair value.
The tables below analyse financial instruments carried at fair value by valuation method. The different levels have been defined as
follows:
Level 1. Quoted prices (unadjusted) in active markets for identical assets and liabilities;
Level 2. Inputs other than quoted prices included with level 1 that are observable for the asset or liability, either directly (prices)
or indirectly (derived from prices); and
Level 3. Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The hierarchy valuation of listed investments measured at fair value through profit and loss is shown below:
30 September 2025
£’000
30 September 2024
£’000
31 March 2025
£’000
Level 1 2,354,307 2,019,442 2,002,617
Level 2 – – –
Level 3 966 35,697
(a)
–
Total 2,355,273 2,055,139 2,002,617
(a) Represents the investment in Swiggy acquired during the financial year ended 31 March 2025 and initially classified as Level
3 due to its unlisted status. Following an initial public offering and its subsequent listing on 13 November 2024, the holding
was transferred from Level 3 to Level 1.
The Company held three Level 3 securities as at 30 September 2025 (31 March 2025: two).
The investments in Russian securities, LUKOIL and Sberbank of Russia, continue to be fair valued at £nil (31 March 2025: £nil)
and are classified as Level 3 due to the inability of the Company to access the local Moscow equity markets and the very limited
access to the over-the-counter market. The fair value of these investments is based on a liquidity discount of 100% to the last
traded price for an exit price of zero.
The third Level 3 security is Hemisphere Properties which was fair valued at £966,000 as of 30 September 2025. It has been
classified as Level 3 as TEMIT has received approval for off-market transfer. However, the timeline of the transfer remains
uncertain such that the shares are held in an escrow account. Given the uncertainty on the receipt of these shares, the fair value
was calculated by applying a 50% discount to the market price. This discount reflects the residual uncertainty around the timing of
share receipt and settlement risk, as the shares were not fully delivered and remained subject to operational execution at the period
end. The unobservable inputs used in the valuation as of 30 September 2025 are below.
Description
Fair value
£’000
Unobservable
input
Weighted
average
input
Reasonable
possible
shift +/-
Reasonable
possible
shift +
£’000
Reasonable
possible
shift -
£’000
Equities 966 Discount 50% 10% (97) 97
The following table presents the movement in Level 3 investments for the period:
30 September 2025
£’000
30 September 2024
£’000
31 March 2025
£’000
Opening Balance – – –
Additions at Cost – Purchase of Level 3 Assets – 37,952
(a)
37,952
(a)
Transfers from Level 3 into Level 1 – – (55,095)
(a)
Revaluation Gain on Investments at Fair Value 966 – –
Net Gains on Investments at Fair Value – – 18,122
Net Losses on Foreign Exchange – (2,255) (979)
Level 3 Closing Balance 966 35,697 –
(a) Represents the investment in Swiggy acquired during the financial year ended 31 March 2025 and initially classified as Level
3 due to its unlisted status. Following an initial public offering and its subsequent listing on 13 November 2024, the holding
was transferred from Level 3 to Level 1.
The fixed term loan matured on 31 January 2025. The fixed term loan held at 30 September 2024 was shown at amortised cost
within the Statement of Financial Position. If the fixed term loan was shown at fair value the impact would be:
30 September 2025
£’000
30 September 2024
£’000
31 March 2025
£’000
Fixed Term Loan at Amortised Cost – 100,000 –
Fixed Term Loan at Fair Value – 98,980 –
Increase in Net Assets – 1,020 –
The fair value of the fixed term loan included in the table above was calculated by aggregating the expected future cash flows
which were discounted at a rate comprising the sum of SONIA rate plus a spread. The fixed term loan at fair value was classed as
Level 2.
9 Events After the Reporting Period
On 8 December 2025, the Board declared an interim dividend of 2.00 pence per share for the financial year 2026 (financial year
2025: 2.00 pence per share interim dividend). Please see Note 5 in the full Half Yearly Report for more information.
The Half Yearly Report for the six months to 30 September 2025 was approved by the Board on 8 December 2025. A copy of the
report is available on our website www.temit.co.uk.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.