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TEMPLETON GLOBAL MACRO®

Current market pricing seems to reflect the notion all emerging markets are equally vulnerable to market headwinds, such as commodity price declines. Templeton Global Macro sees past the pessimistic headlines and makes a compelling case that finding attractive emerging markets opportunities lies in distinguishing the more resilient countries from the rest.

Current market pricing seems to reflect the notion all emerging markets are equally vulnerable to market headwinds, such as commodity price declines. Templeton Global Macro sees past the pessimistic headlines and makes a compelling case that finding attractive emerging markets opportunities lies in distinguishing the more resilient countries from the rest.

Emerging Markets: A Look Back at Lessons Learned

Emerging markets have come a long way since the 1990’s—when shocks could potentially trigger a systemic crisis. Dr. Michael Hasenstab discusses what’s different now.

Emerging Markets: Uncovering The Risks and Opportunities

Dr. Michael Hasenstab breaks down the five factors comprising the “Local Markets Resilience Index”—a proprietary scoring system which helps to identify true underlying risks relative to the opportunities.

Emerging Markets Case Study: Mexico

What is Mexico doing right? Dr. Michael Hasenstab highlights the factors behind Mexico’s strong economy.

Emerging Markets Case Study: Brazil

Are there bright spots to shine on Brazil? Dr. Michael Hasenstab offers his views on Brazil’s potential amidst crisis headlines.

Emerging Markets Case Study: Indonesia and Malaysia

Dr. Michael Hasenstab discusses how lessons learned from the Asian Financial Crisis helped lay a path for future prosperity.

Global Economic Outlook

Dr. Michael Hasenstab provides updates on key global themes—from US growth prospects, a soft landing in China, volatility in Europe and Japan’s QE program.

Contributors

Michael Hasenstab, Ph.D.

Portfolio Manager, Chief Investment Officer, Templeton Global Macro®

Sonal Desai, Ph.D.

Portfolio Manager, Director of Research, Templeton Global Macro ®

Calvin Ho, Ph.D.

Deputy Director of Research, Templeton Global Macro ®

Diego Valderrama, Ph.D.

Senior Global Macro & Research Analyst, Templeton Global Macro ®

Attila Korpos, Ph.D.

Senior Global Macro & Research Analyst, Templeton Global Macro®

Shlomi Kramer, Ph.D.

Senior Global Macro & Research Analyst, Templeton Global Macro ®

WHAT ARE THE RISKS?

All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in an investment portfolio adjust to a rise in interest rates, the value of the portfolio may decline. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. Investments in developing markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets.

IMPORTANT LEGAL INFORMATION

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. This material may not be reproduced, distributed or published without prior written permission from Franklin Templeton.

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The underlying assumptions and these views are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. There is no assurance that any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets will be realized. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not necessarily indicative nor a guarantee of future performance. All investments involve risks, including possible loss of principal.

Any research and analysis contained in this material has been procured by Franklin Templeton for its own purposes and may be acted upon in that connection and, as such, is provided to you incidentally. Data from third party sources may have been used in the preparation of this material and Franklin Templeton ("FT") has not independently verified, validated or audited such data.  Although information has been obtained from sources that Franklin Templeton believes to be reliable, no guarantee can be given as to its accuracy and such information may be incomplete or condensed and may be subject to change at any time without notice. The mention of any individual securities should neither constitute nor be construed as a recommendation to purchase, hold or sell any securities, and the information provided regarding such individual securities (if any) is not a sufficient basis upon which to make an investment decision. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user.

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