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Emerging Markets Outlook

Title Speaker Date


Templeton Emerging Markets Overview – February 2015

Feb 28, 2015

Featuring:  Mark Mobius, Ph.D., Executive Chairman, Templeton Emerging Markets Group

  • Emerging markets benefited from a conducive global environment as solid data flow in the United States and a well-received half yearly statement from Federal Reserve Chair Janet Yellen reassured investors, while in Europe, imminent quantitative easing and a resolution, albeit temporary, of the Greek fiscal dispute with the eurozone sent European equities higher.
  • Promising data on Japan’s industrial production, a rebound in oil prices and stabilizing prices for other commodities also supported sentiment globally.
  • Russian stocks and the ruble both climbed sharply, helped by the recovering oil price and a new cease-fire agreement in Ukraine.
  • In Greece, the new government agreed to a four-month extension of loan agreements with the European Union authorities, providing time for a more permanent agreement to be negotiated, leading shares to climb from lows generated by fears of expulsion from the eurozone.
  • Hungary also moved ahead, boosted by solid economic growth figures and a cut in bank taxes.
  • Latin America recovered from recent weakness, with Mexico and Chile in particular buoyed by improving economic data flow, while Argentina saw a dramatic bounce on hopes for a change of government after elections later in the year.
  • Asian equities made more modest progress after relatively strong January performance, with China among the stronger regional performers after its central bank announced further easing measures.
  • Weaker markets included Turkey and Egypt, two markets that rallied strongly during the period of severe oil price weakness. The Colombian market also drifted lower.

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Important Legal Information

Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. Investments in emerging 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. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Investing in smaller company securities that may have limited liquidity involves additional risks, such as relatively small revenues, limited product lines and small market share. Historically, these stocks have exhibited greater price volatility than larger company stocks, especially over the short term.

A note to our readers: Given the rapid changes that can take place in global markets, it is often difficult to provide up-to-date materials that address the most current situations. The following update is valid only as of February 28, 2015.

The significant growth potential offered by emerging markets remains accompanied by heightened risks when compared to developed markets, including risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets.

The information provided is not a complete analysis of every material fact respecting any country, industry, security or investment. Opinions expressed are those of Dr. Mobius and are subject to change without notice. Statements of fact have been obtained from sources considered reliable. Because market and economic conditions are subject to rapid change, his analyses are valid only as of February 28, 2015. His opinions are intended to provide insight as to how he analyzes securities and are not intended as individual investment advice. Performance information is historical and should not be considered predictive of future results. All securities investments fluctuate and involve risks.

Investors should carefully consider a fund’s investment goals, risks, charges, and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial advisor, call us at (800) DIAL BEN®/342-5236, or visit franklintempleton.com. Please carefully read the prospectus before you invest or send money.

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    For US residents only.