The £2.2bn Templeton Emerging Markets Investment Trust (TEMIT) has blamed its exposure to banking stocks for losses accrued so far in 2020, with the company now reducing exposure to the sector, which has been hard hit by the economic consequences of the coronavirus pandemic.
Speaking to investors in a webinar on Friday (26 June), lead manager Chetan Sehgal explained that "most of the detractors" to performance since the beginning of the year had been financial institutions, to which the trust's overweight position had contributed positively over recent years. Nedgroup Investments' Beattie: Decline in US currency 'icing on the cake' of a bullish EM scenario TEMIT's NAV is up 5.1%, 18.3% and 64.7% over one, three and five years respectively, according to AIC data, surpassing peers in the Global Emerging Markets AIC sector's average of -1.3%, 12% and 49.7% ...
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