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Templeton Global Growth

Fund Manager: Franklin Templeton Investments
Inception Date: May 01, 1987

Despite having bought his most recent book via Amazon, Franklin Templeton's Peter Wilmshurst has avoided investing in the popular internet company, pointing to an irreconcilably high valuation. Mr Wilmshurst runs the Templeton Global Growth Fund, which currently has $1.4 billion under management, and of that, has invested 10 per cent in US technology stocks, which is presently the source of considerable investor consternation. But while Microsoft, Alphabet and the often overlooked Oracle, are among the biggest holdings in the Franklin Templeton portfolio, flashy flavours of the day – Amazon and Facebook – miss out. [More]

Templeton Global Growth is banking on a return to more normal monetary conditions to improve returns and close the gap between the share price of the listed investment company and the value of its assets. It is also looking to appease disgruntled shareholders, including Wilson Asset Management. Peter Wilmshurst, portfolio manager in Templeton's global equity group, said the past 10 years, characterised by ultra-low interest rates and bond yields, had been an unusual period for sharemarkets and had benefited a narrow range of equities, such as real estate, utilities and consumer staples.    [More]

Listed investment company Templeton Global Growth Fund faces a possible second strike at its annual meeting on Friday with two big shareholders preparing to vote against the remuneration report. Wilson Asset Management and Perth boutique advisory firm Alder & Partners were instrumental in the first strike last year and have since increased their combined stake to 6.9 per cent. Last year 38 per cent of shareholder votes cast were against the adoption of the remuneration report. Wilson and Alder are attempting to shake up the board of Templeton Global Growth and improve the fund's performance. The key investors complain the vehicle, which has been trading since 1987, has underperformed its benchmark for 10 years and is trading at a big discount to the value of the underlying assets.  [More]

Wilson Asset Management and a Perth boutique advisory firm have quietly increased their stake in Templeton Global Growth Fund in an effort to enforce a shake-up of the board and improve the listed investment company's performance. Coming hot on the heels of a vote last week to wind up the $434 million AMP China Growth Fund, the share purchase is a sign that investors are becoming increasingly prepared to agitate for change at underperforming investment companies. Templeton Global Growth Fund has a market value of $280 million but the shares trade at a 9.7 per cent discount to net assets. Between April and July, Wilson Asset Management and Alder & Partners gradually increased their stake in the Templeton vehicle to 6.9 per cent from 5.7 per cent. When the two investors initially publicised their holding in mid-April, they warned the purpose was to "seek to influence the composition of the board" of the fund.   Wilson Asset Management also commands 12.5 per cent holding in Hunter Hall Global Value, another listed investment company. Capitalised at $330 million, Hunter Hall Global trades at a 7.7 per cent discount to net tangible assets before tax, according to the latest ASX data. [More]

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