UPDATE (Oct 2026): In June 2024, TEM announced plans to spend up to £200m on buybacks over the following 12-24 months, maintaining a dividend of at least 5p over the following five years, a 25% conditional tender over the five years to March 2029, and a phased reduction in management fees over the following two years down to 1% on the first £1bn of net assets and 0.5% over £1bn with effect from July 2026. TEM returned +7.9% versus +5.9% for its benchmark in the year to March 2024, followed by +8.8% versus 5.8% to March 2025, and +41.3% versus +26.8% to March 2026.

Templeton Emerging Markets (...