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The prices of shares and units and income there from can go down as well as up, and you may not get back the full amount invested. Past performance is no guarantee of future performance. Currency fluctuations will affect the value of overseas investment. Emerging Markets can be more risky than developed markets. Investors should be aware of the special risks associated with aggressively seeking capital appreciation, including investment in securities of a more speculative nature with greater emphasis on short-term trading profits, and concentration of stocks in specific sectors, as with investments in the technology and biotechnology sectors. This investment strategy can lead to greater volatility than an investment in products or funds invested in a greater spread of stocks across a wider variety of sectors. Current tax levels and reliefs may vary and will depend on your personal circumstances.
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FRANKLIN TEMPLETON INVESTMENTS terms and conditions relating to the use and non disclosure of PORTFOLIO HOLDINGS for Non-U.S. Funds/Non-U.S.Advisers
This Use and Nondisclosure terms and conditions (the “Agreement”) is between Franklin Templeton Investment Management Limited (“FT”) and Recipient, and relates to the release of portfolio holdings information, including but not limited to top contributors and detractors to portfolio performance of one or more non-U.S. domiciled funds that are registered or passported with local regulatory authorities and are sponsored by Franklin Templeton Investments (each a “Fund” and together the “Funds”).1
Recipient is deemed to have read, understood and accepted this Agreement and the Recipient agrees that all provisions of this Agreement are binding upon it from the date that the Recipient receives any Holdings Information following the issue of this Agreement by FT to the Recipient. The Recipient is a bank, broker-dealer, insurance company, registered investment adviser or other professional client (together, “financial institutions”) engaged in business activities outside the United States (a “Non-U.S. Adviser”).
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Recipient agrees that the Holdings Information will be kept strictly confidential, regardless of the Holdings Information form or whether the Holdings Information is marked or identified as proprietary or confidential. Recipient also agrees not to disclose or disseminate the Holdings Information to any third party and to treat the Holdings Information as nonpublic and proprietary, and acknowledges that the Holdings Information constitutes a valuable asset of FT, the Funds and Fund shareholders. Recipient recognizes that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, FT may reasonably request the Non-U.S Adviser to make available to FT all research produced on the Funds.
Recipient will not:
(i) Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
(ii) Trade against the Funds or knowingly engage in any trading practices that are adverse to FT or the Funds on the basis of the Holdings Information; and
(iii) Trade in shares of any U.S. registered investment company sponsored by Franklin Templeton Investments that is substantially similar to the Fund.
Recipient will use its best efforts to take all appropriate action and otherwise satisfy its obligations under this Agreement and to prevent the misuse of the Holdings Information. Recipient will immediately notify FT if Recipient learns of any use of the Holdings Information by Recipient’s employees, agents or clients that would otherwise violate this Agreement. Recipient acknowledges that damages alone would not be an adequate remedy for any breach of the provisions of this Agreement and, accordingly, without prejudice to any and all other rights or remedies, Recipient acknowledges that FT or any Fund or F-T Fund to which the Holdings Information pertains shall be entitled to the remedies of injunction, specific performance and other equitable relief for any threatened or actual breach of the provisions of this agreement
The Recipient shall not be bound by the provisions of confidentiality contained in this Agreement if such Holdings Information 1) is or becomes publicly known through no act or omission of the Recipient, its employees, agents or subcontractors; 2) is lawfully disclosed to the Recipient by a third party without restriction and without any obligation of confidentiality; 3) is required to be disclosed by any Governmental body, regulatory body (including without limitation any relevant securities exchange) or court of competent jurisdiction or otherwise pursuant to any statutory or regulatory obligation.
The Agreement shall remain in effect for so long as the Offshore Adviser receives Holdings Information from FT. FT may terminate this Agreement upon 30 days’ prior written notice to Recipient or immediately if this Agreement conflicts with any laws, rules or relevant regulatory interpretations. Upon termination, Recipient shall continue to take reasonable measures to prevent the disclosure or dissemination of the Holdings Information. Recipient acknowledges that the Holdings Information may be utilized for damaging purposes, such as duplicating FT’s proprietary investment and trading strategies, techniques and methodologies. As a result, Recipient’s nondisclosure obligations and the prohibition on Recipient’s dissemination of the Holdings Information to any third party shall survive this Agreement’s termination. To the extent of any conflict between this Agreement and any other agreement between Recipient and FT, then this Agreement shall be deemed to constitute an amendment to such other agreement.
Unless otherwise agreed in a writing signed by both parties’ authorized representatives, Recipient will not be paid for its receipt and maintenance of the confidentiality of the Holdings Information, or for its effort in providing any proposals, reports, analyses or bids, whether in response to Franklin’s request(s) for proposals or otherwise.
This Agreement may not be assigned by Recipient, and Recipient may not delegate its duties hereunder, without the prior written consent of FT. All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, successors and assigns. Nothing contained in this Agreement shall be construed as creating any obligation or any expectation on the part of either party to enter into a business relationship with the other party, or an obligation to refrain from entering into a business relationship with any third party.
Nothing contained in this Agreement shall be construed as creating a joint venture, partnership or employment relationship between the parties, it being understood that the parties are independent contractors vis-à-vis one another. Except as specified herein, no party shall have the right, power or implied authority to create any obligation or duty, express or implied, on behalf of any other party hereto.
The Agreement: (i) supersedes all prior discussions, agreements and practices between Recipient and FT (the “Parties”) relating to the Holdings Information; (ii) constitutes the Parties’ entire agreement relating to the Holdings Information; (iii) may be modified or supplemented by FT at anytime upon reasonable notice to the Recipient; (iv) shall be binding upon and inure to the benefit of the successors and assigns of FT and Recipient; and (v) shall be governed and construed in accordance with the laws of England and Wales.
1 FT is acting on behalf of the investment manager of the affiliated business to which the Holdings Information relates.
Affiliated businesses shall include Franklin Resources, Inc. ("FRI") and FRI's subsidiaries, partnerships, joint ventures and related and affiliated business entities (collectively, "Franklin Templeton Investments”), along with FRI-sponsored closed-end and mutual funds (and FRI-sponsored financial products of a similar nature) (these funds and products, collectively, "the F-T Funds”) are known from time to time as “Franklin."
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Portfolio Manager, Franklin Templeton Emerging Markets Equity
Andrew Ness has been investing in emerging markets for 25 years. Formerly a rugby player, today Andrew is a portfolio manager with Franklin Templeton Emerging Markets Equity. Learn more about his investment approach, and where he sees value in an active management approach to investing.
What first attracted you to asset management as a career?
I was a keen student of economics and at one point considered remaining in academia to pursue further economic research. However, upon contemplating my future career path, I realized what I enjoyed most was the study of individuals and individual firms. I was much more interested in human behavior and motivation—real people operating in the real world—and not with the classical assumption of perfect markets with rational buyers and no externalities. Investing allows me to study society and individual behavior in the context of the real world with all its imperfections and opportunities.
The purpose of asset management also drew me in. It’s something that in my view, much of the industry has lost sight of over the years. I think active management has a great opportunity to demonstrate its purpose and societal value if our industry is to remain relevant in the future. For me it’s about the efficient allocation of capital to support economic growth, being responsible stewards, fulfilling our fiduciary responsibilities and engaging actively with management of companies to seek improved outcomes for all stakeholders.
Tell us more about your early career.
I started my career in 1994, a time when big political and societal changes were taking place, and relatively few people were investing in emerging markets. I was given a great deal of responsibility and autonomy at a relatively early point in my career, covering emerging European markets including the Central European Three (CE3) countries of Poland, Czech Republic and Hungary, along with Russia, Turkey, South Africa and Greece.
As a young portfolio manager, my first-ever research trip abroad was to Moscow, which I recently had a chance to revisit. It was great to see the mass development that has taken place there since my last trip. I found Moscow to be a very different place today.
Andrew revisiting Moscow.
What do you love most about your job?
The most enjoyable part of my job has been meeting thousands of people across the globe over the course of my career. Whether it’s meeting my colleagues in different countries, or meeting political leaders, policymakers, captains of industries or ordinary citizens, I’m always reminded how there’s more that connects than separates us as human beings. You don’t always appreciate that if you don’t travel and just read the headlines.
What are you most excited about as an investor in emerging markets right now?
The default arguments for investing in emerging markets have been consistent over time: long-term demographic trends of growing working-age populations, ongoing urbanization and the rise of the middle-class consumer. However, what’s new and really exciting is that these trends have been accelerated through the adoption of technology. Digitization and the growth of digital platforms have helped create new goods and services for consumers across emerging markets, and at the same time creating growth opportunities for many companies located in emerging markets, and for investors.
For example, much of the hardware to support this new digital world is designed and manufactured in emerging markets, while many of the fastest-moving, most-innovative disruptors are also located in emerging markets. With almost 90% of young people (those under the age of 30) in the world living in emerging markets, we think there are tremendous opportunities for businesses that can effectively capture and serve this target market.
What’s been the most enjoyable part of your career?
Foreign travel and good food are passions of mine, so I couldn’t have ended up in a better career. My father’s career was in the oil industry, and it involved a lot of travel when I was young. I’ve subsequently traveled extensively during my own career, having been used to it from a young age.
What’s been the most challenging part of your job?
The most challenging part most recently has been to remain relevant as an active investor in a world where “passification” is becoming more prevalent—that is, the growth in popularity of index-linked investment strategies.
Can you share some accomplishments or interests outside of work that you enjoy?
My grandmother was a chef and my grandfather was a baker, so I’ve grown up in a house that was always passionate about food. I enjoy cooking and baking, especially with my daughter Daisy who seems to have inherited her great grandfather’s bakery skills.
The other passion in my life is sport. I was a semi-professional rugby player and team captain for Scotland at all junior age group levels. Alas, I retired early to focus on my investment career, but it was probably for the best as I always seemed to be getting injured!
Nowadays, most of my time is spent ferrying round my two children to and from events. My other sports passion now is golf, which my wife would say I play too much of.
Andrew played in the backrow during his rugby career, including stints as number 8 and flanker. Playing for the Scotland U21 team.
How do your experiences in life shape your career?
The type of collaborative environment I experienced as a rugby player is very similar to what I experience today as a portfolio manager. I love collaborating with others. Franklin Templeton Emerging Markets Equity holds an off-site research meeting where members of the team get to sit in the same room to discuss and build ideas out. It makes me appreciate the scale of the platform we have.
As an alumnus of the University of Strathclyde, what’s your best memory from your time there?
My university was one of the leading business schools in the United Kingdom, and I had great exposure to a broad range of topics in my first two years of study before going on to specialize in economics. Away from the academic side, however, Glasgow was a great place to be as a young person in the early 1990s. The European Union designated it as the European City of Culture in 1990, which lasts one year and includes various cultural events with a pan-European dimension. From a student’s perspective, it meant that bars were open till 1 am and nightclubs till 5 am.
Is there a piece of advice you’ve received during your career that you still rely on today?
David Briggs, a highly regarded Scottish investment trust investor, was my first boss. David had a similar approach to the late Sir John Templeton. He was a patient, long-term, value-oriented investor and regularly drummed into me the importance of cash flows and sustainable capital returns. Those characteristics form the core of my investment approach today.
Another piece of advice I’ve received is to recognize the power of doing nothing. Too many managers, in my view, trade for the sake of being seen as active. We should regard doing nothing as a conscious, active decision: think busy, but act idle.
The comments, opinions and analyses expressed herein are solely the views of the author(s), are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.
Data from third-party sources may have been used in the preparation of this material and Franklin Templeton Investments (“FTI”) has not independently verified, validated or audited such data. FTI 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. Products, services and information may not be available in all jurisdictions and are offered by FTI affiliates and/or their distributors as local laws and regulations permit. Please consult your own professional adviser for further information on availability of products and services in your jurisdiction.
Important Legal Information
All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks 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. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.
Portfolio Manager,
Franklin Templeton Emerging Markets Equity
Andrew Ness has been investing in emerging markets for 25 years. Formerly a rugby player, today Andrew is a portfolio manager with Franklin Templeton Emerging Markets Equity. Learn more about his investment approach, and where he sees value in an active management approach to investing.
What first attracted you to asset management as a career?
I was a keen student of economics and at one point considered remaining in academia to pursue further economic research. However, upon contemplating my future career path, I realized what I enjoyed most was the study of individuals and individual firms. I was much more interested in human behavior and motivation—real people operating in the real world—and not with the classical assumption of perfect markets with rational buyers and no externalities. Investing allows me to study society and individual behavior in the context of the real world with all its imperfections and opportunities.
The purpose of asset management also drew me in. It’s something that in my view, much of the industry has lost sight of over the years. I think active management has a great opportunity to demonstrate its purpose and societal value if our industry is to remain relevant in the future. For me it’s about the efficient allocation of capital to support economic growth, being responsible stewards, fulfilling our fiduciary responsibilities and engaging actively with management of companies to seek improved outcomes for all stakeholders.
Tell us more about your early career.
I started my career in 1994, a time when big political and societal changes were taking place, and relatively few people were investing in emerging markets. I was given a great deal of responsibility and autonomy at a relatively early point in my career, covering emerging European markets including the Central European Three (CE3) countries of Poland, Czech Republic and Hungary, along with Russia, Turkey, South Africa and Greece.
As a young portfolio manager, my first-ever research trip abroad was to Moscow, which I recently had a chance to revisit. It was great to see the mass development that has taken place there since my last trip. I found Moscow to be a very different place today.
What do you love most about your job?
The most enjoyable part of my job has been meeting thousands of people across the globe over the course of my career. Whether it’s meeting my colleagues in different countries, or meeting political leaders, policymakers, captains of industries or ordinary citizens, I’m always reminded how there’s more that connects than separates us as human beings. You don’t always appreciate that if you don’t travel and just read the headlines.
What are you most excited about as an investor in emerging markets right now?
The default arguments for investing in emerging markets have been consistent over time: long-term demographic trends of growing working-age populations, ongoing urbanization and the rise of the middle-class consumer. However, what’s new and really exciting is that these trends have been accelerated through the adoption of technology. Digitization and the growth of digital platforms have helped create new goods and services for consumers across emerging markets, and at the same time creating growth opportunities for many companies located in emerging markets, and for investors.
For example, much of the hardware to support this new digital world is designed and manufactured in emerging markets, while many of the fastest-moving, most-innovative disruptors are also located in emerging markets. With almost 90% of young people (those under the age of 30) in the world living in emerging markets, we think there are tremendous opportunities for businesses that can effectively capture and serve this target market.
What’s been the most enjoyable part of your career?
Foreign travel and good food are passions of mine, so I couldn’t have ended up in a better career. My father’s career was in the oil industry, and it involved a lot of travel when I was young. I’ve subsequently traveled extensively during my own career, having been used to it from a young age.
What’s been the most challenging part of your job?
The most challenging part most recently has been to remain relevant as an active investor in a world where “passification” is becoming more prevalent—that is, the growth in popularity of index-linked investment strategies.
Can you share some accomplishments or interests outside of work that you enjoy?
My grandmother was a chef and my grandfather was a baker, so I’ve grown up in a house that was always passionate about food. I enjoy cooking and baking, especially with my daughter Daisy who seems to have inherited her great grandfather’s bakery skills.
The other passion in my life is sport. I was a semi-professional rugby player and team captain for Scotland at all junior age group levels. Alas, I retired early to focus on my investment career, but it was probably for the best as I always seemed to be getting injured!
Nowadays, most of my time is spent ferrying round my two children to and from events. My other sports passion now is golf, which my wife would say I play too much of.
How do your experiences in life shape your career?
The type of collaborative environment I experienced as a rugby player is very similar to what I experience today as a portfolio manager. I love collaborating with others. Franklin Templeton Emerging Markets Equity holds an off-site research meeting where members of the team get to sit in the same room to discuss and build ideas out. It makes me appreciate the scale of the platform we have.
As an alumnus of the University of Strathclyde, what’s your best memory from your time there?
My university was one of the leading business schools in the United Kingdom, and I had great exposure to a broad range of topics in my first two years of study before going on to specialize in economics. Away from the academic side, however, Glasgow was a great place to be as a young person in the early 1990s. The European Union designated it as the European City of Culture in 1990, which lasts one year and includes various cultural events with a pan-European dimension. From a student’s perspective, it meant that bars were open till 1 am and nightclubs till 5 am.
Is there a piece of advice you’ve received during your career that you still rely on today?
David Briggs, a highly regarded Scottish investment trust investor, was my first boss. David had a similar approach to the late Sir John Templeton. He was a patient, long-term, value-oriented investor and regularly drummed into me the importance of cash flows and sustainable capital returns. Those characteristics form the core of my investment approach today.
Another piece of advice I’ve received is to recognize the power of doing nothing. Too many managers, in my view, trade for the sake of being seen as active. We should regard doing nothing as a conscious, active decision: think busy, but act idle.
The comments, opinions and analyses expressed herein are solely the views of the author(s), are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.
Data from third-party sources may have been used in the preparation of this material and Franklin Templeton Investments (“FTI”) has not independently verified, validated or audited such data. FTI 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. Products, services and information may not be available in all jurisdictions and are offered by FTI affiliates and/or their distributors as local laws and regulations permit. Please consult your own professional adviser for further information on availability of products and services in your jurisdiction.
Important Legal Information
All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks 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. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.