Summary

Templeton Emerging Markets Investment Trust PLC (NZX:TEM), widely known as TEMIT, has published an unaudited net asset value (NAV) update dated 18 June 2026, reporting figures as at 17 June 2026. The cum-income NAV stood at 370.01 pence per share (a total of about GBP 3,451.293 million), while the ex-income NAV was 364.53 pence per share (about GBP 3,400.147 million). These figures are calculated using bid prices for the underlying assets, in line with Association of Investment Companies recommendations. The update is a routine daily disclosure that supports transparency and lets investors monitor any discount or premium between the share price and the underlying portfolio value.

Key Points

  • NZX:TEM (TEMIT) reported a cum-income NAV of 370.01 pence per share, totalling about GBP 3,451.293 million, as at 17 June 2026.
  • The ex-income NAV was 364.53 pence per share (about GBP 3,400.147 million); the roughly 5.5p gap reflects accrued income.
  • NAV figures use bid prices for underlying assets, a conservative and standardised basis aligned with AIC recommendations.
  • TEM is a large, long-established emerging-markets equity trust managed by Franklin Templeton, with a primary London listing and an NZX foreign-exempt listing.
  • Daily NAV disclosure helps NZ investors track the share price relative to underlying value and the trust discount or premium.

Introduction

Templeton Emerging Markets Investment Trust PLC, the investment company most investors know simply as TEMIT, has issued its latest unaudited net asset value (NAV) update under the ticker NZX:TEM. The announcement, dated 18 June 2026, sets out the value of the trust portfolio as at 17 June 2026 and forms part of the regular flow of daily disclosures that listed investment trusts provide to the market.

On the surface, a NAV update is one of the most routine pieces of information a trust can publish. Yet for anyone who holds TEM, or is researching emerging-markets exposure, these figures are a useful window into how the trust is valued and how its market price relates to the worth of the assets it owns. This article unpacks the numbers, explains the concepts behind them, and places the disclosure in its wider market and sector context, without offering any view on whether the shares are cheap or dear.

Company Overview

Templeton Emerging Markets Investment Trust PLC is a large, long-established closed-ended investment company that invests in shares of companies across the global emerging markets. Its primary listing is on the London Stock Exchange, where it has traded for decades, and it is also accessible to New Zealand investors through an NZX foreign-exempt listing under the code TEM. That structure means local investors can gain diversified emerging-markets exposure through a familiar exchange.

The trust is managed by Franklin Templeton Investment Trust Management Limited, part of the global Franklin Templeton group. The manager invests across a broad spread of developing economies, with the emerging-markets universe typically spanning countries such as China, India, Taiwan, Brazil and many others. As a closed-ended vehicle, TEMIT issues a fixed number of shares that trade on the market, which is why its share price can move independently of the underlying portfolio value and why NAV disclosures matter so much.

What the Announcement Says

The update reports two versions of the trust NAV. The cum-income NAV came in at 370.01 pence per share, representing a total of approximately GBP 3,451.293 million across the portfolio. The ex-income NAV was 364.53 pence per share, equating to a total of about GBP 3,400.147 million.

The difference between the two measures is the treatment of income. "Cum income" includes the dividends and other income that the trust holdings have accrued so far during the year, while "ex income" strips that element out. Here, the gap of roughly 5.5 pence per share represents that accrued income.

Both figures are calculated using bid-price information for the underlying assets, in line with recommendations from the Association of Investment Companies (AIC). The headline points from the disclosure can be summarised as follows:

  • Cum-income NAV: 370.01 pence per share, around GBP 3,451.293 million in total.
  • Ex-income NAV: 364.53 pence per share, around GBP 3,400.147 million in total.
  • Both measures are unaudited and based on bid prices for the underlying holdings.
  • The figures reflect positions as at 17 June 2026, with the announcement dated 18 June 2026.

Why the Announcement Matters

NAV per share is one of the most important reference points for any investment trust. It represents the value of the trust investments and other assets, less its liabilities, divided by the number of shares in issue. In effect, it tells investors what each share would be worth if the portfolio were valued at current prices and all obligations settled.

Because TEMIT is closed-ended, its shares trade at a price set by supply and demand, which may sit above NAV (a premium) or below it (a discount). Publishing the NAV daily gives investors a consistent yardstick against which to measure the prevailing share price. That transparency is a core feature of the listed investment company structure and helps the market form a fair view of value.

For the trust itself, regular NAV disclosure is part of good governance and orderly market practice. It ensures that all investors, large and small, have access to the same up-to-date information at the same time, reducing the scope for one group to be better informed than another.

Market and Sector Context

TEM operates in the emerging-markets equity space, a sector that behaves quite differently from developed-market investing. Emerging economies can offer higher long-term growth potential, supported by factors such as expanding middle classes, rising consumption and ongoing industrial development. Many of the world fastest-growing companies are headquartered in these markets.

That potential comes with elevated risk. Emerging-markets equities are typically more volatile than their developed-market counterparts and are exposed to a range of additional pressures, including currency movements, political change, governance differences and periods of reduced liquidity. The sector can also be concentrated in particular regions or themes, so returns can swing sharply with sentiment toward specific countries.

Against this backdrop, a diversified trust such as TEMIT is designed to spread exposure across many companies and countries, which can soften the impact of any single market. For New Zealand investors in particular, the NZX listing offers a convenient route into this broad opportunity set without the need to access individual overseas exchanges directly.

Potential Impact on Shareholders

For existing TEM shareholders, a daily NAV figure is primarily an informational tool rather than a trigger for action. It allows holders to track how the underlying portfolio is valued and to see whether the share price is moving in line with, ahead of, or behind the assets.

When the share price trades at a discount to NAV, buyers are effectively paying less than the stated value of the underlying assets, though a discount can persist or widen for many reasons and is not in itself a signal of value. When the price trades at a premium, the opposite applies. Watching the relationship between price and NAV over time can help shareholders understand sentiment toward the trust and the wider emerging-markets sector.

It is worth stressing that NAV is a valuation snapshot, not a guarantee of the price at which shares can be bought or sold. Actual dealing prices depend on live market conditions, and the value of an investment in TEM can fall as well as rise.

Financial or Operational Implications

The use of bid prices in the NAV calculation is a deliberately conservative choice. A bid price is the price at which the underlying holdings could be sold, so valuing the portfolio on this basis reflects a realistic, standardised view of what the assets are worth in the market. Aligning with AIC recommendations also means TEMIT figures are prepared on a basis that is broadly comparable with those of its peers.

The headline total NAV of roughly GBP 3.45 billion underlines that this is a sizeable trust. Scale can bring practical advantages, such as access to a wide range of holdings, the potential for operational efficiency and a typically liquid market in the shares. None of these features guarantees a particular outcome, but they form part of the operational picture investors may wish to understand.

Because the update is unaudited and reflects a single day, it should be read as a routine valuation rather than a comprehensive financial statement. Audited accounts and periodic reports remain the place to look for a fuller picture of performance, costs and portfolio composition.

Key Risks and Uncertainties

Investing in an emerging-markets trust such as TEMIT carries a number of risks that investors should weigh carefully. Currency is a prominent one: returns can be affected by movements between the New Zealand dollar, the British pound and the various emerging-market currencies in which the portfolio is exposed.

Other risks include political and policy uncertainty in developing economies, differences in corporate governance standards, the possibility of reduced liquidity in some markets, and concentration in particular regions or sectors. Heightened volatility means values can move sharply over short periods.

The NAV figures themselves carry caveats. They are unaudited and represent a single point in time, so they can change materially from one day to the next. A discount or premium to NAV can also persist, widen or narrow in ways that are difficult to predict. None of the information in the announcement should be taken as a forecast of future performance or share price.

What Investors Should Watch Next

Investors following TEM may wish to monitor the ongoing flow of daily NAV updates to see how the portfolio value trends over time, and to observe whether the share price tracks closely to NAV or drifts to a wider discount or premium.

Beyond the daily figures, the trust scheduled reporting offers deeper context. The points below illustrate the kind of information worth following:

  • The trend in NAV per share across successive daily updates.
  • The size and direction of any discount or premium between price and NAV.
  • Periodic and annual reports, which set out performance, costs and holdings in more detail.
  • Broad developments across major emerging markets that could influence the portfolio.

Keeping an eye on these areas helps build a more rounded understanding than any single NAV release can provide on its own.

Investor Takeaway

The latest NZX:TEM update is, in essence, a routine but valuable piece of housekeeping. It confirms a cum-income NAV of 370.01 pence per share and an ex-income NAV of 364.53 pence per share as at 17 June 2026, prepared on a conservative bid-price basis in line with AIC recommendations.

For shareholders and prospective investors alike, the real worth of the disclosure lies in what it represents: a transparent, regularly updated reference point for valuing a large, diversified emerging-markets trust. Used alongside the trust fuller reports and a clear understanding of the sector risks and opportunities, NAV updates such as this one help investors make better-informed decisions, without ever serving as a substitute for personal research and professional advice.