Templeton Global Fund Posts Strong Returns

The fund showed robust performance in August, supported by global equity holdings across emerging markets.

October 28, 2025

August Performance Stands Out

Templeton’s Franklin Templeton SMACS Series EM wrapped up August with a strong showing. The fund’s net assets reached $1.23 million, supported by $1.29 million in total assets and minimal liabilities. That solid foundation, paired with consistent returns, marked a productive close to the summer reporting cycle.

Returns over the last three months were steady, with August leading the way. The fund posted 11.54% for the most recent month, following 3.15% in July and 1.05% in June. Gains were driven entirely by investments outside the derivatives space—traditional equity positions led to $115,000 in unrealized appreciation and nearly $4,000 in realized gains in August alone.

There was no use of swaps, futures, or other derivative instruments during the period. The portfolio also avoided leverage, margin activity, and firm commitments. This points to a strategy focused on long-only exposure and fully funded positions.

No Complexity, Just Clarity

Templeton did not report any securities lending or cash collateral reinvestment. There were no outstanding borrowings, payables, or preferred stock. Liquidity classifications were unchanged, and the fund did not adjust its minimum threshold for highly liquid assets. Taken together, these choices reflect a portfolio that’s easy to evaluate and free of layered exposures.

The lack of complexity is worth noting, especially in a market environment where many funds rely on derivatives to hedge or seek additional return. Here, the story is simpler: performance was driven by stock selection and market movement, not overlays.

Emerging Markets Drive Allocation

The fund’s equity exposure spans several emerging economies, including:

• Brazil


• Indonesia


• China


• South Africa


• Thailand


• India

Individual positions are small in absolute terms but collectively represent meaningful geographic diversification. Among the holdings: TOTVS SA, Astra International, and Hon Hai Precision Industry—all categorized as common equity under U.S. GAAP.

No position exceeded 5% of total assets. Each was marked at fair value without special pricing assumptions or restrictions.

Limited Fund Flows

The fund saw little trading during the quarter—no inflows or outflows in June or July, and a modest $25,514 in new sales in August. All activity was in primary share sales, with no reinvestments or redemptions reported.