Templeton Releases Closed-End Funds' Portfolio Allocation Updates and Announces Modification to Open-Market Share Repurchase Program
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E-mailFORT LAUDERDALE, FL -- (Marketwired) -- 04/22/15 -- The Templeton Dragon Fund, Inc. (NYSE: TDF) and Templeton Russia and East European Fund, Inc. (NYSE: TRF), which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of March 31, 2015:
- Asset Allocation
- Ten Largest Positions
- International Allocation
- Industry Allocation
To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.
The Funds also announced today that each Fund's Board has approved a modification to its existing open-market share repurchase programs to authorize the Fund to repurchase an additional 10% of its outstanding shares in open-market transactions, at the discretion of management.
The Boards' recent action provides greater flexibility by enabling each Fund to continue to engage in open-market repurchases under a continuing authorization for up to an additional 10% of a Fund's outstanding shares, at the discretion of Fund management. The timing and amount of repurchases would continue to be at the discretion of the investment manager taking into account various factors, including, but not limited to, the level of the discount, a Fund's performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive investments and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject a Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, Federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund. If and when a Fund's new 10% threshold is reached, no further repurchases could be completed until authorized by the Board. Until the 10% threshold is reached, Fund management will have the flexibility to commence share repurchases if and when it is determined to be appropriate in light of prevailing circumstances. The share repurchase programs are intended to benefit shareholders by enabling a Fund to repurchase shares at a discount to net asset value, thereby increasing the proportionate interest of each remaining shareholder in the Fund.
The Funds' investment manager is a subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 150 countries. Through specialized teams, the company has expertise across all asset classes -- including equity, fixed income, alternative and custom solutions. The company's more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in 35 countries, the California-based company has more than 65 years of investment experience and over $880 billion in assets under management as of March 31, 2015. For more information, please visit franklintempleton.com.
This press release contains statistical data regarding the Funds' portfolios. The Funds' complete portfolio holdings are publicly available on a quarterly basis on Form N-Q, as well as in the Funds' Annual and Semi-Annual Reports to Shareholders filed with the U.S. Securities and Exchange Commission. These documents may be found at sec.gov. For portfolio management discussions, including information regarding the Funds' investment strategies, please view the most recent Annual or Semi-Annual Report to Shareholders which can be found at franklintempleton.com or sec.gov.
TEMPLETON DRAGON FUND, INC.
AS OF MARCH 31, 2015
TOTAL ASSETS: $990,654,376
NET ASSET VALUE PER SHARE: $28.20
OUTSTANDING SHARES: 35,106,298
PERCENT PERCENT
OF TOTAL OF TOTAL
ASSET ALLOCATION NET ASSETS TOP TEN HOLDINGS NET ASSETS
----------------------------- ----------------------------------------------
DAIRY FARM INTERNATIONAL HOLDINGS
CASH & OTHER 1.6% LTD 10.2%
TAIWAN SEMICONDUCTOR MANUFACTURING
EQUITY* 98.4% CO LTD 7.2%
----------
CHINA PETROLEUM & CHEMICAL CORP
100.0% (SINOPEC) 5.1%
CHINA CONSTRUCTION BANK CORP 3.9%
PETROCHINA CO LTD 3.4%
CHINA MOBILE LTD 3.1%
CNOOC LTD 3.0%
DONGFENG MOTOR GROUP CO LTD 2.9%
CHEUNG KONG INFRASTRUCTURE HOLDINGS
LTD 2.3%
INDUSTRIAL AND COMMERCIAL BANK OF
CHINA LTD 2.2%
----------
43.3%
PERCENT PERCENT
OF TOTAL OF TOTAL
INTERNATIONAL NET
ALLOCATION ASSETS INDUSTRY ALLOCATION NET ASSETS
--------------------------- ------------------------------------------------
--------------------------- ------------------------------------------------
ASIA 69.7% CONSUMER DISCRETIONARY 9.9%
--------------------------- ------------------------------------------------
CHINA 43.8% AUTOMOBILES & COMPONENTS 7.0%
HONG KONG 17.4% CONSUMER DURABLES & APPAREL 1.6%
TAIWAN 8.5% CONSUMER SERVICES 0.2%
---------------------------
LATIN
AMERICA/CARIBBEAN 30.3% MEDIA 0.1%
---------------------------
CAYMAN ISLANDS 30.3% RETAILING 1.0%
--------------------------- ------------------------------------------------
TOTAL 100.0% CONSUMER STAPLES 12.8%
--------------------------- ------------------------------------------------
FOOD & STAPLES RETAILING 10.8%
FOOD BEVERAGE & TOBACCO 2.0%
------------------------------------------------
ENERGY 11.9%
------------------------------------------------
ENERGY 11.9%
------------------------------------------------
FINANCIALS 39.9%
------------------------------------------------
BANKS 7.5%
DIVERSIFIED FINANCIALS 30.3%
INSURANCE 1.0%
REAL ESTATE 1.1%
------------------------------------------------
HEALTH CARE 0.3%
------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES 0.3%
------------------------------------------------
INDUSTRIALS 3.8%
------------------------------------------------
CAPITAL GOODS 1.8%
COMMERCIAL & PROFESSIONAL SERVICES 0.0%
TRANSPORTATION 2.0%
------------------------------------------------
INFORMATION TECHNOLOGY 11.3%
------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT 7.2%
SOFTWARE & SERVICES 3.0%
TECHNOLOGY HARDWARE & EQUIPMENT 1.1%
------------------------------------------------
MATERIALS 3.2%
------------------------------------------------
MATERIALS 3.2%
------------------------------------------------
TELECOMMUNICATION SERVICES 3.6%
------------------------------------------------
TELECOMMUNICATION SERVICES 3.6%
------------------------------------------------
UTILITIES 3.2%
------------------------------------------------
UTILITIES 3.2%
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
You may request a copy of the Fund's current Report to Shareholders by contacting Franklin Templeton's Fund Information Department at 1-800/DIAL BEN� (1-800-342-5236) or by visiting franklintempleton.com. All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing, including currency volatility, economic instability and political developments of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage), inflation and rapid fluctuations in inflation and interest rates. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Because the Fund invests its assets primarily in companies in a specific region, the Fund is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, may adversely affect the value of securities held by the Fund. Also, as a nondiversified investment company investing in "China companies," the Fund may invest in a relatively small number of issuers and, as a result, be subject to a greater risk of loss with respect to its portfolio securities. The Fund is actively managed and investment allocations can be expected to change, but there is no guarantee that the manager's investment decisions will produce the desired results. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown and comes from sources considered reliable, but the Fund makes no representation or warranty as to its completeness or accuracy.
* Equity includes convertible and preferred securities.
TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC.
AS OF MARCH 31, 2015
TOTAL ASSETS: $55,998,674
NET ASSET VALUE PER SHARE: $10.80
OUTSTANDING SHARES: 5,183,357
PERCENT PERCENT
OF TOTAL OF TOTAL
ASSET ALLOCATION NET ASSETS TOP TEN HOLDINGS NET ASSETS
----------------------------- ----------------------------------------------
CASH & OTHER 12.2% LUKOIL OAO 8.0%
SOCIETATEA NATIONALA DE GAZE
EQUITY* 87.8% NATURALE ROMGAZ SA 7.5%
----------
100.0% MHP SA 6.4%
DIXY GROUP OJSC 6.1%
SBERBANK OF RUSSIA 6.0%
MAIL.RU GROUP LTD 4.2%
BASHNEFT OAO 4.0%
MAGNIT PJSC 4.0%
MMC NORILSK NICKEL OJSC 4.0%
GLOBALTRANS INVESTMENT PLC 3.9%
----------
54.1%
PERCENT PERCENT
OF TOTAL OF TOTAL
INTERNATIONAL NET
ALLOCATION ASSETS INDUSTRY ALLOCATION NET ASSETS
------------------------- --------------------------------------------------
------------------------- --------------------------------------------------
EUROPE 95.6% CONSUMER DISCRETIONARY 4.1%
------------------------- --------------------------------------------------
CZECH REPUBLIC 1.0% CONSUMER SERVICES 2.3%
ESTONIA 2.0% RETAILING 1.8%
--------------------------------------------------
POLAND 4.5% CONSUMER STAPLES 20.9%
--------------------------------------------------
ROMANIA 15.5% FOOD & STAPLES RETAILING 13.5%
RUSSIA 64.8% FOOD BEVERAGE & TOBACCO 7.5%
--------------------------------------------------
SWITZERLAND 0.3% ENERGY 31.0%
--------------------------------------------------
TURKEY 0.2% ENERGY 31.0%
--------------------------------------------------
UKRAINE 7.3% FINANCIALS 10.1%
------------------------- --------------------------------------------------
ASIA 4.4% BANKS 6.8%
-------------------------
KAZAKHSTAN 4.4% REAL ESTATE 3.3%
------------------------- --------------------------------------------------
TOTAL 100.0% HEALTH CARE 2.1%
------------------------- --------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES 1.9%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES 0.2%
--------------------------------------------------
INDUSTRIALS 7.0%
--------------------------------------------------
CAPITAL GOODS 0.4%
TRANSPORTATION 6.6%
--------------------------------------------------
INFORMATION TECHNOLOGY 9.5%
--------------------------------------------------
SOFTWARE & SERVICES 9.5%
--------------------------------------------------
MATERIALS 10.7%
--------------------------------------------------
MATERIALS 10.7%
--------------------------------------------------
TELECOMMUNICATION SERVICES 4.6%
--------------------------------------------------
TELECOMMUNICATION SERVICES 4.6%
--------------------------------------------------
TOTAL 100.0%
--------------------------------------------------
You may request a copy of the Fund's current Report to Shareholders by contacting Franklin Templeton's Fund Information Department at 1-800/DIAL BEN® (1-800-342-5236) or by visiting franklintempleton.com. All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing including currency volatility, economic instability, and social and political developments of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. Investments in Russian and East European securities involve significant additional risks, including political and social uncertainty (for example, regional conflicts and risk of war), currency exchange rate volatility, pervasiveness of corruption and crime in the Russian and East European economic systems, delays in settling portfolio transactions, and risk of loss arising out of the system of share registration and custody used in Russia and East European countries. The U.S. and other nations have imposed and could impose additional sanctions on certain issuers in Russia due to regional conflicts. These sanctions could result in the devaluation of Russia's currency, a downgrade in Russian issuers' credit ratings, or a decline in the value and liquidity of Russian stocks or other securities. The Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, if the Fund holds the securities of an issuer that is subject to such sanctions, an immediate freeze of that issuer's securities could result, impairing the ability of the Fund to buy, sell, receive or deliver those securities. There is also the risk that countermeasures could be taken by Russia's government, which could involve the seizure of the Fund's assets. Such sanctions could adversely affect Russia's economy, possibly forcing the economy into a recession. These risks could impair the Fund's ability to meet its investment objective. Because the Fund invests its assets primarily in companies in a specific region, the Fund is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, may adversely affect the value of securities held by the Fund. Also, as a nondiversified investment company investing in Russia and East European countries, the Fund may invest in a relatively small number of issuers and, as a result, may be subject to greater risk of loss with respect to its portfolio securities. The Fund is actively managed and investment allocations can be expected to change, but there is no guarantee that the manager's investment decisions will produce the desired results. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown and comes from sources considered reliable, but the Fund makes no representation or warranty as to its completeness or accuracy.
* Equity includes convertible and preferred securities.
For more information, please contact Franklin Templeton Investments 1-800-342-5236
Source: Franklin Templeton
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