新兴市场小盘股:独特的增长机会
EM Small Caps: A Distinct Growth Opportunity
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2019-12-27 15:27
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Emerging markets remain at the forefront of the world's most vibrant and fastest-growing economies, with overall gross domestic product (GDP) growth rates comfortably in excess of the developed world this year, despite much-publicized slowdowns in certain countries. The Templeton Emerging Markets team believes the challenges faced by some countries, sectors and companies—such as energy firms and Chinese banks—have obscured interesting opportunities within the emerging-market (EM) space. Here, my colleague Chetan Sehgal, executive vice president, managing director India, CIO, and director of global emerging markets/small cap strategies at Templeton Emerging Markets Group, and I present the team's views on the distinct opportunities we see in EM small-capitalization (small-cap) stocks.

新兴市场依然处于全球最具活力且增长最快的经济体的最前沿,即使部分国家公布其增长放缓,但今年新兴市场整体国内生产总值增长率轻而易举地超过了发达市场。邓普顿新兴市场团队认为,一些国家、行业和企业(例如能源公司和中国的银行)所面临的挑战已掩盖了新兴市场很多可观的机会。在本文中,我和我的同事Chetan Sehgal(执行副总裁、印度董事总经理、首席投资官、兼邓普顿新兴市场团队全球新兴市场/小盘股策略总监)将讨论团队在新兴市场小盘股中发现的独特机会。

We believe small-cap stocks within EMs offer continued strong growth potential at attractive valuations. We also view the asset class as one that is overlooked by most investors—in part due to misconceptions regarding the volatility, liquidity and scale of this investment universe. There are several key positive attributes of EM small caps, both structural and tactical, which in aggregate we think support considering the inclusion of the asset class within a given exposure to EMs.

我们相信新兴市场小盘股会继续以具吸引力的估值提供强劲的增长潜力。我们还认为这是多数投资者忽略的一类资产类别,其中部分原因是对其波动性、流动性及投资范围规模的误解。新兴市场小盘股在结构上和策略上均有若干关键的积极属性,我们认为这些属性综合起来会支持我们将该资产类别纳入既定的新兴市场投资的想法。

From a structural perspective, smaller EM companies provide investors with exposure to thousands of companies that we have seen as having ample liquidity. Smaller companies are typically under-researched and under-owned by foreign investors, leading to market inefficiencies that potentially can be exploited. In addition, the types of exposures the EM small-cap space typically represent complements the EM large-cap space, particularly in areas such as the health care and consumer sectors, fueled by demographics and a rising middle class. As such, we believe EM small caps in aggregate can deliver strong growth potential.

从结构上来看,通过较小型的新兴市场公司,投资者可投资于成百上千家拥有充裕流动性的公司。外国投资者一般对较小的公司研究不足而且持有量偏低,从而造成有可能被开发的市场无效。另外,对新兴市场小盘股的投资类型通常代表对新兴市场大盘股的补充,尤其是在人口结构和日益壮大的中产阶级推动的医疗保健和消费等行业。因此,我们相信新兴市场小盘股整体上拥有实现强劲增长的潜力。

Tactically, we consider the recent selloff across EMs to have provided a particularly attractive valuation opportunity. In addition, smaller companies in EMs generally have greater local market exposure and as a result, have historically had reduced correlation (the degree they move in tandem) with their larger-cap counterparts. Like all EM equity investments (and equity investments generally), investing in smaller companies carries some inherent and perceived risks including loss of principal; smaller-company stocks have historically had more price volatility than large-company stocks, particularly over the short term. However, EM small caps are increasingly attracting institutional investor interest, and we think they offer attractive risk/return attributes in the current global economic environment.

从策略上来看,我们认为新兴市场近期的抛售已提供尤为吸引人的估值机会。另外,新兴市场中较小的公司通常拥有较大的当地市场份额,因此一直以来与较大型公司的相关性(同向变动的程度)较低。与所有新兴市场股票投资(以及一般股票投资)一样,投资较小型公司要承担一些内在和感知风险(包括本金亏损);较小型公司股票的价格波动历来高于大盘股,尤其是在短期内。但新兴市场小盘股越来越让机构投资者感兴趣,而且我们认为,在当前的全球经济环境下,新兴市场小盘股会提供可观的风险/回报特征。

A Vast Investment Universe with Substantial Liquidity

流动性充裕的巨大投资领域

EM small caps are far from a niche investment, despite broad perceptions. The asset class represents more than 23,000 companies with an aggregate market capitalization of close to US$5 trillion1 and daily turnover of close to US$60 billion, constituting substantial proportions of overall emerging-market liquidity and market capitalization, as the chart below demonstrates. Accordingly, the sheer size of the EM small-cap investment universe provides abundant opportunities to uncover mispriced companies. Another aspect of the asset class (also highlighted in the chart) is that the aggregate liquidity is broadly comparable with that of large-cap stocks—again, contrary to common perception. In fact, EM small caps are typically disproportionately owned by domestic retail investors who often trade more frequently than foreign institutional investors due to the former usually having a far shorter investment horizon, boosting liquidity as a result.

新兴市场小盘股远不是利基投资,即使市场普遍认为是这样的。如下所示,该资产类别包含超过23,000家公司,总市值接近5万亿美元[1],而且日成交量将近600亿美元,其流动性和市值占整体新兴市场的比例很大。因此,新兴市场小盘股投资领域的庞大规模让投资者有很多机会发现错误定价的公司。该资产类别的另一个方面(亦在图中强调)是其总流动性基本上可比拟大盘股,这再次与一般认知相反。事实上,新兴市场小盘股一般由国内散户不成比例地持有,通常其交易频率会高于外国机构投资者,因为前者的投资周期一般会短得多,从而推动流动性上升。

0816_EM_1_Trading_rev

Overlooked and Under-Researched

被忽略而且研究不足

In the next chart, we look at the level of EM small-cap exposure within the MSCI Emerging Markets Index, a benchmark widely used to represent EM stocks as an asset class. Here, we find that EM small-cap exposure amounts to only 3% of this benchmark—compared to 28% of the market capitalization of the entire EM investment universe.2 This difference represents a structural underweight in the portfolios of investors who follow an index-based strategy.

下一张图展示新兴市场小盘股在MSCI新兴市场指数中的占比情况,其中MSCI新兴市场指数是普遍用来代表新兴市场股票这一资产类别的基准。如图所示,新兴市场小盘股的市值仅相当于该基准的3%,而其市值则占整个新兴市场投资范畴的28%。[2]该差异表明,追踪指数策略的投资者的投资组合对新兴市场小盘股的结构性持有率偏低。

0816_EM_2_IndexRep

Not only are smaller EM companies overlooked by many investors, they are also notably under-researched. This reflects not only the vast number of companies to cover, but also the paucity of information available and a limited investor base that such research can be distributed to. Unsurprisingly, the result is that the median number of research recommendations for EM small caps is far lower than for larger-cap EM stocks. Equally important to note is the vastly greater number of stocks with negligible, or effectively zero coverage. For a large number of EM small-cap stocks outside of the benchmark index, research availability is even more limited. The likelihood of a relatively unknown off-index EM small company stock being mispriced is far greater than for a large company with many research recommendations.

较小型新兴市场公司不仅被很多投资者忽略,而且有关研究也明显不足。这不仅反映有大量的公司需要研究,还反映出公开的信息少,而且这类研究报告可分发的投资者基础有限。毫不意外,这导致对新兴市场小盘股的研究推荐中位数远低于对较大型新兴市场股票的推荐。同样需要注意的是,对如此大量的股票的研究竟然微不足道,或者实际上是零覆盖。而对基准指数以外的大量新兴市场小盘股的有效研究则更有限。相对陌生的指数外的新兴市场小盘股被错误定价的可能性远大于有很多研究推荐的大盘股。

0816_EM3_Coverage_rev

Local Emerging-Markets Exposure

当地新兴市场风险

Reflecting on the general long-term success of EMs as global economies and as an equity asset class, most of these countries have become ever more integrated into the world economy. Consequently, their largest and most successful companies have often expanded beyond domestic markets to export and invest globally. Accordingly, the share prices of many of these stocks are no longer primarily driven by domestic factors. Examples of such companies can include electronics, auto industry or consumer-related names that derive a substantial portion of their revenues from developed economies rather than those in which they are based. By contrast, smaller EM companies offer the very exposures that enticed investors to emerging markets in the first place, with domestic demand, favorable demographics, local reform initiatives and innovative niche products often being the primary determinants of growth. Consequently, the sectors to which EM small-cap investors are exposed differ notably from those of larger-cap stocks, as we can see in the next chart.

大部分新兴市场国家比以往更加融入全球经济中,这从新兴市场作为全球经济体和股票资产类别的整体长期成功上即可反映出来。因此,新兴市场中最大最成功的企业通常会走出国内市场,在全球范围内扩张和投资。相应地,很多这类股票的价格不再主要由国内因素推动。这些公司的例子可包括电力、汽车行业或与消费相关的公司,其很大部分收益来自发达经济体而非其发源地。相比之下,较小型的新兴市场公司首先会吸引投资者投资于通常以国内需求、有利的人口结构、当地改革计划和创新利基产品为增长的主要决定因素的新兴市场。因此,新兴市场小盘股投资者所面对的行业与较大型股票显著不同,如下一张图所示。

0816_EM4_SidebySide

The MSCI Emerging Markets Index is disproportionately dominated by exposures in financials, energy, information technology and telecommunications/utilities. These sectors are typically more closely impacted by global or country-level macroeconomic trends—whether the debt associated with an economy's property market, the global price of oil or government policies.

MSCI新兴市场指数主要由金融、能源、信息技术和电信/公用事业的股票不成比例地构成。通常这些行业更容易受到全球或国家层面的宏观经济趋势影响,无论是一个经济体的房地产市场债务、全球油价或政府政策。

Furthermore, there is a greater preponderance of state-owned enterprises among larger-cap stocks, and while we find many such state-owned companies to be well managed, the interests of the ultimate owners are not always entirely aligned with those of minority investors.

再者,较大盘股票中的国有企业占较大优势,同时我们发现很多这些国有企业管理完善,最终拥有人的利益并不总是完全与少数投资者一致。

EM small-cap exposures are concentrated in higher-growth sectors, such as consumer discretionary and health care. Such companies are typically more locally focused and many are relatively dominant players in smaller industries. The most successful smaller EM companies will leverage such local strength to expand internationally, supporting their transition into mid- or even large-cap companies over time. Even within a given sector, economic exposures can differ substantially. For example, in the materials sector, mining companies by their nature are generally large-cap names, and are impacted significantly by factors external to their home country, such as global commodity prices. Smaller EM materials companies likely include businesses, such as cement producers, with greater exposure to local economic development and demand dynamics.

新兴市场小盘股集中在增长较快的行业,例如非必需消费品和医疗保健行业。这些公司通常更专注于当地市场,而且很多公司在较小行业中占有相对优势。大部分成功的较小型新兴市场公司会利用相关的当地优势在国际上扩张,支持其日后转变为中型甚至是大型公司。即使是在一个既定的行业中,经济风险也会存在显著差异。以原材料行业为例,就性质而言矿业公司通常属于大型企业,而且会受到其母国以外的因素的重大影响,例如全球商品价格。较小型新兴市场原材料公司,例如水泥生产商,有可能会包含在当地经济发展和需求动态方面面临较大风险的业务。

Market Inefficiencies

市场无效性

The predominantly domestic economic exposures of smaller EM companies, combined with these stocks being generally under-researched, results not only in mispriced individual companies at times, but also broader market-level inefficiencies. India is a notable economy that exhibits such trends, stemming from this market having a vast number of smaller companies in which to invest and a particularly pronounced skew in the ownership of these stocks towards local investors. We can use India as an example of how country-specific dynamics and other factors have resulted in non-correlated returns for investors.

较小型新兴市场公司面临着显著的国内经济风险,加上这些股票通常研究不足,这不仅导致个别公司偶尔会被错误定价,还会造成更广泛的市场无效。印度就是展示这种趋势的一个明显的经济体,原因是该市场拥有大量可投资的较小型企业,而且这些股票的所有者尤其倾向于当地投资者。我们可以以印度为例,讨论国家特有的动态和其他因素如何导致投资者的不相关回报。

After the global financial crisis of 2008–2009 through 2014 calendar-year-end, flows into Indian equities were overwhelmingly from foreign investors, as domestic investors reallocated toward real assets such as property and gold. Any foreign inflows made through index-based investments will, by definition, be concentrated in the larger-cap index stocks, contributing to disproportionate foreign ownership of large-cap companies. This is further exacerbated by the limited research available for off-index or small-capitalization stocks, causing many investors to be similarly large-cap and index-focused.

二零零八年至二零零九年全球金融危机之后直至二零一四年年底,由于国内投资者将资金重新分配至房地产和黄金等实物资产,流入印度股票的国外投资者资金占绝大多数。从定义上来说,通过跟踪指数的投资流入的任何外国资金会集中于较大型指数标的股,有助于增加大型企业不成比例的外资拥有权。这因指数外或小盘股的公开研究有限而进一步恶化,导致很多投资者转向类似的大盘股及专注于指数。

The next chart illustrates that investments held by foreign investors represent approximately 27% of the value of S&P BSE Sensex Index, representing the broader Indian equity market, but only 13% of the S&P BSE Small Cap Index.3 As a result, Indian small-cap stocks not only generally have greater exposure to the domestic economy through their business operations, but also through the behavior of local investors.

下一张图所示,外国投资者持有的投资约占代表广大印度股市的标准普尔BSE Sensex指数价值的27%,但仅占标准普尔BSE小盘股指数的13%。[3]因此,印度小盘股不仅整体上在业务运营方面面临国内经济的较大风险,还面临来自当地投资者行为的风险。

0816_EM5_Foreign

Accordingly, from 2009 to 2013 the negative local sentiment towards equities contributed to a notable valuation discount of Indian small-cap stocks relative to their larger-cap counterparts, whereas in many countries smaller companies traded at a premium due to their superior growth characteristics. However, in 2014 sentiment changed as it became clear that the Bharatiya Janata Party (BJP) under the reformist and pro-business Narendra Modi was going to win the national elections, leading to substantial domestic inflows. This in turn led to a rapid rerating of valuations of Indian small-cap stocks, both relative to their large-cap counterparts and in absolute terms.

因此,从二零零九年至二零一三年,当地投资者对股票的消极情绪导致印度的小盘股相对于较大盘股存在显著的估值折让,然而在很多国家,较小型公司却因其高增长特征而溢价交易。但由于由改革主义者和亲商的莫迪领导的印度人民党明显会在全国大选中胜出,市场情绪于二零一四年发生转变,导致大量国内资金流入。从而令印度小盘股无论是相对于大盘股还是在绝对值方面都快速地重新估值。

Growth Potential

增长潜力

In our view, emerging markets represent a potential bright spot in a sometimes-uncertain world economic landscape. General global growth rates have consistently disappointed since the 2008–2009 global financial crisis, with downgrades of International Monetary Fund (IMF) estimates each year—continued recently in April 2016 as the IMF reduced its estimated global GDP growth for 2016 down to 3.2%.4 In the six years prior to 2008, emerging markets contributed up to 70% of the increase in world economic growth annually,5 and despite some moderation since then, aggregate GDP growth rates remain considerably higher than those in developed markets. In such a low-growth world, investing in smaller EM companies may provide exposure to many of the fastest-growing companies in the fastest-growing countries globally. It is also worth reiterating that this growth is typically organic and derived from local market dynamics, rather than being driven by global macroeconomic factors or financial engineering in the form of share buybacks, as aggressively employed in the United States in particular and developed markets more broadly. In addition to organic growth, smaller EM companies may also see share-price appreciation from being added to an index (thus attracting passive investor flows, and with increased sell-side research attention likely attracting active fund flows also) as well as being potential merger-and-acquisition targets—these are growth drivers that are, to a great extent, independent of macroeconomic considerations.

我们认为,新兴市场在偶尔不明朗的世界经济格局中代表着一个潜在的亮点。自二零零八年至二零零九年全球金融危机以来,全球增长率整体一直不理想,其中国际货币基金组织每年都会下调其预测,一直持续到最近的二零一六年四月,国际货币基金组织将其二零一六年全球国内生产总值增长预测下调至3.2%。[4]二零零八年之前的六年内,新兴市场每年对全球经济增长的贡献高达70%,[5]即使从二零零八年之后有所减速,但总国内生产总值增长率依然远高于发达市场。在当前的低增长环境中,可通过较小型新兴市场公司投资于全球增长最快的国家中很多发展最快的公司。需要重申的一点是,该增长一般为有机增长,以及来自当地市场的发展,而非由全球宏观经济因素或以股票回购为形式的金融工程所推动,后者尤其在美国和发达市场被较广泛地过度使用。除有机增长外,较小型新兴市场公司被纳入指数(从而吸引被动投资者,同时卖方研究增加可能也会吸引主动资金流入)以及成为潜在并购目标后股价亦有上升,这些增长动力在很大程度上独立于宏观经济因素。

Having addressed misconceptions and some positive aspects of considering smaller companies within one's portfolio, it is also important to consider the challenges. Perhaps what is most important to recognize is that there are numerous small EM companies that will remain small, whether due to corporate governance issues, poor quality of management, lack of market growth or other factors. Investors must seek to determine which of these companies will succeed over the long term. However, with such a vast number of under-researched and under-owned companies in which to invest, we think the case for small-EM company exposure looks compelling, given a focus on bottom-up fundamentals.

解开了误解以及考虑投资组合中加入较小型企业的一些正面部分后,挑战也是要考虑的重要因素。也许最重要的是确认大量的小型新兴市场公司将维持“小型”,不会因企业治理问题、管理质量差、缺乏市场增长或其他因素而改变。投资者须设法确定哪些公司会在长期内成功。然而,研究不足而且持有量偏低的可投资公司如此之多,只要专注于自下而上的基本面,我们认为小型新兴市场公司的前景看起来具吸引力。

Comments, opinions and analyses 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.

评论、意见及分析仅供参考之用,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT 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 outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

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.

所有投资均涉及风险,包括可能损失本金。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿(Franklin Templeton)的邮件中了解更多信息,请订阅“新兴市场的投资冒险”(Investment Adventures in Emerging Markets)博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

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1. Source: Bloomberg, as of 12/31/15. See franklintempletondatasources.com for additional data provider information.

[1] 资料来源:彭博资讯,截至二零一五年十二月三十一日。其他数据供应商资料请浏览www.franklintempletondatasources.com

2. Source: FactSet. The MSCI Emerging Markets Index captures large- and mid-cap representation across 23 emerging-market countries. The MSCI Emerging Markets Small Cap Index includes small-cap representation across 23 emerging-market countries. Indexes are unmanaged, and one cannot directly invest in them. They do not reflect fees, expenses or sales charges. See franklintempletondatasources.com for additional data provider information.

[2] 资料来源:FactSet。MSCI新兴市场指数追踪23个新兴市场国家中具代表性的中大盘股。MSCI新兴市场小盘股指数包含23个新兴市场国家中具代表性的小股。指数未经管理,不能直接投资指数。指数不反映费用、开支或认购费。其他数据供应商资料请浏览www.franklintempletondatasources.com

3. Source: Bloomberg. The S&P BSE Sensex Index is designed to measure the performance of the 30 largest, most liquid and financially sound companies across key sectors of the Indian economy. The S&P BSE Small Cap Index is designed to represent the small-cap segment of India's stock market. Indexes are unmanaged, and one cannot directly invest in them. They do not reflect fees, expenses or sales charges. See franklintempletondatasources.com for additional data provider information.

[3] 资料来源:彭博资讯。标准普尔BSE Sensex指数旨在计量印度经济的主要行业中30家规模最大、最具流动性和财务健康的公司的表现。标准普尔BSE小盘股指数旨在代表印度股市的小盘股部分。指数未经管理,不能直接投资指数。指数不反映费用、开支或认购费。其他数据供应商资料请浏览www.franklintempletondatasources.com

4. Source: IMF World Economic Outlook, April 2016.

[4] 资料来源:国际货币基金组织《世界经济展望》,二零一六年四月。

5. Source: The World Bank, World Development Indicators, as of 5/2/16.

[5] 资料来源:世界银行,世界发展指标,截至二零一六年五月二日。

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