templetonglobalclimatechange fund · 2020-05-27 · product key facts franklin templeton investment...

Franklin Templeton Investment Funds

Templeton Global Climate ChangeFund

Global Equity30.04.2020

Fund Fact Sheet

E-Mail Web

[email protected] www.franklintempleton.com.hk

For the source and calculation basis of Fund information, please refer to the *Explanatory Notes section.

Risk ConsiderationsTempleton Global Climate Change Fund invests primarily in equity securities of companies in any country with favourable

Environmental, Social and Governance attributes.The Fund is subject to market risk, equity risk, eurozone risk, foreign currency risk, liquidity risk, value stocks risk,

concentration risk, derivative instruments risk, counterparty risk and securities lending risk.Security lending may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the

value of the collateral may fall below the value of the securities lent out, which may result in a substantial loss to the Fund.The Fund may at its discretion pay dividends out of the capital or out of gross income of the Fund while paying all or part of

the Fund s fees and expenses out of the capital of the Fund, which results in effectively paying dividends out of capital.Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from anycapital gains attributable to that original investment. Any distributions involving payment of dividends out of the Fund s capital orpayment of dividends effectively out of the Fund s capital (as the case may be) may result in an immediate reduction of the netasset value per share.Investment involves risks which may result in loss of part or entire amount of your investment. Before you decide to invest,

you should make sure the intermediary has explained to you that the Fund is suitable to you. Investors should not only base onthis marketing material alone to make investment decisions.

Performance*

Performance over 5 Years in Share Class Currency (%)

Templeton Global Climate Change Fund A (Ydis) EUR

60

80

100

120

Fund Overview

Base Currency for Fund EUR

Total Net Assets (EUR) 575 million

Fund Inception Date 26.04.1991

Number of Issuers 52

Benchmark MSCI All Country WorldIndex

Morningstar Category * Sector Equity Ecology

04/15 10/15 04/16 10/16 04/17 10/17 04/18 10/18 04/19 10/19 04/20

Performance in Share Class Currency (%)

Cumulative3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept

A (Ydis) EUR -13.12 -15.42 -9.34 -7.48 -8.11 67.76 340.33

Benchmark in EUR -10.79 -10.62 -2.22 15.18 30.17 150.62 672.22

Summary of Investment Objective

The Fund seeks capital appreciation by investing in equitysecurities of companies providing solutions to mitigate andadapt to climate change and making their businessesresilient to the long-term financial risks and opportunitiespresented by climate change and resource depletion.

Calendar Year Performance in Share Class Currency (%)

2019 2018 2017 2016 2015

A (Ydis) EUR 25.28 -13.44 5.42 7.17 3.84Benchmark in EUR 29.64 -4.34 9.47 11.73 9.34

Fund Management*

Maarten Bloemen: Canada

Katherine Owen, CFA: Canada

Tina Sadler, CFA: Canada

Top Ten Holdings (% of Total)Issuer NameE.ON SE 3.35UNITED PARCEL SERVICE INC 3.34VERIZON COMMUNICATIONS INC 3.23UMICORE SA 3.19EAST JAPAN RAILWAY CO 3.16CORTEVA INC 3.10KELLOGG CO 3.02ORACLE CORP 2.94TAKEDA PHARMACEUTICAL CO LTD 2.92TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.80

Fund MeasuresPrice to Earnings (12-moTrailing)

18.71x

Price to Book 1.68xPrice to Cash Flow 9.31xDividend Yield 2.97%Standard Deviation (5 Yrs) 15.79%

Asset Allocation*

%Equity 92.78Cash & Cash Equivalents 7.22

Offering Documents

Share Class Information

Fees Dividends Fund Identifiers

Share Class Incept Date NAV TER (%)Max. SalesCharge (%)

Mgmt.Fee (%)

Max. Maint.Charge (%)

Max. Serv.Charge (%)

Last PaidDate

Last PaidAmount ISIN

A (Ydis) EUR 26.04.1991 EUR 18.27 1.84 5.00 1.00 0.50 N/A 08.07.2019 0.1930 LU0029873410A (acc) USD-H1 06.04.2018 USD 10.09 1.83 5.00 1.00 0.50 N/A N/A N/A LU1803068623

Templeton Global Climate Change Fund 30.04.2020

For the source and calculation basis of Fund information, please refer to the *Explanatory Notes section.

© 2020. Franklin Templeton. All rights reserved. www.franklintempleton.com.hk

Composition of Fund*Templeton Global Climate Change Fund MSCI All Country World Index

Geographic % of TotalUnited States 23.18 / 57.86Japan 11.50 / 7.15Germany 8.59 / 2.34France 6.23 / 2.91Belgium 4.79 / 0.24Netherlands 4.72 / 1.16India 4.68 / 0.99Taiwan 4.20 / 1.52Sweden 4.20 / 0.77Others 20.68 / 25.05Cash & Cash Equivalents 7.22 / 0.00

Sector % of TotalIndustrials 21.57 / 9.42Materials 20.90 / 4.52Information Technology 14.71 / 19.26Utilities 10.47 / 3.38Health Care 7.87 / 13.36Consumer Staples 6.63 / 8.45Consumer Discretionary 5.12 / 11.32Communication Services 4.59 / 9.37Energy 0.92 / 3.89Others 0.00 / 17.03Cash & Cash Equivalents 7.22 / 0.00

Market Capitalisation Breakdown in EUR % of Equity50.0 Billion 27.47

Important InformationUnless stated otherwise, all information is as of the publishing date of this document. Source: Franklin Templeton.Franklin Templeton Investments (Asia) Limited is the issuer of this document. This document is neither an offer nor solicitation to purchase shares of the fund; applications for shares may only bemade on forms of application available with the Offering Documents. Investments are subject to investment risks, fund value may go up as well as down and past performance is not an indicatoror a guarantee of future performance. The investment returns are denominated in fund currency. Investors investing in funds denominated in non-local currency should be aware of the risk ofexchange rate fluctuations that may cause a loss of principal. Investors should read carefully the Offering Documents (including the section 'Risk Considerations') for the relevant risks associatedwith the investment in the fund before investing. Distribution of this document may be restricted in certain jurisdictions. This document does not constitute the distribution of any information or themaking of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make suchan offer or solicitation. This document has not been reviewed by the Securities and Futures Commission of Hong Kong.

*Explanatory Notes

Effective 5 March 2018, Templeton Global (Euro) Fund was renamed Templeton Global Climate Change Fund and modified its investment strategy to focus primarily on globalcompanies which recognise and adapt to the long-term financial risks and opportunities presented by climate change and resource depletion.

Performance: Performance information is based on the stated share class only, in Fund Currency, NAV to NAV, taking into account of dividend reinvestments and capital gain or loss.When performance for either the portfolio or its benchmark has been converted, different foreign exchange closing rates may be used between the portfolio and its benchmark.All MSCI data is provided as is. The Fund described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kindin connection with the MSCI data or the Fund described herein. Copying or redistributing the MSCI data is strictly prohibited.Morningstar Category : Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is provided for reference purposes only. Past performance is not an indicator or a guarantee of future performance.Fund Management: In the case of portfolio managers who are CFA Charterholders, CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.Top 10 Holdings: These securities do not represent all of the securities purchased, sold or recommended for clients, and the reader should not assume that investment in the securities listedwas or will be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list.Dividend Yield: Reported as a weighted average to reflect the proportion of the portfolio each stock holding represents. This is the ratio of a stock s dividend per share to the month end marketprice.The dividend yield quoted here is the yield on securities within the Portfolio and should not be used as an indication of the income received from this portfolio.Asset Allocation/Composition of Fund: Due to rounding, the sum of portfolio may not equal 100%.

Product Key Facts

Franklin Templeton Investment Funds –

Templeton Global Climate Change Fund

Issuer: Franklin Templeton Investments (Asia) Limited Last updated: April 2020

• This statement provides you with key information about this product.• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick facts

Management company: Franklin Templeton International

Services S.à r.l.

Investment manager(s): Franklin Templeton Investments Corp,

Canada (internal delegation)

Depositary: J.P. Morgan Bank Luxembourg S.A.

Base currency: EUR

Financial year end of this Fund: 30 June

Dealing frequency: Every Hong Kong Business Day

Minimum Investment: USD 1,000 [initial] and USD 500

[subsequent purchases] or equivalent

Ongoing charges over a year#:

Class A (Ydis) EUR: 1.83%

Class A (acc) USD-H1: 1.83% #The ongoing charges figures are based on the semi-annual financial statements for the period ended 31 December 2019. These figures may vary from year to year.

Dividend policy: Dividends, if declared, will be reinvested unless

indicated by you in the application form to be paid out. Subject to

any legal and regulatory requirements, the Fund may at its

discretion pay dividends out of the capital or out of gross income

of the Fund while charging / paying all or part of the Fund’s fees

and expenses to / out of the capital of the Fund, which results in

an increase in distributable income for the payment of dividends

by the Fund and therefore, the Fund may effectively pay dividends

out of capital. The Fund may amend such distribution policy

subject to the SFC’s prior approval and by giving not less than one

month’s prior notice to investors. Any distributions involving

payment of dividends out of the Fund’s capital or payment of

dividends effectively out of the Fund’s capital (as the case may be)

may result in an immediate reduction of the net asset value per

share.

What is this product?

This is a fund constituted in the form of a mutual fund. It is domiciled in Luxembourg and its home regulator is Commission de

Surveillance du Secteur Financier.

Investment Objective and Policy

Templeton Global Climate Change Fund (the “Fund”) aims to increase the value of its investments over the medium to long term.

The Fund invests primarily (that is, at least two-thirds of the Fund’s net assets) in equity securities of global companies providing

solutions to mitigate and adapt to climate change and making their businesses resilient to the long-term financial risks presented by

climate change and resource depletion. Such companies are, in our view, better prepared financially and competitively for a transition

to a low carbon and more resource constrained economy. The Investment Manager uses in-depth analysis to select equity securities

which it believes are undervalued, based on such factors as their expected long-term earnings and the value of the business assets.

The Fund’s climate change objective is to take participation in companies that aim to reduce emissions, improve resource efficiency

and limit the physical consequences of climate change so as to align the Fund’s portfolio carbon footprint with the landmark Paris

Franklin Templeton Investment Funds - Templeton Global Climate Change Fund 1


Agreement adopted in December 2015. Companies standing to benefit financially and competitively from the transition to a global low-

carbon economy can be grouped into three broad categories:

• Solution providers: companies that derive more than 50% of revenues from products and services that directly or indirectly reduce global emissions, improve resource efficiency, and/or protect against the physical consequences of climate change. The solutions

activities are generally associated with one of the following themes: Renewable Energy, Energy Efficiency, Water & Waste

Management, Sustainable Transportation, and Sustainable Forestry & Agriculture. Factors driving security selection include the

Investment Manager’s outlook for percent of revenues and profits from solutions, a company’s net impact on greenhouse gas

emissions and resource usage and its governance of the opportunities arising from the low carbon transition.

• Transitioning companies: companies that have moderate to high emissions or resource intensity which are making industry-leading efforts to reduce them. Such companies will have carbon or resource intensity in the top half of the broad global investment

universe. Factors driving security selection include the Investment Manager’s view on a company’s ability to achieve carbon and

resource intensity significantly better than the industry average and the company’s governance of the risks arising from the low

carbon transition.

• Resilient companies: companies that have relatively low carbon and resource intensity to begin and have low to moderate solutions offerings. Such companies will have carbon or resource intensity in the bottom half of the broad global investment

universe and less than 50% of revenues from solutions offerings.

Environmental, social and governance (ESG) issues are considered alongside traditional financial measures to provide a more

comprehensive view of the longer-term value, risk and sustainable return potential of an investment. The Fund seeks to invests in

companies that are good stewards of their impact on social and environmental development. The internal ESG assessment framework

is aided by multiple external ESG research and data providers. ESG issues evaluated will generally include elements such as 1) how

environmental criteria might affect a company’s income and how the company is managing these risks, 2) how a company manages

relationships with its employees, suppliers, customers and the communities where it operates and 3) how a company’s oversight is

structured, with added emphasis on climate transition risk management. The Investment Manager’s ESG approach also includes

regular dialogue with companies, monitoring material ESG issues and voting proxies.

The Fund has no exposure to fossil fuel producers, to producers of controversial weapons (i.e., anti-personnel mines, nuclear

weaponry, biological & chemical weaponry and cluster munitions) and to companies that generate 10% or more of their revenues from

tobacco, or more than 5% of revenues from conventional weapons or nuclear power generation. On a best effort basis, the Investment

Manager proceeds with a formal review of alleged violations of UN Global Compact Principles, international norms on human rights,

labour rights, environment standards and anti-corruption statutes. The severity of the violation, response, frequency and nature of the

involvement are considered when deciding appropriate action.

In exceptional market circumstances (such as extreme volatility) and on a temporary basis only, 100% of the Fund’s net assets may

be invested in liquid assets, with due regard to the principle of risk spreading.

The Fund may invest on an ancillary basis in:

• preferred stock, securities convertible into common stock and fixed income securities • time deposits, cash and money market instruments • units of other mutual funds and exchange traded funds (ETFs) (limited to 10% of the Fund’s net assets) • derivatives for hedging and/or efficient portfolio management purposes. These derivatives may include, inter alia, swaps,

currency forwards, futures contracts, equity and equity index options, equity linked notes, as well as options (including covered

calls and warrants)

The investment team uses in-depth analysis to select individual equity securities that it believes are undervalued and will provide the

best opportunities for increased value over the long term.


For the purpose of generating additional capital or income or for reducing costs or risks, the Fund may engage in securities lending

transactions for up to 50% of its net assets, in a manner that is consistent with its investment policy. For the avoidance of doubt, any

securities lending will be an ancillary activity of the Fund only.

Use of derivatives / investment in derivatives

The Fund’s net derivative exposure may be up to 50% of the Fund’s net asset value.

What are the key risks?

Investment involves risks. Please refer to the offering document for details including the risk factors.

• Environmental, Social and Governance Investment risk: Risks associated with the Fund’s ESG investment theme include (i) lack of standardized taxonomy, where there is a risk that the Investment Manager may not apply the relevant ESG criteria

correctly or that a Fund may have indirect exposure to issuers who do not meet the relevant ESG criteria used by the Fund; (ii)

subjective judgment in investment selection, where there is no guarantee that all investments made by the Fund will reflect the

beliefs or values of any particular investor and the relevant excluded sectors might not correspond directly with investors’ own

subjective ethical views, (iii) reliance on third party providers, where in evaluating a security or issuer based on ESG criteria,

the Investment Manager is dependent upon information and data from third party ESG providers, which may be incomplete,

inaccurate or unavailable, and (iv) concentration in investments with ESG focus, where the Fund may over-weigh / under-

weigh certain sectors and perform differently than funds that have similar objectives but do not integrate ESG criteria when

selecting securities.

• Market risk: The market values of securities owned by the Fund will tend to go up or down, sometimes rapidly or unpredictably, due to factors affecting individual issuers, particular industries or sectors within securities markets, or because of

general market conditions. During a general downturn in the securities markets, multiple asset classes (including different

sectors of the same asset class) may decline in value at the same time. Similarly, when markets perform well, there can be no

assurance that securities held by the Fund will participate in the advance. Because the securities the Fund holds fluctuate in

price in this manner, the Fund’s value may go down as well as up and investors may be adversely affected.

• Equity risk: Equity and equity-linked securities are subject to significant price movements due to various economic, political, market and issuer-specific factors. Such changes may adversely affect the value of equities regardless of issuer-specific

performance. Additionally, different industries, financial markets and securities can react differently to these changes. Such

fluctuations of the Fund’s value are often exacerbated in the short-term. Financial markets trends (including feared or actual

failures in the banking system) may also cause large fluctuations in the prices of such securities. As a result, the Fund may be

adversely affected.

• Europe and Eurozone risk: The Fund may invest in the Eurozone. Mounting sovereign debt burdens (e.g. any sovereigns within the Eurozone, which default on their debts, may be forced to restructure their debts and faced difficulties in obtaining

credit or refinancing) and slowing economic growth among European countries, combined with uncertainties in European

financial markets, including feared or actual failures in the banking system and the possible break-up of the Eurozone and Euro

currency, may adversely affect interest rates and the prices of securities across Europe and potentially other markets as

well. These events may increase volatility, liquidity and currency risks associated with investments in Europe. The aforesaid

economic and financial difficulties in Europe may spread across Europe and as a result, a single or several European countries

may exit the Eurozone or a sovereign within the Eurozone may default on its debts. In any event of the break-up of the

Eurozone or Euro currency, the Fund may be exposed to additional operational or performance risks. While the European

governments, the European Central Bank, and other authorities are taking measures (e.g. undertaking economic reforms and

imposing austerity measures on citizens) to address the current fiscal conditions, these measures may not have the desired

effect and therefore the future stability and growth of Europe is uncertain. The performance and value of the Fund may be


adversely affected should there be any adverse credit events (e.g. downgrade of the sovereign credit rating or default or

bankruptcy of any Eurozone countries).

• Foreign currency risk: The Fund will typically invest to a significant degree in securities that are denominated in currencies other than the base currency of the Fund, exposing its investments to changes in foreign exchange rates and the possibility of

exchange control regulations. Changes in currency exchange rates may adversely affect the value of the Fund, and also may

affect the income earned by the Fund and gains and losses realized by the Fund.

• Liquidity risk: The Fund may not be able to easily sell securities due to adverse market conditions or reduced value or creditworthiness of issuers in which it invests. The inability of the Fund to sell securities or positions may also impede the ability

of the Fund to meet redemption requests in a timely manner. Certain securities may also be illiquid due to limited trading

markets or contractual restrictions on their resale. Reduced liquidity due to these factors may have an adverse impact on the

net asset value of the Fund.

• Value stocks risk: The Fund invests in stocks selected using a bottom-up, long-term, value-oriented approach, which may underperform other approaches. To the extent that the markets fail to recognize their expected value, investment may

underperform other stock selection approaches and the Fund/investors may be adversely impacted.

• Concentration risk: The Fund seeks to maintain a portfolio with holdings in a relatively limited number of issuers. By being less diversified, the Fund may be more volatile than broadly diversified funds, or may be exposed to greater risk since

underperformance of one or a few positions will have a greater impact on the Fund’s assets. The Fund may be adversely

affected as a result of such greater volatility or risk.

• Convertible securities risk: The Fund may invest in convertible securities which are a hybrid between debt and equity, permitting holders to convert into shares of the issuer at a specified future date. Convertibles are exposed to equity movement

and greater volatility than straight bond investments. Investments in convertible securities are subject to the same interest rate

risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments. The value and

performance of the Fund may be adversely affected as a result.

• Chinese market risk: The Fund is subject to the risks of the Chinese market and the value of the Fund may be susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events affecting the Chinese market. The

value and performance of the Fund may be adversely affected as a result.

• Emerging markets risk: The Fund may invest in, or be exposed to, emerging markets, which may involve increased risks and special considerations not typically associated with investment in more developed markets. The risks of investing in emerging

markets, which can adversely affect and/or result in a substantial loss to the Fund, may include: liquidity risks, currency

risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a

high degree of volatility.

• Derivative instruments risk: Derivative instruments involve cost, may be volatile, and may involve a leverage effect. A small market movement may give rise to a proportionately larger impact, which may cause substantial loss to the Fund. Other risks

include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. In adverse

situations, the Fund’s use of derivative instruments may become ineffective and the Fund may suffer significant losses.

• Counterparty risk: The Fund may be exposed to risks arising from the solvency of its counterparties and the Fund/investors may be adversely impacted.

• Securities lending risk: Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the value of the collateral may fall below the value of the securities lent out, which may result in

a substantial loss to the Fund.

• Class hedging risk: The hedging strategy for a hedged share class may not work as intended, exposing investors of that share class to currency risk. Additionally, investors of a hedged share class may be exposed to fluctuations in the net asset


value per share reflecting the gains/losses on and the associated transaction costs of the financial instruments used for

hedging, and such investors may be adversely impacted.

• Dividend policy risk: The Fund’s dividend policy allows for payment of dividends out of capital or effectively out of capital. Where this is done, it amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains

attributable to that original investment. Any distributions involving payment of dividends out of the Fund’s capital or payment of

dividends effectively out of the Fund’s capital (as the case may be) may result in an immediate reduction of the net asset value

per share.

How has the Fund performed?

The performance of the Fund in these years was achieved under circumstances that no longer apply. The investment policy was changed in 2013, 2017 and 2018.

• Past performance information is not indicative of future performance. Investors may not get back the full amount invested. • The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividends reinvested. • These figures show by how much class A (Ydis) EUR increased or decreased in value during the calendar year being shown.

Performance data has been calculated in EUR, including ongoing charges and excluding subscription fee and redemption fee

you might have to pay.

• Fund launch date: 26 April 1991 • Class A (Ydis) EUR launch date: 26 April 1991

Is there any guarantee?

This Fund does not have any guarantees. You may not get back the full amount of money you invest.


What are the fees and charges?

Charges which may be payable by you

You may have to pay the following fees when dealing in the shares of the Fund.

Class A

Subscription fee (Initial sales charge) Up to 5.00% of the subscription amount

Switching fee (Switching charge)* 1.00% of the value of the shares being switched

Redemption fee (Redemption charge) N/A

Ongoing fees payable by the Fund

The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments.

Annual rate (as a % of the Fund’s net asset value)

Class A**

Management fee (Investment management fee)* 1.00%

Depositary fee Up to 0.140%

Performance fee N/A

Administration fee N/A

Maintenance charge* 0.50%

Servicing charge N/A

Registrar and Transfer, Corporate, Domiciliary and

Administrative Agent fee +

Additional fixed amount per Shareholder account at each Class

level

Up to 0.2175%

Up to USD 30 per annum

*The current fee level may be increased up to the maximum level permitted by the constitutive document of the Fund by giving one

month’s prior notice to the shareholders.

** The Annual Management Fees as defined in the Explanatory Memorandum comprise of the Management Fee (Investment

Management Fee) and the Maintenance Charge.

Other fees

You may have to pay other fees and charges when dealing in the shares of the Fund.

Additional Information

• You generally buy and redeem shares at the Fund’s next determined net asset value (NAV) after the Hong Kong Representative, Franklin Templeton Investments (Asia) Limited, receives your request in good order on or before 4:00 p.m.

(Hong Kong time) being the dealing cut-off time. Certain intermediaries may impose an earlier dealing cut-off time.

• The net asset value of this Fund is calculated and the price of shares is published on each business day. Information about prices is available online at www.franklintempleton.com.hk.

• The compositions of the dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) for the last 12 months are made available by the Hong Kong Representative on request and are also available online at

www.franklintempleton.com.hk.


• Investors may obtain the past performance information of other share class(es) offered to Hong Kong investors from the Hong Kong Representative’s website at www.franklintempleton.com.hk.

• Investors may obtain information on the intermediaries by calling the Hong Kong Representative at (852) 2877-7733 or visiting the Hong Kong Representative’s website at www.franklintempleton.com.hk.

• The website mentioned above has not been reviewed by the Securities and Futures Commission (“SFC”). Important

If you are in doubt, you should seek professional advice.

The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

30.04.2020

[email protected] www.franklintempleton.com.hk

*

ESG

*

5 ( ) (%)

A

60

80

100

120

( ) 575

26.04.1991

52

* -

04/15 10/15 04/16 10/16 04/17 10/17 04/18 10/18 04/19 10/19 04/20

( ) (%)

3 1 3 5 10

A -13.12 -15.42 -9.34 -7.48 -8.11 67.76 340.33

-10.79 -10.62 -2.22 15.18 30.17 150.62 672.22

( ) (%)

2019 2018 2017 2016 2015

A 25.28 -13.44 5.42 7.17 3.8429.64 -4.34 9.47 11.73 9.34

*

Maarten Bloemen:

Katherine Owen, CFA:

Tina Sadler, CFA:

* ( %)

E.ON SE 3.35UNITED PARCEL SERVICE INC 3.34VERIZON COMMUNICATIONS INC 3.23UMICORE SA 3.19EAST JAPAN RAILWAY CO 3.16CORTEVA INC 3.10KELLOGG CO 3.02ORACLE CORP 2.94TAKEDA PHARMACEUTICAL CO LTD 2.92TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.80

12 18.71x1.68x9.31x2.97%

(5 ) 15.79%

*

%92.787.22

(%) (%) (%) (%) (%) ISINA 26.04.1991 18.27 1.84 5.00 1.00 0.50 08.07.2019 0.1930 LU0029873410

A -1

06.04.2018 10.09 1.83 5.00 1.00 0.50 LU1803068623

30.04.2020

*

Copyright © 2020 www.franklintempleton.com.hk

*

%23.18 / 57.8611.50 / 7.158.59 / 2.346.23 / 2.914.79 / 0.244.72 / 1.164.68 / 0.994.20 / 1.524.20 / 0.77

20.68 / 25.057.22 / 0.00

%21.57 / 9.4220.90 / 4.5214.71 / 19.2610.47 / 3.387.87 / 13.366.63 / 8.455.12 / 11.324.59 / 9.370.92 / 3.890.00 / 17.037.22 / 0.00

( ) %50.0 27.47

( )

*

: .

: Copyright © Morningstar, Inc. (1) Morningstar, Inc. (2) (3)

CFA® Chartered Financial Analyst® :

:

/ 100%

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釗父曇監窮汕光斟何嬉銀

皃講刃？布利告燐釗父曇東雌〔亠秋〕湧個効嗣

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雌涼娩觀

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東雌絛痢？ Franklin Templeton Investments Corp, 嘉擔醍〔乳

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塞偵東雌掛？1,000柊厳 [受治]宮 500柊厳 [存悟戾治禰酵]袷筒０

繕捻絛擾政貝斯疲葎#: A (戾捻破束) 歔厳？ 1.83% A (令蚕) 柊厳-尠億 1？1.83% #絛擾政貝斯疲葎制混擅戰詞 2019捻 12倹 31入適叛捻奴坂無宝穀警蚕・戾捻錦夏膿湧曙斟堂．

破束星錯？菰束〔韮湧〕哉東雌・償樋革仮甥真醒豹殻宙凋迷．修

図膚拷忍価烹励宮烹貴踊泣仮・凡嬉銀夏司羊錫条槲裕凡嬉銀適雌

凡袷裕綯畋尿宙斯手菰束・導滋甥～徘凡嬉銀適雌凡宙起尿～斯夫

凡嬉銀適繕楓袷楓噴非羊宮貝斯・位遅凡嬉銀羊甥斯夫菰束適夏噴

培畋尿夋嘉・引今・凡嬉銀夏寞在丞徘雌凡宙斯夫菰束．絛譛竿偐

侍占斐旬宮陶蚊喉東雌車皃述埠庄甥溢呼倹適侍占栂弛・凡嬉銀夏

拾蹄骸筒破束星錯．忍価菰束噴破弱慎宮裕凡嬉銀適雌凡宙斯手菰

束袷寞在丞裕凡嬉銀適雌凡宙斯手菰束〔詩古条狭自底〕・夏撞遅

戾菰雌姿淅０捉滋玄庄．

凡嬉銀制腎庠姿斌゛

凡嬉銀位午悴嬉銀恵鴫訴整・罪蘯浸塋整掠・寿 Commission de Surveillance du Secteur Financier 竿緩．

布利告燐釗父曇東雌嬉銀 - 釗父曇監窮汕光斟何嬉銀 1

龜焉齣霰◇ 2020榱 4━


東雌勿漂宮星錯

釗父曇監窮汕光斟何嬉銀〔凡嬉銀” 〕遅倫甥宙棄詞鳥棄寞舷東雌夋０．

凡嬉銀守踊〔捉凡嬉銀塞庄参噴嚢弐適淅雌姿〕東雌甥監窮効嗣適菰評譛喧・位尽泣奪蕩存勿漂・骸筒効嗣汀僑翰塊宮溺懈汕光斟何適塊

穴法鞍・閉司存曲無膿⓿提亨汕光斟何宮雌現狐笂幄儘適鳥棄銀予蕗隱．画偃禰異・骸筒効嗣罪喉偵磓宮雌現寿個適絛濬蚊菟滋・罪坂無

宮凶爰倫法摸砥偬僚校孝適盾微．東雌絛痢混擅存幼棄適鳥棄畋悦歪危曲雌姿儉０筒引蘇・司羊疹尿適噴積銭擘存禰異費偵佝適菰評譛

喧．

凡嬉銀適汕光斟何勿漂異雙舍遅倫甥玄庄杯朋，汀剛雌現敕葎宮個姓汕光斟何適分痢曳驚適効嗣・位例凡嬉銀東雌訴拷適磓俗碩舍 2015捻

12倹栂蚊適播黐卿菊鋪次溢遅．膿⓿徘監窮偵磓絛濬蚊菟宙穫涜坂無歪凶爰友征適効嗣・夏位噴異参醍伶？

• 塊穴法鞍汀僑嘗？畋悦適 50%位丞儘辞沈折袷関折玄庄繕窮杯朋，汀剛雌現敕葎宮～袷頬氏汕光斟何適分痢曳驚適姿斌宮腹無適効嗣．塊穴法鞍滑堂栂擾舍位仮存宙溢呼守滝糟闥？夏哉精膿現，膿現敕葎，睡宮廨帰分緩痢，夏次纐皃添適侯栂舍夏次纐皃添適燐曲歪蚤曲．

炊堂譛喧銭擘適引蘇報渇東雌絛痢尠法鞍姿精適畋悦宮履純佽疲適賢塊，効嗣尠悔湿汕髟杯朋宮雌現司羊適淅曳驚宮存尠偵磓蚊菟幄儘適

毅偐適緩痢．

• 蚊菟宙適効嗣？杯朋領袷雌現儲羊怯奴宙筒詞剛・辰牲罪緑占曲乳土倫香偵杯朋領袷玄庄雌現儲羊適効嗣．骸筒効嗣適磓袷雌現儲羊怯奴罪繕窮東雌煩團凪凭甥漸叛楓噴．炊堂譛喧銭擘適引蘇報渇東雌絛痢尠効嗣適磓宮雌現儲羊怯奴鴛剛甥講曲柄錦睡柄宮効嗣尠偵磓蚊菟

適蕗隱適緩昂膿倫適賢塊．

• 溺懈政怯適効嗣？貝姿滋磓宮雌現儲羊怯奴糟尠閣偵・閉汀僑宙偵儲羊法鞍適効嗣．骸筒効嗣適磓宮雌現儲羊怯奴罪繕窮東雌煩團凪凭甥悟叛楓噴・叶庄甥 50%適畋悦儘辞法鞍汀僑．

監強，者偐宮緩璽〔ESG〕紋滝収舍僖董坂無孜漂溢導肱虜・徘自尠東雌適鳥棄儉０，蕗隱宮夏次纐壊宝潭倫湧校嘉繕摸適僚塊．凡嬉銀

尽泣東雌甥膿⓿遼孝緩痢尠者偐宮監強皃添適曳驚適効嗣．ESG凪楓廟佝河洪裕汰呼害楓 ESG絹笈宮斃擅汀僑嘗汀僑斯次．曙廟佝適

ESG紋滝栂擾對報渇位仮引蘇？1)監強漂盾韮価曳驚効嗣適畋尿位宮効嗣韮価緩痢骸筒蕗隱！2)効嗣韮価緩痢舍姻巷，僑懈嘗，虐顧宮絛

嘶曙罪者卅適闥刑！宮 3)効嗣適竿篤韮価洪整・叔黠制嘉怯汕光蚊菟蕗隱緩痢．東雌絛痢適 ESG法烹又報渇法舍効嗣適底棄尠賄，竿昂叔

踊適 ESG紋滝宮東評大痢．

凡嬉銀閉巳東雌甥何籍乃涼精姿嘗，湧爰菊葡奇適精姿嘗〔捉雑勝刃姻恥絡，獲葡奇，精何葡奇宮什足彎藹〕位宮畋悦適 10%位丞儘辞猿

葬袷畋悦適 5%位丞儘辞擾貴葡奇袷獲膿精姿適効嗣．東雌絛痢對盧塞醍土倫・尠慎憲医帆連拷圓繕窮径訳幻息，圓在刃槲貴煩，勦巷槲

履，監強漂盾宮帆芙盃烹貴適講異震講牲鴫慎棈．罪穴底歳手溺疇講堂滋・偐肱虜医貴適嚼叔政，帆懈，瓶葎宮慎宮適政蔀．

罪禿珠適志嬢条狭仮〔励韮桐奴琶堂〕宮但罪隣滋嬉租丞・凡嬉銀塞剛奪 100%適淅雌姿罪肱虜蕩蕗隱噴燦適幻息仮・夏東雌甥琉堂雌姿．

罪募女適条狭仮・凡嬉銀夏東雌甥？

• 友占菰，夏兢柑父栂菰譛喧・宮孤底畋悦譛喧． • 底棄尊汗，舷銀宮過弊志嬢巷虞．


• 存太午悴嬉銀宮侯為曙賠賽嬉銀適喃偉〔個甥凡嬉銀雌姿淅０適 10%〕． • 銀予洫精巷虞咋尠億宮～袷湧敕緩痢東雌訴拷羊鍍．今筒洫精巷虞夏報渇・償存太害・掵棄，過弊鴛棄，棄過拷訳，菰評宮菰評孜斃棄槲，菰評樫嚇評擅宮棄槲〔報渇微兢禰酵棄槲宮禰菰槲譛〕．

東雌嗇鯛歳羊疹尿適噴積・簔銭糟唇儉０費偵佝閉叶鳥鴛夏汀僑塞可哨０毅偐適呼蔑菰評譛喧．

異夋嘉掛害雌凡袷畋悦袷異香偵整凡袷蕗隱・凡嬉銀夏位膚拷存東雌星錯適法鴫徘侍譛喧尺逮侯為・塞剛夏奪存雌姿淅０適 50%．異綿尊

義・忍価譛喧尺逮對喰咋異凡嬉銀適募女東雌滑堂．

荏羊洫精巷虞～東雌洫精巷虞

凡嬉銀適洫精巷虞蕗隱招拜淅掛夏奪詞凡嬉銀雌姿淅０適 50%．

凡嬉銀湧唅叉守踊蕗隱゛

東雌慎宮蕗隱・醒雙援錏啅丙倦・僚塊蕗隱引蘇筒雌涼．

• 宮舍凡嬉銀適 ESG 東雌守滝糟闥適蕗隱報渇〔i〕罌傍漂盾何噴伶,罪今条狭仮偐撞遅東雌絛痢夏膿巳膿牲覚懈羊糟闥適 ESG 漂盾袷嬉銀夏膿関折東雌甥閉埠膚拷嬉銀曙羊 ESG 漂盾適皃講毅洪適蕗隱！〔ii〕東雌銭擘尊罪守觜反旆・罪

今条狭仮碍埠鋪譛凡嬉銀曙咋適東雌對偐帆栄忍価禿底東雌車適唇尭袷儉０觜宮糟闥費杯償適絵蔑巳筆沈折舍東雌車凡進守觜適林

痢觜黠糟膚！(iii)囲赶題参法 ESG 汀僑嘗・罪今条狭仮混擅 ESG 漂盾廟佝譛喧袷皃講毅洪滋・東雌絛痢囲赶題参法 ESG 汀僑嘗汀

僑適雌涼宮斃擅・自骸筒雌涼宮斃擅夏膿埠寛晴，埠盾覚袷矛烹手涜！宮〔iv〕什宙甥位 ESG 異叔黠適東雌・罪今条狭仮糟尠甥虞

湧伶児勿漂辰巳脳尿 ESG 漂盾適嬉銀・凡嬉銀甥銭菰滋夏膿罪弱患絵蔑適槲叔蚊剛～蚊偵宮豹舷埠導．

• 志嬢蕗隱？裕甥寿呼蔑皃講毅洪，譛喧志嬢乳禿底講曲袷絵蔑適引蘇袷溢販志狭曳驚・凡嬉銀曙次譛喧適志嬢儉０夏哨夏跋・湧滋校夏膿述舷朽属袷矛烹幼警適哨跋．疇譛喧志嬢埠渓汕・汰呼雌姿伶蔑〔報渇導溢雌姿伶蔑適埠導絵蔑〕適儉０夏膿導滋仮跋．導

橄恥・疇志嬢豹舷遼孝・夜埠膿鋪譛凡嬉銀曙次湧適譛喧對寿悴．引異凡嬉銀次湧適譛喧儉殻位丞峻法鴫琶堂・凡嬉銀適儉０偐丞

哨宮仮跋・夏膿尠東雌車湧埠履曳驚．

• 菰評蕗隱？菰評宮菰評湧闥適譛喧夏膿寿汰高絛濬，星璽，志嬢宮皃講毅洪糟闥適禿底引蘇曳驚自述舷叔醍儉殻斟堂．埠和皃講毅洪適獸禿豹舷・骸筒斟堂夏尠菰評儉０湧埠履適曳驚．今害・埠導適講曲，銀予志嬢宮譛喧偐引懈骸筒斟堂自湧埠導適超晴．凡嬉

銀儉０適骸筒琶福汰甥箪棄乳嘉撃．銀予志嬢据征〔報渇有虜袷寞在倶講髟継室敕〕又湧夏膿側整譛喧儉殻醍福琶堂．凡嬉銀夏膿

引今寿蕩埠履曳驚．

• 歔秋宮歔厳卅蕗隱？凡嬉銀夏東雌甥歔厳卅．歔秋圓科再無赴拜嘉叔〔励韮歔厳卅乳忍価皃精再無医訳適圓科夏膿費謬震講再無叔訴宮摸尠二位穫涜唇逮袷哉予雌適墾二〕・絛濬夋鳥朋翰・位宮歔秋銀予志嬢尊罪埠迷榔引蘇・報渇有虜袷寞在倶講髟継室敕宮歔

厳卅舍歔厳夏膿塊髟・袷偐尠歔秋宮存太志嬢適履葎宮譛喧儉殻湧埠履曳驚．骸筒侍倦夏膿夋嘉舍東雌甥歔秋糟闥適蕗隱・報渇琶

堂政蕗隱，琉堂政蕗隱宮過弊蕗隱．歔秋丞峻適絛濬宮銀予墾強夏膿未掩詞晴呼歔秋．引今・喃溢袷汰呼歔秋圓科夏膿隊述歔厳卅

袷歔厳卅適圓科夏膿皃精再無医訳．僲歔厳卅袷歔厳塊髟・凡嬉銀夏膿招寿掛害適嘶荏袷責敕蕗隱．俟緩歔秋星扶，歔秋往講宮存


太疇極牲歳手曽枝〔励韮震講絛濬晦岳宮尠務睊寞講菌塾曽枝〕・位晦然舷滋適坂星眞狭・辰骸筒曽枝夏膿巳膿奪蕩幼棄敕歌・

引今・歔秋巳儘適穰底宮夋鳥仆埠迷榔．僲弱皃精忍価赴摸適唇羊侍倦〔励韮守槲唇逮廟給仮超袷歔厳卅乳適忍価圓科皃精再無医

訳袷罵姿〕・凡嬉銀適豹舷宮佝０夏膿寿蕩埠履曳驚．

• 害弊蕗隱？凡嬉銀栂擾醍領東雌甥位凡嬉銀宝儉過弊位害適存太過弊底０適譛喧・夏膿例骸筒東雌招寿匳葎斟堂宮害匳緩姓貴励適曳驚．害琡兢舷葎適琶堂夏膿尠凡嬉銀適儉０洪整赴摸曳驚・又夏曳驚凡嬉銀贄涜適畋尿宮凡嬉銀適寞在履純舍蚓遜．

• 琉堂政蕗隱？凡嬉銀夏膿裕甥志狭偵鳴袷儉０仮跋袷存東雌嚢皃講毅洪適唇讌惠何・自二位述啅譛喧．凡嬉銀矛烹述啅譛喧袷次壮又夏膿曳驚凡嬉銀宮滋游俗赭壊醒泣適膿倫．弱患譛喧又夏膿引侯為志嬢湧個袷拷訳個姓轎啅自罌傍琉堂政．裕骸筒引蘇淫遅適琉

堂政香偵夏膿尠凡嬉銀適雌姿淅０湧埠遼適曳驚．

• 儉０菰蕗隱？凡嬉銀歳手裕仮自丞，鳥羨，儉０守撞適法烹簔銭菰評・湧毅偐乱悟甥存太銭菰法烹．僲志嬢巳膿寞舷存幼棄儉０・東雌湧毅偐乱悟甥存太銭菰法烹・宮夏膿尠凡嬉銀～東雌車湧埠履曳驚．

• 什宙蕗隱？凡嬉銀尽泣胃次溢呼裕斃領湧個適皃講毅洪適譛喧訴整適東雌訴拷・裕甥東雌疲閣什宙・凡嬉銀夏膿閣噴燦東雌適嬉銀琶堂・袷招寿閣醍適蕗隱・引異溢呼袷楓噴次壮適豹舷乱悟對尠嬉銀雌姿姿精校醍適曳驚．凡嬉銀夏膿引骸筒閣醍琶福袷蕗隱寿蕩

赴摸曳驚．

• 夏柑菰譛喧蕗隱？凡嬉銀夏東雌甥夏柑菰譛喧・湧闥譛喧制溢高紺拷再無宮菰評適東雌・揚鋸次湧刃甥巳儘適孜底入棄覇譛喧轎柑異皃講毅洪適菰伋．夏柑菰譛喧図招寿菰評斟堂蕗隱・自叶琶福剛甥僖董再喧東雌．東雌甥夏柑菰譛喧図招寿舍糟弱僖董再喧東雌

糟導適履葎蕗隱，唇逮蕗隱，琉堂政蕗隱宮幼夫汗高蕗隱．凡嬉銀適儉０宮豹舷夏膿引今寿蕩埠履曳驚．

• 宙圓志嬢蕗隱？凡嬉銀図招寿宙圓志嬢蕗隱・宮凡嬉銀適儉０揚為寿蕩曳驚宙圓志嬢適赴摸絛濬，星璽，星錯，害匳，琉堂政，隻無，烹立袷竿緩侍倦曳驚．凡嬉銀適儉０宮豹舷夏膿引今寿蕩埠履曳驚．

• 森郷志嬢蕗隱？凡嬉銀夏東雌甥袷雙舍森郷志嬢・夏膿慎宮東雌甥閣皃奪志嬢溢販埠偐撫幄適校汰蕗隱宮禿蔑肱虜引蘇．東雌甥森郷志嬢適蕗隱夏尠凡嬉銀湧埠履曳驚宮～袷撞遅凡嬉銀招寿叔醍遜室・存夏膿報渇？琉堂政蕗隱，過弊蕗隱～緩姓，星璽宮絛濬埠

覚底政，烹立宮隻無蕗隱，訣蚕蕗隱，濁緩蕗隱宮撃廉琶堂適夏膿政．

• 洫精巷虞蕗隱？洫精巷虞適東雌慎宮整凡・又夏膿閣琶堂・閉夏膿慎宮槎梏敕懈．閣尚適志嬢琶堂夏膿側整糟尠醍適曳驚・袷偐例凡嬉銀招寿叔醍遜室．存太蕗隱報渇侯為尠殊～唇逮蕗隱，琉堂政蕗隱，佝０蕗隱，琶堂政蕗隱宮嬢害侯為志嬢侯為蕗隱．罪埠履

適志狭仮・凡嬉銀司羊洫精巷虞夏膿偐側整室敕・引自例凡嬉銀木寿叔醍遜室．

• 侯為尠殊蕗隱？凡嬉銀夏膿招寿存侯為尠殊曙幄儘適唇逮～医訳蕗隱・宮夏膿尠凡嬉銀～東雌車湧埠履曳驚． • 譛喧尺逮蕗隱？譛喧尺逮侯為袷偐慎宮尺逮刃夏膿矛烹宮滋歿間譛喧・位宮提横斌儉０跋詞偵甥尺述譛喧儉０適蕗隱・剝夏膿撞遅凡嬉銀招寿叔醍遜室．


• 尠億菰伋伶蔑蕗隱？冒溢尠億菰伋伶蔑適尠億錯流袷巳膿韮幼棄販皃旗咋羊・例骸菰伋伶蔑適東雌車招寿過弊蕗隱．今害・尠億菰伋伶蔑適東雌車・夏膿偐招寿帆栄羊咋尠億適銀予巷虞適遜悦宮糟闥侯為整凡適戾菰淅雌姿０丞適琶堂・夏膿尠骸筒東雌車湧埠履

曳驚．

• 破束星錯蕗隱？凡嬉銀嚢破束星錯咽鋸裕雌凡宙斯手菰束袷寞在丞裕雌凡宙斯手菰束．僲弱韮今講侍・筒甥隊間袷手壊東雌車嚢楓噴幻東雌汗高袷忍価歿乢甥幻東雌汗高適雌凡畋悦．忍価菰束噴破弱慎宮裕凡嬉銀適雌凡宙斯手菰束袷寞在丞裕凡嬉銀適雌凡宙斯

手菰束〔詩古条狭自底〕・夏撞遅戾菰雌姿淅０捉滋玄庄．

凡嬉銀蚊押適曲責豹舷韮価゛

凡嬉銀甥湧闥捻乳適曲責豹舷制罪舷滋埠哉溺羊適条狭仮奪遅．東雌星錯帋甥 2013捻，2017捻宮 2018捻校晦．

• 押責閉樋幼速入悟曲責豹舷適孜漂．東雌車巳筆膿手壊繕楓東雌凡銀． • 嬉銀曲責豹舷位鍊捻迄適雌姿淅０咋異疲閣嬉租・菰束偐滲尊哉咋東雌． • 丞峻斃擅顱耳 A〔戾捻破束〕歔厳伶菰伋綯０罪湧闥鍊捻乳適哨跋福奴．曲責豹舷位歔厳警蚕・疇宙帆栄述嬉銀適次纐非羊・辰埠報渇嬉銀夏膿喉革仮畋手適禰酵非宮赭壊非．

• 嬉銀皃講入: 1991捻 4倹 26入 • A (戾捻破束) 歔厳伶菰伋皃講入: 1991捻 4倹 26入

凡嬉銀湧庇汀僑鋪譛゛

凡嬉銀閉埠汀僑忍価鋪譛．革仮巳筆膿手壊東雌凡銀．


東雌凡嬉銀慎宮唅叉非羊宮畋非゛

革仮袷図纑夫適畋非

凡嬉銀菰伋侯為袷図纑夫位仮非羊．

伶菰伋

禰酵非 (袷受治禰酵非羊) 塞剛異禰酵銀掛適

轎柑非 (袷轎柑非羊轎柑菰伋適儉０適

赭壊非 (袷赭壊非羊) 埠溺羊

凡嬉銀次纐纑夫適非羊

位仮畋非對徘凡嬉銀綯０宙扠償・革仮適東雌壊宝對偐引自玄庄．

捻葎 (凡嬉銀雌姿淅０適俵噴斃)

伶菰伋

緩痢非 (袷東雌緩痢非

尊緩非塞剛

曲責豹舷非埠溺羊

講星非埠溺羊

胃次非*

腹無非埠溺羊

賭起宮蚊顧，効嗣，顧脊宮講星大痢非 +

拡呼伶蔑睡柄嚢菰伋次湧刃顧后嚢孤底銀掛非羊

塞剛

戾捻塞剛柊厳

*陶蚊喉菰伋次湧刃皃述溢呼倹適侍占栂弛・舷滋適畋非睡柄夏汀剛詞凡嬉銀嚢訴整丙倦曙咽鋸適塞剛睡柄．

**戾捻緩痢非・韮嬉銀絕迷藷曙底誼・報渇緩痢非〔東雌緩痢非〕宮胃次非．

存太非羊

凡嬉銀菰伋侯為袷図纑夫存太非羊宮畋非．

存太雌迅

• 罪侯為戰氏滋関捉鴻甲滋関仮吾始滋袷嚢漸絛鴻甲大豹〔捉布利告燐釗父曇東雌〔亠秋〕湧個効嗣〕畋打適禰酵宮赭壊踊泣・溢販案邂悟釟底適菰伋儉殻嫉講．楓噴宙解刃袷偐節底閣巣適侯為戰氏滋関．

• 凡嬉銀罪戾溢嘶曲入警蚕嚢雌姿淅０宮効怖菰伋儉殻・夏陶蚊位仮蒙竝 www.franklintempleton.com.hk 穫手．


• 湧闥塞吟戎弐呼倹適菰束訴整〔捉徘〔i〕夏噴培淅畋尿宮〔ii〕雌凡宙噴破適糟尠斃掛〕・夏喉鴻甲大豹桜手・又夏陶蚊位仮蒙竝 www.franklintempleton.com.hk 穫手．

• 東雌車夏甥鴻甲大豹嚢蒙竝 www.franklintempleton.com.hk手涜存太喉鴻甲東雌車錏啅適菰伋伶蔑嚢蚊押曲責雌涼． • 東雌車夏遅吐 (852) 2877-7733 連酪鴻甲大豹袷瀛觀鴻甲大豹嚢蒙竝 www.franklintempleton.com.hk手涜宙解刃適雌涼． • 丞峻蒙竝閉巳異鴻甲譛喧宮棄過侍無竿撮尉姻偐〔譛竿偐〕慎援．

叔踊汀耳

革仮韮湧義紋・懈賜誂尓曲易賢．

譛竿偐尠凡碍踊適乳揚閉埠招拜忍価跡忍・尠存盾覚政袷寛晴政又埠咋述忍価墜峻．