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Mobius' frontier fund re-opened after four-year freeze

Mobius' frontier fund re-opened after four-year freeze

Franklin Templeton will reopen the frontier markets equity fund managed by Mark Mobius and Carlos Hardenberg at the end of May 2017, the company has announced.

The Templeton Frontier Markets fund was closed to new investors in May 2013 due to capacity constraints.

At the time the fund had around $2.12 billion in assets under management. According to the latest available fund fact sheet for March 2017, the fund currently has $868 million in assets under management.

Commenting on the reopening Hardenberg, who is the director of frontier markets at Templeton Emerging Markets Group, said frontier markets offered long-term investors access to some of the fastest growing economies in the world.

‘These countries offer more and more diverse investment opportunities to investors. In the past there were just a few sectors open and available, now we have seen a number of new IPOs and new business that are available to stock market investors and that is exactly where we want to be positioned,’ Hardenberg told Citywire Selector.

‘We also see that there is a more globally diverse opportunities with countries that were not previously investable are slowly becoming investable. It really is a very unique addition for investors who are seeing the benefits of more diversification and immense undervaluation that we are seeing in these markets.’

The reopening of the fund follows the announcement Mobius is stepping back from 12 of the 13 Luxembourg-registered fund that he manages.

On May 31, Mobius formally step down from the Templeton Frontier Markets fund, with Ahmed Awny and David Haglund joining as managers. Hardenberg will assume the role of lead manager.

Over three years to the end of Mark 2017 the Templeton Frontier Markets fund lost 4.19% in US dollar terms. This compares to a fall of 7.76% by its Citywire-assigned benchmark, the MSCI Frontier Markets TR USD, over the same time frame.

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