Mobius stays the course even as valuations soar

Singapore

EMERGING market valuations are high relative to history, and tech companies are having a disproportionate impact on indices.

But the Templeton Emerging Markets Group still feels that the bulk of what they own is undervalued.

Senior investors there said that this year, one in four portfolio companies were replaced by new ones, a turnover rate in line with historical levels of 20-25 per cent.

"We try to stick to fundamentals, in companies that will continue to grow relative to their price," said …