Live Tweet blog of the Franklin Templeton call

Sanjay Sapre is giving a summary
- Six funds wound down
- Voluntary wind down
- This was only way and the most difficult choice
- COVID has led to significant reduced liquidity in debt markets
- and also higher redemptions

(1/n)

Sanjay Sapre - Franklin Templeton

- Inflows reduced significantly
- No longer possible for schemes to generate liquidity for redemptions
- Scheme resorted to borrowing as per SEBI limits
- No time line in future was clear due to Covid19
- Have evaluated all possibilitie
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Franklin Templeton Call

- Continuation of funds would have led to people leaving benefiting and investors staying back bearing the cost
- Hence this was in the best interest of all investors
- All txns recd till 23rd Apr cut-off time will be honored and paid in full
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Franklin Templeton Call

- Trustees will see that overall portfolio will be liquidated in best possible way
- Daily NAV will be declared
- Will not charge and Fund management charges in future

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Franklin Templeton Call

- All these funds were part of "Managed-Credit" strategy (Credit Risk )
- While lockdown was necessary to contain pandemic, but has led to debt markets significant impact
- It is unclear on how long it will take for cos to come back to normal
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Franklin Templeton Call
- Believe that this strategy to wind down is the best possible strategy for existing investors
- FT is committed to India
- other funds/schemes of FT are in no way impacted and manged by independent fund manager
- FT has 20 yr+ track record in INdia
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Franklin Templeton Call

- Extra ordinary decision to windown was necessary

Sanjay Sapre with this closes his opening statement and hands it to over Vivek Kudwa

(7/n)

Franklin Templeton Call

Vivek Kudwa (Head of Franklin Templeton - MENA and India) starts his statement

- Difficult but right thing to do
- Best way to preserve value for existing investors
- Deep commitment to India by Franklin Templeton
- Outstanding franchise in India

(8/n)

Franklin Templeton Call

- One third of total global work force of Franklin Templeton is in India
- New Data science facility in Vizag
- Committment is huge to India
- No one anticipated CoVid19

(9/n)

Franklin Templeton Call

Update - Call Quality and signal has deteriorated and there is no clarity on what is being spoken. Hence updates will be updated when call quality is restored

(10/n)