In plain terms — Templeton Emerging Markets Income Fund
Shares currently cost about 9.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 6.1% discount, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.3% a year of the share price (9.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.10 of assets — a ReinvestCapture™ rate of 11.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 23.4% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -6.66% | 2.35% | -1.59 | 64 |
| 6 months | -6.68% | 1.92% | -1.94 | 126 |
| 1 year | -6.14% | 1.89% | -2.25 | 250 |
| 3 years | -7.88% | — | — | — |
| 5 years | -8.22% | — | — | — |
Current contemporaneous premium/discount -10.40% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.68% to -1.85%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.67% | -9.02% | -4.65% | -0.97% | +10.31% | -4.59% |
| Market price total return | -4.87% | -6.75% | +2.13% | +18.82% | +25.24% | +7.75% |
| NAV return | -2.12% | -2.26% | +2.22% | +3.90% | +9.57% | -2.74% |
| NAV total return | -1.36% | +0.02% | +9.00% | +23.44% | +23.29% | +8.80% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Templeton Emerging Markets Income Fund functions as a closed-end mutual fund specializing in fixed-income, originally established by Franklin Resources, Inc. and currently managed by Franklin Advisers, Inc. Its investment approach centers on debt instruments within developing economies worldwide, primarily seeking out bonds issued by national governments, government-affiliated organizations, and private corporations. The fund's performance is gauged against the J.P. Morgan Emerging Markets Bond Index. This U.S.-domiciled fund commenced operations on September 23, 1993.
CEF Explorer research page for Templeton Emerging Markets Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.