What the World Cup teaches us about investing...
...and how to capture growth
Playing the game of growth: emerging markets take a central position
At the World Cup, 48 nations step onto the global stage, each chasing the same prize.
Some arrived as favourites. Others as outsiders. A few were written-off before a ball was kicked.
But football has a habit of reminding us that the old pecking order does not always hold.
The same is true in the global economy.
Still thinking of emerging markets as the underdogs?
For many UK investors, “emerging markets” may still sound like the financial equivalent of a tricky away fixture: unfamiliar, unpredictable and best left to specialists.
That view is increasingly out of date.
Emerging markets are no longer bit-part players on the world stage. They are a driving force in the global economy, accounting for around 65% of global GDP growth - a figure that many investors may not realise, but one that is hard to ignore.
From the bench to the starting XI
At this World Cup, 10 teams will come from emerging market countries, including Brazil, Mexico, South Korea, South Africa and Turkey.
But the bigger story stretches far beyond the tournament.
Emerging markets cover 24 economies, including China and India, two global heavyweights that will not be represented on the pitch but are central to the economic contest unfolding off it.
Together, these markets are not warming the bench.
They are helping to set the pace.
Global growth: are you keeping up with the game?
The game of growth is changing fast.
The International Monetary Fund reports that emerging markets are growing at double the rate of advanced economies, reflecting their dynamic nature.
That is not a place on the bench.
That is a place in the starting XI.
Share of global GDP growth (at market exchange rates)
Source: IMF, WEO, October 2025.
Are you underexposed to growth?
"For investors, that raises an important question: if emerging markets are playing such a big role in the future of the global economy, does your portfolio reflect that?
Here is a twist that many investors may not realise.
Despite their economic impact and growth, emerging markets often remain underrepresented in global indices and investor portfolios.
That gap matters.
Emerging markets make up more than 40% of the global economy and are responsible for nearly two-thirds of global growth, yet many popular “global” equity indices allocate less than 10% to them.
That creates a striking mismatch between where economic growth is coming from and where many investors’ money may actually be invested.
Many investment benchmarks (like the FTSE100 or S&P500) are typically weighted by the stock market value of companies.
As a result, developed markets, especially the US, dominate many global portfolios, while emerging economies can be left on the bench.
For investors, that raises an important question: if emerging markets are playing such a big role in the future of the global economy, does your portfolio reflect that?
Not everyone can make the team
An active approach (where managers select companies and create a portfolio) can look beyond the biggest names in an index and focus on companies with the quality, resilience and growth potential to benefit from long-term economic change.
They may be companies with leading positions in their local markets, exposure to powerful structural trends, or the ability to compete globally from an emerging market base.
In World Cup terms, it means picking a squad and selecting the players best suited to the match ahead.
Meet the team
TEMIT's All-star XI: a quality selection from emerging markets
TEMIT’s emerging markets XI
The challenge is to identify the companies best placed to benefit from the next phase of global growth.
That means looking across markets, sectors and the full emerging world to identify businesses with the quality, resilience and long-term growth potential to compete on the global stage.
To bring that idea to life, we have built a World Cup XI of our own using companies held in Templeton Emerging Markets Investment Trust (known as TEMIT) the original emerging markets investment trust and the largest of its kind.
Drawn from emerging market countries competing in the tournament, this team brings together companies with different strengths, from different sectors, offering a range of products and services.
Together, they show how emerging markets exposure is not about backing a single economy or theme.
It is about building a balanced portfolio of quality companies positioned to benefit from long-term structural growth.
One that generates returns for shareholders.
Goalkeeper
1. Discovery
Defence
2. Banorte
3. Petrobras
4. Vale
5. BIM Birlesik
Midfield
6. Itaú
7. Samsung Electronics
8. Netcare
Attack
9. SK Hynix
10. Naver
11. TOTVS
Working together as a team
A balanced equity portfolio is like a well-built football team: success depends not on one star player, but on how different strengths work together.
Just as a team needs pace, experience, discipline and creativity across positions, a portfolio benefits from diversification by sector, style, maturity, and risk profile.
The aim is balance: enough defence to endure pressure, and enough attack to win.
Here’s how that team takes shape on the pitch.
1. Discovery
Stability
A goalkeeper’s job is to protect the team – and Discovery plays that role in South Africa’s financial system.
It provides health and life insurance alongside a fast-growing digital bank. Built around a distinctive model that uses data and incentives to encourage healthier behaviour and reduce long-term claims, it now impacts over 40 million lives globally.
That approach sets it apart from traditional insurers, combining essential services with a smarter way of managing risk.
Discovery’s strong domestic position and recurring income streams bring resilience to the team – helping to preserve value when it matters most.
Key stats:
- $2.6bn 2026 estimated revenue
- 15,000 employees
- 2 years in the portfolio
2. Banorte
Domestic strength
Banorte is one of Mexico’s largest banks, built around its domestic market – giving the team strength at the back.
It focuses on retail and commercial lending, with a predominantly local franchise that benefits directly from economic growth at home.
That positioning gives it a clear advantage, combining strong market knowledge with a loyal customer base.
Like a centre-back who reads the game, Banorte keeps things organised and reduces the need for last-ditch defending.
Key stats:
- $9.8bn 2026 estimated total income
- 31,376 employees
- 3 years in the portfolio
3. Petrobras
Energy backbone
Petrobras is one of the world’s largest oil producers – the kind of presence that shapes how the game is played.
It operates some of the most productive offshore oil fields globally, with deepwater reserves in Brazil’s pre-salt basins that have transformed the country into a major energy exporter.
Our preference for Petrobras in the oil & gas industry hinges on the company’s large cash generation and high dividend yield.
When the match stretches, Petrobras is still there – supplying the energy that keeps everything moving.
Key stats:
- $95.0bn 2026 estimated revenue
- 41,700 employees
- 4 years in the portfolio
4. Vale
Core materials
In a game played on a global stage, Vale operates at a scale few companies can match, supplying the iron ore that global industry is built on.
Its production feeds directly into steelmaking, linking the business to construction, infrastructure, and manufacturing activity around the world.
With exports reaching key markets such as China, its performance moves with the pace of global growth and demand for raw materials.
A defender who wins the physical battles, Vale brings the weight and presence needed to compete.
Key stats:
- $42.3bn 2026 estimated revenue
- 174,000 employees
- 7 years in the portfolio
5. BIM Birlesik
Consumer resilience
In every team, there are players you can rely on to turn up week after week – and BIM is built around that kind of consistency.
It operates a low-cost retail model focused on everyday essentials, with a dense store network that reaches millions of consumers across Turkey, as well as Morocco and Egypt.
This positioning becomes even more powerful when household budgets are under pressure, as shoppers trade down and prioritise value.
BIM might not be the flashiest player, but it’s one you’d always have in your starting line-up.
Key stats
- $19.9bn 2026 estimated revenue
- 95,630 employees
- 1 year in the portfolio
6. Itaú
Financial anchor
A midfielder that keeps the team moving, Itaú helps channel capital across Brazil’s economy.
As one of the country’s largest financial groups, it provides banking, insurance, and fee-based services across retail and corporate markets, supported by a scaled domestic franchise.
We invest because that scale creates a clear advantage. In our view, Itaú has a high-quality franchise and strong management team. The low penetration of financial products in Brazil provides an opportunity for it to increase market share via its strong distribution network.
Scale and stability make Itaú central to the team – underpinning activity across the system.
Key stats:
- $36.3bn 2026 estimated total income
- 96,219 employees
- 17 years in the portfolio
7. Samsung Electronics
Technology engine
When a team is pushing forward, it needs players who can drive the tempo – and Samsung does that across the global technology market.
It is a global leader in memory chips, supplying the components that power everything from smartphones to data centres and AI systems.
Its reach puts it deep within the global technology supply chain, with performance tied to demand for computing, connectivity, and digital infrastructure.
As the game accelerates, Samsung is where the creative spark and power come from.
Key stats:
- $441.7bn 2026 estimated revenue
- 262,647 employees
- 11 years in the portfolio
8. Netcare
Defensive balance
Every team needs players who are there when it matters – and Netcare delivers that through its network of hospitals and healthcare services.
It provides private healthcare across South Africa, treating patients through the country’s largest private hospital network that people rely on every day.
That demand remains consistent regardless of the economic cycle, giving the business a steady role within the wider system.
When it matters most, Netcare is where the team turns for support.
Key stats:
- $1.6bn 2026 estimated revenue
- 20,000 employees
- 4 years in the portfolio
9. SK Hynix
Forward momentum
As the game opens up, this is where attacks are converted – and SK Hynix is built for that moment.
It focuses on memory chips, producing DRAM and NAND – the components that store and process data – and is also a leading supplier of high-bandwidth memory (HBM), with a dominant share of the market powering AI systems.
This places the business directly in line with one of the most powerful trends in global technology.
When the opportunity comes, SK Hynix is there to take it.
Key stats:
- $225.3bn 2026 estimated revenue
- 46,863 employees
- 2 years in the portfolio
10. Naver
Platform creator
A forward that creates chances as well as taking them, Naver connects millions of users across South Korea’s digital ecosystem.
Built around the country’s leading search engine, it brings together commerce, content, and financial services in a single ecosystem, making it a key gateway to online activity.
We invest because Naver’s business execution is hard to replicate.
As the gateway to online activity, Naver is the route through which attacking play develops.
Key stats:
- $9.0bn 2026 estimated revenue
- 4,535 employees
- 8 years in the portfolio
11. TOTVS
Revenue driver
In attack, not every contribution is visible – and TOTVS plays that role across Brazil’s business landscape.
It develops enterprise software that helps companies manage operations, finances, and customer relationships, particularly across small and mid-sized businesses.
With over 50% market share in Brazil, it is deeply embedded in the domestic economy, supporting businesses as they grow, scale and generate revenue.
TOTVS may not take the shot, but it’s behind the moves that make them possible.
Key stats:
- $1.6bn 2026 estimated revenue
- 11,649 employees
- 11 years in the portfolio
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A quality line up
"It is a ready-made emerging markets line-up, built for investors who want exposure to long-term growth potential without having to pick individual companies themselves."
The World Cup is a reminder that talent is everywhere.
Some of the most exciting players on the global stage are no longer coming only from established economies. They are emerging from fast-growing markets, building businesses, technologies and consumer brands that are shaping the world we live in.
The question is: how do you get access to that growth?
A ready-made emerging markets squad
Templeton Emerging Markets Investment Trust, known as TEMIT, offers a straightforward way in.
Through one investment, shareholders gain access to a carefully selected portfolio of more than 80 high-quality companies across dynamic economies including India, China, Brazil, Taiwan and beyond.
It is a ready-made emerging markets line-up, built for investors who want exposure to long-term growth potential without having to pick individual companies themselves.
Backed by local insight
In football, the strongest teams are built on scouting, experience and depth.
TEMIT follows the same principle.
The trust is managed by Franklin Templeton’s experienced emerging markets team, drawing on deep local insight from more than 100 investment professionals across 17 countries.
That matters because emerging markets are not one single story. They span 24 countries, each at a different stage of economic development, each offering different opportunities and risks.
Together, they account for a significant share of global growth - and TEMIT is designed to help investors access that potential.
Buying a share gives you access to a balanced portfolio of companies operating in markets that can often be tricky for individuals to access - and keep track of.
Selecting the right team: quality in key positions
"...emerging markets are no longer just supplying the global economy. Increasingly, they are leading it."
Like any winning team, success depends on how well the parts come together.
TEMIT invests in companies the team believes have strong long-term growth prospects, resilient business models and the ability to compete on the world stage.
Its portfolio includes businesses at the cutting edge of their sectors.
BYD, the Chinese electric vehicle leader, is already becoming a familiar name on UK roads.
TSMC, Taiwan Semiconductor Manufacturing Company, is central to the advanced microchip industry and plays a vital role in the technology used every day.
MediaTek helps power connected devices around the world.
Together, these companies show how emerging markets are no longer just supplying the global economy. Increasingly, they are leading it.
Take your next step now
The World Cup brings emerging nations into focus for a few unforgettable weeks.
But the investment opportunity could last far longer.
With one single share in TEMIT, you can gain instant access to a professionally managed portfolio of emerging market companies. Highly rated and award-winning, TEMIT remains the UK’s largest emerging markets investment trust
With a track record of more than 35 years, assets of over £2.5 billion and a place in the FTSE 250, TEMIT provides a straightforward gateway to emerging market opportunities.
Becoming a shareholder - it's easy
To find out more about how to invest visit TEMIT's website.
TEMIT is available on the UK's leading investment platforms - use the ticker TEM:L to find it.
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This material is intended to be of general interest only and should not be construed as investment advice. It does not constitute legal or tax advice, nor is it an offer for shares or invitation to apply for shares of Templeton Emerging Markets Investment Trust PLC (“TEMIT”). TEMIT is an alternative investment fund (“AIF”) for the purposes of the UK AIFM Directive and is incorporated as a public limited company in Scotland.
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