1、GLOBAL PUBLIC FUNDS 2024Funds refocus on investments for the long termNEW HORIZONSFixed incomeflexible solutionsSpecialist solutions for a changing worldNegotiating the challenges of fixed income requires flexible thinking.Our suite of active specialist managers bring you diverse and innovative solu

2、tions in credit,emerging market debt,unconstrained fixed income,municipals and more.This information has been provided for informational purposes only and should not be construed as investment advice or a recommendation.Prospective investors should consult a financial professional in order to determ

3、ine whether an investment product is appropriate for their particular circumstances.Fixed-income securities involve interest rate,credit,inflation,and reinvestment risks;and possible loss of principal.As interest rates rise,the value of fixed income securities falls.Active management does not ensure

4、 gains or protect against market declines.2024 Franklin Templeton.All rights reserved.US-GFIM-3641512-3541512-FIC-AD-GYM-1124-A4.indd 1 OMFIF.ORG3CONTENTS5 FOREWORD Back to the future.Falling inflation means global public funds can get back to what theyre best at:long-term returns6 EXECUTIVE SUMMARY

5、 New horizons.Funds are getting back to basics,turning their focus to the long term and prioritising returns over liquidity8CHAPTER 1:MACRO TRENDS AND INVESTMENT STRATEGIESLooking into the distance.Funds are turning to riskier investments as worries about inflation have eased 14 CHAPTER 2:GEOGRAPHIC

6、 ALLOCATIONHome or away?India is being favoured over China within emerging market portfolios,while some funds are prioritising domestic exposure over international20CHAPTER 3:SUSTAINABLE INVESTMENTSIn transition.Global public funds are adapting their approaches to sustainable finance81420GLOBAL PUBL