SINGAPORE: Templeton Asian Growth fund, managed by star stock picker Mark Mobius, ended its six-year reign as the biggest equity fund in Asia ex-Japan after suffering a second straight quarter of investor withdrawals and underperforming its benchmark.
Asia-focused funds have broadly shrunk in the past year due to concerns about capital outflows in the run-up to higher U.S. interest rates. In the case of Templeton Asian Growth fund, investors yanked out a net $500 million in January-to-March for the second straight quarter.
