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NEW YORK - Four closed-end funds managed by Franklin Templeton and Putnam announced their share repurchase activity for the second quarter of 2025, according to a press release issued Monday.
Putnam Municipal Opportunities Trust (PMO) led the group with 690,423 shares repurchased during the quarter. Putnam Managed Municipal Income Trust (PMM) bought back 280,433 shares, while Templeton Dragon Fund (TDF) and Templeton Emerging Markets Fund (EMF) repurchased 59,196 and 52,676 shares respectively. EMF, currently trading near its 52-week high of $15.08, has demonstrated strong performance with a 25.38% return over the past six months, according to InvestingPro data.
Since the inception of their repurchase programs, PMM has bought back the most shares at 18,381,419, followed by PMO with 17,414,975 shares. TDF has repurchased 9,416,184 shares while EMF has bought back 3,137,210 shares. EMF currently offers a notable 5.95% dividend yield and has maintained dividend payments for 23 consecutive years.
The funds’ boards have authorized share repurchases when the funds are trading at a discount to their net asset value (NAV). According to the statement, the repurchased shares are canceled, and the difference between the purchase price and NAV creates incremental accretion to each fund’s NAV for all common shareholders. Discover more insights and financial metrics with InvestingPro, including 8 additional ProTips for EMF.
All four funds are traded on the New York Stock Exchange. The funds’ repurchase activities will be disclosed in their respective shareholder reports for the relevant fiscal period.
Franklin Resources, Inc. is the global investment management organization that operates as Franklin Templeton and manages these funds.
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