Bjorn Davis
About Bjorn Davis
Bjorn A. Davis (born 1965) serves as Chief Compliance Officer (CCO) of Templeton Emerging Markets Income Fund (TEI), appointed by the Board and in the role since October 2024. He is a Vice President in Franklin Templeton Global Regulatory Compliance US Advisory Services and CCO across multiple Franklin entities; previously Director of Global Regulatory Compliance and CCO at K2 Advisors (2011–2023) . TEI context: the Fund delivered strong returns in 1H25 with +18.08% NAV total return and +23.07% market-price total return; NAV rose to $6.36 at 6/30/25 from $5.65 at 12/31/24, and net assets reached $300.3M .
Fund performance (context):
| Metric | Period End | NAV Total Return | Market Price Total Return | NAV ($) | Market Price ($) |
|---|---|---|---|---|---|
| 6M Performance (to 6/30/25) | 6/30/25 | +18.08% | +23.07% | $6.36 | $6.00 |
| 1-Year | 6/30/25 | +20.44% | +24.72% | — | — |
| 5-Year (Avg Annual) | 6/30/25 | +2.44% | +5.03% | — | — |
| 10-Year (Avg Annual) | 6/30/25 | +1.37% | +3.14% | — | — |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton Global Regulatory Compliance US Advisory Services | Vice President | Since 2023 | Regulatory compliance leadership across advisory services |
| Franklin Advisers, Inc.; Franklin Mutual Advisers LLC; Franklin Templeton Institutional LLC; Templeton Investment Counsel LLC; Templeton Global Advisors Limited | Chief Compliance Officer | Since 2023 | CCO oversight across multiple registered advisory entities |
| Franklin Templeton Global Regulatory Compliance | Director | Prior to 2023 (former) | Led global regulatory compliance function |
| K2 Advisors, LLC | Chief Compliance Officer | 2011–2023 | Hedge-fund advisory compliance oversight |
| K2/D&S Management Co., LLC | Chief Compliance Officer | 2011–2023 | Alternatives platform compliance oversight |
External Roles
| Organization | Role | Years | Relation to TEI |
|---|---|---|---|
| K2 Advisors, LLC | Chief Compliance Officer | 2011–2023 | External to TEI; affiliate of Franklin Templeton |
| K2/D&S Management Co., LLC | Chief Compliance Officer | 2011–2023 | External to TEI; affiliate of Franklin Templeton |
Fixed Compensation
| Component | Disclosure Status | Notes |
|---|---|---|
| Base Salary | Not disclosed | Officers’ salaries/expenses are paid by the Investment Manager or its affiliates, not by the Fund . |
| Target Bonus % | Not disclosed | No officer bonus data provided in TEI proxy/N-CSR . |
| Actual Bonus Paid | Not disclosed | No officer bonus data provided in TEI proxy/N-CSR . |
| Perquisites | Not disclosed | No officer perquisite details in Fund filings . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
- TEI filings do not disclose performance-linked compensation structures, metrics (e.g., TSR/EBITDA), or vesting for executive officers .
Equity Ownership & Alignment
| Item | Data |
|---|---|
| TEI shares outstanding | 47,228,418 |
| Trustees and officers as a group ownership | Less than 1% of outstanding shares |
| Bjorn A. Davis beneficial ownership in TEI | Not disclosed in proxy/N-CSR |
| Principal holders | First Trust Portfolios LP: 9.16% (as of 1/17/24) ; Evergreen Capital Mgmt LLC: 6.43% (as of 9/30/25) |
| Shares pledged as collateral | Not disclosed for officers |
| Stock ownership guidelines (officers) | Not disclosed; Board investment policy applies to Trustees, not officers |
| Section 13/16 reporting setup | Bjorn Davis executed a Limited Power of Attorney for SEC Section 13/16 filings (dated Aug 21, 2024) . |
Governance note: TEI is subject to Delaware control share provisions limiting voting rights above thresholds unless reinstated by shareholder vote .
Employment Terms
| Term | Details |
|---|---|
| Appointment & Tenure | Officers are appointed by Trustees and serve at the pleasure of the Board; Davis is CCO since October 2024 . |
| Role & Responsibilities | Board receives regular compliance reports; Independent Trustees meet with the CCO; the CCO presents an annual written compliance report; Fund adopts compliance policies and procedures . |
| Contract Term/Expiration | Not disclosed in Fund filings . |
| Severance / Change-of-Control | Not disclosed in Fund filings . |
| Non-compete / Non-solicit / Garden leave | Not disclosed in Fund filings . |
| Clawback / Tax gross-ups | Not disclosed in Fund filings . |
Investment Implications
- Compensation alignment: Absence of disclosed officer cash/equity compensation, targets, and vesting precludes pay-for-performance analysis; officer salaries are paid by the Investment Manager (Franklin Advisers) rather than the Fund, limiting direct linkage to TEI performance .
- Insider selling pressure: No Form 4 activity for Davis is available in Fund filings; while a Section 13/16 POA exists, individual TEI holdings for officers are not disclosed; group ownership is <1%, suggesting minimal direct insider ownership pressure on TEI shares .
- Retention risk: Employment terms (non-compete, severance, CoC) are not disclosed, preventing assessment of retention economics; officers serve at Board’s pleasure, with CCO responsibilities integrated into regular Board compliance oversight .
- Trading signals context: TEI’s managed distribution plan at a fixed $0.0475/month persisted through 2025, with YTD distributions largely from net investment income (94%) and some return of capital (6%), while Fund returns in 1H25 were strong; investors should consider the interplay of leverage ($65M credit facility), distribution sustainability, and macro EM debt conditions rather than insider activity for signals .
Managed distribution detail (2025):
| Item | Amount |
|---|---|
| Monthly distribution per share (Aug 2025) | $0.0475 (100% NII) |
| FY25 YTD cumulative distribution per share (to 7/31/25) | $0.3325 (94% NII; 6% ROC) |
Leverage & facilities:
| Facility | Commitment | Maturity | Outstanding (6/30/25) | Rate |
|---|---|---|---|---|
| Senior secured revolving credit (BNS) | $65,000,000 | Jan 9, 2026 | $65,000,000 | SOFR + 0.90% |
Overall: With limited officer-level compensation and ownership disclosures, governance and compliance structure—where the CCO is embedded in Board oversight—appears robust, but it does not translate into investor-visible pay/ownership alignment. TEI trading signals should rely on portfolio, leverage, distribution composition, and EM credit/currency dynamics rather than insider behavior at the Fund level .