Michael Hasenstab
About Michael Hasenstab
Michael Hasenstab, Ph.D. serves as President and Chief Executive Officer—Investment Management of Templeton Emerging Markets Income Fund (TEI) and has held this role since 2018; he is listed with year of birth 1973 and serves at the pleasure of the Board . His principal occupation during at least the past five years includes Executive Vice President at Franklin Advisers, Inc., and officer roles across Franklin Resources subsidiaries and multiple Franklin Templeton investment companies . As Lead Portfolio Manager, he signed TEI’s semiannual reports in 2024 and 2025, reflecting direct accountability for portfolio decisions and performance communication to shareholders . TEI’s recent performance improved year-over-year: 1-year cumulative total return based on NAV rose from +11.75% as of 6/30/24 to +20.44% as of 6/30/25, while market price total return rose from +15.53% to +24.72% over the same period ; TEI’s NAV increased from $5.81 (6/30/24) to $6.36 (6/30/25) and market price from $5.33 to $6.00 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Advisers, Inc. | Executive Vice President | Past 5+ years | Senior leadership of fixed income and emerging markets strategies; officer across Franklin Resources subsidiaries and investment companies |
| Franklin Templeton fund complex | Officer of multiple investment companies | Past 5+ years | Operational oversight and governance roles within the broader fund complex |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Templeton Emerging Markets Income Fund | Lead Portfolio Manager (signatory to shareholder letters) | 2024–2025 | Portfolio management of emerging markets fixed income; shareholder communications on portfolio and performance |
Fixed Compensation
TEI does not disclose officer-level cash compensation; officers are paid by the Investment Manager or its affiliates, not by the Fund .
| Item | Disclosure |
|---|---|
| Base salary | Not disclosed; salaries paid by Franklin Advisers, Inc. or affiliates (not Fund expenses) |
| Target bonus % | Not disclosed in TEI filings |
| Actual bonus paid | Not disclosed in TEI filings |
| Perquisites | Not disclosed in TEI filings |
| Pension/SERP | No pension or retirement benefits accrued as Fund expenses |
Performance Compensation
Performance-linked incentive details for TEI’s officers (metrics, weights, targets, payouts, vesting) are not disclosed by the Fund; compensation is determined and paid by the Investment Manager .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed by TEI | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
| Metric | Detail |
|---|---|
| Beneficial ownership (Hasenstab) | 100 shares of beneficial interest, Direct (Form 3 dated 12/31/2018; filed 01/10/2019) |
| Shares outstanding | 47,228,418 shares outstanding as of March 10, 2025 |
| Ownership % (Hasenstab) | ~0.0002% of shares outstanding, based on 100 shares vs 47,228,418 outstanding |
| Officers/Trustees as group | Officers and Trustees owned, as a group, less than 1% of outstanding shares as of March 10, 2025 |
| Options/derivatives | No option or derivative holdings disclosed for Hasenstab in TEI filings; Form 3 shows only non-derivative shares |
| Shares pledged | Not disclosed in TEI proxy filings |
| Ownership guidelines | Board members must invest one-third of Board fees in Templeton funds until holdings equal ≥3x retainer and regular Board meeting fees; policy applies to Trustees, not officers |
Employment Terms
| Term | Detail |
|---|---|
| Role and start date | President and Chief Executive Officer—Investment Management since 2018 |
| Term and appointment | Officers are appointed by Trustees and serve at the pleasure of the Board |
| Contract expiration | Not specified by TEI (at-pleasure service) |
| Non-compete / non-solicit | Not disclosed in TEI filings |
| Severance & change-of-control | Not disclosed by TEI; officer compensation and employment costs borne by Investment Manager |
Performance & Track Record
| TEI Returns and Prices | As of 6/30/24 | As of 6/30/25 |
|---|---|---|
| NAV ($) | $5.81 | $6.36 |
| Market Price ($) | $5.33 | $6.00 |
| Cumulative Total Return (NAV) | 6-Month: +3.29% ; 1-Year: +11.75% ; 5-Year: -17.34% ; 10-Year: -10.47% | 6-Month: +18.08% ; 1-Year: +20.44% ; 5-Year: +12.82% ; 10-Year: +14.63% |
| Cumulative Total Return (Market Price) | 6-Month: +10.23% ; 1-Year: +15.53% ; 5-Year: -14.81% ; 10-Year: -6.43% | 6-Month: +23.07% ; 1-Year: +24.72% ; 5-Year: +27.82% ; 10-Year: +36.17% |
| Average Annual Total Return (NAV) | 6-Month: +3.29% ; 1-Year: +11.75% ; 5-Year: -3.74% ; 10-Year: -1.10% | 6-Month: +18.08% ; 1-Year: +20.44% ; 5-Year: +2.44% ; 10-Year: +1.37% |
| Average Annual Total Return (Market Price) | 6-Month: +10.23% ; 1-Year: +15.53% ; 5-Year: -3.16% ; 10-Year: -0.66% | 6-Month: +23.07% ; 1-Year: +24.72% ; 5-Year: +5.03% ; 10-Year: +3.14% |
| Portfolio Exposure Highlights | As of 6/30/24 | As of 6/30/25 |
|---|---|---|
| Top countries (by % of net assets) | Ecuador 8.9%; South Africa 7.8%; Mexico 7.7%; Kazakhstan 5.7%; Oman 5.7%; India 5.2%; Dominican Republic 5.1%; Brazil 4.7%; Uzbekistan 4.2%; Ivory Coast 3.9% | South Africa 11.0%; Kazakhstan 7.4%; India 7.2%; Ecuador 6.4%; Mexico 5.2%; Ivory Coast 5.1%; Rwanda 5.1%; Dominican Republic 4.6%; United Kingdom 4.4%; Benin 4.4% |
Investment Implications
- Alignment and disclosure: TEI officers, including Hasenstab, are compensated by Franklin Advisers, Inc.; the Fund does not disclose salary/bonus/equity awards, limiting direct pay-for-performance assessment at the Fund level .
- Insider selling pressure: No equity award vesting schedules are disclosed by TEI and Form 3 shows only 100 shares initially held, suggesting limited near-term selling pressure from award vesting at the Fund level; beneficial ownership by officers and trustees collectively is <1% of outstanding shares as of March 10, 2025 .
- Skin-in-the-game: Hasenstab’s reported TEI holdings are de minimis relative to shares outstanding, and Board ownership guidelines apply to Trustees (not officers), pointing to limited direct equity-alignment signals via TEI shares; alignment is more likely embedded in Franklin Advisers’ internal compensation frameworks, which the Fund does not disclose .
- Execution and performance: TEI’s improved 1-year and multi-year return profile in 2025 vs 2024 under Hasenstab’s leadership reflects better market-price and NAV total returns, which supports near-term confidence in portfolio management execution, though emerging markets risks remain elevated by design .