HISTORICAL RESULTS

(Post Script:  Page series D and E were price and relative strength charts in the original publication.  Current price and relative strength charts can be viewed using the hyperlinks associated with the ticker symbols contained in the page on investment vehicles.)

A summary of one-year and five-year relative strength is presented in Figure 26. The benchmark United States stock market has been stronger than most other countries over the last decade. Russia has been the best performing market over the last year and over the last five years. It has significantly outperformed any other market. The Templeton Russia Fund net asset value has quadrupled in the last two years. The Netherlands, Spain, Sweden, the United States, and Hong Kong have had comparable market performance. Most of the European industrialized nations have performed well.

Many of the emerging markets have under-performed the major markets. Pakistan, Philippines, Argentina, Thailand, and Korea are examples of emerging markets with lackluster performances. A $1000.00 invested in the Pakistan Investment Fund at the beginning of 1994 would be worth $412.00 today. A $1000.00 invested in the First Philippine Fund in 1992 would still be worth the same $1000.00 with no profit after five years.