TDF - Templeton Dragon Fund

What this means for you

City of London specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. 2 other large investors own more than 5% of this fund and have said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. May 15, 2026

   Lazard Asset Management LLC cut its stake to 7.3% (from 11.7%), as a passive investor.

   Original document →

2. May 15, 2026

   City of London raised its stake to 35.5% (from 34.5%), as a passive investor.

   Original document →

3. Jan 12, 2026

   Public Employees Retirement System of Ohio sold down below 5% and stopped reporting.

   Original document →

4. July 11, 2025

   Allspring Global Investments Holdings, LLC cut its stake to 7.2% (from 8.3%), as a passive investor.

   Original document →

5. May 15, 2025

   Lazard Asset Management LLC raised its stake to 11.7% (from 10.6%), as a passive investor.

   Original document →

About this fund

• Run by Templeton Investment Counsel, LLC. Part of the Franklin Templeton Group of Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $319 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.1% a year in management fees; 1.2% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 13 funds we follow that invest outside the U.S., 8 charge a lower management fee and none charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.40 a share. $0.30 of that was income; $0.10 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $13.02. The shares traded at $11.26, about 13.5% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 4.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.40 in the fiscal year ended Dec 31, 2025; $0.12 in the year ended Dec 31, 2024; nothing in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.10 in the year ended Dec 31, 2025; none in the year ended Dec 31, 2024; nothing was paid in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.21% a year in the fiscal year ended Dec 31, 2025; 1.35% a year in the year ended Dec 31, 2024; 1.27% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $328 million at Dec 31, 2025; $263 million at Dec 31, 2024; $239 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; none at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 25.2 million shares at Dec 31, 2025, down 0.5% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +37.7%, counting payouts; the holdings +29.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +5.5%, counting payouts; the holdings +11.5%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned -20.1%, counting payouts; the holdings -21.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -33%, counting payouts; the holdings -29.5%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned -17.8%, counting payouts; the holdings -15.5%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -36.1%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $6,390 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +13.5%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in outside the U.S. with a fiscal year ending within six months of this one, 5 reported a higher share return for that year and 4 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (95%), the rest cash and short-term holdings. About 8% issued in the U.S.

1. Tencent Holdings Ltd. - 8.3%
2. GigaDevice Semiconductor, Inc. - 8.3%
3. WUS Printed Circuit Kunshan Co. Ltd. class A shares - 6.7%
4. Zhongji Innolight Co. Ltd. class A shares - 6.3%
5. Alibaba Group Holding Ltd. - 5.9%
6. Cash and short-term - 5.1%
7. Contemporary Amperex Technology Co. Ltd. class A shares - 3.7%
8. Zijin Gold International Co. Ltd. - 3.1%
9. China Construction Bank Corp. class H shares - 3%
10. ACM Research, Inc. class A shares - 2.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →