The fund managers at Templeton Global Growth are feeling just a little anxious about some parts of world markets but they have managed to find their keynote value investments in what might seem unlikely places.

This week, local portfolio head Peter Wilmshurst and the director and chief investment officer of the Bahamas-based parent group, Jeff Everett, were at pains to emphasise that the recent trend in the group's worldwide portfolio was to invest in large, "safe" stocks.