U.S.-based investor Franklin Templeton Investments, the biggest overseas owner of South Korean bonds, has scaled back its exposure to local bonds for the second consecutive month, stoking concerns over possible capital outflows from the country, industry sources said Friday. According to NH Investment & Securities, six out of nine Franklin Templeton's funds that have exposures to Korean bonds had US$13.22 billion worth of local bonds in their portfolio as of end-November, down $360 million from a month ago and falling $1.52 billion from end-September