Franklin Brazil Opportunities Fund

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1 Franklin Templeton Investment Funds Franklin Brazil Opportunities Fund Multi-Asset Fund Profile Fund Details Inception Date 27 July 2012 Investment Style Benchmark(s) Multi-Asset 40% JP Morgan EMBI Brazil Plus Index 40% IRF-M (Indice de Renda Fixe Mercado) Index 1 Hedged to USD 20% MSCI Brazil Index FUND OBJECTIVE Franklin Brazil Opportunities Fund (the Fund ) seeks to maximise, consistent with prudent investment management, total investment return consisting of a combination of capital appreciation, income, cash and currency gains by investing across the entire range of available investment opportunities linked to Brazil. The Fund seeks to achieve its objective by investing directly or indirectly in a diversified portfolio of transferable securities linked to Brazil consisting of equity and equity related securities of companies of any size as well as debt securities (including non-investment grade securities) and debt obligations issued by government or government-related issuers, as well as debt securities (including non-investment grade securities) of corporate issuers. The Fund may also utilise financial derivative instruments for investment purposes. The proportion of the Fund s net assets allocated to equity or debt securities may vary over time depending on the Investment Manager s view of the relative attractiveness of each asset class. WHY CONSIDER THIS FUND Multi-asset ( multimercado ) strategies have a long history in the Brazilian market. Brazil s unique and dynamic financial markets offer opportunities for active managers to uncover investments with attractive risk/return profiles regardless of overall market and business cycle conditions. Multi-asset strategies, known as multimercado in Brazil, which seek to take advantage of these fundamentals, represent a significant portion of Brazil s domestic mutual fund and institutional investor assets. By offering a benchmark-agnostic multi-asset strategy investing in Brazil, this Fund was the first of its type in the cross-border space. Capitalize on the breadth and growth of Brazil s investment opportunities in multiple asset classes. With favourable demographics, led by a young and growing population, rising income levels and an expanding middle class, a framework for increased domestic consumption and attractive long-term growth is solidly in place. The portfolio management team focuses on maximizing a combination of capital appreciation, income and currency gains by actively allocating the portfolio across the entire range of available Brazilian investment opportunities. This approach is driven by a strategy seeking high, sustainable alpha in all market conditions through both strategic and tactical asset allocation processes. Combining local expertise with global organizational resources. Established in 1997, Franklin Templeton Brazil has extensive experience managing Brazilian equity, fixed income and multi-asset class products, with dedicated experts for different markets and asset classes. 2 Today, as one of the Franklin Templeton Investments Local Asset Management ( LAM ) Group teams, they have access to the deep resources and global presence of the broader Franklin Templeton Investments organisation. 1. Market cap index of Brazilian fixed rated bonds. 2. Franklin Templeton Investments and Banco Bradesco, one of Brazil s largest private sector banks, established a joint venture relationships in For Professional Investor Use Only. Not for Distribution to Retail Investors.

2 INVESTMENT PHILOSOPHY & PROCESS We believe a flexible multi-asset class strategy can achieve significant long-term total returns in the Brazilian market. Actively managing the Fund through the lens of multiple research perspectives, we seek to identify and isolate the intended sources of alpha to build a diversified portfolio of high conviction positions that are attractive relative to cash. The Fund s portfolio managers take a research-driven approach that taps the expertise of dedicated on-the-ground research analysts collaborating with the broader Franklin Templeton Investments equity and fixed income organizations to provide in-depth industry, sector and security research. Potential Sources of Alpha: The portfolio managers aim to minimise volatility and maintain consistent returns independent of the market environment and across market cycles. The portfolio management style relies on both bottom-up analysis that drives the security selection process as well as top-down macroeconomic analysis that drives asset allocation and positioning within interest rate, currency and inflation-linked securities markets in order to provide exposure to the following main sources of alpha: All investments are evaluated relative to cash, and high conviction positions are taken only when the portfolio managers believe the investment will generate absolute return (in excess of cash). The asset allocation process starts with: Alternative economic scenarios being projected, each one being assigned a certain probability and a number of characteristics. These scenarios are based on our internal economic analysis. Probabilities of the alternative scenarios are then discussed until consensus is reached. Relevant economic variables, including inflation, interest rate curves and sovereign spread are estimated under each of the alternative scenarios. These variables help us to establish the expected returns of each asset class. Risk is calculated considering alternative estimates and probability. Other estimates of asset class returns are also utilised as a means of comparison. These include a bottom-up estimate for the upside of each market (based on the target prices for each individual asset), pricing ratio analysis, money flow coverage and secular trend analysis. PORTFOLIO CONSTRUCTION The Fund draws on the local expertise of Franklin Templeton Brazilian Equity and Fixed Income Teams. The portfolio managers are supported by a local team of investment professionals, as well as the Local Asset Management Group and Global Fixed Income Team. The Fund is managed by Guilherme Paris, and Frederico Sampaio, Brazil s Equity Chief Investment Officer. Local Asset Management refers to the strategic investments that Franklin Templeton Investments has made in local asset management companies around the world in order to leverage the expertise of well-qualified investment and financial services professionals who have first-hand knowledge of their domestic markets. Franklin Templeton Investments Equity Team The equity allocation is managed by the equity team in a benchmark agnostic style that allows significant deviation from the stated equity benchmarks. The team believes this is the most prudent approach from a total return perspective given the heavy concentration of the Brazilian equity indexes in commodity-related sectors. The Franklin Templeton Investments Brazilian Equity Team follows a fundamental approach based on a research-driven, bottom-up process focusing on companies across all market capitalizations. For Professional Investor Use Only. Not for Distribution to Retail Investors. 2

3 They seek to identify companies with superior growth potential that are trading at what they believe to be reasonable price levels (defined as margin of safety). They remain flexible in terms of the portfolio s market capitalisation and liquidity profile in an effort to maintain consistent outperformance in all market environments. The goal is to provide the portfolio managers a framework to make targeted equity investments. Franklin Templeton Investments Fixed Income Team The fixed income allocation is actively managed by the fixed income team based on various analyses on duration and convexity of the Brazilian yield curve, as well as currency risk. The Franklin Templeton Investments Brazilian Fixed Income Team follows a long-term value strategy that seeks to identify asymmetrical investment positions, where the skew assists in identifying potential opportunities. Their investment philosophy combines macro fundamental research to identify medium/long term trends and bottom up research with a focus on pricing/valuation. To protect the portfolios at a predetermined or relatively low cost, the Fund seeks to broaden the number of active uncorrelated positions to improve diversification and to identify alternative positions. Equity and Fixed Income Teams Working Together The portfolio managers take a total, absolute-return approach to provide higher risk-adjusted return potential compared to traditional stock, bond and cash portfolios. The six main sources of alpha, as described above, are evaluated and the desired risk exposure and high conviction positions are identified and isolated. Positions are taken only when they are attractive relative to cash. Absolute and relative issuer and sector weightings are closely monitored to ensure that the portfolio is structured to generate the best possible risk adjusted returns. The firm s risk management team, Performance Analysis and Investment Risk (PAIR) Group, work closely with portfolio managers on risk analysis and portfolio attribution. Additionally, issue size and expected trading liquidity are evaluated. Bond ratings are considered, but the investment decisions are based primarily on in-house, fundamental research. Sell Discipline There is a continual assessment of opportunities in light of their return potential and portfolio risk impact. Portfolio managers will seek to sell a security if there has been a negative fundamental development that changes their view of the appropriate valuation or causes the team s analysts to revise their investment opinion, if the security has moved beyond the established fair value target, or if the team s views on macroeconomic or sector trends or valuations have changed. In addition, the portfolio managers may sell an asset that still meets their buy criteria if another asset becomes available in the new issue or secondary market that they believe has better return potential or improves the portfolio s risk profile. Collaborate Investment Process Portfolio Construction For Professional Investor Use Only. Not for Distribution to Retail Investors. 3

4 RISK MANAGEMENT The Fund leverages the depth and experience of Franklin Templeton Investments Performance Analysis and Investment Risk (PAIR) Group, which works separately from the portfolio management function, monitoring investment risk for all portfolios managed by the firm. PAIR seeks to integrate investment risk management into the portfolio construction process and continues to improve on detailed decomposition of various risk factors that the portfolios may be exposed to. Through the use of various risk systems, the PAIR Group measures the active risk or tracking error of the portfolio versus the benchmark, identifies the sources of active risk (i.e., country, sector or style differences) and determines which specific issues are the largest contributors to active risk. The Fund s specific investment guidelines and requirements that are set forth by the board of directors of Franklin Templeton Investment Funds (FTIF) and reviewed on a quarterly basis to ensure that the risk management process is adhered to: Asset Classes The Fund primarily invests in Brazilian equity and equityrelated securities of companies of any market capitalisation as well as Brazilian debt and debt-related securities issued by government, government-related and/or corporate entities. Currency Policy There are no constant hedge ratios for the Fund. Currency is an important consideration at the security level for both equity and fixed income. Futures and other derivatives may be used for hedging purposes, as well as for expressing positive and negative currency views. Country/Regional Limit The Fund focuses specifically on the Brazilian equity, fixed income and currency markets. Cash Policy Portfolio managers intend to remain close to fully invested at all times. Reported cash and cash equivalent numbers may exceed 10% in extraordinary periods. Derivatives Financial derivative instruments may be dealt either in regulated markets or over- the-counter, and may include, inter alia, swaps (such as credit default swaps or total return swaps), forwards and cross forwards, futures contracts (including those on government securities), as well as options. Use of financial derivatives may result in negative exposures in a specific yield curve/duration, currency, or credit. In addition to Fund specific constraint and position limits, risk management is integrated into every aspect of the Fund s investment process. PORTFOLIO MANAGEMENT TEAM The Fund is managed by Guilherme Paris and Frederico Sampaio. Guilherme Paris Vice President, Portfolio Manager - Fixed Income Franklin Local Asset Management Franklin Templeton Investi (Brasil) Ltda. Sao Paulo, Brasil Guilherme Paris, based in Sao Paulo, Brazil, a fixed income portfolio manager with Franklin Templeton Investimentos Brasil. Mr. Paris previously worked as a market risk intern at Dresdner Kleinwort Wasserstein and as a FX volatility trader at Neo Investimentos, where he was responsible for contributing to the funds' performance, both with directional trades of volatility as well as with relative value trades involving more than one currency. Mr. Paris holds a B.S. in mechanical engineering, with an emphasis in mechatronics from Universidade de Sao Paulo (Poli-USP) where he was the top ranked student in his class. He is a Chartered Financial Analyst (CFA) Charterholder. Frederico Sampaio, CFA Vice President Brazilian Equity - CIO Sao Paulo, Brazil Frederico Sampaio, based in Sao Paulo, Brazil, is vice president and Brazilian Equity chief investment officer. He is responsible for the domestic equity funds and also Brazilrelated funds and institutional accounts distributed outside of Brazil. Mr. Sampaio has 15 years of Brazilian capital markets experience. Previously, he was portfolio manager at Rio Bravo Investimentos and at Fundacao Petros, the pension fund of Petrobras, the Brazilian national oil company. Mr. Sampaio has also worked as economist at Bank of America Asset Management in Brazil. For Professional Investor Use Only. Not for Distribution to Retail Investors. 4

5 This document is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of any of the Luxembourgdomiciled SICAV Franklin Templeton Investment Funds (the Fund ). Given the rapidly changing market environment, Franklin Templeton Investments disclaims responsibility for updating this material. Subscriptions to shares of the Fund can only be made on the basis of the current prospectus of the Fund, accompanied by the latest available audited annual report and the latest semi-annual report if published thereafter. An investment in the Fund entails risks which are described in the Fund's prospectus. The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator or a guarantee of future performance. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations. In emerging markets, the risks can be greater than in developed markets. Investments in derivative instruments entail specific risks that may increase the risk profile of the fund and are more fully described in the Fund s prospectus. If the fund invests in a specific sector or geographical area, the returns may be more volatile than a more diversified fund. No shares of the Fund may be directly or indirectly offered or sold to residents of the United States of America. Shares of the Fund are not available for distribution in all jurisdictions and prospective investors should confirm availability with their local Franklin Templeton Investments representative before making any plans to invest. Opinions expressed are the author s at publication date and they are subject to change without prior notice. Any research and analysis contained in this document has been procured by Franklin Templeton Investments for its own purposes and is provided to you only incidentally. A copy of the latest prospectus, the annual report and semi-annual report, if published thereafter can be found on our website: or can be obtained, free of charge, from the address below. Issued by Franklin Templeton Investments (ME) Limited, authorized and regulated by the Dubai Financial Services Authority. Dubai office: Franklin Templeton Investments, The Gate, East Wing, Level 2, Dubai International Financial Centre, P.O. Box , Dubai, U.A.E., Tel.: Fax: For Professional Investor Use Only. Not for Distribution to Retail Investors. DE Franklin Templeton Investments. All rights reserved.

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