Franklin Mutual Shares Fund Class Z
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- Bertha Stanley
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1 Value Equity Product Profile Product Details 1 Fund Assets $14,657,738, Fund Inception Date 07/01/1949 Number of Issuers 100 NASDAQ Symbol MUTHX Maximum Sales Charge Investment Style Benchmark Lipper Classification Morningstar Category Dividend Frequency Asset Allocation 2 EQUITY Value Multi-Cap Value Funds Allocation 85%+ Equity Semiannually in September and December Fund Description The fund seeks capital appreciation, with income as a secondary goal. Its strategy is focused on undervalued mid- and large-cap equity securities, which may include foreign securities and, to a lesser extent, distressed securities and merger arbitrage. Performance Data 3 Average Annual Total Returns 4 (%) Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (07/01/1949) Class Z % 10% 0% -10% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs Since Inception CASH & CASH EQUIVALENTS 6.39 Class Z FIXED INCOME % 25% 50% 75% 100% Total Annual Operating Expenses: 0.8% Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund s investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call Franklin Templeton Investments at (800) DIAL BEN/ or visit franklintempleton.com for the most recent month-end performance. Class Z shares are only offered to certain eligible investors as stated in the prospectus. They are offered without sales charges or Rule 12b-1 fees. The fund offers other share classes subject to different fees and expenses, which will affect their performance. Please see the prospectus for details. Calendar Year Returns (%) Class Z Portfolio Manager Insight 5 Market Review The and other major US market indexes declined in the first quarter as volatility returned to financial markets. Positive corporate earnings news, the anticipated positive impact of major US tax reform legislation and a depreciating US dollar were tailwinds that contributed to a solid start for equities in January. However, in early February stocks entered a brief correction (defined as a drop of 10% or more from a recent high). Investors grew concerned about potentially rising price pressures, higher bond yields and the rally in stocks outpacing gains in corporate earnings. A spike in US equity market volatility added to investor anxiety. US indexes dropped again in March. Fear of escalating tariffs imposed by the United States and its trade partners, particularly China, was the 1. All holdings are subject to change. Holdings of the same issuers have been combined. 2. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. 3. Source for Index: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 4. Periods shorter than one year are shown as cumulative total returns. Not FDIC Insured May Lose Value No Bank Guarantee
2 biggest reason. Concerns regarding consumer data privacy and potentially tighter regulatory controls of information technology companies also hurt stocks. Nine of the 11 major equity sectors within the declined, led by telecommunication services, consumer staples and energy. The information technology and consumer discretionary sectors managed to post gains, despite posting sizeable declines in March. Business surveys continued to show a brisk pace of US economic activity, and labor market conditions continued to improve, while consumer spending slowed. Fourth-quarter earnings among S&P 500 companies grew at the fastest year-over-year pace in several years, and earnings estimates were revised higher. The Federal Reserve s (Fed s) Federal Open Market Committee raised interest rates in March, as widely expected. However, remarks by Fed Chair Jerome Powell and other Fed officials indicated that conditions may lead the Fed to raise rates more than investors had previously expected. In addition, the Fed s Summary of Economic Projections report released in March showed expectations of lower unemployment and faster economic growth, as well as a potentially greater number of interest rate hikes by 2020 than anticipated in its December report. Performance Review During the quarter, the fund s largest detractors from absolute performance included General Electric, Comcast and Wells Fargo & Co. Shares of General Electric, a US-based industrials company with a wide range of businesses, dropped in January. GE announced a $6.2 billion after-tax charge related to its insurance subsidiary at GE Capital. Management warned investors last year of a potential charge, but the total was greater than expected. At the same time, chief executive officer John Flannery stated that management is looking aggressively at ways to maximize the value of its power, aviation and healthcare businesses. Despite a string of negative events that began in 2017, we believe management s move to affirm its 2018 outlook in January and its latest quarterly results indicate GE may be starting to deliver on its plan to improve free-cash flow and lower expenses. Shares of US-based cable company Comcast dropped in February when it made a surprise bid for Sky, a UK pay-tv company. The Comcast bid was considerably higher than that of 21st Century Fox (not a fund holding), which has been in the process of acquiring the 61% of Sky it does not own, but has been stuck in a more arduous regulatory review process than anticipated. Investors are skeptical about the Comcast bid, given the lack of any meaningful cross-border synergies. We believe Comcast s share price will remain under pressure until its effort to acquire Sky is resolved, and beyond that until management articulates its merger and acquisition (M&A) ambitions. However, we hold a positive view of Comcast s stock for the longer term. At period-end, the stock was trading below its historic valuation price range and at valuations (e.g., price-to-earnings) significantly below those of its peers. In addition, Comcast s management team has a track record of success in past M&A deals. Further fallout from a series of scandals that first emerged in 2016 hurt the stock price of Wells Fargo & Co., a US-based banking and financial services company. In February, Wells Fargo announced a consent order with the Fed with terms that were harsher than we had expected. In March, news reports stated that the Justice Department and the US Securities and Exchange Commission may be expanding their investigation of sales practices into Wells Fargo s wealth management division. While the problems at Wells Fargo reveal a troubling pattern, we do believe that recent changes at the board level and within the operating divisions demonstrate a willingness to fix these problems. Ultimately, we feel investors will again focus more on the bank s strong operating performance, aided by prudent cost management, once it demonstrates that its sales practices are appropriate. In contrast, the fund s three leading contributors were Sky, XL Group and Cisco Systems. Shares of Sky jumped when Comcast bid for the company. The Comcast offer could spark a bidding war as Walt Disney views Sky as an important asset. Many investors believe a combined Walt Disney and Fox could make a counter offer if Fox receives regulatory approval by the UK government to acquire Sky. If Fox is unable to secure regulatory approval, Walt Disney may be willing to bid for Sky separately. Shares of XL Group, a global insurance and reinsurance company, jumped when it agreed to be acquired by French insurer AXA (not a fund holding). AXA has the resources to fully fund the acquisition from current financial resources and we believe all regulatory approvals will be made in normal course. In late March, the US Federal Trade Commission granted antitrust clearance. Cisco Systems is a US-based networking equipment and services company. Multiple factors aided the rise in its stock price, including strong quarterly results announced in February. Revenues and earnings were better than the market expected, due in part to growth in its subscription-based software business, increased demand for new switching products and progress on reducing costs. In addition, Cisco announced a $25 billion share buyback plan and raised its dividend. We believe Cisco can continue to grow, aided by a healthier economy and its effort to expand its subscription-based software business, further reduce costs and return more capital to shareholders. Portfolio Positioning At quarter-end, the fund s investment in equities was nearly 83.8% while the level of cash and cash equivalents stood at 6.4%. In addition, 76.1% of foreign securities exposure 18% of assets was hedged back to the US dollar at quarter-end. We exited our position in Caterpillar, a manufacturer of construction and mining equipment. A steady stream of better-than-expected results since early 2017 pushed the stock price towards our estimate of fair value. We also exited our position in PNC Financial Services Group as the stock price approached our price target. Conversely, we used the sharp equity market selloffs during the period as an opportunity to increase the size of some fund positions. Compared with the benchmark, the fund s largest sector overweight was in the financials sector, while its most significant sector underweight was in information technology. The fund had 5.7% of merger arbitrage exposure and nearly 4.1% invested in distressed debt. M&A activity picked up in the early stages of 2018, although, regulatory risk is likely to remain an important consideration for companies contemplating major deals. However, we believe catalysts for an increase in activity are robust and include stronger global economic growth, buoyant asset markets, low but potentially rising interest rates and the recently passed US tax reform legislation. In the past, companies have viewed instances of strong equity markets as an opportunity to take advantage of their highly valued stock to make acquisitions, or as an opportune time to fetch a good premium for shareholders by being acquired. In addition, lower corporate tax rates and/or the ability to repatriate earnings from abroad at a reduced tax rate will provide additional capital for acquisitive companies. We remain active in exploring merger arbitrage opportunities (an investment in one or both of the companies that is constructed solely to benefit from deal completion), and are working to make sure the potential rewards outweigh the risks. Finding mispriced risk in credit markets remains difficult. Adding to the challenge of finding attractive credit investments are the decline in debt covenants (terms that restrict financial activities by the borrower or set parameters for specific financial metrics) and private equity firms involved in leveraged buyout transactions using increasingly liberal interpretations of credit agreements and bond indentures to potentially shift valuable assets beyond the reach of creditors. We have directed much of our focus on out-of-favor industries in pursuit of securities with the potential to benefit most from liquidityenhancing events, such as asset sales, the ability to issue secured debt within existing agreements, and free-cash flow that could buy time for a company to weather its financial storm. franklintempleton.com 2
3 Outlook & Strategy Despite recent market volatility and escalating concerns about a trade war, general expectations among economists for US economic growth in 2018 remain positive. While job growth has moderated, the trend remains at a level that economists believe will result in further tightening of the labor markets. At the same time, other economic activity indicators have continued to point to solid momentum. Economic conditions, along with the potential benefits of lower corporate taxes and the repatriation of foreign earnings, have led to an upbeat outlook for corporate earnings. According to FactSet, the consensus view among analysts is for 2018 earnings growth of 17%, which would be an especially solid increase at this stage of the business cycle. Inflation has remained subdued in the United States; however, economic conditions, particularly tighter labor markets, are raising expectations of gradual increases in price levels. The prospect of healthy economic growth and rising inflation is providing the Fed with justification to move away from its loose monetary policies. Positive economic conditions may also lead to gradual reductions in monetary stimulus by other major central banks. Prior to February, the positive economic and corporate backdrop had been a dominant driver of US equity market gains. Overall equity market valuations (e.g., price-to-earnings, price-to-book or price-to-sales) were also elevated relative to most historical benchmarks. At the same time, performance among individual stocks varied widely, providing us with select opportunities. The February spike in the Chicago Board Options Exchange Volatility Index (VIX) was a useful reminder that equity markets are vulnerable to sudden pullbacks. The announcement of tariffs by the United States and counter tariffs by trading partners injected more volatility into financial markets and some uncertainty into the global economic outlook. While we do not make top-down portfolio positioning decisions, it is important to point out that successful investing can require patience and a conviction in bottom-up fundamental analysis. An essential element of value investing is confidence that its inherently contrarian nature should yield positive outcomes over time. Our investment process has led us to a number of opportunities within the energy, financials, consumer discretionary and health care sectors. However, certain factors, including valuations coming down from historically elevated levels, the recent return of volatility and rising US interest rates, are potentially changing the attractiveness of certain sectors within the equity market, such as consumer staples. We also believe technology disruption (e.g., the rapid market share shift to online retailing and away from traditional brick- and mortar-dominated retailers that are often labeled as value stocks) will continue to have a substantial effect on the fundamentals of those companies directly involved in this trend. 5. The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund s portfolio selection process. Holdings are subject to change. Portfolio Characteristics 6,7,8 Portfolio Price to Earnings (12 Month Trailing) 14.27x 23.03x Price to Book Value 1.79x 3.22x Price to Cash Flow 9.76x 13.01x Market Capitalization (Millions in USD) 103, , The portfolio characteristics listed are based on the fund s underlying holdings, and do not necessarily reflect the fund s characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security s issuing company. This methodology may cause small differences between the portfolio s reported characteristics and the portfolio s actual characteristics. In practice, Franklin Templeton s portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. The market capitalization figures for both the portfolio and the benchmark are at the security level, not aggregated up to the main issuer. Source: Factset. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 7. Source: FactSet. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. 8. Source for Index: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. franklintempleton.com 3
4 Portfolio Diversification Top Ten Holdings 9 Top Holdings Sector Country % MEDTRONIC PLC Health Care Equipment & Services United States 3.15 MERCK & CO INC Pharmaceuticals, Biotechnology & Life United States 2.82 Sciences MICROSOFT CORP Software & Services United States 2.45 ELI LILLY & CO Pharmaceuticals, Biotechnology & Life United States 2.45 Sciences BRITISH AMERICAN TOBACCO PLC Food Beverage & Tobacco United Kingdom 2.38 TIME WARNER INC Media United States 2.37 CISCO SYSTEMS INC Technology Hardware & Equipment United States 2.14 NOVARTIS AG Pharmaceuticals, Biotechnology & Life Switzerland 2.10 Sciences JPMORGAN CHASE & CO Banks United States 2.06 ROYAL DUTCH SHELL PLC Energy United Kingdom 1.99 Geographic Weightings vs. 10, United States United Kingdom 2.84 Switzerland 1.78 South Korea 0.93 Finland 0.71 Germany 0.63 Netherlands 0.58 Bermuda China 6.39 Cash & Cash Equivalents -25% 0% 25% 50% 75% 100% 125% Sector Weightings vs. 12,13 Financials Consumer Discretionary Information Technology Health Care Energy Consumer Staples Industrials Materials Telecommunication Services Real Estate Utilities Cash & Cash Equivalents % 5% 10% 15% 20% 25% 30% Franklin Mutual Shares Fund Franklin Mutual Shares Fund 9. Holdings of the same issuers have been combined. Top ten holdings information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. The information provided is not a recommendation to purchase, sell, or hold any particular security. The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included. 10,12. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. 11,13. Source for Index: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. franklintempleton.com 4
5 Largest Sector Contributors vs. 14 Total Sector Effect (%) Utilities 0.16 Telecommunication Services 0.06 Financials 0.05 Materials 0.04 Contributors/detractors data shown is for the period from 01/01/2018 to 03/31/2018. Largest Sector Detractors vs. 15 Total Sector Effect (%) Consumer Discretionary Industrials Consumer Staples Energy Information Technology Supplemental Performance Statistics 3 Yrs 5 Yrs 10 Yrs Standard Deviation (%) Tracking Error (%) Information Ratio Beta Sharpe Ratio Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund s investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call Franklin Templeton Investments at (800) DIAL BEN/ or visit franklintempleton.com for the most recent month-end performance. Investment Philosophy and Process Bottom-Up Value Approach Franklin Mutual Series Unique Value Strategy We seek to buy companies at a significant discount to their intrinsic value. We seek to understand and limit downside risk. We think and act like owners of the business. Undervalued stocks comprise the bulk of our portfolios. We search for catalysts to unlock value: Undervalued Stocks Corporate restructuring Spin-offs Share buybacks Our own initiatives Distressed Securities Merger Arbitrage Investment Team Portfolio Manager Years with Firm Years Experience Peter Langerman, Chief Investment Officer F. David Segal, CFA, Portfolio Manager/Research Analyst Deborah Turner, CFA, Portfolio Manager/Research Analyst ,15. Past performance is not an indicator or a guarantee of future performance. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. Source: FactSet. Important data provider notices and terms available at Total Effect represents the excess return by sector as compared to the index. Performance attribution is calculated in the base currency of the fund. 16. Beta, Information Ratio and Tracking Error information are measured against the. 17. Information Ratio is a way to evaluate a manager s ability to outperform a benchmark in relation to the risk that manager is assuming, with risk defined as deviation from the benchmark. This measure is calculated by dividing the portfolio s excess return (portfolio return less the benchmark return) by the tracking error (derived by taking the standard deviation of the monthly differences between the portfolio return and the benchmark return over time). franklintempleton.com 5
6 Glossary Beta: A measure of the magnitude of a portfolio s past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. Information Ratio: In investing terminology, the ratio of expected return to risk. Usually, this statistical technique is used to measure a manager s performance against a benchmark. This measure explicitly relates the degree by which an investment has beaten the benchmark to the consistency by which the investment has beaten the benchmark. Market Capitalization: A determination of a company s value, calculated by multiplying the total number of company stock shares outstanding by the price per share. Market capitalization is expressed in millions of USD. Price to Book Value: The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Cash Flow: Supplements price/earnings ratio as a measure of relative value for a stock. For a portfolio, the value represents a weighted average of the stocks it holds. FY1 Price to Earnings: A measure of the price to earnings ratio (P/E) using forecasted earnings for the P/E calculation. The forecasted earnings for FY1 represent the forecasted earnings at the end of the next fiscal year-end period. Sharpe Ratio: To calculate a Sharpe ratio, an asset s excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) are divided by the asset s standard deviation. Standard Deviation: A measure of the degree to which returns vary from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that performance will fluctuate from the average return. Tracking Error: Measure of the deviation of the return of a product compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment is managed, the smaller the tracking error. franklintempleton.com 6
7 What Are The Risks? All investments involve risks, including possible loss of principal. Value securities may not increase in price as anticipated or may decline further in value. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. The fund s investments in companies engaged in mergers, reorganizations or liquidations also involve special risks as pending deals may not be completed on time or on favorable terms. The fund may invest in lower-rated bonds, which entail higher credit risk. Please consult the prospectus for a more detailed description of the fund s risks. Important Legal Information Investors should carefully consider a fund s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial advisor, call us at (800) DIAL BEN/ or visit franklintempleton.com. Please carefully read a prospectus before you invest or send money. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC. S&P does not sponsor, endorse, sell or promote and S&P index-based product. Important data provider notices and terms available at: Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA (800) DIAL BEN/ franklintempleton.com 2018 Franklin Templeton Investments. All rights reserved. 074 PP 03/18
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