Franklin EAFE Plus Equity Composite
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- Byron Gardner
- 5 years ago
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1 Growth Equity Product Profile Product Details 1 Strategy Assets $2,074,588, Inception Date 12/31/1987 Base Currency USD Investment Style Growth Overview We focus on fundamental bottom-up stock analysis to identify and select quality growth companies with sustainable business models and proven management teams that are focused on the creation of shareholder value. We utilize the recommendations from this analysis to build a concentrated, bestideas portfolio of approximately 40 stocks that is benchmark indifferent, yet diversified, due to the limited overlap of economic exposures between companies. Our in-depth research supports our longer-term perspective, seeking to hold companies for three to five years. Performance Data Average Annual Total Returns (USD %) 2 Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (12/31/1987) Franklin EAFE Composite - GROSS Franklin EAFE Composite - NET MSCI EAFE (Net MSCI EAFE Growth (Net 40% 20% 0% -20% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs Since Inception Franklin EAFE Composite - GROSS Franklin EAFE Composite - NET MSCI EAFE (Net MSCI EAFE Growth (Net Calendar Year Returns (USD %) Franklin EAFE Composite - GROSS Franklin EAFE Composite - NET MSCI EAFE (Net MSCI EAFE Growth (Net As of June 30, 2017, Franklin Non-US Equity Composite was renamed to Franklin EAFE Composite. As of January 1, 2017, the composite excludes accounts with more than 10% exposure to emerging markets. 2. Periods of more than one year are annualized. Past performance is not an indicator or a guarantee of future performance.
2 Portfolio Manager Insight Market Review In a volatile quarter, international equities as measured by the MSCI EAFE Index ended lower in US dollar terms. After a strong start to the year, markets turned down initially on concerns about higher inflation and a resulting rise in interest rates, and later on growing fears about a potential global trade war and a sell-off in the global technology sector. Although the global economic expansion continues, the potential for a faster return to more normalized monetary policy as inflation begins to pick up around the world gave markets pause. Additionally, political fears returned to the forefront following the Trump administration s plans to impose tariffs on steel and aluminum and on Chinese imports. Performance Review Stock selection, the core of our investment approach, contributed to performance during the quarter relative to the strategy s benchmark, the MSCI EAFE Index. Security selection in the Health Care, Financials, and Materials sectors contributed to returns relative to the benchmark. Stock selection in the Information Technology and Energy sectors detracted from performance during the quarter relative to the strategy s benchmark. Sector weightings are a result of our stock-selection process and our search for what we believe are attractive, high-quality, sustainable-growth companies. Sector allocation contributed to relative performance versus the strategy s benchmark. An overweight in Information Technology boosted relative performance. A lack of exposure to Utilities curbed returns relative to the benchmark. Regionally, emerging markets exposure and stock selection in Europe bolstered performance relative to the MSCI EAFE Index, while an overweight in the United Kingdom and underweight in Japan dampened relative returns. Outlook & Strategy After a volatile first quarter, we see a number of factors beginning to take shape that indicate to us equity markets may be in for a messy These factors include growing trade tensions between the United States and its major trading partners, rising tensions with Russia, potentially greater uncertainty in the Middle East should the US scrap the Iran nuclear deal, and company-specific challenges facing some of the biggest US technology firms. Despite these challenges, we note that stability in the currency and bond markets over the first quarter suggests to us that stock markets have been undergoing a valuation correction and consolidation, and that we are not witnessing the start of a major risk-off trade that would point to far deeper global economic and political concerns. While we believe markets are likely to remain in a state of correction over the course of 2018, political and economic tensions have the potential to spark bouts of heavy selling. At this stage, we find it difficult to see exactly how these issues will evolve, particularly given the unpredictability of the current US administration. Against a more uncertain backdrop, we believe individual stock selection will become increasingly important in volatile markets. As always, we focus on finding companies with compelling growth opportunities and well defended competitive advantages that can withstand the noise emanating from Washington, DC, and the increased political and economic fears facing the broader global equity markets. Portfolio Characteristics 3 Portfolio MSCI EAFE (Net Market Capitalization (Millions in USD) 19,258 54,128 Number of Issuers Return on Equity 16.10% 14.32% Price to Earnings Growth Ratio 1.82x 1.21x Estimated 3-5 Yr EPS Growth 17.82% 11.57% Price to Earnings (12 Month Forward) 23.13x 14.06x Number of issuers based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite 4. Based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite. ftinstitutional.com 2
3 Portfolio Diversification Geographic Weightings vs. MSCI EAFE (Net 5 Percent of Total EUROPE UNITED KINGDOM NORTH AMERICA JAPAN EMERGING MARKETS ASIA/PACIFIC EX JAPAN CASH & CASH EQUIVALENTS % 25% 50% 75% Sector Weightings vs. MSCI EAFE (Net 5 Percent of Total Information Technology Consumer Discretionary Health Care Industrials Financials Materials Energy Consumer Staples Utilities 3.28 Real Estate 3.52 Telecommunication Services 3.83 Cash & Cash Equivalents % 5% 10% 15% 20% 25% Franklin EAFE Composite MSCI EAFE (Net Franklin EAFE Composite MSCI EAFE (Net Top Ten Holdings 6 Percent of Total Top Holdings Sector Country % ALKERMES PLC Pharmaceuticals, Biotechnology & Life United States 3.52 Sciences DSV A/S Transportation Denmark 3.48 AZIMUT HOLDING SPA Diversified Financials Italy 3.41 FERGUSON PLC Capital Goods Switzerland 3.37 SOPHOS GROUP PLC Software & Services United Kingdom 3.32 START TODAY CO LTD Retailing Japan 3.27 ASCENTIAL PLC Media United Kingdom 3.26 KONINKLIJKE DSM NV Materials Netherlands 3.24 KBC GROEP NV Banks Belgium 3.23 SYMRISE AG Materials Germany 3.20 ftinstitutional.com 3
4 Supplemental Performance Statistics 3 Yrs 5 Yrs 10 Yrs Since Inception Standard Deviation (%) Franklin EAFE Composite MSCI EAFE (Net Tracking Error (%) Information Ratio Beta Sharpe Ratio Franklin EAFE Composite MSCI EAFE (Net Investment Philosophy Research-Driven Portfolio Concentrated portfolio with approximately holdings Benchmark Indifferent Longer-Term Investment Horizon Investment Horizon of 3 to 5 years Typical holding period of 4+ years Seek to Manage Risk by Limiting Economic Overlap among Holdings Select companies whose earnings streams are not highly correlated Has typically resulted in a diversified portfolio across MSCI Global Industry Classification Standard (GICS) sectors and industries Global Opportunity Set Search without borders Average allocation to emerging markets has been less than 10% Investment Process STOCK SELECTION DISCIPLINE Growth Quality Valuation Free cash flow analysis to assess: Sus ainable b sine sm del Long-t r c mpe itiv adv nt ge Va u - ener ting reinv st en r c r Framework to assess: Financial transparency and accounting quality Corporate governance including share, board and management structure and compensation metrics Environmental management, social and labor practices Common discount cash flow/dividend model to assess: Relative attractiveness of company Valuation support under different scenarios 7. Risk statistics are calculated using gross of fees composite performance. 8. Beta, Information Ratio and Tracking Error information are measured against the MSCI EAFE (Net. ftinstitutional.com 4
5 Investment Team Franklin Non-US Equity Management Team Years with Firm Years Experience Coleen Barbeau, Senior Vice President John Remmert, Senior Vice President Don Huber, CFA, Senior Vice President Franklin Global Large Cap Team Number of Members Average Years Experience Research Analysts 8 18 Additional Resources Investment Risk Management Group Franklin Global Small Cap Team Global Trading Platform Research Associates Franklin US Equity Team Global Portfolio Compliance Product Managers Years with Firm Years Experience Amber Saft ftinstitutional.com 5
6 Important Legal Information Franklin claims compliance with the Global Investment Performance Standards (GIPS ). Franklin (the firm ) encompasses the equity, fixed income and balanced accounts managed by Franklin Advisers, Inc., and related Franklin affiliates, including, effective 1 January 2007, the equity accounts managed by the institutional investment teams of Franklin Templeton Institutional, LLC under the former firm name of Fiduciary Global Advisors. The combined equity assets of Franklin and Fiduciary Global Advisors form the Franklin Equity Group (formerly Franklin Global Advisers prior to 30 June 2010) unit of Franklin. Effective 1 January 2006, the fixed income assets managed from that date forward by Franklin Templeton Institutional, LLC ( FTI ) or its related affiliates (managed previously by Fiduciary Trust Company International - Institutional Division or FTCI s Institutional Division ) that went through the institutional portfolio review process were combined with the fixed income assets of Franklin to form the Franklin Templeton Fixed Income unit of Franklin. The primary reason for these changes to the firm definition was to consolidate equity and fixed income asset management for Franklin (as previously defined), Fiduciary Global Advisors (institutional equities) and FTCI s Institutional Division (institutional fixed income) under one firm, Franklin. The firm definition for Franklin does not include multi-strategy asset allocation portfolios managed by Franklin Templeton Multi-Asset Solutions (FTMAS), which was previously known as Franklin Templeton Solutions as well as Franklin Templeton Multi-Asset Strategies and the wrap-fee and non-wrap-fee accounts managed by Franklin Separately Managed Accounts (formerly Franklin Portfolio Advisors) or Franklin Europe which integrated into the Templeton firm definition effective 1 December The Franklin EAFE Composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks to outperform its benchmark on a gross of fees basis by investing in non-u.s. equities. Franklin employs a bottom-up fundamental approach to stock selection, utilizing in-depth analysis to select companies based on growth, quality and valuation investment criteria. Franklin seeks to invest in those sectors and companies that are expected to grow at a faster rate than the market overall, likely benefiting from secular and cyclical trends in both U.S. and non-u.s. markets. Franklin does not employ leverage or use derivatives in any account in the composite except for the use of foreign currency forward contracts in conjunction with the normal settlement of security trades in currencies other than the base currency of each account. Total returns are presented in U.S. dollars both gross and net of investment advisory fees, are inclusive of commissions and transaction costs, and assume reinvestment of any dividends, interest income, capital gains, or other earnings. Periods greater than one year are shown as average annual total returns. Performance data is shown rounded to the nearest hundredth. The returns presented for periods prior to 1 January 2000 are not in compliance with the GIPS standards. Past performance is not an indicator or a guarantee of future performance. The MSCI EAFE (Net is a free float-adjusted market capitalization weighted equity index comprised of securities in MSCI s developed market country-specific indexes, excluding the U.S. and Canada. The benchmark is used for comparative purposes only and is provided to represent the investment environment existing during the time periods shown. Effective 12/31/2015, the historical benchmarks were changed from MSCI EAFE Index to MSCI EAFE (Net and from MSCI EAFE Growth Index to MSCI EAFE Growth (Net for all historical periods. The net dividends indices are more representative of the composite strategy, taking into account the impact of foreign withholding taxes. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. To receive a complete list and description of Franklin composites (including any single account mutual fund composite) and/or a presentation that adheres to the GIPS standards for any composite, contact your Franklin Templeton institutional representative at (800) Intended for Recipient only. FTI has provided these materials to you with the understanding that you have or control more than $50 million in assets under management (if this is not correct please let FTI promptly know). FTI is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FTI has a financial interest. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Important data provider notices and terms available at 3. Source: FactSet. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. 5. 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. 6. 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. 9. 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). This piece is intended for institutional investment management consultants or investors interested in institutional products and services available through Franklin Templeton Institutional and its affiliates. Various account minimums or other eligibility qualifications apply depending on the investment strategy or vehicle. Franklin Templeton Institutional One Franklin Parkway San Mateo, CA Tel: (800) ftinstitutional.com 2018 Franklin Templeton Investments. All rights reserved.
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