Franklin MidCap Value Fund Advisor Class
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- Allyson Ferguson
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1 Franklin MidCap Value Fund Advisor Class Value Equity Product Profile Product Details 1 Fund Assets $184,924, Fund Inception Date 07/01/2005 Number of Issuers 111 NASDAQ Symbol FMVZX Maximum Sales Charge 0.00 Investment Style Benchmark Lipper Classification Morningstar Category Dividend Frequency Asset Allocation 2 Percent of Total EQUITY Value Russell Mid Cap Value Index Mid-Cap Value Funds Mid-Cap Value Annually in December Fund Description The fund seeks long-term total return by investing at least 80% of its assets in equity securities of mid-capitalization companies, which are defined as being similar in size to those in the Russell Midcap Index 3, at the time of purchase. Performance Data 4 Average Annual Total Returns 5 (%) Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (07/01/2005) Advisor Class Russell Mid Cap Value Index 30% 20% 10% 0% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception CASH & CASH EQUIVALENTS 3.21 Advisor Class Russell Mid Cap Value Index 0% 50% 100% 150% Franklin MidCap Value Fund is proposing to reorganize into Franklin Small Cap Value Fund effective at the close of market on or about December 1, 2017, subject to shareholder approval. The fund closed to all new investors on July 7, Total Annual Operating Expenses With Waiver:1.05% Without Waiver: 1.29% 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. Advisor Class shares are offered only 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. The fund has an expense reduction contractually guaranteed through 02/28/2018. Fund investment results reflect the expense reduction; without this reduction, the results would have been lower. Calendar Year Returns (%) Advisor Class Russell Mid Cap Value Index 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. Mid-capitalization companies are defined as being similar in size to those in the Russell Midcap Index, whose median market capitalization was $6.3 billion as of the latest reconstitution. 4. 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. 5. Periods shorter than one year are shown as cumulative total returns. Not FDIC Insured May Lose Value No Bank Guarantee
2 Portfolio Manager Insight 6 Market Review US equities advanced during 2017 s third quarter, aided by solid corporate earnings results, generally favorable US economic data, synchronized global economic growth, a rebound in oil prices and an increased focus on tax reform in Washington DC. Another failed attempt by the Republican-controlled Congress to pass health care reform, fallout from remarks by President Trump regarding protests in Charlottesville, Virginia, a dangerous and costly US hurricane season, and tensions around North Korea s nuclear ambitions had no lasting impact on stocks during the period. Among the 11 major equity sectors of the Russell Midcap Value Index, materials, energy, industrials and financials posted the largest gains. The telecommunication services and health care sectors declined the most. In July and August, second-quarter corporate earnings announcements continued to show solid year-over-year growth, along with favorable trends for guidance and earnings revisions. A decline in the trade-weighted US dollar which increases the value of overseas earnings for US companies also aided stocks. In late July, the initial data on second-quarter real gross domestic product showed acceleration in economic growth. Monthly US employment figures and the Institute for Supply Management s (ISM s) manufacturing and nonmanufacturing indexes also remained solid. The ISM Manufacturing Index for August climbed to the highest level since In July, the US Federal Reserve s (Fed s) Federal Open Market Committee (FOMC) stated that interest rates will continue to rise gradually and that the process of reducing the Fed s multi-trillion dollar balance sheet may begin relatively soon. After the FOMC met in September, it announced an October start to its balance sheet normalization program and issued an updated Summary of Economic Projections that showed FOMC members expect one more rate hike in Fed Chair Janet Yellen also commented on the strength of the US economy and household spending. The Fed news was generally viewed as positive by financial markets as it reflected confidence in the US economy. Performance Review For the quarter, the fund s best-performing stocks on a contribution-to-return basis included Versum Materials, Red Hat and Total System Services. Versum Materials, a specialty materials and equipment company that primarily supplies the semiconductor end market, reported another strong set of quarterly results in August. Versum topped consensus revenue and earnings estimates, and also raised its full-year outlook. The company is benefiting from an industry shift toward materials-based manufacturing and the transition to a new memory architecture type called 3D NAND. Red Hat, a leading provider of open source software support and services, reported better-than-expected quarterly revenues and earnings in September, and raised its full-year outlook. Management attributed the accelerated revenue growth to an increased demand for hybrid cloud technologies. Total System Services is an electronic payment processor that provides a range of solutions, including issuer processing, merchant acquiring and prepaid program management. Its stock price rose due to quarterly results that came in ahead of consensus estimates and management s upward adjustment to full-year guidance of revenue growth and earnings per share. Additionally, management noted that it is on track with synergy and integration targets related to its TransFirst acquisition in April 2016, a key driver of the year-over-year margin expansion within its merchant solutions segment. Detractors from absolute performance included Envision Healthcare, Treehouse Foods and XL Group. Envision Healthcare is a health care services company providing physician services and ambulatory surgical centers services in the United States. Shares of Envision fell after a downward revision in the company s guidance for the second half of 2017, attributed to lower volume expectations; the departures of the chief financial officer and president; and negative publicity around more expensive bills resulting from services by out-of-network physicians within in-network hospital emergency rooms. On a more positive note, Envision announced the sale of its medical transportation business at a price that was in line with market expectations, as well as a $250 million share buyback plan. Treehouse Foods is the nation s largest private label food and beverage manufacturer. Its shares continued to suffer from the company s inconsistent results as weak overall packaged food trends, coupled with competition, caused Treehouse Foods to reduce its earnings guidance. The company has made changes to its management team, and it is focused on integrating its recent acquisitions and lowering costs to offset the challenging environment. Shares of XL Group, a global insurance and reinsurance provider, declined as Hurricanes Harvey, Irma, and Maria hit parts of the United States, Puerto Rico, and many Caribbean islands. The major hurricanes drove up industry catastrophe loss expectations for the quarter. The losses will materially impact XL s third-quarter results, but we do not believe the firm will experience a capital event based on our analysis of probable maximum loss estimates and market share data. Portfolio Positioning At quarter-end, the fund s largest sector concentration was financials, followed by industrials and real estate. Its five largest portfolio holdings were Roper Technologies (industrials), Textron (industrials), Ferroglobe (materials), Treehouse Foods (consumer staples) and Pinnacle Foods (consumer staples). The fund did not initiate or add to any positions during the period. However, it exited a few positions during the period, most notably Autodesk, an engineering and design software maker, as the stock price climbed toward our estimate of fair value. We also exited our positions in GGP and Pioneer Natural Resources. Outlook & Strategy Improving conditions appear to be generally supportive of the US equity market. However, value stocks could look more attractive if economic growth and financial conditions continue to improve and the pace of inflation remains subdued. Since cyclical sectors (e.g., industrials, financials and consumer discretionary) would likely benefit more in such an environment, our value strategy could be an outsized beneficiary relative to more traditional growth strategies, which the market has generally favored during prolonged periods of tepid growth. In addition, mid-cap companies would benefit meaningfully from a lower corporate tax rate as outlined by Republicans in September. Smaller public companies typically earn more income within the United States, which means they generally pay a higher effective tax rate than large multinationals. While President Trump and the Republicans in Congress have made little progress in their policy agenda as of yet, we expect them to work hard on passing meaningful tax reform legislation. After all, congressional Republicans may begin to feel more pressure to have something to show their constituents before they start campaigning for the mid-term elections in franklintempleton.com 2
3 In our view, Trump s deal with congressional Democrats on a short-term deal to raise the debt ceiling and fund the government, as well as a tentative plan to replace the Deferred Action for Childhood Arrivals program in exchange for border security, introduces the possibility of compromise and dealmaking on tax reform. A compromise plan with Democrats would most likely be less comprehensive than the Republican framework released in September, but we believe even modest reforms have the potential to boost equity markets and economic growth. Beyond the policy gridlock, we believe the drive to reduce regulation, much of which does not require legislation, has been well received and helps to buttress corporate profitability. The Fed s decision in September to begin unwinding its quantitative easing program in October was expected and largely priced into the market. In our view, interest-rate hikes are the more important near-term factor. While inflation and wage growth remain subdued, Fed Chair Yellen seems determined to gradually raise interest rates; her remarks after the Fed s September monetary policy meeting caused investors to raise their expectations for a rate hike in December and multiple hikes in As we have noted in the past, value stocks could get a further boost from gradually rising interest rates. A look back at market cycles shows a historical relationship between interest rates and the relative outperformance of value investing over growth. The benign economic and financial market backdrop may be contributing to investor complacency, reflected in the generally subdued readings of the Chicago Board Options Exchange Volatility Index (commonly referred to as the VIX). However, investor attitudes could swing suddenly, injecting volatility back into a relatively complacent equity market. While we are not predicting volatility and we do not make top-down portfolio positioning decisions, we feel it is important to remember 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. We will continue to target investments in historically successful companies, with sustainable business models, good corporate governance and low debt, that we view as temporarily trading at depressed levels relative to future earnings power. We believe this investment framework constitutes our competitive advantage and a potentially sustainable source of alpha over the long term. 6. 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 7,8,9 Portfolio Russell Midcap Value Index Price to Earnings (12 Month Trailing) 21.98x 17.94x Price to Book Value 2.08x 1.94x Price to Cash Flow 11.40x 9.84x Market Capitalization (Millions in USD) 13,416 13, 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. 8. Source: FactSet. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. 9. 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 10 Percent of Total Top Holdings Sector % ROPER Capital Goods 2.22 TECHNOLOGIES INC TEXTRON INC Capital Goods 2.21 FERROGLOBE PLC Materials 2.09 TREEHOUSE FOODS Food Beverage & 2.05 INC Tobacco PINNACLE FOODS INC Food Beverage & 1.85 Tobacco ENVISION Health Care Equipment & 1.74 HEALTHCARE CORP Services MARATHON Energy 1.71 PETROLEUM CORP WESTROCK CO Materials 1.69 FIRST HORIZON Banks 1.64 NATIONAL CORP TOTAL SYSTEM SERVICES INC Software & Services 1.63 Sector Weightings vs. Russell Midcap Value Index 11,12 Percent of Total Financials Industrials Real Estate Utilities Materials Information Technology Health Care Energy Consumer Staples Consumer Discretionary Telecommunication Services Cash & Cash Equivalents % 5% 10% 15% 20% 25% Franklin MidCap Value Fund Russell Mid Cap Value Index Largest Sector Contributors vs. Russell Mid Cap Value Index 13 Total Sector Effect (%) Information Technology 0.67 Industrials 0.25 Real Estate 0.22 Telecommunication Services 0.13 Utilities 0.01 Contributors/detractors data shown is for the period from 07/01/2017 to 09/30/2017. Smallest Sector Contributors vs. Russell Mid Cap Value Index 14 Total Sector Effect (%) Health Care Consumer Staples Energy Financials Materials 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. 11. 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. 12. 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. 13,14. 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. franklintempleton.com 4
5 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 Process INITIAL SCREEN INDIVIDUAL COMPANY ANALYSIS ACCUMULATE SUBJECT TO PRICE CONSTRUCT AND MONITOR PORTFOLIO Screen initial universe of 8,000 stocks to search for small-cap value companies with low long-term debt/equity ratio and one or more ratios such as: Low price/earnings ratio Low price/book ratio Low price/cash flow ratio Identify companies with: Strong balance sheets Effective, shareholderfriendly management Viable products or services Valuable customer franchises and other intangibles Ownership of valuable trademarks, trade names, distribution networks Other special factors that suggest a company may be a takeover or turnaround candidate Set target sell price Our value discipline makes us price-sensitive buyers Our ability to accumulate a full position is often subject to opportunistic purchases during times of market volatility Monitor fundamentals Review portfolio holdings Review target price Continual screening of stock universe and monitoring of current portfolio Investment Team Portfolio Manager Years with Firm Years Experience Steven Raineri Christopher Meeker, CFA 5 14 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. 15. Beta, Information Ratio and Tracking Error information are measured against the Russell Mid Cap Value Index. 16. 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 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. Price to Earnings (12-mo Trailing): The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, the value represents a weighted average of the stocks it holds. 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 a fund s returns varies from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that a fund s performance will fluctuate from the average return. Tracking Error: Measure of the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed, the smaller the tracking error. franklintempleton.com 6
7 What Are The Risks? All investments involve risks, including possible loss of principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. Historically, mid-size company securities have been more volatile in price than larger company securities, especially over the short term. Mid-size companies may be more susceptible to particular economic events or competitive factors than are larger, more broadly diversified companies. In addition, the fund may invest up to 25% of its total assets in foreign securities, which involve special risks, including currency fluctuations and economic and political uncertainty. These and other risks are discussed in the fund s prospectus. 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. Russell is a trademark/servicemark of the Frank Russell Company. Important data provider notices and terms available at: Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA (800) DIAL BEN/ franklintempleton.com 2017 Franklin Templeton Investments. All rights reserved. 622 PP 09/17
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