Franklin Balance Sheet Investment Fund Advisor Class
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1 Franklin Balance Sheet Investment Fund Advisor Class Value Equity Product Profile Product Details 1 Fund Assets $958,595, Fund Inception Date 04/02/1990 Number of Issuers 66 NASDAQ Symbol FBSAX Maximum Sales Charge 0.00 Investment Style Value Benchmark Russell 3000 Value Index Lipper Classification Multi-Cap Value Funds Morningstar Category Mid-Cap Value Dividend Frequency Annually in December Fund Description The fund seeks high total return by investing most of its assets in the stocks of companies the fund managers believe are undervalued and trading at a low price relative to book value. Performance Data 3,4 Average Annual Total Returns 5 (%) Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (04/02/1990) Advisor Class Russell Value Index 20% Asset Allocation 2 Percent of Total 10% EQUITY % -10% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs Since Inception CASH & CASH EQUIVALENTS Advisor Class Russell 3000 Value Index FIXED INCOME % 25% 50% 75% 100% Total Annual Operating Expenses With Waiver:0.67% Without Waiver: 0.72% 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 a fee waiver associated with any investment it makes in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through 02/28/2019. Fund investment results reflect the fee waiver; without this waiver, the results would have been lower. Calendar Year Returns (%) Advisor Class Russell Value Index 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. 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. 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 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 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 S&P 500 Index declined, led by telecommunication services, consumer staples and energy. The information technology and consumer discretionary sectors managed to post gains, despite posting sizable 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 Top contributors to absolute fund performance for the quarter included Heidrick & Struggles, DSW and MKS Instruments. Heidrick & Struggles is a global executive search firm. The company reported strong revenue growth in the fourth quarter, surpassing consensus estimates as the market for executive search is becoming more robust after years of tepid growth since the financial crisis. While margin expansion has remained elusive and earnings remain well below peak 2007 levels, investors are gaining confidence that further revenue growth and cost-cutting efforts will lead to higher margins. To this end, consensus earnings estimates for 2018 and 2019 have continued to rise. DSW is a leading fashion-focused women s footwear retailer with more than 500 stores in the United States. The company reported unexpectedly strong quarterly same-store sales and higher margins driven by astute inventory selection and scaled back discounting. DSW has strong financial characteristics, is well regarded among its customers and has credible initiatives to expand its appeal. These factors lead us to believe DSW s financial performance likely will continue to improve and, when coupled with a valuation we view as attractive, makes it an attractive investment for us. MKS Instruments provides equipment to semiconductor makers, as well as lasers and optics, medical, industrial and other advanced manufacturing industries. The stock continued to appreciate during the period as the company raised its profit outlook, driven by semiconductor capital equipment spending and strong performance in its laser business. Semiconductor capital equipment spending continues to benefit from migration to the cloud, autonomous vehicles, augmented reality devices and China s initiatives to develop domestic semiconductor manufacturing. We believe the market s concern regarding semiconductor cyclicality is more than offset by the company s strong balance sheet, consistent free cash flow and capable management. Detractors from absolute fund performance included Terex, Vodafone Group and General Motors. Terex makes cranes, aerial work platforms and other construction equipment. The stock depreciated in reaction to US steel tariffs; steel is Terex s largest raw material cost, and US tariffs could mean foreign competitors gain a cost advantage by purchasing local steel. This is unfortunate as the company s new management has significantly improved operating margins. We believe higher margins, strong free cash flow and a healthy balance sheet will enable the company to weather this hopefully temporary storm. Vodafone Group is a UK-based global mobile telecommunications company. In February, investors appeared disappointed by slower quarterly growth in overall service revenues, a decline in service revenues in India, and management comments on higher spending for wireless spectrum. In our view, the negative news was not as severe as investor reaction implied. Later in the month, Vodafone confirmed that it was in talks with media company Liberty Global (not a fund holding) to acquire cable assets in Europe. Investors were concerned that Vodafone may overpay for the assets, causing it to issue equity. Beyond the concerns regarding the possible purchase price for Liberty Global s cable assets, we believe Vodafone is doing a good job of lowering costs, improving revenues and focusing on areas of the business with higher profit margins, which includes divesting non-core assets. General Motors is a leading global automotive manufacturer. Its stock depreciated on fear of weakening auto sales, global trade tension and rising raw materials costs. Nevertheless, we are optimistic regarding the company s prospects with its forthcoming new truck launches and advances in autonomous vehicles. Importantly, since the financial crisis, GM has materially reduced costs, strengthened its balance sheet and significantly increased cash flow. We believe GM, despite its improving product offerings, vehicle quality and renewed financial strength, remains underappreciated by investors. Portfolio Positioning The fund initiated a position in an integrated exploration and production company with attractive upstream assets in Canada and Asia. The company has been trading at meaningful discount to industry peers, despite a potential competitive advantage versus competitors in Canada and a significant improvement in its financial position. Conversely, we exited a few positions during the period, including Comerica, a US bank, and MetLife, an insurer, as the stock prices appreciated to our estimate of fair value. Compared with the benchmark, the fund s largest overweights were in the consumer discretionary and energy sectors, while its most sizable underweights were in the health care, utilities, consumer staples and real estate sectors. However, given our low price-to-book strategy, our opportunity set and portfolio often diverge widely from market capitalization-oriented benchmarks. Outlook & Strategy Our investment strategy looks for opportunities among companies with a low price-to-book ratio, agnostic to market capitalization. Price-to-book value has historically been an effective basis for judging the inherent value of a company when cash flows and earnings experience volatility or are suppressed for whatever reason. This approach historically has led us to the most out-of-favor stocks and sectors due to cyclical or secular earnings stress, too much leverage, or simply interrupted growth. Whatever the cause, a common symptom is a company s cost of capital exceeding its return on capital, or at least presumed by the market to be heading in that direction. Such cases require deep, fundamentals-based research capabilities to ascertain the severity of franklintempleton.com 2
3 the predicament and to determine a path to value. The portfolio that emerges from our process will likely differ materially from traditional market capitalization-based indexes followed by passive strategies. Our work, as well as academic studies, find low book value-oriented strategies have fared well over the long term. The US economy has continued to expand and, by many measures, has now recovered to pre-financial crisis levels. Unemployment is nearing historic lows, employers are having difficulty finding workers and working age participation rates are recovering. Housing demand continues to improve as millennials predictably, though somewhat belatedly, follow their parents footsteps. Home prices in many areas are approaching or have exceeded 2006 peak levels. Still, inflation remains muted. Investors have mixed feelings regarding the longevity and extent of the economic expansion. On the one hand, the recovery has been tepid, optimism among chief executive officers has recently turned meaningfully positive and the three-month-old tax reform act is implicitly pro-growth. Conversely, productivity remains low, the administration s trade tariffs stymie its own tax cuts while creating uncertainty, the Fed is raising rates and most economic expansions have not lasted this long. Markets are in a state of flux, awaiting conviction on how much further this economic expansion can go. We believe the fund remains well positioned to benefit from the current environment given our value orientation and investment positioning. Our opportunity set among the lowest price-to-book companies and sectors within the market is constantly evolving, especially in periods of flux, affording us opportunities to make attractive investments. We are seeing more stocks inversely related to rising interest rates, also known as bond proxies, such as real estate investment trusts (REITs) and utilities in our opportunity set. In a rising-rate environment, their yields are relatively less attractive to investors, leading them to sell off. Notwithstanding this, we believe they can still represent attractive total return opportunities in light of their high dividend yields provided interest rates do not move materially higher. The consumer discretionary sector continues to be afflicted by the Amazon.com (not a fund holding) effect. However, we see areas within retail that exhibit attractive attributes and should be relatively immune, yet have been unduly punished by the market. Many of these opportunities may ultimately be prospective, but as always we will take a rigorous and patient approach to assessing the company s management, business, historic capital allocation aptitude and likelihood of creating value for shareholders. Our financial sector holdings continue to be well positioned. After a decade of intense regulatory scrutiny and annual stress testing, we believe they are well-capitalized and more conservatively operated. Despite higher required capital levels and lower leverage, their returns on equity have rebounded strongly, driven by efficiency gains and the disproportionate benefit to the sector of the recent tax reforms relative to other sectors. We believe room remains to return capital to shareholders through rising dividends and share buybacks. Credit quality is so strong it looks unsustainable, yet there are also few signs of excessive lending. While we remain constructive on the sector, we ve also taken the opportunity to reduce exposure to sector positions whose valuations, in our view, incorporated high expectations surrounding rising rates or whose credit characteristics could provide a negative surprise. We continue to increase the overall quality and stability of our energy sector exposure, selectively adding to depressed midstream pipeline transmission and storage companies, while honing our services investments. Disruption to the midstream master limited partnership (MLP) model, created by proposed regulatory changes, has created select attractive value opportunities. Our larger, diversified energy and production company positions have pledged to be more disciplined with shareholders capital, to forgo debt-fueled expansion and to balance growth with capital returns to shareholders. We remain optimistic about the near-term prospects for these large, disciplined energy producers and remain diligent should they waiver from their commitments. The downturn in energy hit oilfield services firms disproportionately and presented us with the opportunity to increase existing positions, as well as initiate investments in several high-quality niche providers with strong balance sheets and market positions. While we remain confident in our existing investments in financials, energy and select consumer discretionary companies, we have reduced our holdings in information technology, as valuations have appeared to incorporate strong fundamentals. The lower price-to-book deciles of the market that we focus on invariably include out-of-favor sectors, for one reason or another, and idiosyncratic company opportunities. We continue our bottom-up fundamental work among out-of-favor stocks to uncover the diamond in the rough. The prolonged period of slow economic growth afforded growth-oriented companies relatively high valuations. The relative premium of the Russell 3000 Growth to the Russell 3000 Value indexes has been approaching historical highs. Given what we view as increasingly stretched valuations among growth companies, the resurgence in economic growth and the passage of tax reform, we believe value-oriented strategies are particularly well-positioned given their long underperformance and prevalence within more economically sensitive sectors. 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 3000 Value Index Price to Earnings (12 Month Trailing) 17.15x 17.31x Price to Book Value 1.24x 1.96x Price to Cash Flow 8.93x 10.05x Market Capitalization (Millions in USD) 70, , 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 % JPMORGAN CHASE & Banks 4.13 CO CORNING INC Technology Hardware & 3.72 Equipment BANK OF AMERICA Banks 3.71 CORP ROYAL DUTCH SHELL Energy 3.46 PLC TOLL BROTHERS INC Consumer Durables & 2.49 Apparel MORGAN STANLEY Diversified Financials 2.45 GENERAL MOTORS CO Automobiles & 2.35 Components CITIGROUP INC Banks 2.19 CHEVRON CORP Energy 2.12 PNC FINANCIAL SERVICES GROUP INC Banks 1.94 Sector Weightings vs. Russell 3000 Value Index 11 Percent of Total Financials Energy Consumer Discretionary Industrials Information Technology Materials Health Care Consumer Staples Telecommunication Services Utilities Real Estate Cash & Cash Equivalents % 5% 10% 15% 20% 25% 30% 35% Franklin Balance Sheet Investment Fund Russell 3000 Value Index Largest Sector Contributors vs. Russell 3000 Value Index 12 Total Sector Effect (%) Consumer Staples 0.78 Real Estate 0.20 Health Care 0.02 Contributors/detractors data shown is for the period from 01/01/2018 to 03/31/2018. Smallest Sector Contributors vs. Russell 3000 Value Index 13 Total Sector Effect (%) Information Technology Energy Consumer Discretionary Utilities Industrials 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. 12,13. 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 INVESTMENT THESIS ACCUMULATE SUBJECT TO PRICE PORTFOLIO CONSTRUCTION MONITOR PORTFOLIO Use licensed database to rank thousands of stocks on price-tobook. Filter out irrelevant data (e.g., negative equity). Focus on lowest two deciles of residual universe. Analyze company balance sheet and cash flow statement. Review accounting and make appropriate adjustments. Study proxy material: Governance Self-dealing Incentives What accounts for the apparently low price? Where is leverage going? Bring questions to management. Resources: Franklin Mutual Series Team in Short Hills, New Jersey Independent Third-Party Research Sell Side Will book value grow? Is higher price-tobook likely under ordinary conditions? Is anticipated return adequate over our long-term holding period? Is management on our side? No catalyst required: we do not try to identify a specific catalyst that will drive price realization. Our value discipline makes us pricesensitive buyers. Our ability to accumulate a full position is often subject to opportunistic purchases during times of market volatility. Our long expected holding period of five or more years makes us comfortable with low trading volume. Weightings reflect investment opportunity no benchmark consideration. Maintain diversification in accordance with 1940 Act. With no requirement to be fully invested, cash is the default holding. Are developing results consistent with our initial investment thesis? Is target price-tobook still valid? Continual screening of stock universe and monitoring of current portfolio Investment Team Portfolio Manager Years with Firm Years Experience Grace Hoefig, Portfolio Manager/Research Analyst Daniel Perrin, CFA, Portfolio Manager/Research Analyst 8 22 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%. 14. Information Ratio and Tracking Error information are displayed for the product versus the Russell 3000 Value Index. 15. 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 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. 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 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. While smaller and midsize companies may offer substantial opportunities for capital growth, they also involve heightened risks and should be considered speculative. Historically, smaller- and midsize- company securities have been more volatile in price than larger-company securities, especially over the short term. The fund may invest up to 25% of its total assets in foreign securities, which may involve special risks, including currency fluctuations and economic and political uncertainty. These and other risks are detailed 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, please call Franklin Templeton Sales and Marketing Services at (800) or visit franklintempleton.com. Your clients or investors should carefully read the prospectus before they invest or send money. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russel is a trademark of Frank Russell Company. Important data provider notices and terms available at: 3. Effective 03/01/2001, the fund began offering Advisor Class Shares. For periods prior to the fund s Advisor Class inception date, a restated figure is used based on the fund s oldest share class, Class A performance, excluding the effect of Class A s maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and b) for periods after the fund s Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class. Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA (800) DIAL BEN/ franklintempleton.com 2018 Franklin Templeton Investments. All rights reserved. 650 PP 03/18
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