Portfolio Manager Insight
|
|
- Randolph Davis
- 5 years ago
- Views:
Transcription
1 Growth Equity Product Profile Product Details Strategy Assets $4,064,420, Inception Date 11/30/2005 Base Currency USD Investment Style Growth Overview We seek to capture the growth potential of India s economy by employing a bottom-up security selection process based on in-depth company research. Through this long-term oriented approach, we focus on identifying high-quality companies that can achieve sustainable growth over time with reasonable valuations. We believe that the quality and thoroughness of our research combined with our flexible yet disciplined approach to investing in Indian equities offer the potential for strong returns in any investment climate. Performance Data Average Annual Total Returns (USD %) 1 Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (11/30/2005) Franklin India Equity Composite - GROSS Franklin India Equity Composite - NET Nifty % 10% 0% % Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Franklin India Equity Composite - GROSS Franklin India Equity Composite - NET Nifty 500 Calendar Year Returns (USD %) Franklin India Equity Composite - GROSS Franklin India Equity Composite - NET Nifty Portfolio Manager Insight Market Review Indian equities fell over the first quarter and underperformed broader emerging markets, despite having a strong start to 2018 amidst foreign investor flows and a solid global economic backdrop. Volatility increased in equity markets on global concerns about faster-than-expected monetary policy tightening, particularly in the United States. Furthermore, several local factors hindered the market, including announcements of increased fiscal deficit targets, the restoration of a long-term capital gains tax on equities, and a fraud scandal concerning a public-sector bank. Political uncertainty rose as the Telugu Desam Party left the coalition National Democratic Alliance government. 1. Periods of more than one year are annualized. Past performance is not an indicator or a guarantee of future performance.
2 However, India s gross domestic product (GDP) grew 7.2% year-on-year in the final quarter of 2017, above market expectations and also higher than the previous quarter s figure. During the first quarter, the Reserve Bank of India maintained its benchmark interest rate at 6%, with a neutral policy stance. The rupee retreated against the US dollar over the quarter. Performance Review The strategy declined over the first quarter and underperformed the benchmark index. In relative terms, an underweight to information technology detracted the most, followed by an overweight and stock selection in telecommunication services. Stock selection amongst industrials also detracted. Conversely, stock selection in consumer discretionary contributed. Additionally, stock selection and an underweight to healthcare aided returns, as did exposure to real estate. In absolute terms, financials, materials and telecommunication services detracted the most. Only information technology and real estate contributed somewhat. Outlook & Strategy India s aggregate domestic demand growth trend remains encouraging. Investment indicators have also seen positive development, and we believe that the transmission of domestic demand into corporate earnings has strengthened. The corporate capital expenditure (capex) cycle presently shows a nascent recovery of improving domestic demand and better capacity utilisation levels across industries. Government spending continues to grow steadily, though is subject to budgetary constraints. However, capex in construction remains slow. With some segments of the capex cycle indicating reasonable growth, the likelihood increases of an improvement in earnings growth for the fiscal year ending March While micro-level indicators (such as corporate earnings) continue to strengthen, the macroeconomic fundamentals remain incrementally weak. The fiscal deficit for April 2017 to February 2018 is higher than projected in the Union Budget, raising the risk of fiscal slippage beyond the revised estimate of 3.5% of GDP for the fiscal year The widening of the current account deficit, led by a surge in the trade deficit, may be attributed to higher oil imports coupled with rising oil prices. Rising global commodity prices pose a risk to the domestic deficit and inflation. Further, inflationary pressures in developed economies, emanating from tighter labour markets and the possibility of a greater-than-expected rise in wages, could increase market volatility. Curbs on imports may also engender inflationary pressures in the United States. An increase in US bond yields could hamper the ability of emerging market (EM) corporations to service their debt, which could weigh on EM equities. On the positive side, however, domestic growth continues to recover, buoyed by strengthening microeconomic indicators that attempt to offset the weakness in macroeconomic gauges as well as global challenges. An escalation in the ongoing global trade conflict is likely to have a limited impact on India since it is a small trade partner for the United States. India s US-bound exports account for 3% of India s GDP. We expect the Indian equity market to be driven by a strong earnings recovery. We believe that our bottom-up focus on high-quality businesses that convert earnings into cash flows will help us navigate through volatile market conditions over the next 12 months. Portfolio Characteristics Portfolio Price to Earnings (12 Month Trailing) 29.59x 21.60x Price to Book Value 3.42x 3.09x Price to Cash Flow 13.82x 13.43x Market Capitalization (Millions in USD) 21,830 60,202 Number of Issuers Price to Earnings Growth Ratio 1.20x 1.20x Historical 3-Year EPS Growth 5.58% 10.91% Estimated 3-5 Yr EPS Growth 19.23% 17.06% Price to Earnings (12 Month Forward) 27.99x 20.62x Number of issuers based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite 2. Based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite. ftinstitutional.com 2
3 Portfolio Diversification Sector Weightings vs. 3 Percent of Total Financials Consumer Discretionary Industrials Materials Information Technology Consumer Staples Telecommunication Services Health Care Real Estate 2.55 Utilities 2.03 Energy Cash & Cash Equivalents % 5% 10% 15% 20% 25% 30% 35% 40% Top Ten Holdings 4 Percent of Total Top Holdings Sector % HDFC BANK Banks 8.40 INFOSYS Software & Services 7.12 KOTAK MAHINDRA Banks 7.01 BANK TATA MOTORS Automobiles & 4.20 Components YES BANK Banks 4.09 ULTRATECH CEMENT Materials 3.78 LARSEN & TOUBRO Capital Goods 3.69 HINDUSTAN UNILEVER Household & Personal 3.45 Products TITAN CO Consumer Durables & 3.44 Apparel STATE BANK OF INDIA Banks 3.31 Franklin India Equity Composite Supplemental Performance Statistics 3 Yrs 5 Yrs 10 Yrs Since Inception Standard Deviation (%) Franklin India Equity Composite Tracking Error (%) Information Ratio Beta Sharpe Ratio Franklin India Equity Composite Investment Philosophy We view our primary strengths as the Franklin India Equity team s presence on the ground and in-depth approach to fundamental research, its expertise in India equity investing, its investment process and its ability to think independently. Our bottom-up approach to investing is focused on the fundamental analysis of individual companies, based on internal research. It is the foundation of our investment process, aimed at identifying and selecting companies that combine growth, quality and sustainability characteristics at a sensible price. 5. Risk statistics are calculated using gross of fees composite performance. 6. Beta, Information Ratio and Tracking Error information are measured against the. ftinstitutional.com 3
4 Stock Selection Philosophy Growth Quality Sustainability of Results Use of financial analysis to evaluate: Capital return and management analysis to determine: Analysis of a company s long-term ability to: potential to generate positive cash flows or company management s strategic thinking and sustain its competitive product/service earnings that appear to be increasing at a rate faster than that of the industry/economy execution abilities integrity, depth, capital allocation and corporate brand/cost advantage create sustainable shareholder value profitable reinvestment opportunities governance standards potential to sustain high return on capital in the long term Investment Process 1. Develop Universe 2. Fundamental Research 3. Valuations 4. Stock Recommendations 5. Portfolio Construction Shortlist companies from the universe of over 5,500 companies. Identify companies with sound business models, strong growth opportunities, sustainable competitive advantages, and quality management. 360-degree, in-depth analysis based on regular interactions with management, employees, customers, competitors & independent industry professionals as well as study reports/news. Financial Analysis and forecasts. Flexible approach use suitable valuation tools depending on the industry & market situation. Focus on the long-term strategic view in the valuation approach. Conduct rigorous team discussion and debate between analysts and managers on potential companies entry onto a buy, hold or sell list. Stocks rated buy, sell or hold based on growth, quality and valuation. Model Portfolio constructed from the analysts buy and hold lists. Final Portfolio: Security sizing determined by stock conviction as well as risk alignment. Portfolio Manager has discretion over exposure to stocks outside the model portfolio. Investment Team Franklin India Equity Management Team Years with Firm Years Experience Stephen Dover, CFA Sukumar Rajah Purav Jhaveri, CFA Anand Radhakrishnan, CFA Murali Yerram Additional Resources Global Portfolio Compliance Global Trading Platform Investment Risk Management Group ftinstitutional.com 4
5 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 India Equity Composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks capital appreciation by investing in small, mid or large cap companies which have their principal business activities in India. From composite inception to the present, the Franklin India Equity Composite includes accounts that are managed by Franklin Advisers, Inc (FAI) and sub-advised to Franklin Templeton Asset Management (India) Pvt. (FTAMI). All accounts in the composite are managed on a discretionary basis by Franklin Advisers, Inc., part of the firm Franklin. FTAMI provides non-binding, non-discretionary advice to FAI, in connection with FAI s management of the Franklin India Equity strategy. FTAMI is a separate firm which does not claim GIPS compliance. 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. Past performance is not an indicator or a guarantee of future performance. The (USD-based) is a free float-adjusted market capitalization weighted equity index denominated in U.S. dollars comprised of securities in the emerging market of India. The benchmark is used for comparative purposes only and is provided to represent the investment environment existing during the time periods shown. 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. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. 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. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC. Important data provider notices and terms available at 3. 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. 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. 7. 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.
Portfolio Manager Insight
Growth Equity Product Profile Product Details Composite Assets $3,439,925,519.97 Inception Date 30/11/2005 Base Currency USD Investment Style Growth Overview We seek to capture the growth potential of
More informationFranklin U.S. Small Cap Growth Equity Composite
Franklin U.S. Equity Composite Growth Equity Product Profile Product Details Strategy Assets $2,721,231,030.89 Inception Date 02/29/1992 Base Currency USD Investment Style Growth Overview Franklin seeks
More informationFranklin India Growth Fund Class A, C
Franklin India Growth Fund Class A, C Growth Equity Product Profile Product Details 1 Fund Assets $142,820,884.05 Fund Inception Date 01/31/2008 Number of Issuers 45 Investment Style Benchmark Lipper Classification
More informationFranklin U.S. Focused Equity Composite
Franklin U.S. Composite Blend Equity Product Profile Product Details Strategy Assets $1,012,796,189.98 Inception Date 09/30/2007 Base Currency USD Investment Style Blend Overview Franklin U.S. aims to
More informationFranklin EAFE Plus Equity Composite
Growth Equity Product Profile Product Details 1 Strategy Assets $2,074,588,896.13 Inception Date 12/31/1987 Base Currency USD Investment Style Growth Overview We focus on fundamental bottom-up stock analysis
More informationFranklin India Growth Fund Advisor Class
Franklin India Growth Fund Advisor Class Growth Equity Product Profile Product Details 1 Fund Assets $165,344,393.61 Fund Inception Date 01/31/2008 Number of Issuers 49 NASDAQ Symbol FIGZX Maximum Sales
More informationComposite. Average Annual Total Returns (USD %) 1. Franklin Mutual Global Discovery Composite - NET MSCI World Index. Calendar Year Returns (USD %)
Franklin Mutual Global Discovery Composite Value Equity Product Profile Product Details Strategy Assets $20,993,884,798.09 Inception Date 12/31/2009 Base Currency USD Investment Style Value Overview The
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $913,479,610.50 Inception Date 09/30/2015 Base Currency USD Investment
More informationCompanies Composite. Product Details 1. Overview. Performance Data. Value Equity September 30, Product Profile
Smaller Companies Composite Value Equity Product Profile Product Details 1 Strategy Assets $552,294,064.87 Inception Date 06/30/2001 Base Currency USD Investment Style Value Overview Our time-tested investment
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $600,884,324.94 Inception Date 09/30/2015 Base Currency USD Investment
More informationTempleton Asian Growth ex Japan. Equity Composite
Templeton Asian Equity Product Profile Product Details Strategy Assets $4,835,954,296.20 Inception Date 31/12/2001 Base Currency USD Investment Style Overview Templeton s interest and research in emerging
More informationProduct Profile. Performance Data. Average Annual Total Returns (USD %) 2,
Unconstrained Fixed Income Product Profile Product Details Composite Assets $612,308,518.31 Inception Date 30/11/2005 Base Currency USD Investment Style Unconstrained Overview 1 High alpha-seeking regional
More informationTIF Emerging Markets Series
Equity Product Profile Product Details Fund Assets $57,261,320.21 Fund Inception Date 05/03/1993 Number of Issuers 94 Total Annual Operating 1.31% Expenses With Waiver Total Annual Operating 1.44% Expenses
More informationTempleton China World Fund Advisor Class
Templeton China World Fund Advisor Class Equity Product Profile Product Details 1 Fund Assets $290,551,367.47 Fund Inception Date 09/08/1993 Number of Issuers 51 NASDAQ Symbol TACWX Maximum Sales Charge
More informationFranklin Global Growth Fund
Growth Equity Product Profile Product Details Fund Assets $169,758,428.48 Fund Inception Date 01/10/2008 Number of Issuers 40 Base Currency AUD Investment Style Growth Overview We focus on fundamental
More informationTempleton China Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $581,186,801.52 Fund Inception Date 01/09/1994 Number of Issuers 52 Bloomberg ISIN Base Currency Investment
More informationTempleton Asian Growth Fund A (acc) USD
Templeton Asian Growth Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $3,686,704,307.04 Fund Inception Date 16.04.1991 Number of Issuers
More informationFranklin Utilities Fund Advisor Class
Utilities Equity Product Profile Product Details 1 Fund Assets $5,726,572,437.83 Fund Inception Date 09/30/1948 Number of Issuers 45 NASDAQ Symbol FRUAX Maximum Sales Charge Investment Style Benchmark
More informationA (Ydis) USD. Franklin Templeton Investment Funds. Fund Manager Report. Calendar Year Returns (%) Portfolio Manager Insight
Templeton Emerging Markets Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $965,180,399.67 Fund Inception Date 28/02/1991 Number of
More informationFranklin Bissett Canadian Equity Fund
Product Profile Product Details 1 Fund Assets $3,388,790,133.22 Fund Inception Date 03/01/1983 Base Currency Morningstar Category Distribution Frequency Fund Codes 2 Series Series F Series F ADM Series
More informationTempleton Asian Growth Fund A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4472298470.36 Fund Inception Date 16/04/1991 Number of Issuers
More informationFranklin Biotechnology Discovery Fund Advisor Class
Franklin Discovery Fund Advisor Class Equity Product Profile Product Details 1 Fund Assets $1,391,510,431.86 Fund Inception Date 09/15/1997 Number of Issuers 91 NASDAQ Symbol FTDZX Maximum Sales Charge
More informationFranklin Bissett Canadian Equity Fund
Product Profile Product Details Fund Assets $3,388,790,133.22 Fund Inception Date 03/01/1983 Base Currency Morningstar Category Distribution Frequency CAD Canadian Equity Annually Series Inception Date
More informationFranklin Bissett Small Cap Fund
Product Profile Product Details 1,2 Fund Assets $504,844,321.76 Fund Inception Date 08/30/1993 Number of Issuers 42 Base Currency CAD Morningstar Category - Distribution Frequency Annually Inception Date
More informationFranklin U.S. Rising Dividends Fund
Product Profile Product Details 1,2 Fund Assets $1,033,530,863.57 Fund Inception Date 11/24/2000 Number of Issuers 64 Base Currency Morningstar Category Distribution Frequency CAD US Equity Annually Inception
More informationTempleton Asian Growth Fund A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4,472,298,470.36 Fund Inception Date 16/04/1991 Number of Issuers
More informationProduct Profile. Performance Data. Average Annual Total Returns (EUR %) 2,
Unconstrained Fixed Income Product Profile Product Details Composite Assets 497,872,526.09 Inception Date 30/11/2005 Base Currency USD Investment Style Unconstrained Overview 1 High alpha-seeking regional
More informationAdvisor Class. Average Annual Total Returns 5 (%) 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (10/16/1991)
Templeton Developing Markets Trust Advisor Class Value Equity Product Profile Product Details 1 Fund Assets $1,420,822,800.04 Fund Inception Date 10/16/1991 Number of Issuers 94 NASDAQ Symbol TDADX Maximum
More informationTempleton Asian Smaller Companies Fund A (acc) USD
Templeton Asian Smaller Companies Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $1484994629.55 Fund Inception Date 14/10/2008 Number
More informationFranklin MENA Fund A (acc) USD
Franklin Templeton Investment Funds Growth Equity Fund Manager Report Product Details 1 Fund Assets $97,294,995.20 Fund Inception Date 16.06.2008 Number of Issuers 46 Bloomberg ISIN Base Currency Investment
More informationTempleton Asian Growth Fund A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4,472,298,470.36 Fund Inception Date 04/16/1991 Number of Issuers
More informationFranklin Select U.S. Equity Fund. Advisor Class
Franklin Select U.S. Equity Fund Advisor Class Blend Equity Product Profile Product Details 1 Fund Assets $91,842,807.55 Fund Inception Date 12/13/2007 Number of Issuers 49 NASDAQ Symbol FCEZX Maximum
More informationFranklin Global Absolute Return Fixed Income Composite (AUD Hedged)
Franklin Global Absolute Return Fixed Income Composite (AUD Hedged) Absolute Return Fixed Income Product Profile Product Details Strategy Assets $482,005,922.94 Inception Date 31/10/2007 Number of Securities
More informationTempleton Emerging Markets Fund
Product Profile Product Details 1 Fund Assets $267,096,563.10 Fund Inception Date 09/20/1991 Number of Issuers 82 Base Currency CAD Benchmark MSCI Emerging Markets Index Distribution Frequency Annually
More informationFranklin Bissett Canadian Equity Fund
Product Profile Product Details Fund Assets $3,329,185,070.09 Fund Inception Date 03/01/1983 Base Currency Morningstar Category Distribution Frequency Risk Classification 1 Low Low to Medium Medium Medium
More informationFranklin MENA Fund A (acc) USD
Franklin Templeton Investment Funds Growth Equity Fund Manager Report Product Details 1 Fund Assets $97,294,995.20 Fund Inception Date 16/06/2008 Number of Issuers 46 Bloomberg ISIN Base Currency Investment
More informationFranklin MENA Fund A (acc) USD
Franklin Templeton Investment Funds Growth Equity Fund Manager Report Product Details 1 Fund Assets $97.294.995,20 Fund Inception Date 16.06.2008 Number of Issuers 46 Bloomberg ISIN Base Currency Investment
More informationTempleton Latin America Fund A (Ydis) USD
Templeton Latin America Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $1,050,576,208.81 Fund Inception Date 28/02/1991 Number of Issuers
More informationTempleton Global Bond Plus Fund
Unconstrained Fixed Income Product Profile Product Details Fund Assets $139,695,848.77 Fund Inception Date 30/10/2007 Number of Securities 113 Including Cash Base Currency AUD Investment Style Unconstrained
More informationFranklin Utilities Fund Class A, C
Utilities Equity Product Profile Product Details 1 Fund Assets $5,788,850,628.56 Fund Inception Date 09/30/1948 Number of Issuers 43 Investment Style Benchmark Lipper Classification Morningstar Category
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $832,597,433.81 Fund Inception Date 25/10/2005 Number of Issuers 50 Bloomberg ISIN Base Currency Investment
More informationTempleton Latin America Fund A (Ydis) USD
Templeton Latin America Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Blend Equity Product Details 1 Fund Assets $1,076,825,961.83 Fund Inception Date 28/02/1991 Number of Issuers
More informationFranklin ActiveQuant U.S. Corporate Class
Franklin ActiveQuant U.S. Corporate Class Product Profile Product Details 1 Fund Assets $87,816,321.02 Fund Inception Date 03/03/2008 Base Currency Morningstar Category Distribution Frequency CAD US Equity
More informationTempleton Asian Growth Fund A. A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4,711,861,226.99 Fund Inception Date 04/16/1991 Number of Issuers
More informationTempleton Emerging Markets Small Cap Fund Class A, C
Templeton Emerging Markets Small Cap Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $1,006,954,613.92 Fund Inception Date 10/02/2006 Number of Issuers 132 Investment Style Benchmark
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $677,114,757.61 Fund Inception Date 25.10.2005 Number of Issuers 51 Bloomberg ISIN Base Currency Investment
More informationTempleton Global Stock Trust
Product Profile Product Details 1 Fund Assets $479,581,107.95 Fund Inception Date 09/15/1997 Number of Issuers 81 Base Currency CAD Benchmark Benchmark Currency CAD Distribution Frequency Annually Fund
More informationFranklin MENA Fund A (acc) USD
Franklin Templeton Investment Funds Growth Equity Fund Manager Report Product Details 1 Fund Assets $97294995.20 Fund Inception Date 16/06/2008 Number of Issuers 46 Bloomberg ISIN Base Currency Investment
More informationTempleton Global ADR Equity SMA Composite
Templeton Global ADR Equity SMA Composite Templeton Separately Managed Accounts Product Profile Value Equity Product Details 1 Inception Date 11/30/1999 Benchmark MSCI World Index, MSCI All Country World
More informationTempleton Asian Growth Fund A. A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4,926,477,664.82 Fund Inception Date 04/16/1991 Number of Issuers
More informationFranklin European Small-Mid Cap Growth Fund A (acc) EUR
Franklin European Small-Mid Cap Growth Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Growth Equity Product Details 1 Fund Assets 465,083,303.95 Fund Inception Date 03/12/2001
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $906480749.69 Fund Inception Date 25/10/2005 Number of Issuers 49 Bloomberg ISIN Base Currency Investment
More informationEmerging Markets Equity. Franklin Templeton Investment Funds Templeton Asian Growth Fund - I (acc) USD. Data as of 31 August 2018
Emerging Markets Equity Data as of 31 August 2018 Franklin Templeton Investment Funds - I (acc) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical Performance...6
More informationFranklin Flexible Alpha Bond Fund. Advisor Class
Franklin Flexible Alpha Bond Fund Advisor Class Absolute Return Fixed Income Product Profile Product Details 1 Fund Assets $416,313,682.95 Fund Inception Date 08/03/2015 Number of 406 Including Cash NASDAQ
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $618949749.64 Fund Inception Date 25/10/2005 Number of Issuers 52 Bloomberg ISIN Base Currency Investment
More informationFranklin U.S. Rising Dividends Fund
Product Profile Product Details 1 Fund Assets $1,033,530,863.57 Fund Inception Date 11/24/2000 Number of Issuers 64 Base Currency Morningstar Category Distribution Frequency CAD US Equity Annually Fund
More informationTempleton Global Fund A (Ydis) USD
Templeton Global Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $980028010.65 Fund Inception Date 28/02/1991 Number of Issuers 76 Bloomberg
More informationFranklin Mutual Shares Fund Class A, C
Franklin Mutual Shares Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $14,621,479,257.66 Fund Inception Date 07/01/1949 Number of Issuers 98 Investment Style Benchmark Lipper
More informationTempleton Frontier Markets Fund A (acc) USD
Templeton Frontier Markets Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $667,573,342.18 Fund Inception Date 14/10/2008 Number of Issuers
More informationTempleton Eastern Europe Fund A. A (acc) EUR
Templeton Eastern Europe Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 326615602.78 Fund Inception Date 10/11/1997 Number of Issuers
More informationTempleton Latin America Fund A (Ydis) USD
Templeton Latin America Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $969558829.19 Fund Inception Date 28/02/1991 Number of Issuers
More informationTempleton Euroland Fund A (acc) EUR
Templeton Euroland Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 581,473,382.53 Fund Inception Date 08.01.1999 Number of Issuers 56
More informationFranklin Bissett Canadian Dividend Fund
Franklin Bissett Canadian Dividend Fund Product Profile Product Details Fund Assets $592,666,621.04 Fund Inception Date 12/22/2003 Base Currency Morningstar Category Distribution Frequency Fund Codes 1
More informationFranklin Global Growth Corporate Class
Franklin Global Growth Corporate Class Product Profile Product Details 1,2 Fund Assets $31,316,918.86 Fund Inception Date 06/18/2001 Number of Issuers 36 Base Currency Morningstar Category Distribution
More informationTempleton Growth (Euro) Fund A (acc) EUR
Templeton Growth (Euro) Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details Fund Assets 7,183,194,265.20 Fund Inception Date 09/08/2000 Number of Issuers
More informationStructured Small Cap Equity
Quarterly Commentary Third Quarter 2018 Market Commentary During the third quarter, the U.S. domestic backdrop continued to be highly positive for small-cap equities. The economy continued to grow at a
More informationFranklin Growth Fund Advisor Class
Growth Equity Product Profile Product Details 1 Fund Assets $14,822,370,177.83 Fund Inception Date 03/31/1948 Number of Issuers 139 NASDAQ Symbol FCGAX Maximum Sales Charge 0.00 Investment Style Benchmark
More informationTempleton Eastern Europe Fund A (acc) EUR
Templeton Eastern Europe Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 220,866,400.20 Fund Inception Date 10.197 Number of Issuers
More informationFranklin Equity Group International Small Cap Update Investment Forum Materials / Not for Public Distribution
Franklin Equity Group International Small Cap Update EDWIN LUGO, CFA Senior Vice President, Portfolio Manager Franklin Equity Group Franklin Templeton Institutional, LLC June 5, 2013 Agenda Organization
More informationFranklin U.S. Opportunities Fund A (acc) USD
Franklin U.S. Opportunities Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Growth Equity Product Details 1 Fund Assets $3,989,873,252.69 Fund Inception Date 03.04.2000 Number
More informationFranklin Natural Resources Fund A (acc) USD
Franklin Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Equity Product Details 1 Fund Assets $322,204,373.77 Fund Inception Date 12/07/2007 Number of Issuers 88 Bloomberg ISIN
More informationFranklin Natural Resources Fund A (acc) USD
Franklin Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Equity Product Details 1 Fund Assets $322,204,373.77 Fund Inception Date 12.07.2007 Number of Issuers 88 Bloomberg ISIN
More informationFranklin Corefolio Allocation Fund Class A, C
Franklin Corefolio Allocation Fund Class A, C Total Return Multi-Asset Product Profile Product Details Fund Assets $837,587,913.31 Fund Inception Date 08/15/2003 Investment Style Benchmark Lipper Classification
More informationProduct Details. Overview 1. Performance Data. Unconstrained Fixed Income March 31, Product Profile. Average Annual Total Returns (USD %) 2
Franklin Emerging Market Debt Opportunities (USD) Composite Unconstrained Fixed Income Product Profile Product Details Strategy Assets $2,327,944,464.46 Inception Date 08/31/1996 Base Currency USD Investment
More informationTempleton Africa Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $68,086,079.02 Fund Inception Date 04/05/2012 Number of Issuers 30 Bloomberg FTAFAAU LX ISIN LU0727123662
More informationFranklin NextStep Funds
Franklin NextStep Funds June 30, 2016 MONTHLY PORTFOLIO UPDATE The Simple Way to Invest: Franklin NextStep Funds Simplicity All-in-one portfolios matched to three levels of risk. Diversification A broad
More informationComposite. Average Annual Total Returns (USD %) 2 7,03 1,53 0,58 -1,43. MSCI EAFE (Net Dividends) Index. Calendar Year Returns (USD %)
Franklin EAFE Composite Growth Equity Product Profile Product Details 1 Composite Assets $2.671.297.200,43 Inception Date 31.12.1987 Base Currency USD Investment Style Growth Overview We focus on fundamental
More informationTempleton World Fund Advisor Class
Value Equity Product Profile Product Details 1 Fund Assets $3,495,780,335.23 Fund Inception Date 01/17/1978 Number of Issuers 81 NASDAQ Symbol TWDAX Maximum Sales Charge 0.00 Investment Style Benchmark
More informationFranklin Emerging Market Debt Opportunities Fund Advisor Class
Franklin Emerging Market Debt Opportunities Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details Fund Assets $524,491,236.03 Fund Inception Date 05/24/2006 Number of Securities
More informationFranklin Mutual Global Discovery Fund
Product Profile Product Details 1,2 Fund Assets $775,680,191.43 Fund Inception Date 02/17/2003 Number of Issuers 92 Base Currency Morningstar Category Distribution Frequency CAD Global Equity Annually
More informationTempleton International ADR Equity SMA Composite
Templeton International ADR Equity SMA Composite Templeton Separately Managed Accounts Product Profile Value Equity Product Details 1 Inception Date 11/30/1999 Benchmark MSCI All Country World ex-us Index,
More informationFranklin Floating Rate Daily Access Fund Advisor Class
Franklin Floating Rate Daily Access Fund Advisor Class High Yield Fixed Income Product Profile Product Details 1 Fund Assets $3,639,447,605.70 Fund Inception Date 05/01/2001 Number of Securities 207 Including
More informationFranklin DynaTech Fund Advisor Class
Franklin DynaTech Fund Advisor Class Growth Equity Product Profile Product Details 1 Fund Assets $5,878,724,776.43 Fund Inception Date 01/01/1968 Number of Issuers 134 NASDAQ Symbol FDYZX Maximum Sales
More informationFranklin Mutual European Fund Class A, C
Franklin Mutual European Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $2,137,388,947.56 Fund Inception Date 07/03/1996 Number of Issuers 53 Investment Style Benchmark Lipper
More informationTempleton Frontier Markets Fund A (acc) USD
Templeton Frontier Markets Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $823,769,137.43 Fund Inception Date 14.10.2008 Number of Issuers
More informationFranklin Mutual Beacon Fund Class A, C
Franklin Mutual Beacon Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $3,824,681,802.00 Fund Inception Date 06/29/1962 Number of Issuers 60 Investment Style Benchmark Lipper
More informationFranklin Gold and Precious Metals Fund A (acc) USD
Franklin Gold and Precious Metals Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Precious Metals Equity Product Details 1 Fund Assets $207,885,393.53 Fund Inception Date 30/04/2010
More informationTempleton Emerging Markets Bond Fund Advisor Class
Templeton Emerging Markets Bond Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $34,588,372.19 Fund Inception Date 04/01/2013 Number of Securities 128 Including
More informationFranklin Real Estate Securities Fund. Advisor Class. Product Details 1. Fund Description. Performance Data 3,4. Portfolio Manager Insight 6
Franklin Real Estate Securities Fund Advisor Class Listed Securities Alternatives Product Profile Product Details 1 Fund Assets $343,921,524.55 Fund Inception Date 01/03/1994 Number of Issuers 51 NASDAQ
More informationFranklin Australian Absolute Return Bond Fund
Absolute Return Bond Fund Absolute Return Fixed Income Product Profile Product Details Fund Assets $114,181,837.79 Fund Inception Date 22/12/2014 Number of Securities 144 Including Cash Base Currency AUD
More informationFranklin Equity Group. Franklin Templeton Investment Funds Franklin India Fund - A (acc) USD. Data as of 31 December 2017
Franklin Equity Group Data as of 31 December 2017 Franklin Templeton Investment Funds - A (acc) USD Table of Contents Franklin Templeton Investments Overview...3 Summary...23 Investment Capabilities Overview...4
More informationFranklin DynaTech Fund Class A, C
Growth Equity Product Profile Product Details 1 Fund Assets $5,878,724,776.43 Fund Inception Date 01/01/1968 Number of Issuers 134 Investment Style Benchmark Lipper Classification Morningstar Category
More informationFranklin Templeton Investment Funds Franklin Templeton Global Allocation Fund
Franklin Templeton Investment Funds Franklin Templeton Global Allocation Fund Fund Details Inception Date 29 July 2011 Investment Style Benchmark(s) Asset Allocation 50% MSCI All Country World Index 35%
More informationCompounded Returns for Periods Ended December 31, 2017 (%) Management Expense Ratio (as of 6/30/17 incl. HST) 2.28%
Franklin ActiveQuant Canadian Fund Series A Product Profile Fourth Quarter 2017 FUND CHARACTERISTICS (AS OF 12/31/17) Fund Inception Date 9/20/04 Morningstar Category Canadian Equity Total Net Assets All
More informationEmerging Markets Navigating Rough Seas
Asset Management Quality Growth Boutique Emerging Markets Navigating Rough Seas Jin Zhang, CFA Portfolio Manager Douglas Bennett Client Portfolio Manager October 2018 For institutional investors only /
More informationTempleton Global Trust Fund
Value Equity Product Profile Product Details Fund Assets $156,725,475.96 Fund Inception Date 11/09/1996 Number of Issuers 94 Base Currency AUD Investment Style Value Overview Our time-tested investment
More informationFranklin DynaTech Fund Advisor Class
Franklin DynaTech Fund Advisor Class Growth Equity Product Profile Product Details 1 Fund Assets $6,808,135,350.20 Fund Inception Date 01/01/1968 Number of Issuers 136 NASDAQ Symbol FDYZX Maximum Sales
More informationTempleton International Equity Trust
Product Profile First Quarter 2018 FUND CHARACTERISTICS (AS OF 3/31/18) Fund Inception Date 11/1/90 Distribution Frequency Annually Benchmark (CAD) Total Net Assets (CAD) $458 million Number of Issuers
More informationFranklin Equity Income Fund Advisor Class
Franklin Equity Income Fund Advisor Class Value Equity Product Profile Product Details 1 Fund Assets $2,255,651,608.76 Fund Inception Date 03/15/1988 Number of Issuers 69 NASDAQ Symbol FEIFX Maximum Sales
More informationTempleton Global Equity Fund
Value Equity Product Profile Product Details Fund Assets $150,018,145.10 Fund Inception Date 10/03/2005 Number of Issuers 94 Base Currency AUD Investment Style Value Overview Our time-tested investment
More information