ClearBridge International Value ADR ESG Portfolios
Year to Date Returns (Net)
23.32%
Year to Date Returns (Pure Gross)
26.02%
Overview
- Investment Overview
- Investment Process
- Meet Your Manager
Investment Overview
The ClearBridge International Value ADR ESG Portfolios seek to provide a value-based, international equity strategy that will outperform the MSCI EAFE (Net) Index USD over 3-5 years, with similar risk to the index. Investments are made from the universe of non-U.S. companies, including emerging markets, with publicly traded ADR securities listed on the major U.S. exchanges and that have market capitalizations greater than $100 million.
The ESG Investment Program actively incorporates environmental, social and governance (ESG) factors into the fundamental research platform and into the stock-selection process. In addition, ongoing company engagement and shareholder advocacy are key components of the Program.
A few examples of the ESG considerations include:
- Innovative workplace policies, employee benefits and programs
- Environmental management system strength, eco-efficiency and life-cycle analysis
- Community involvement, strategic philanthropy and reputation management
- Strong corporate governance and independence on the board
ClearBridge is a Signatory to the UN Principles for Responsible Investment, and is affiliated with the Investor Network on Climate Risk, the Carbon Disclosure Project, the Interfaith Center on Corporate Responsibility, the Global Impact Investing Network, and the US Forum for Sustainable and Responsible Investment.
Investment Objective
The strategy seeks to outperform the MSCI EAFE (Net) Index USD over a full market cycle of 3-5 years, investing internationally through ADRs.
Investment Philosophy
Focusing on a small number of companies trading at low prices relative to their dynamic intrinsic values leads to enhanced stock selection over time.
Portfolio Positioning
Designed for investors seeking international diversification in developed and emerging markets across all market sectors and capitalizations.
Key Differentiators
Find quality companies trading at low prices relative to dynamic intrinsic values
- Eliminate businesses with undesirable characteristics
- Focus on limited number of companies with the greatest chance for success
- Look to capitalize on the convergence between a company’s investment potential and its environmental, social and governance (ESG) practices
Opportunistic approach to security selection, enhanced by major dislocation in the markets
Defined risk management at security and portfolio levels
- De-risk stock selection via deep understanding of a select list of mispriced businesses
- Rigorous ongoing review of existing holdings to ensure investment case remains intact
- Diversification of business models and customer bases throughout portfolio
- Explicit limits at portfolio, sector and country/region levels
Diversification does not guarantee a profit or protect against a loss. Market, security and/or other investment considerations may result in higher turnover from time to time. Also, all capitalization ranges will not necessarily be represented in an individual account. There is no guarantee that the Portfolio's objectives will be met.
Investment Process
Investment Process
Step 1 - Universe of Securities
Identify publicly traded ADRs across 11 macro sectors in both developed and emerging markets, each with a market capitalization greater than $100 million and sufficient liquidity.
Step 2 - Quantitative Modeling
Seek stocks selling below their normal valuation levels by employing a quantitative model that compares current valuations (as measured by price-to-earnings, price-to-book and price-to-cash flow ratios) to historical valuations.
Step 3 - Company Elimination
Seek to eliminate stocks with negative characteristics and barriers to success. These factors could include a declining quality of financial characteristics, deteriorating industry conditions or competitive position, or a lack of confidence in company management.
Step 4 - Fundamental Analysis and Client Portfolio
- Use a comprehensive fundamental research process to understand the business of each company and focus on long-term value, rather than short-term price or earnings forecasts.
- Construct the portfolio consisting of 60-85 holdings. Positions are weighted based upon upside potential, downside risk, our fundamental conviction, and the impact on diversification.
Step 5 - Sell Discipline
A security is typically reviewed for sale if:
- It appreciates to our predetermined target price;
- A change in company fundamentals results in a failure to meet one of the four criteria of our Focus List elimination process; or
- Value Trap screen triggers a comprehensive reassessment
The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved.
Meet Your Manager
ClearBridge Investments
ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.
Portfolio Managers
Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk/Return Profile
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2025
Chart
Quarter End As of 09/30/2025 | 1 Year | 3 Years | 5 Years | 7 Years | Since Inception 06/30/2016 | |
|---|---|---|---|---|---|---|
| ClearBridge International Value ADR ESG Portfolios - Net (%) | 12.48 | 18.86 | 12.50 | 4.62 | 5.31 | |
| ClearBridge International Value ADR ESG Portfolios - Pure Gross (%) | 15.83 | 22.38 | 15.84 | 7.75 | 8.46 | |
| MSCI EAFE Index-NR (%) | 14.99 | 21.70 | 11.15 | 7.71 | 8.85 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Calendar Year Returns
Calendar Year Returns
Chart
Quarter End As of 09/30/2025 | YTD | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ClearBridge International Value ADR ESG Portfolios - Net (%) | 23.32 | 0.85 | 13.15 | -7.10 | 11.77 | 1.45 | 10.59 | -23.92 | 19.39 | 06/30/2016 | |
| ClearBridge International Value ADR ESG Portfolios - Pure Gross (%) | 26.02 | 3.88 | 16.52 | -4.29 | 15.10 | 4.50 | 13.89 | -21.58 | 22.92 | 06/30/2016 | |
| MSCI EAFE Index-NR (%) | 25.14 | 3.82 | 18.24 | -14.45 | 11.26 | 7.82 | 22.01 | -13.79 | 25.03 | — |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Cumulative Total Returns
Cumulative Total Returns
The hypothetical growth scenario of $100k does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.
2016
2025
Chart
Quarter End As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 06/30/2016 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge International Value ADR ESG Portfolios - Net (%) | 23.32 | 12.48 | 67.92 | 80.18 | — | — | 61.32 | |
| ClearBridge International Value ADR ESG Portfolios - Pure Gross (%) | 26.02 | 15.83 | 83.27 | 108.61 | — | — | 111.87 | |
| MSCI EAFE Index-NR (%) | 25.14 | 14.99 | 80.26 | 69.68 | — | — | 119.11 |
Historical Cumulative Total Returns
2025
Date Selected As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 06/30/2016 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge International Value ADR ESG Portfolios - Net (%) | 23.32 | 12.48 | 67.92 | 80.18 | — | — | 61.32 | |
| ClearBridge International Value ADR ESG Portfolios - Pure Gross (%) | 26.02 | 15.83 | 83.27 | 108.61 | — | — | 111.87 | |
| MSCI EAFE Index-NR (%) | 25.14 | 14.99 | 80.26 | 69.68 | — | — | 119.11 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Risk/Return Profile
Risk/Return Profile (%)
Based on a 7 year period ending Sep-30-2025
Chart
| Net |
| Pure Gross |
| MSCI EAFE Index-NR |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Risk Measures
Risk Measures
| Statistics | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|
| Alpha (Net of Fees) | -1.32 | -2.10 | 1.05 | -3.69 |
| Beta (Net) | 0.90 | 0.99 | 1.05 | 1.11 |
| R-Squared (Net) | 0.94 | 0.92 | 0.89 | 0.90 |
| Historical Tracking Error (Net) | 2.92 | 4.02 | 5.86 | 5.80 |
| Historical Tracking Error (Pure Gross) | 2.92 | 4.02 | 5.86 | 5.80 |
| Information Ratio (Pure Gross) | 0.29 | 0.17 | 0.80 | -0.07 |
| Information Ratio (Net) | -0.86 | -0.71 | 0.23 | -0.61 |
| Standard Deviation (%) | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|
| Standard Deviation (Net) | 10.65 | 13.92 | 17.62 | 17.48 |
| Sharpe Ratio (%) | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|
| Sharpe Ratio (Net) | 0.74 | 0.97 | 0.58 | 0.25 |
| Sharpe Ratio (Pure Gross) | 1.01 | 1.18 | 0.75 | 0.42 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Portfolio
Positions
| Portfolio | Benchmark | |
|---|---|---|
| Number of Issuers | 59 | 694 |
Portfolio Statistics
| Portfolio | Benchmark | |
|---|---|---|
| Price to Earnings (12-Month Forward) | 14.88x | 16.33x |
| Estimated 3-5 Year EPS Growth | 8.93% | 8.21% |
| Dividend Yield | 2.73% | 2.78% |
| Median Market Cap (USD) | $75.37 Billion | $68.28 Billion |
| Price to Book | 3.22x | 3.68x |
| Weighted Average Market Capitalization (USD) | $98.54 Billion | $101.70 Billion |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Portfolio Allocations
- Sector
- Market Capitalization
Sector
Sector Allocation
Chart
| Portfolio | Benchmark | ||
|---|---|---|---|
| Financials | 28.16% | 24.70% | |
| Industrials | 22.73% | 19.35% | |
| Consumer Discretionary | 9.14% | 10.23% | |
| Information Technology | 7.45% | 8.33% | |
| Health Care | 7.28% | 10.79% | |
| Consumer Staples | 6.41% | 7.53% | |
| Materials | 5.34% | 5.63% | |
| Communication Services | 3.21% | 4.93% | |
| Energy | 3.14% | 3.18% | |
| Utilities | 1.87% | 3.44% | |
| Real Estate | 1.20% | 1.89% | |
| Cash & Cash Equivalents | 4.07% | — |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Market Capitalization
Market Capitalization Allocation
Chart
| Portfolio | ||
|---|---|---|
| <10 Billion | 10.29% | |
| 10-25 Billion | 14.57% | |
| 25-50 Billion | 16.41% | |
| 50-150 Billion | 39.55% | |
| >150 Billion | 19.17% |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Portfolio Holdings
Top Equity Issuers
Chart
| Portfolio | ||
|---|---|---|
| Siemens AG | 3.22% | |
| Intesa Sanpaolo SpA | 3.18% | |
| Fujitsu Ltd | 2.88% | |
| Hitachi Ltd | 2.85% | |
| Siemens Energy AG | 2.79% | |
| UBS Group AG | 2.77% | |
| Mitsubishi UFJ Financial Group Inc | 2.77% | |
| Piraeus Financial Holdings SA | 2.71% | |
| AXA SA | 2.69% | |
| Lloyds Banking Group PLC | 2.60% |
Documents
Product Documents
Factsheet
Disclosure
Risks
What Are the Risks?
All investments involve risks, including possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance.
Important Information
Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Templeton affiliated sub-advisers: ClearBridge Investments, LLC. Management is implemented by FTPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.
Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares. Returns reflect reinvestment of dividends and capital gains. Performance figures for periods shorter than one year represent cumulative figures and are not annualized. All performance is reported in US dollars.
ClearBridge Investments, LLC, Franklin Templeton Investment Solutions, Martin Currie, Royce Investment Partners, Western Asset Management Company, LLC, and Franklin Templeton claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Professional money management may not be suitable for all investors. Factual information relating to the securities discussed was obtained from sources believed to be reliable, but there can be no guarantee as to its accuracy. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities discussed in the material.
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Franklin Templeton (FT) is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest.
Important data provider notices and terms available at www.franklintempletondatasources.com.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index designed to measure developed market equity performance, excluding the U.S. and Canada.
Source: 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.
Net Returns (NR) include income net of tax withholding when dividends are paid.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Footnotes
Dividend yield is calculated without the deduction of fees and expenses.