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Global Market Viewpoints

Title Speaker Date

Philippe Brugere-Trelat: Europe's Popularity and the Role of Risk

Apr 13, 2015

Featuring:  Philippe Brugere-Trelat, EVP, Portfolio Manager, Franklin Mutual Series

  • There has been a dramatic shift in sentiment towards Europe in the past six months.
  • European equities have become very popular, which can be explained by a number of positive factors, including a weak euro, the price of oil, and the effect of the ECB’s QE program.
  • We are seeing a revival in demand for credit by European corporates and at the same time lower credit costs, particularly for small- and medium-sized enterprises.
  • For the first time in four years, we are seeing a positive earnings revision, which is one reason why I’m still optimistic about European equities going forward.
  • When it comes to risk management, I’m willing to forgo a modicum of performance for preservation of capital.
  • There are a number of ways we handle the risk and market volatility, including our stock selection and decision to always keep cash.
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Important Legal Information

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 April 13, 2015, 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. Investments involve risks. The value of investments can go down as well as up, and investors may not get back the full amount invested.

What Are the Risks?
All investments involve risks, including possible loss of principal.

For more information on any of our funds, contact your financial advisor or download a free prospectus. Investors should carefully consider a fund’s investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

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