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Global Market Viewpoints

Title Speaker Date

Philippe Brugere-Trelat: Finding Value in a Wide Universe of Stock

May 14, 2015

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

  • I think Europe is a very exciting place to be invested right now.
  • We think the strong European bull market has been principally driven by a combination of three things: a low euro, the low cost of oil, and the quantitative easing program announced by the European Central Bank.
  • We have found attractive valuations in the more domestic, industrial companies in Europe; they are regional or very domestic in their footprint.
  • The economy in the U.S. is growing nicely, but I think it’s gouging the price. And for value investors such as us, we find it increasingly difficult to find a lot of new value ideas in the U.S. When we invest in Asia, we are not investing in emerging markets. We invest in what we call “developed Asia,” which is China, Japan, Korea, and Taiwan.
  • In the medium term, the prospects of Chinese equities, if you do your stock picking right, can still be very attractive.
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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 May 14, 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.

What Are the Risks?

Franklin Mutual Global Discovery Fund
All investments involve risks, including possible loss of principal.
Value securities may not increase in price as anticipated or may decline further in value. The fund’s investments in foreign securities involve certain risks including currency fluctuations, and economic and political uncertainties. Smaller-company stocks have exhibited greater price volatility than larger-company stocks, particularly over the short term. The fund’s investments in companies engaged in mergers, reorganizations or liquidations also involve special risks as pending deals may not be completed on time or on favorable terms. The fund may invest in lower-rated bonds, which entail higher credit risk. Please consult the prospectus for a more detailed description of the fund’s risks.

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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