Fund Description

The fund seeks capital appreciation, with income as a secondary goal, by investing at least 80% of its net assets in the securities of European companies. It focuses mainly on undervalued equity securities and, to a lesser extent, distressed securities and merger arbitrage opportunities.

Strategy Statement

"We are continually looking for opportunities the market is overlooking. With intensive research and a focus on identifying catalysts to drive stock price appreciation, we believe our unconstrained approach to investing allows us to deliver value for our shareholders."

Katrina Dudley, CFA®


Katrina Dudley, CFA

Katrina Dudley, CFA®

  • Joined Franklin Templeton in 2002
  • Managed Fund Since 2007
Mandana Hormozi

Mandana Hormozi

  • Joined Franklin Templeton in 2003
  • Managed Fund Since 2018
Todd Ostrow

Todd Ostrow

  • Joined Franklin Templeton in 2013
  • Managed Fund Since 2019


Bottom-Up Value Approach
  • We seek to buy companies at a significant discount to their intrinsic value.
  • We seek to understand and limit downside risk.
  • We think and act like owners of the business.
  • Undervalued stocks comprise the bulk of our portfolios.
  • We search for catalysts to unlock value:
    • Corporate restructuring
    • Spin-offs
    • Share buybacks
    • Our own initiatives


Overall Morningstar Rating As of 06/30/2019

Rating Category: Europe Stock

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Historical Morningstar Rating As of 06/30/2019

Years Ratings Funds
in category
2 Stars
3 Stars
4 Stars

Morningstar Style Box As of05/31/2019

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