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Managed Fund Since 2013
Equity
FMBRX Franklin Mutual Beacon Fund
- Diversification. Focused predominantly on large- and mid-cap equities, the fund's investment mix contains a variety of industries.
- A Record of Lower Long-Term Volatility than the MSCI World Value Index.
- Performance in All Types of Markets. Franklin Mutual Beacon Fund aims to achieve long-term growth over up, down and sideways market cycles.
Popular Documents
Total Net Assets
$3.63B
As of 01/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks capital appreciation with income as a secondary goal. The fund focuses mainly on undervalued mid- and large-cap equity securities with a significant portion of its assets in foreign securities and, to a lesser extent, merger arbitrage securities and securities of distressed companies.
- Benchmark
4 - Linked MSCI World Value Index-NR
- Dividend Frequency, if any
- Semiannually
- Fund Inception Date
- 06/29/1962
- Portfolio Turnover
- 15%
Identifiers
- Ticker
- FMBRX
- Fund Number
- 376
- CUSIP Code
- 354026817
Average Annual Total Returns As of 01/31/2026
Class R6
- 24.86%1 Year
- 14.28%3 Years
- 11.20%5 Years
- 10.87%10 Years
- 8.88%Since Inception
06/29/1962
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 01/31/2026 % of Total (Updated Monthly)
Pharmaceuticals, Biotechnology & Life Sciences16.15% | |
Capital Goods12.28% | |
Banks10.48% | |
Insurance7.96% | |
Media & Entertainment7.93% |
Additional Fund Info
- Share Class Inception Date
- 05/01/2013
- Investment Style
- Value
- Lipper Classification
- Global Large-Cap Value
- Morningstar Category
10 - Global Large-Stock Value
Manager and Commentary
About the Team
Franklin Equity
Franklin Equity understands innovation from every angle—our decades of experience investing in complex change fuels a differentiated perspective on how public and private companies accelerate growth and unlock value. Leveraging fundamental depth and quantitative precision, we identify catalysts for transformation that reshape companies and industries. Our expertise, spanning from growth to value, brings together diverse perspectives that help us spot opportunities ahead of the market.
Commentary Highlights
12/31/2025- Markets: Global equity markets, as measured by the MSCI World Index, rose in US dollar terms in the fourth quarter of 2025. Strong corporate earnings, enthusiasm for artificial intelligence (AI) companies and optimism about lower US interest rates buoyed equities, but high valuations for certain areas of the market, such as AI-related stocks and ongoing political and trade uncertainties were concerns as the year ended.
- Contributors: Stock selection in communication services, health care and consumer discretionary contributed to relative results. Alphabet, General Motors and Cooper Cos. were individual contributors.
- Detractors: Security selection in financials, information technology and materials detracted. Progressive, BlackRock and Brixmor Property Group dented relative results.
- Outlook: We remain focused on identifying opportunities to acquire stocks at attractive valuations based upon our assessment of fundamental value. Our process of finding underappreciated and misunderstood companies with identifiable catalysts to unlock shareholder value may provide meaningful upside potential and possible downside risk management during turbulent periods.
Franklin Equity
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Managed Fund Since 2009
Latest Insights
February 9, 2026
February 5, 2026
January 27, 2026
December 18, 2025
Performance
Average Annual Total Returns
As of 01/31/2026
Selected Month January 2026
Class R6 - With Sales Charge (POP) (%)
Month End
As of 01/31/2026
Class R6 - Without Sales Charge (NAV) (%)
Month End
As of 01/31/2026
Linked MSCI World Value Index-NR (%) 4
Month End
As of 01/31/2026
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of01/31/2026 (Updated Monthly)
- Total Net Assets
- $3.63 Billion
Positions
As of 01/31/2026 (Updated Monthly)
Number of Issuers
- Fund
- 35
- Benchmark
- 881
Portfolio Statistics
As of 01/31/2026 (Updated Monthly)
Price to Earnings (12-Month Trailing) 11
- Fund
- 20.49x
- Benchmark
- 19.46x
- Fund
- 3.20x
- Benchmark
- 2.65x
- Fund
- $399.97 Billion
- Benchmark
- $415.13 Billion
- Fund
- 2.10%
- Benchmark
- 2.34%
- Fund
- 13.41x
- Benchmark
- 11.49x
Asset Allocation 14
As of 01/31/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Undervalued Equities | 99.11% |
Cash & Other Net Assets | 0.89% |
Holdings
As of 12/31/2025 (Updated Monthly)
JPMorgan Chase & Co COM USD1
DBS Group Holdings Ltd ORD SGD NPV
HALEON PLC ORD GBP 0.01
Hartford Insurance Group Inc/The COM USD.01
Progressive Corp/The COM USD1
Johnson Controls International plc ORD USD.01
Parker-Hannifin Corp COM USD0.5
Amazon.com Inc COM USD.01
Cooper Cos Inc/The COM USD.1
Ferguson Enterprises Inc COM USD 0.0001
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- SemiannuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- October, December
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/19/2025
09/30/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Mutual Beacon Fund | |||
| Product Commentary - Franklin Mutual Beacon Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Mutual Beacon Fund - Class R6 | |||
| Annual Financial Statements and Other Information - Franklin Mutual Series Funds | |||
| Semi-Annual Report - Franklin Mutual Beacon Fund - Class R6 | |||
| Semi-Annual Financial Statements and Other Information - Franklin Mutual Series Funds | |||
| Prospectus - Franklin Mutual Series Fund | |||
| Summary Prospectus - Franklin Mutual Beacon Fund | |||
| Statement of Additional Information - Franklin Mutual Series Fund | |||
| Fiscal Q1 Holdings - Franklin Mutual Series Fund | |||
| Fiscal Q3 Holdings - Franklin Mutual Series Fund |
Risks
All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
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.
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.
The MSCI World Value Index is a market capitalization-weighted index designed to measure the performance of stocks exhibiting overall value style characteristics in developed markets.
The Linked MSCI World Value Index-NR reflects the performance of MSCI World Index from the fund's inception through 12/31/1974 and MSCI World Value Index-NR thereafter.
Net Returns (NR) include income net of tax withholding when dividends are paid.
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.
The MSCI World Value Index is a market capitalization-weighted index designed to measure the performance of stocks exhibiting overall value style characteristics in developed markets.
Net Returns (NR) include income net of tax withholding when dividends are paid.
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.