Equity

MUTHX Franklin Mutual Shares Fund

  • Diversification. Though we are focused mainly on large-cap equities, the fund's investment mix contains a variety of asset classes.
  • A Record of Lower Long-Term Volatility than the Russell 1000 Value Index.
  • Performance in All Types of Markets. Franklin Mutual Shares Fund aims to achieve long-term growth over up, down and sideways market cycles.

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NAV 1 $-0.13(-0.50%)
$25.76
As of 10/30/2025
YTD Total Returns At NAV 2
5.50%
As of 10/30/2025
Total Net Assets
$7.04B
As of 09/30/2025 (Updated Monthly)

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Overview

Fund Facts

Fund description

The fund seeks capital appreciation, which may occasionally be short term, with income as a secondary goal. Its strategy is focused on undervalued mid- and large-cap equity securities, which may include foreign securities and, to a lesser extent, distressed securities and merger arbitrage.

Benchmark
Linked Russell 1000 Value Index
Dividend Frequency, if any
Semiannually
30-Day SEC Yield—With Waiver 3,4,5As of 09/30/2025 (Updated Monthly)
1.64%
Fund Inception Date
07/01/1949
Portfolio Turnover
33%

Sales Charges, Expenses & Fees

As of 05/01/2025
Gross Expense Ratio6
0.75%
Net Expense Ratio6,7
0.75%
Maximum Initial Charge
N/A
CDSC
N/A
12b-1 Fee
0.00%

Identifiers

Ticker
MUTHX
Fund Number
074
CUSIP Code
628380107

Average Annual Total Returns

View performance section for additional info As of 09/30/2025

Class Z

  • 5.48%1 Year
  • 15.94%3 Years
  • 12.28%5 Years
  • 7.78%10 Years
  • 12.12%Since Inception
    07/01/1949

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

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Monthly)

Banks9.41%
Pharmaceuticals, Biotechnology & Life Sciences8.54%
Financial Services7.50%
Capital Goods6.90%
Health Care Equipment & Services6.47%

Additional Fund Info

Share Class Inception Date
07/01/1949
Investment Style
Value
Lipper Classification
Multi-Cap Value Funds
Morningstar Category
Aggressive Allocation

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Manager and Commentary

About the Team

Uncompromising value investors

Franklin Mutual Series has been investing with our clients’ interests in mind since 1949. We are more than formulaic value investors. As one team with one focus, we transcend traditional value investing, applying deep fundamental research to find undervalued companies and the catalyst that will unlock that value and deliver results.

Commentary Highlights

June 30, 2025
  • Markets: US stocks, as measured by the Russell 1000 Index, advanced during the second quarter of 2025. After rebounding from April’s lows on US tariff policy, equity markets continued to rally through June despite bouts of volatility. Temporary delays in tariff hikes, reduced fears of a recession, growing expectations of interest-rate cuts later in the year and easing geopolitical tensions helped drive US stocks higher.
  • Contributors: Stock selection in communication services, health care and consumer discretionary contributed to relative results. Individual contributions included Ferguson Enterprises, Flex and Johnson Controls International.
  • Detractors: Security selection in financials and energy, as well as stock selection and an underweight in industrials, detracted from relative performance. Among the detractors were Fiserv, Global Payments and Zimmer Biomet Holdings.
  • Outlook: While we believe there are reasons to be optimistic about the markets, we think uncertainty surrounding trade and geopolitics could continue to generate pockets of volatility in the near term. Several parts of the US economy, such as employment, remain stable. However, consumers are pulling back on non-essential spending and businesses face uncertainty regarding projects funded by government grants, such as those involving infrastructure buildouts.
Franklin Mutual Series
[Christian Correas avatar]

Managed Fund Since 2020

[Grace Hoefigs avatar]

Managed Fund Since 2020

[Aman Guptas avatar]

Managed Fund Since 2025

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

October 16, 2025

Value Vantage Point: Smaller company stocks get back on track

September 19, 2025

Value Vantage Point: Value, not politics, can continue to drive European stocks

September 8, 2025

VIDEO: Why European Markets Remain Attractive

August 21, 2025

Value Vantage Point: Why currency diversification matters

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Performance

Calendar Year Returns

As of 09/30/2025

Chart

Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -8.95 to 26.54.
End of interactive chart.
Class Z - With Sales Charge (POP) (%)
Class Z - Without Sales Charge (NAV) (%)
Linked Russell 1000 Value Index (%)

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. 

See the risks and other important information.

Ratings 10

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 2 out of 5 stars  
As of 09/30/2025
3 Years
3 Years: 2 out of 5 stars  
94 Funds in category
5 Years
5 Years: 3 out of 5 stars  
90 Funds in category
10 Years
10 Years: 2 out of 5 stars  
73 Funds in category
Rating Category
Aggressive Allocation

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. 

Morningstar Style Box
As of 09/30/2025
Current Historical
Large
Medium
Small
Value Blend Growth
Style
Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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.

Skipped to Portfolio Section Content

Portfolio

Assets

As of09/30/2025 (Updated Monthly)

Total Net Assets
$7.04 Billion

Positions

As of 09/30/2025 (Updated Monthly)

Number of Issuers
Fund
62
Benchmark
870

Portfolio Statistics

As of 09/30/2025 (Updated Monthly)

Weighted Average Market Capitalization (USD)
Fund
$256.48 Billion
Benchmark
$338.42 Billion
Price to Cash Flow
Fund
10.49x
Benchmark
12.87x
Price to Book
Fund
2.45x
Benchmark
2.98x
Price to Earnings (12-Month Trailing)
Fund
18.39x
Benchmark
21.11x
Dividend Yield 8
Fund
2.09%
Benchmark
1.88%

Market Capitalization Allocation

As of 09/30/2025 % of Equity (Updated Monthly)

Market Capitalization Fund
<2.0 Billion 0.42%
5.0-10.0 Billion 3.56%
10.0-25.0 Billion 20.12%
25.0-50.0 Billion 16.08%
>50.0 Billion 59.82%
N/A 0.00%

Chart

Bar chart with 6 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0 to 59.821.
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Holdings

As of 09/30/2025 (Updated Monthly)

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO
Alphabet Inc COM USD.001 CL A
Amazon.com Inc COM USD.01
PPL Corp COM USD.01
Chevron Corp COM USD.75
Blackrock Inc COM USD 0.01
HALEON PLC ORD GBP 0.01
Thermo Fisher Scientific Inc COM USD1
Brixmor Property Group Inc REIT USD.01
Bank of America Corp COM USD.01

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. 

Skipped to Distributions Section Content

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
Distribution amounts may be estimates

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.

Skipped to Pricing Section Content

Pricing

Pricing History

As of 10/30/2025 (Updated Daily)

Chart

Line chart with 8049 data points.
The chart has 1 X axis displaying Time. Data ranges from 1949-07-01 00:00:00 to 2025-10-30 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 10 to 100.38.
End of interactive chart.

Daily Fund Prices

As of 10/30/2025

Share Prices

As of 10/30/2025

NAV  1(Net Asset Value)
$25.76
NAV Change  1
$-0.13
NAV Change (%)  1
-0.50%
POP  9(Public Offering Price)
$25.76

52-Week Range

Highest NAV As of 11/29/2024
$29.35
Lowest NAV As of 04/08/2025
$22.57

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Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Franklin Mutual Shares FundDownload Document
Product Commentary - Franklin Mutual Shares FundDownload Document
Brochure - A history of Mutual SeriesMailed hardcopies unavailable.Download Document
Flyer - Franklin Mutual Series Value-driven strategies, uncompromising resultsDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - Franklin Mutual Shares Fund - Class ZDownload Document
Annual Financial Statements and Other Information - Franklin Mutual Series FundsDownload Document
Semi-Annual Report - Franklin Mutual Shares Fund - Class ZDownload Document
Semi-Annual Financial Statements and Other Information - Franklin Mutual Series FundsDownload Document
Prospectus - Franklin Mutual Series FundDownload Document
Summary Prospectus - Franklin Mutual Shares FundDownload Document
Statement of Additional Information - Franklin Mutual Series FundMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Franklin Mutual Series FundMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Franklin Mutual Series FundMailed hardcopies unavailable.Download Document

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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. 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.

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Important Information

Click here for funds sales charge and breakpoint information. 

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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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. 

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE. 

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.

The Linked Russell 1000 Value Index reflects the performance of S&P 500 Index from fund inception through 12/31/1978 and Russell 1000 Value Index thereafter.
Source: FTSE.

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.

Footnotes

  1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  4. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  5. 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

  6. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  7. Net Expense Ratio represents the expense ratio applicable to investors. 

  8. Dividend yield is calculated without the deduction of fees and expenses. 

  9. Public Offering Price – the purchase price for each share of the fund on a given day.  It includes the maximum initial sales charge, if any.

  10. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. 
    ©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.

  11. Special situations includes investments in merger arbitrage and stressed and distressed debt.