United States
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Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Franklin Templeton.
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Effective 9/10/18, certain sales charges and commissions paid to dealers on Class A and A1 shares of our mutual funds changed. Please see the prospectus supplement for more information. If you have additional questions, please contact your financial advisor or call Franklin Templeton.
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Franklin Mutual Global Discovery Fund has changed its September distribution date from early September to early October. This change will allow the fund to more accurately capture necessary distribution data. The fund will also continue to make distributions in December. For more information, please contact your financial advisor or Franklin Templeton Shareholder Services.
Fund Description
The fund seeks capital appreciation. Its strategy is focused on undervalued mid- and large-cap equity securities, with a significant portion of its assets in foreign securities and, to a lesser extent, distressed securities and merger arbitrage.
Strategy Statement
"We look where investors are discouraged because there's often overlooked opportunities. We search for undervalued companies poised to benefit from increased market recognition and internal catalysts. "
Management
Peter Langerman
- Joined Franklin Templeton in 1986
- Managed Fund Since 2009
Tim Rankin, CFA®
- Joined Franklin Templeton in 1997
- Managed Fund Since 2010
Christian Correa, CFA®
- Joined Franklin Templeton in 2003
- Managed Fund Since 2018
Rating
Overall Morningstar Rating As of 10/31/2019
Rating Category: World Large 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.
Morningstar Style Box
We do not publish a style box for this fund.
Strategy, Benefits, Results
Strategy
At Franklin Mutual Series, we focus on recognizing value that other investors might miss.
Our goal is to deliver solid, risk-adjusted returns, year in and year out. Over the last 60 years, Franklin Mutual Series' consistent, deep value approach has benefited shareholders with long-term investment horizons.
- Opportunistic Value Investors. Our core investments are in undervalued stocks with viable catalysts that we believe will change the way the market views their true worth.
- Think and Act Like Company Owners. We won't hesitate to become activist investors if our shareholders' interests need to be protected.
- Strive To Reduce Risk. Our unique strategy has historically provided the fund with lower volatility than the overall market and has enabled us to deliver strong results over the long term.
Benefits
- Diversification. With the ability to invest up to 100% in foreign securities, we seek strong investment opportunities anywhere around the world.
- A Record of Low Volatility.
- Performance in All Types of Markets. Franklin Mutual Global Discovery Fund has aimed to achieve long-term growth in up, down and sideways market cycles.
Investing In The Fund
What Are the Risks?
- All investments involve risks, including possible loss of principal.
- Value securities may not increase in price as anticipated or may decline further in value.
- Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. To the extent that the fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.
- Financial services companies are subject to extensive government regulation that may affect their profitability in many ways, including by limiting the amount and types of loans and other commitments they can make, and the interest rates and fees they can charge.
- Because the fund may invest its assets in companies in a specific region, including Europe, it is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically.
- Current political and financial uncertainty surrounding the European Union may increase market volatility and the economic risk of investing in companies in Europe.
- 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.
Minimum Investment
How Financial Advisors Help You
Speak to your advisor about whether this fund is appropriate for you.
Learn more from FINRA about How to Find and Work with an Investment Professional.
Important Legal Information
- Most Franklin Templeton funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. In general, Class A/A1 have a maximum initial sales charge; Class C/C1 shares have a 1% contingent deferred sales charge; Class Z, Advisor Class and Class R6 shares have no sales charges nor Rule 12b-1 fees; Class R shares have no sales charges, but do have a Rule 12b-1 fee.
- Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total Returns With Sales Charge: returns reflect the deduction of the stated sales charge. Total returns, distribution rate, and yields reflect any applicable expense reductions, without which the results for those impacted funds would have been lower.
- For more information on any of our funds, contact your financial advisor or download a 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.
- Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.
Footnotes
- A statistical measurement of the range of a fund's total returns. In general, a higher standard deviation means greater volatility. Based on the fund's monthly returns over the 3-year period ended as of the date of the calculation.
- A statistical measurement of a fund's historical risk-adjusted performance. It is calculated by taking a fund's excess return over that of the three-month Treasury bill divided by its standard deviation. Higher values generally indicate better historical risk-adjusted performance. Based on the 3 years ended as of the date of the calculation.
- The annualized percentage difference between a fund's actual returns and its expected performance given its level of market risk, as measured by beta. Based on the 3-year period ended as of the date of the calculation.
- Percentage of the fund's returns explained by movements in the MSCI All Country World Index. 100 equals perfect correlation to the index. Based on the 3-year period ended as of the date of the calculation.
- Public Offering Price — Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
- Net Asset Value — The amount per share you would receive if you sold shares that day.
- Source: Morningstar®. The style box reveals a fund's investment style. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). 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.
- Source: Morningstar®. For each mutual fund and exchange traded fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the named share class only; other classes may have different performance characteristics. Past performance is not an indicator or a guarantee of future performance.
- ©2019 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.
- A measure of the fund's volatility relative to the market, as represented by the MSCI World Index. A beta greater than 1.00 indicates volatility greater than the market. Based on the 3-year period ended as of the date of the calculation.
- Indices are unmanaged and one cannot invest directly in them. Index returns do not reflect any fees, expenses or sales charges.
- For performance reporting purposes, the inception date for Classes A/A1, R, R6, Z, and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the fund's registration statement or the first day the fund commenced operations. For Class C shares, generally the inception date is the first day the fund commenced offering such shares. Exceptions: Templeton Global Balanced Fund Classes A and C use the inception date of the old Class A and C shares, renamed Class A1 and Class C1. For Franklin Mutual Series Funds, Franklin International Small Cap Growth Fund and Franklin Pelagos Commodities Strategy Fund, the inception date for Classes A, C, R and R6 shares is the funds' oldest class', Z or Advisor, inception date. Franklin U.S. Government Money Fund Class R6 inception date is the first day it commenced offering such shares. For Franklin California Ultra-Short Tax-Free Income Fund Classes A1 and Advisor Class use the inception date of its predecessor, Franklin California Tax-Exempt Money Fund.
- Prior to November 1, 1996, the fund offered only a single class of shares without a sales charge and Rule 12b-1 expenses, Class Z shares. Figures reflect a restatement of the original share class to include both the Rule 12b-1 fees and maximum initial sales charges (when quoting figures with sales charges) applicable to each share class as though in effect from the fund's inception. For periods after November 1, 1996, actual performance is used, reflecting all charges and fees applicable to that class.
- Prior to 1/1/04, these shares were offered with an initial sales charge; thus actual returns would have differed.
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