Templeton Hard Currency Fund

PRICE AND YTD RETURN As of 07/28/2016

NAV up $0.00 $7.65
POP $7.83
YTD Total return at Nav -2.05%

AVERAGE ANNUAL TOTAL RETURNS As of Quarter end 06/30/2016

Sales Charge

1 YEAR RETURN -8.77%
5 YEAR RETURN -5.19%
10 YEAR RETURN 0.21%


Investment Category Currencies
Distributions Annually
CUSIP 354 728 305
Fund Number 412
Inception Date Nov 17, 1989
Total Net Assets (all share classes) As of 06/30/2016 $81.0 (M)
Distribution Rate at NAV N/A
30-Day Standardized yield N/A

SALES CHARGE, EXPENSES, & FEES As of 03/01/2016 (updated annually)

Gross Expense Ratio 1.24%
Net Expense Ratio 1.18%
Max Initial Sales Charge 2.25%
CDSC 0.00%
12b-1 Fee 0.25%

Fund Description

The Fund invests primarily in high quality, short-term money market instruments (and forward currency contracts) denominated in currencies of foreign countries and markets that historically have experienced low inflation rates.

Strategy Statement

"We focus on countries and markets that have historically experienced low levels of inflation and that we believe offer the potential for currency appreciation versus the U.S. dollar."

Michael Hasenstab, Ph.D


Michael Hasenstab, Ph.D

Michael Hasenstab, Ph.D

  • Joined Franklin Templeton in 1995
  • Managed Fund Since 2001
Sonal Desai, Ph.D

Sonal Desai, Ph.D

  • Joined Franklin Templeton in 2009
  • Managed Fund Since 2011

Strategy, Benefits, Results


Our strategy is to employ a range of analytic frameworks and only when a preponderance of evidence across our three tiers of analysis supports a given currency valuation will we overweight that given currency.

  • Tier 1. Involves fundamental long-term currency valuations where we utilize a range of analysis technologies.
  • Tier 2. Looks at the short-term dynamics that will be drivers of currencies, either toward or away from their long-term equilibrium value.
  • Tier 3. Focuses on scenario analysis where we model potential shocks and analyze their impacts on currency values, such as geopolitical risks or oil price shocks.


  • Geographic Diversification. The fund has a diversified portfolio of currencies from around the world. 
  • Global Platform. Global and local experts provide extensive country analysis through multiple perspectives and lenses.
  • Experienced Management. Michael Hasenstab has managed the fund since 2001 and is backed by a large and experienced team of analysts around the world.

Investing In The Fund

What Are the Risks?
  • All investments involve risks, including possible loss of principal.
  • Special risks are associated with foreign investing, including economic instability and political developments.
  • The fund’s assets are largely invested in foreign currencies, and therefore involve potential for significant gain or loss from currency exchange rate fluctuations.
  • The fund does not seek to maintain a stable net asset value and should not be considered a substitute for a U.S. dollar money market fund.
  • The fund is also non-diversified, which involves the risk of greater price fluctuation than a more diversified portfolio.
  • These and other risks are described more fully in the fund’s prospectus.

Minimum Investment


How Financial Advisors Help You

Speak to your financial advisor about whether this fund is appropriate for you. If you don't have a financial advisor, request a referral.

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