Franklin Mutual Shares Fund
Franklin Mutual Series Funds · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Franklin Mutual Shares Fund is an actively managed U.S. equity fund. 4% of TESIX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 84% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
Capital appreciation, which may occasionally be short term. The secondary goal is income.
The fund pursues capital appreciation by investing primarily in undervalued equity securities of U.S. and foreign companies that trade below their fundamental value as assessed through the manager's analysis of cash flow, earnings, multiples, and book value. The fund may also invest in merger arbitrage securities and distressed debt, with foreign securities capped at 35% of assets though currently limited to 15% in practice. Because security selection depends on the manager's valuation judgments applied individually to each holding, performance will diverge from any benchmark. The fund may use currency and market derivatives to hedge risks when the manager deems it advantageous.
| Share class | Expense ratio |
|---|---|
| TESIX | 0.99% |
| TEMTX | 1.74% |
| MUTHX | 0.74% |
| TESRX | 1.24% |
| FMSHX | 0.70% |
Portfolio turnover 51.72% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 97.47% |
| Loans | 1.30% |
| Cash & short-term | 0.95% |
| Bonds | 0.46% |
| Other | 0.06% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Financials | 19.1% |
| Information Technology | 13.3% |
| International | 13.0% |
| Consumer Discretionary | 11.9% |
| 10 smaller | 42.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +17.45% | +42.25% | +40.48% | 12.62% | -8.65% | |
| +16.58% | +39.13% | +35.32% | 12.61% | -8.92% | |
| +17.79% | +43.34% | +42.25% | 12.64% | -8.57% | |
| +17.22% | +41.22% | +38.75% | 12.64% | -8.78% | |
| +17.86% | +43.53% | +42.62% | 12.64% | -8.57% |
These classes hold the same portfolio, so the 7.30pp spread over 5 years is the cost difference between them — roughly 1.46pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 73.8% |
| Fixed rate | 26.2% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 24.5% |
| 3-5y | 14.7% |
| 5-10y | 60.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| AMZN | Amazon.com, Inc.AMZN | 7.18% | $238.34 | $500.24M | 2.1M |
| MSFT | Microsoft Corp.MSFT | 5.20% | $373.02 | $362.43M | 971.6K |
| AAPL | Apple, Inc.AAPL | 3.75% | $289.36 | $261.30M | 903.0K |
| JPM | JPMorgan Chase & Co.JPM | 3.39% | $327.33 | $236.39M | 722.2K |
| — | Johnson Controls International plc | 2.44% | $146.11 | $169.79M | 1.2M |
| DOV | Dover Corp.DOV | 2.43% | $224.28 | $169.17M | 754.3K |
| FERG | Ferguson Enterprises, Inc.FERG | 2.42% | $237.33 | $168.59M | 710.4K |
| PPG | PPG Industries, Inc.PPG | 2.33% | $121.29 | $162.28M | 1.3M |
| CL | Colgate-Palmolive Co.CL | 2.29% | $91.68 | $159.86M | 1.7M |
| — | Haleon plc | 2.27% | $4.61 | $158.06M | 34.3M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 33.72% of net assets, top 25 63.59%, across 55 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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