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Mutual Series

A strategy with potential in all markets

The team responsible for the Mutual Series portfolios seeking investment opportunities with solid long-term fundamental value.
Mutual Beacon Fund Mutual Discovery Fund and are good choices for investors who do not want to take high risks because the securities in which we invest are often less affected by fluctuations in the market in general than those of companies and more volatile based on strong growth.

Investors focused on the fundamental value

Mutual Series specializes in a unique style of investment focused on the fundamental value by seeking a dynamic opportunities among undervalued stocks, arbitrage situations and distressed companies.
As investors focused on the fundamental value, we prefer the value of underlying assets, the potential of our catalysts and the creation of an intrinsic value in the long term while looking for hard assets undervalued by the market .
These positions dumped could correspond to companies that are the subject of mergers or acquisitions, splits, reorganizations or other special situations.

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Focus on Risk Management

Mutual Series is definitely on the lookout for equities undervalued while focusing on risk management for investors.
First, we are the majority of our investment portfolio by ensuring a solid foundation of elements that we believe are undervalued equity securities.
We seek to invest primarily in companies with strong balance sheets strong, asset quality and management teams focusing on shareholders whose shares are traded on a significant discount compared to our estimate of intrinsic value.
This rigorous method based on the fundamental value, by which our team of advisers and analysts are experienced and wise ways to reap benefits from adversity, not only improves the probability of a yield increase, but also helps reduce the risk of significant declines.
Second, we work to improve the Mutual Series portfolios by carefully selecting investments in troubled companies or bankruptcy. Often, when companies were reorganized following a bankruptcy, the owners of the old securities are repaid in shares of new companies, which are stronger, which are derived.
Thirdly, we seek to participate in merger arbitrage situations, but only in the case of operations planned takeover, another highly specialized area of ??investment. In addition, yields from the second and third elements on which we focus so far had no correlation with the global market, providing diversification benefits.

Active monitoring and further research

Find the hidden value in companies that have not been noticed requires special attention.
Once the opportunity has been identified, our team must continue to actively observe the company to reduce risks and assist management in finding a way to increase shareholder value.
Analysts Mutual Series are researching to find out what property belonging to the company and identify inefficiencies and catalysts that could allow the company to realize its true value.
This specialized investment focus on the fundamental value has proven itself during times of replies and markets. In addition, yields from the second and third elements on which we focus so far had no correlation with the global market, providing diversification benefits.

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Mutual Series Franklin Templeton confirms its strategy:

U.S. banking reform so far has not affected the position of the managers unduly Mutual Series Franklin Templeton Investments. They remain focused on the protection against declines in market analysis and bottom-up, which helped them navigate the difficulties of recent months, writes Andrew Sleeman in the monthly publication of the management company.

The managers remain significantly exposed to the life insurance companies, which are trading at levels close to their book value, implying no value to the deductible. However, based on analysis of Franklin Templeton, the carrying value of these companies has increased by at least 10% per year on average in a challenging environment. One of them recently received a bid from a private equity investment and mergers and acquisitions in the resume.

According to the managers of Franklin Mutual Series, as the environment improves, valuations across the sector should increase.

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More recently, mergers and acquisitions seem to also spread to other sectors. An Australian agribusiness company in which managers were invested in late June and has received a takeover offer subject to a 50% premium over its stock price as well as Franklin, the buyer has found its undervalued assets .

Moreover, the giants still identify opportunities neglected by others, thereby maintaining a low correlation to the benchmark. Despite the limited appeal dusecteur Japanese bank that they feel inadequately capitalized, they have invested in a Japanese bank reserves currently considerable despite writedowns increased in recent years. According to them, he has already made most of impairment and as its results have progressed, the market would recognize the strength of its balance sheet.

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Franklin Mutual Global Discovery

Anne Guderian and Charles Lahr, manager of Franklin Mutual Global Discovery Fund, rated Superior, announced last Friday they left Mutual Series, a division of Franklin Templeton. They join another renowned American company, PIMCO. Although this is not good news for unitholders of Global Discovery Fund - Guderian and Lahr were both very experienced and were part of the group since nine and five years - we do not think there is reason to worry. True to its strong culture that we see globally as well oriented toward investors, the company immediately informed which took over the reins of the fund.

The new co-managers are none other than Peter Langerman and Philippe Brugere-Trélat. Peter Langerman is president and CEO of Mutual Series. He has 23 years experience including 19 in Mutual Series and Franklin Mutual Beacon manages particular. Equally talented Philippe Brugere-Trélat, has 25 years of experienc, and in particular manages the Franklin Mutual European. The fund received Morningstar's highest rating qualitative Elite. Both know very well the value approach that characterizes this division of Franklin Templeton, and any change in the fund's investment philosophy seems at least unlikely. Moreover, the range is characterized by the fact that many positions are common to different portfolio, illustrating the strong collegial dimension of Mutual Series.

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This does not mean that we are not disappointed and concerned about the simultaneous departure of two members of the team. And more so, that earlier this year was Mike Embler, manager of Franklin Mutual Recovery, who left the company to devote himself to philanthropic activities. We therefore look to see if the company conducts recruitments. That said, always with 17 members, whose average experience goes well beyond ten years, we do not think there is an emergency. We will update soon the research report and possibly our opinion, after we talked more extensively with Langerman and Brugere-Trélat.

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Changes in the Mutual Series team

Anne Guderian and Charles Lahr, portfolio managers within the Mutual Series team, has resigned from the company on Dec. 4 to take on other responsibilities. The management team is supported by Peter Langerman, president / CEO.

Mutual Series is comprised of an experienced team of over 25 investment professionals who average 15 years of market experience. For over 60 years, portfolio managers, analysts and traders approach undergo Mutual Series 'deep value', focused primarily on undervalued securities but also in financial difficulty and mergers and acquisitions. The team's success is due to the stability of the strategy and investment style it applies, and the talented team of professionals from at Mutual Series to practice this approach.

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Interpretation of Financial Statements

By Benjamin Graham, Spencer B. Meredith

Published for the first time in 1937, this guide to analyze a company's accounts, written by the hand of Benjamin Graham, has crossed the ages without a wrinkle. He became a cult object. Spent some time in oblivion, it is now more than ever essential to the investor. This book is a faithful reproduction of the original version giving new life to the verve of the master. Michael F. Price, a living legend, added an introduction praising the incorruptibility of this little book of Graham.

"The reissue of the original ... timely ... More than ever, analysis of financial statements of a company is essential for the investor. From the Introduction by Michael Price, president of Franklin Mutual Advisors, Inc.

"... Graham's ideas for understanding financial markets and the financial community have inspired more than a century." Smart Money

"Graham is on investment, to rank as the greatest thinkers of his age (and perhaps in history)." John Train, author of the new masters of money.

Benjamin Graham, the father of value investing is probably the one with the most influential investors of all time. His work laid the foundations of modern financial analysis. His two books, The Intelligent Investor 81,949) and Security Analysis (1934), are classics and remain to this day bestsellers. His career and his research has inspired the most talented of today's investors including Warren Buffett, Michael F. Price and John Neff. Spencer B. Meredith, was a professor teaching financial analysis at the New York Stock Exchange Institution. Michael F. Price is president of Franklin Mutual Advisors, Inc., Where he successfully oversaw the decisions to invest in Mutual funds.

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Published for the first time in 1937, this guide to analyze a company's accounts, written by the hand of Benjamin Graham, has crossed the ages without a wrinkle. He became a cult object. Remained some time in oblivion, it is now more than ever essential to the investor. This book is a faithful reproduction of the original version giving new life to the verve of the master. Michael F. Price, a living legend, added an introduction praising the incorruptibility of this little book of Graham.

The advice in this book are as useful as they were over 60 years. As Graham writes, "If you have information on the current financial situation of a society and its past performance, you're in a better position to assess its future potential. That is the function and value of financial analysis. "

Written just three years after its reference - Security Analysis - Interpretation of Financial Statements plunged in just a few dozen pages, in the heart of the principles of value investing as taught by the master. Readers will learn how to analyze balance sheets and income statements of a company to achieve a true understanding of its financial position and results. Graham gratifies us a series of tests that readers can easily be applied to determine the financial health and condition of any society.

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