Franklin Mutual Shares Fund Q4 2025 Commentary

Franklin Templeton4.63K FollowersFollow5ShareSavePlay(6min)CommentsSummaryUS equities, as measured by the Russell 1000 Index, climbed in the fourth quarter.The Fund (Class Z without sales charges) underperformed its benchmark, the Russell 1000 Value Index, for the quarter ended December 31, 2025.Retailer Dollar General boosted relative results as recent earnings have been strong on better earnings as comparable store sales and traffic improved.Payments company Fiserv hurt relative returns after the new chief executive slashed 2025 guidance and issued weak 2026 forecasts.We think provisions in the new tax bill will likely support consumers at both ends of the spectrum in 2026. Rasi Bhadramani/iStock via Getty Images Key Takeaways Markets: US equities, as measured by the Russell 1000 Index, climbed in the fourth quarter. While investors continued to pile into artificial intelligence stocks, corporate earnings were strong and the market advance broadened in the quarter, with both This article was written byFranklin Templeton4.63K FollowersFollowFranklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.