Franklin Mutual Shares Fund Q1 2025 Commentary

2025-04-28 23:25:00 ET

Summary

• US stocks experienced heightened volatility during the first quarter amid concerns about Trump’s tariff policies and their impact on economic growth and inflation.
• Stock selection in health care, real estate and utilities contributed to relative results. Individual contributors included CVS Health, BNP Paribas and American Tower.
• Security selection in the financials, communications services and industrials sectors curbed relative returns. Detractors included Target, Oracle and Global Payments.
• While we believe there are reasons to be optimistic about the markets, we think uncertainty surrounding trade and geopolitics could continue to be destabilizing factors in the near term.

Key Takeaways

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