Franklin Mutual Beacon Fund Class Z is a mutual fund with a primary objective of capital appreciation, complemented by income as a secondary goal. The fund principally invests in undervalued mid- and large-cap equity securities, utilizing a value-oriented strategy to identify stocks trading below their fundamental value. This approach is implemented through in-depth fundamental analysis, assessing factors like cash flow potential, earnings multiples, book value, and environmental, social, and governance (ESG) considerations. While the portfolio predominantly consists of common stocks from U.S. and foreign companies, the fund can also allocate assets to merger arbitrage, distressed securities, and, to a limited extent, bonds. Franklin Mutual Beacon Fund Class Z does not restrict its holdings by industry or geography, often maintaining significant exposure to developed markets across sectors such as financial services, energy, healthcare, industrials, and consumer defensive. The fund’s active management style may also incorporate hedging strategies to mitigate currency and market risks, aiming to offer investors diversified exposure to global large-stock value opportunities.