Morningstar® Investment Profile™   Morningstar®
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Franklin Mutual Shares VIP 2
Release date as of 2024-04-30. Data on page is subject to change.
Snapshot Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
What is this?
As of 2024-04-30
Out of 1109
Large Value Funds
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What is this?
As of 2024-04-30
Total Fund Assets ($ Mil)
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks capital appreciation; income is a secondary goal.
The fund invests primarily in equity securities of U.S. and foreign companies that the investment manager believes are available at market prices less than their value based on certain recognized or objective criteria. The equity securities in which the fund invests are primarily common stock. To a lesser extent, it also invests in merger arbitrage securities and the debt and equity of distressed companies. The fund may invest a significant portion of its assets (up to 35%) in foreign securities, which may include sovereign debt and participations in foreign government debt.
  Morningstar Category: Large Value
Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). 
  Investment Risks
There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 84.8
Bullet Non-U.S. Stocks Non-U.S. Stocks 11.9
Bullet Bonds Bonds 3.2
Bullet Cash Cash 0.2
Bullet Other Other 0.0
Asset Allocation Rescaled Graph
Data through 2024-04-30
Morningstar Equity Sectors
% of Stocks
Cyclical 30.79
Basic Materials 2.56
Consumer Cyclical 5.20
Financial Services 17.39
Real Estate 5.64
Sensitive 43.55
Communication Services 7.18
Energy 10.41
Industrials 16.88
Technology 9.08
Defensive 25.66
Consumer Defensive 6.47
Healthcare 17.50
Utilities 1.69
Data through 2024-04-30
Holding Status
Total Number of Stock Holdings 53
Total Number of Bond Holdings 9
% of Net Assets in Top 10 Holdings 26.15
Turnover % (as of 2022-12-31) 59.99
30 Day SEC Yield % 1.95
Top Holdings
Sector P/E % of Net
JPMorgan Chase & Co 11.57 3.74
Chevron Corp 14.84 2.86
The Kraft Heinz Co 16.71 2.67
Bank of America Corp 12.76 2.49
Novartis AG ADR --- 2.45
General Motors Co 5.44 2.45
Medtronic PLC 25.47 2.41
BP PLC --- 2.37
United Parcel Service Inc Class B 21.34 2.37
CVS Health Corp 10.47 2.34
Data through 2024-04-30
  Principal Risks   
Event-Driven Investment/Arbitrage Strategies, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Active Management, Market/Market Volatility, Other, Derivatives, Socially Conscious, Portfolio Diversification, Small Cap, Mid-Cap
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  Other Information
Inception Date: 1999-01-06
Portfolio Manager(s)
Christian Correa   (2020-11-02)
Christian Correa, CFA is a portfolio manager and director of research for Franklin Mutual Series. Mr. Correa has been a lead or co-lead portfolio manager of the Franklin Mutual Beacon Fund since 2007 and co-lead portfolio manager of the Franklin Mutual Global Discovery Fund since 2018. Prior to joining Franklin Mutual Series in 2003, he worked at Lehman Brothers Holdings Inc. He has more than a decade of investment experience. He holds a B.A. from Claremont McKenna College, an M.A. (economics) from Northwestern Univ. and is a graduate of Harvard Law School.
Grace Hoefig   (2020-11-02)
Grace Hoefig, Vice President and Portfolio Manager of Franklin Advisory Services. Ms. Hoefig joined Franklin Templeton in February 2008 as a research analyst. She has been in the investment industry for more than 20 years. Prior to joining Franklin Templeton, Ms. Hoefig was a managing director at AXIA Capital Management LLC., and has held senior analyst positions at Heine Securities Co., First Manhattan Co. and Neuberger & Berman.
Investment Advisor(s)
Franklin Mutual Advisers, LLC
Franklin Templeton Investments
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