Investment objective & strategy
As of Dec. 23, 2025 · prospectusObjective. Long-term capital growth.
Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets in securities of smaller companies located anywhere in the world. The Fund defines smaller companies as those with market capitalizations not exceeding the highest float-adjusted market capitalization in the Funds benchmark. As of November 28, 2025, (the date of the last reconstitution of the benchmark), the largest company in the MSCI All Country World Small Cap Index had a float-adjusted market capitalization of $29.10 billion. The securities in which the Fund invests are primarily or predominantly common stocks. The Fund may invest a significant amount of its assets in the securities of companies located in emerging markets. The Fund will invest its assets in issuers located … Under normal market conditions, the Fund invests at least 80% of its net assets in securities of smaller companies located anywhere in the world. The Fund defines smaller companies as those with market capitalizations not exceeding the highest float-adjusted market capitalization in the Funds benchmark. As of November 28, 2025, (the date of the last reconstitution of the benchmark), the largest company in the MSCI All Country World Small Cap Index had a float-adjusted market capitalization of $29.10 billion. The securities in which the Fund invests are primarily or predominantly common stocks. The Fund may invest a significant amount of its assets in the securities of companies located in emerging markets. The Fund will invest its assets in issuers located in at least three different countries (including the United States) and will invest at least 40% of its net assets in foreign securities. When choosing equity investments for the Fund, the investment manager applies a bottom-up, value-oriented, long-term approach, focusing on the market price of a companys securities relative to the investment managers evaluation of the companys long-term earnings, asset value and cash flow potential. The investment manager also considers a companys price/earnings ratio, profit margins and liquidation value. The investment manager may consider selling a security when it believes the security has become overvalued due to either its price appreciation or changes in the company's fundamentals, when the investment manager believes that the market capitalization of a security has become too large, or when the investment manager believes another security is a more attractive investment opportunity. The Fund may also use a variety of equity-related derivatives, which may include equity futures and equity index futures, for various purposes including enhancing Fund returns, increasing liquidity and gaining exposure to particular markets in more efficient or less expensive ways.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US DOLLARS | N/A | $22.10M | 2.69% |
| HEALTHCARE SERVS | — | $20.84M | 2.53% |
| FRESHPET INC | — | $20.43M | 2.48% |
| MYR/USD FORWARD | N/A | $20.00M | 2.43% |
| TECHNOGYM SPA | — | $18.60M | 2.26% |
| CLASSYS INC | — | $18.56M | 2.26% |
| Techtronic Industries Company Limited | TTNDF | $18.52M | 2.25% |
| ADVANCED DRAINAGE SYSTEMS INC | — | $18.50M | 2.25% |
| CHARLES RIVER LABS INTL INC | — | $17.85M | 2.17% |
| JOHN BEAN TECHNOLOGIES CORP | — | $17.79M | 2.16% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Foreign Smaller Companies Series · TFSCX | 32% | 1.11% |
| Madison Small Cap Fund · MASMX, BVAOX, MSCIX, MSCRX | 7% | 0.92% |
| Lazard Retirement US Small Cap Equity Select Portfolio | 7% | 0.95% |
Advisers
| Firm | Role |
|---|---|
| Templeton Investment Counsel, LLC | Adviser |
| Franklin Templeton Investments Corp. | Sub-adviser |
Footnotes
- Expense ratio as of December 23, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.