Templeton International Smaller Companies

The strategy seeks long-term capital growth by investing in the equity securities of smaller companies located outside the U.S., including emerging markets.



  • Our time-tested investment approach focuses on seeking stocks trading at a significant discount to their longer-term business value based on our estimates of future normalized earnings and cash flow generation.
  • We apply a disciplined, consistent investment process that is based on our philosophy of value, patience and bottom-up stock picking.
  • Templeton's long-term perspective and in-depth research give us the insight and conviction to purchase out-of-favor securities and the patience to wait for potential value recognition.


  • MSCI All Country World ex-U.S. Small Cap Index


A multi-page overview highlighting the composite performance, portfolio characteristics, investment process, management team and commentary.


The best bargains, in our view, are those stocks having the lowest prices in relation to possible earning power of future years.”


Investment Philosophy

Templeton employs a disciplined, consistent approach based on three timeless principles of investing:

  • Value: Our flexible approach is applied within a disciplined framework and seeks to identify companies trading at large discounts to their business value.
  • Patience: Our long-term focus gives us a framework to take advantage of price volatility to reveal potential long term investment opportunities. Patience allows for potential long-term value recognition.
  • Bottom-up stock picking: Our portfolio management process seeks to buy pessimism and sell optimism. We build portfolios spanning regions and sectors made up of securities identified through this process.

Investment Process Summary

  1. Identify Potential Bargains: Experienced analysts, focus on global industry sectors, quantitative and qualitative assessment.
  2. In-Depth Fundamental Analysis: Five-year financial forecasts, management/supplier/competitive evaluation, recommendation of Bargain List candidates.
  3. Research Team Evaluation: Presentation of investment thesis, investment debate and critique, director of research approval.
  4. Bottom-up Portfolio Construction: Investment parameters, industry and sector framework, build and diversify portfolio, long-term approach.
  5. Portfolio Monitoring and Risk Management: Ongoing valuation analysis, disciplined sell methodology, weekly peer review and risk analytics.


David A. Tuttle

David A. Tuttle, CFA, CFP
Vice President
Portfolio Manager, Research Analyst
Templeton Global Equity Group
Franklin Templeton Investments Corporation
With firm since: 2002

Antonio Docal

Antonio Docal, CFA
Executive Vice President, 
Director of Portfolio Management,
Portfolio Manager, Research Analyst
Templeton Global Equity Group
Templeton Investment Counsel, LLC
With firm since: 2001