Bestinvest says
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This US$ denominated fund invests in similar investment situations to its sister fund, Franklin Mutual Shares, however it benefits from a more flexible mandate and adopts a more absolute return approach with the main emphasis on the distressed and arbitrage investment strategies. There are no formal restrictions on the allocation to equities versus debt or the quality of debt securities. The fund is likely to take significant positions in small and illiquid securities, it is anticipated that up to 45% of the fund might be in non US securities. The fund retains the right to short securities. The annual management charge is adjusted +/- 1%, according to returns relative to the US Government 3-5 year total return index. There are no formal return or volatility targets for the fund.