# For Professional Client Use Only. Not for distribution to Retail Clients.
Fund Overview
Performance	
Base Currency for Fund	USD
Total Net Assets (USD)	1.15 billion
Fund Inception Date	15.09.2014
Benchmark		ICE BofA US 3-Month Treasury Bill Index, HFRX Global Hedge Fund Index
Morningstar Category™	EAA Fund Multistrategy GBP
Summary of Investment Objective
EU SFDR Category	Article 8

## Past performance does not predict future returns.
Performance over 5 Years in Share Class Currency (%)
Franklin K2 Alternative Strategies Fund Z (acc) GBP-H1	ICE BofA US 3-Month Treasury Bill Index in USD HFRX Global Hedge Fund Index in USD
120
100
The Fund’s investment goal is to seek capital appreciation with lower volatility relative to the broad equity markets. The Fund seeks to achieve its investment goal by allocating its assets across multiple non-traditional or "alternative" strategies.
Fund Management
Brooks Ritchey: United States Robert Christian: United States
Anthony M Zanolla, CFA: United States
Ratings - Z (acc) GBP-H1	
Overall Morningstar Rating™: 
80 01/18	07/18	01/19	07/19	01/20	07/20	01/21	07/21	01/22	07/22  01/23
Discrete Annual Performance in Share Class Currency (%)	
01/22  01/21  01/20  01/19  01/18  01/17  01/16  01/15  01/14  01/13
	01/23  01/22  01/21  01/20  01/19  01/18  01/17  01/16  01/15  01/14
| Z (acc) GBP-H1 | -5.20 | 0.42 | 4.76 | 2.62 | -3.16 | 4.68 | 7.60 | -2.59 | N/A | N/A |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ICE BofA US 3-Month Treasury Bill Index in USD | 1.78 | 0.04 | 0.54 | 2.22 | 1.95 | 0.93 | 0.37 | 0.05 | N/A | N/A |
| HFRX Global Hedge Fund Index in USD | -1.36 | 2.30 | 6.20 | 6.80 | -7.01 | 8.04 | 5.95 | -6.03 | N/A | N/A |

| Strategy Allocation | (% of Invested C | apital) | Performance in Share Class Currency (%)	 |  |
| --- | --- | --- | --- | --- |
|  | Target | Actual |  | Cumulative	Annualised |  |
| Long Short Equity | 25-40 | 21.49 |  | Since | Since |
| Event Driven	10-30	20.58	 	1 Mth 3 Mths 6 Mths	YTD	1 Yr  3 Yrs  5 Yrs  Incept  3 Yrs  5 Yrs  Incept Relative Value	30-45	35.83	Z (acc) GBP-H1	1.34	2.35	0.44	1.34  -5.20  -0.26  -0.88 13.10	-0.09  -0.18	1.48 Global Macro	0-30	22.09	ICE BofA US 3-Month	0.31	1.00	1.57	0.31	1.78	2.37	6.68	8.13	0.78	1.30	0.94 |

Treasury Bill Index in USD	
Gross Exposure	200.49
Net Exposure	57.67
HFRX Global Hedge Fund Index in USD
1.67	1.76	1.81	1.67  -1.36	7.17	6.42 11.49	2.33	1.25	1.31
Portfolio Exposure (% of Total)
Long Exposure	129.08
Short Exposure	-71.41
The fund’s returns may increase or decrease as a result of changes to foreign exchange rates.
The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. Performance details provided are in share class currency, include the reinvested dividends gross of basic rate UK tax and are net of management fees. Sales charges and other commissions, other taxes and relevant costs to be paid by an investor are not included in the calculations. Performance may also be affected by currency fluctuations. Up to date performance figures can be found on our local website.
When performance for either the portfolio or its benchmark has been converted, different foreign exchange closing rates may be used between the portfolio and its benchmark.
The share class shown has adopted a hedging strategy intended to reduce the effect of exchange rate movements between the currency of the Fund’s investment strategy and the currency of the share class. The benchmark returns displayed are shown in the reference currency of the Fund’s investment strategy (USD), while share class returns are shown in the reference currency of share class (GBP). As a result, the returns shown above reflect the effect of the hedging strategy and one can compare the returns of the Fund (net of fees) relative to its benchmark index without the impact of exchange rate movements on index returns.
Please see Performance Benchmarks on the back of this page for important information on the benchmarks shown.
Top Exposures 
(% of Total)
Fund Measures	
Long Exposures (Equity Only)	Value at Risk (VaR)	-1.93%
Issuer Name (Equity)
Standard Deviation (3 Yrs) - Z
6.33%
COUPA SOFTWARE INC	1.06
DCP MIDSTREAM LLC	0.83
STORE CAPITAL CORP	0.79
ENERGY HARBOR CORP	0.73
SHAW COMMUNICATIONS INC	0.65
Short Exposures (Equity Only) Issuer Name (Equity)
PLUG POWER INC	-0.31
PAN AMERICAN SILVER CORP	-0.29
EAGLE BULK SHIPPING INC	-0.26
MSPSIWM	-0.24
COPA HOLDINGS SA	-0.23
(acc) GBP-H1	
Share Class Information (For a full list of available share classes, please visit your local website)
Fees	Dividends	Fund Identifiers	
| Share Class | Incept Date | NAV | Ongoing Charges (%) | Max. Sales Max. Annual Charge (%)	Charge (%) | Frequency | Last Paid Date | Last Paid Amount | SEDOL | ISIN |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Z (acc) GBP-H1 | 15.09.2014 | GBP 11.31 | 2.25 | 	N/A	2.05		N/A	N/A	N/A	 BQQPVS5	LU1093757992 |

The charges are the fees the fund charges to investors to cover the costs of running the Fund. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which will impact on the overall return of the Fund.
Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations.
| UK Freefone | Tel | Fax | E-Mail | Web |
| --- | --- | --- | --- | --- |
| 0800 305 306 | +44 20 7073 8690 | +44 20 7073 8701 | enquiries@franklintempleton.co.uk | www.franklintempleton.co.uk |

Translation (ENFR, 2023-01-31):
# Réservé aux clients professionnels. Non destiné aux clients particuliers.
Caractéristiques du compartiment		Performance	
Devise de référence du compartiment
USD

## La performance passée ne permet pas de prédire les rendements futurs.
Performance sur 5 ans en devise de la part (%)
Actif net total (USD)	1,15 milliards
Date de création	15.09.2014
Indice de référence		ICE BofA US 3-Month Treasury Bill Index, HFRX Global Hedge Fund Index
Catégorie Morningstar™	Multistrategy GBP
Date d'agrément AMF	10.10.2014
Catégorie SFDR	Article 8
Résumé des objectifs d'investissement	
L’objectif d’investissement du fonds est d’assurer la valorisation du capital et d’enregistrer une volatilité relative moins importante que celles des grands marchés actions. Le fonds cherche à atteindre son objectif d’investissement en allouant ses actifs dans de très nombreuses stratégies de gestion non traditionnelles ou « alternatives ».
Équipe de gestion	
Brooks Ritchey: USA
Franklin K2 Alternative Strategies Fund Z (acc) GBP-H1	ICE BofA US 3-Month Treasury Bill Index en USD HFRX Global Hedge Fund Index en USD
120
100
80 01/18	07/18	01/19	07/19	01/20	07/20	01/21	07/21	01/22	07/22  01/23
Performances annuelles glissantes en devise de la part (%)	
01/22  01/21  01/20  01/19  01/18  01/17  01/16  01/15  01/14  01/13
	01/23  01/22  01/21  01/20  01/19  01/18  01/17  01/16  01/15  01/14
Z (acc) GBP-H1	-5,20  0,42  4,76  2,62 -3,16  4,68  7,60 -2,59	N/A	N/A
Robert Christian: USA Anthony M Zanolla, CFA: USA
ICE BofA US 3-Month Treasury Bill Index en USD
1,78  0,04  0,54  2,22  1,95  0,93  0,37  0,05	N/A	N/A
Notations - Z (acc) GBP-H1	
Notation Morningstar: 
Allocation par stratégie (% du capital investi)
|  | Objectif | Réel |
| --- | --- | --- |
| Long Short Equity | 25-40 | 21,49 |
| Event Driven | 10-30 | 20,58 |
| Valeur Relative | 30-45 | 35,83 |
| Global Macro | 0-30 | 22,09 |

Exposition du portefeuille (% du total)	
Exposition Brute	200,49
Exposition Nette	57,67
HFRX Global Hedge Fund Index en USD	-1,36  2,30  6,20  6,80 -7,01  8,04  5,95 -6,03	N/A	N/A
Performance en devise de la part (%)	
Cumulée
|  | 1 mois | 3 mois | YTD | 1 an | 3 ans | 5 ans | Depuis création |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Z (acc) GBP-H1 | 1,34 | 2,35 | 1,34 | -5,20 | -0,26 | -0,88 | 13,10 |
| ICE BofA US 3-Month Treasury Bill Index en USD | 0,31 | 1,00 | 0,31 | 1,78 | 2,37 | 6,68 | 8,13 |
| HFRX Global Hedge Fund Index en USD | 1,67 | 1,76 | 1,67 | -1,36 | 7,17 | 6,42 | 11,49 |

Performance par année civile en devise de la part (%)	
2022	2021	2020	2019	2018	2017	2016	2015
Z (acc) GBP-H1	-8,52	2,26	5,11	5,00	-4,00	4,45	3,75	0,39
Position acheteuse	129,08
Position vendeuse	-71,41
ICE BofA US 3-Month Treasury Bill
Index en USD
HFRX Global Hedge Fund Index en USD
1,46	0,05	0,67	2,28	1,87	0,86	0,33	0,05
-4,41	3,65	6,81	8,62	-6,72	5,99	2,50	-3,64
Le rendement du fonds peut augmenter ou baisser sous l’effet des fluctuations de taux de change.
Le cours des actions du compartiment, ainsi que les revenus afférents, peuvent fluctuer à la hausse comme à la baisse, et il est possible que les investisseurs ne puissent pas récupérer l'intégralité des montants investis. Toutes les performances sont exprimées dans la devise du compartiment, incluent les dividendes réinvestis et sont nettes de frais de gestion. Les frais d'acquisition et autres commissions, taxes et divers frais à la charge de l'investisseur ne sont pas inclus. Le compartiment offre d'autres catégories d'actions sujettes à d'autres frais et dépenses, qui auront un impact sur leur performance.
Consultez « Indices de performance » au recto de cette page pour prendre connaissance d’informations importantes sur les indices présentés.
| Principales expositions  (% du total) |  |  | Statistiques sur le compa | rtiment |
| --- | --- | --- | --- | --- |
| Expositions à long terme (capitaux propres uniquement) |  |  | Valeur à risque (VAR) | -1.93% |
| Nom de l’émetteur (Actions) |  |  | Ecart type (5 ans) | 5,47% |
| COUPA SOFTWARE INC | 1,06 |  | Ratio de Sharpe (5 ans) | -0,15 |
| DCP MIDSTREAM LLC | 0,83 |  | Alpha (5 ans) | N/A |
| STORE CAPITAL CORP | 0,79 |  | Beta (5 ans) | N/A |
| ENERGY HARBOR CORP | 0,73 |  | R² (5 ans) | N/A |
| SHAW COMMUNICATIONS INC | 0,65 |  | Corrélation (5 ans) | N/A |
| Expositions à court terme (capitaux propres uniquement) Nom de l’émetteur (Actions) |  |  | % de recul maximal (5 ans) Période de recul: N/A | -10,40% |
| PLUG POWER INC | -0,31 |  |
| PAN AMERICAN SILVER CORP | -0,29 |
| EAGLE BULK SHIPPING INC | -0,26 |
| MSPSIWM | -0,24 |
| COPA HOLDINGS SA | -0,23 |

Adresse	Téléphone	Site Internet
14 boulevard de la Madeleine - 75008 Paris 01 40 73 86 00	www.franklintempleton.fr
Informations sur la part