US stocks have been on an uptrend over the past 4-5 years, but you can always find "areas of scepticism", says Franklin Mutual Advisers institutional portfolio manager Paul de Leon.
Mr de Leon adheres to a deep-value approach to markets - that is, his team seeks to buy stocks trading at a significant discount to their intrinsic value.
"We're looking to buy US$1 worth of assets for 60 or 70 cents. Our overall goal is to achieve strong consistent returns with below-average volatility. Some people refer to the funds as 'eat well/sleep well' funds: you achieve nice solid returns and, hopefully, there won't be negative surprises."
His team manages the Franklin Mutual Series' longstanding Mutual Beacon...