Franklin Templeton has opted to close its FTF - Franklin Mutual Shares and European Opportunities funds, which have seen assets fall to unsustainable levels.
The firm said in a statement that it was "no longer in the best interest of investors" to continue to run the UK-domiciled OEICs, which will officially close on 31 January.
Mutual Shares, which is co-managed by Debbie Turner and Peter Langerman, and invests in US equities and debt securities, has seen its AUM fall below £6m as of the end of 2019, down from a peak of more than £11m in February 2017, according to FE fundinfo.
It has returned 16.4%, 11% and 56% over one, three and five years respectively, placing it in the fourth quartile for each among its peers in the IA North America Sector, which has averaged returns of 22.9%, 36.1% and 84.4% over the same time periods respectively.
Co-managed by James Windsor and Dylan Ball, FTF - Franklin European Opportunities had less than £500,000 in AUM at the end of 2019, down from a peak of just over £3m in January 2017.
The fund has returned 5.9%, 6.3% and 39.6% over one, three and five years respectively, also placing it in the fourth quartile for each time period among its peers in the IA Europe Ex-UK sector.
The sector has averaged 16.7%, 22.1% and 59.1% over one, three and five years respectively.
Franklin Templeton said: "After careful analysis and review, Franklin Templeton has decided to close the UK-registered OEIC funds FTF - Franklin Mutual Shares and FTF - Franklin European Opportunities, effective 31 January 2020.
"Due to the small size of the funds, the board believes it is no longer in the best interest of investors to keep them open."