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While there was little in Franklin Resources' fiscal second-quarter results that would alter our long-term view of the firm, we are lowering our fair value estimate to $31 from $33 per share to include slightly lower levels of assets under management in the near term given market returns so far during the first half of calendar 2022. Franklin closed out the March quarter with $1.478 trillion in AUM, down 6.4% sequentially and 1.4% on a year-over-year basis.
Franklin Resources provides investment services for individual and institutional investors. At the end of March 2022, Franklin had $1.478 trillion in managed assets, composed primarily of equity (35%), fixed-income (40%), multi-asset/balanced (10%) funds, alternatives (11%) and money market funds. Distribution tends to be weighted more toward retail investors (52% of AUM) investors, as opposed to institutional (46%) and high-net-worth (2%) clients. Franklin is also one of the more global firms of the U.S.-based asset managers we cover, with more than 35% of its AUM invested in global/international strategies and 25% of managed assets sourced from clients domiciled outside the United States.
