1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
There was little in narrow-moat Franklin Resources' fiscal third-quarter results that would alter our long-term view of the firm. We are leaving our $33 fair value estimate in place. Franklin closed the June quarter with a record $1.552 trillion in assets under management, up 3.5% sequentially and 149.2% year over year. Absent the Legg Mason deal, which added $797 billion in AUM in July 2020, managed assets were up 21.2% year over year.
Franklin Resources provides investment services for individual and institutional investors. At the end of June 2021, Franklin had $1.552 trillion in managed assets, composed primarily of equity (35%), fixed-income (42%), multi-asset/balanced (10%) funds, alternatives (9%) and money market funds. Distribution tends to be weighted more toward retail investors (53% of AUM) investors, as opposed to institutional (45%) 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 just over 25% of managed assets sourced from clients domiciled outside the United States.
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