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Franklin Resources Inc BEN

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Solid Market Gains Offset Continued Outflows in Franklin's Q3; No Change to FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

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.

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Company Profile

Business Description

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.

Contact
One Franklin Parkway
San Mateo, CA, 94403
T +1 650 312-2000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type High Yield
Employees 10,600

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