Research_strapline

Are you an:

Don't let the labels put you off!
If you're not an investor, but you want to learn, you can select investor

×

Register for FundCalibre!

We just need to know
if you are an:

Don't let the labels put you off!
If you're not an investor, but you want to learn, you can select investor

×

Franklin UK Mid Cap

Elite Rated by FundCalibre

Unlike some other mid-cap funds this fund is a pure play on the FTSE 250, the UK stock market mid-cap index. The portfolio itself is concentrated with 35-45 stocks, which reflects the high conviction in manager Paul Spencer’s approach. He has managed this fund since February 2006 and has achieved very impressive performance figures, both relative and absolute, during this period.

Company Description

Founded by Rupert Johnson in 1947, and taking its name from former US president Benjamin Franklin, the company manages assets across 35 countries and is based in San Mateo, California, but also has 3 offices in the UK. Franklin Resources Inc acquired Templeton, Galbraith & Hansberger Ltd in 1992, helping it to diversify beyond fixed income to move into international equities and emerging markets among others. They were awarded the Elite Provider for Bonds Rating in 2015.

Factsheet_franklin_investments_logo

Fund Manager

The members of the Franklin UK equity team have an average of 22 years industry experience and most of the group have worked together for over 20 years. Paul has run this strategy with considerable success since 2006.

Factsheet_paul_spencer_june_2012_high_res

Being based in Leeds, away from the masses, helps the Franklin UK Equity team to step back and take a look at the market, saving us from ‘communal thinking.

Paul Spencer - Fund Manager

The Investment Process

Paul employs a pragmatic, long-term investment approach, with no deliberate growth or value bias. However, as he runs a tight, high-conviction portfolio, understanding the risks associated with portfolio companies is key. These risks include business, balance sheet, management and valuation risk. Stocks that pass this assessment are deemed to be of sufficient quality and are candidates for inclusion in the portfolio.

Risk

The manager’s high-conviction approach means that the fund carries more stock-specific risk that its benchmark, which means it is more volatile than the FTSE 250. However, Paul’s emphasis on identifying high-quality companies does mitigate this risk somewhat.

Our Opinion

Paul has a long and enviable track record managing this fund. His process works well across a wide range of market conditions and he is supported by a small, but highly competent team from Franklin’s base in Leeds. While he has benefited from the strong performance of the FTSE 250 during his tenure, this should not detract from the fact that he has demonstrated considerable skill in the management of this fund.

  • Fund
  • Sector

©2014 FundCalibre Limited. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not ,guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating.