Franklin U.S. Focused Equity Composite
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- Nathaniel Brooks
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1 Franklin U.S. Composite Blend Equity Product Profile Product Details Strategy Assets $1,012,796, Inception Date 09/30/2007 Base Currency USD Investment Style Blend Overview Franklin U.S. aims to achieve long-term capital appreciation by investing primarily in a core set of quality, financially strong U.S. companies that are believed to have favorable growth potential and sustainable competitive advantages. Franklin U.S. will typically own a diversified portfolio (20-50 holdings) of predominantly large capitalization U.S. companies. With a concentrated, high active share, benchmark agnostic approach, the strategy seeks to generate excess return versus the benchmark over a full market cycle, through fundamental, research driven, opportunistic security selection. Performance Data Average Annual Total Returns (USD %) 1 Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (09/30/2007) Franklin U.S Composite - GROSS Franklin U.S Composite - NET % 10% 0% -10% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Franklin U.S. Composite - GROSS Franklin U.S. Composite - NET Calendar Year Returns (USD %) Franklin U.S Composite - GROSS Franklin U.S Composite - NET Portfolio Manager Insight Market Review The US stock market stumbled in the first quarter of 2018 even as earnings reports showed many US companies posting their best results in years. Following a robust January rally, stocks briefly entered a correction in February and fell again in March. Nine out of 11 S&P 500 sectors traded lower, with the steepest declines in the telecommunication services, consumer staples and energy sectors. Information technology and consumer discretionary equities were the two positive outliers despite selling off broadly in March. 1. Periods of more than one year are annualized. Past performance is not an indicator or a guarantee of future performance.
2 Small-capitalization stocks held up better than those in the mid- and large-cap universes, though all three tiers retreated. By investment style, gains in growth equities were countered by declines for their value-oriented counterparts, regardless of company size. Investor worries were initially driven by speculation the US Federal Reserve (Fed) would quicken the pace of interest-rate hikes in response to higher wage growth, which sparked inflation fears and a jump in bond yields. At its March monetary policy meeting, the Fed raised its benchmark interest rate and lifted its 2018 US growth forecast, but maintained its projection of three rate hikes this year. Performance Review A payment processor and a website builder outperformed in the information technology sector, as their quarterly results beat market expectations. Another leading contributor was a pre-paid payment network, which was acquired by a private equity firm during the period. Results in the financials sector benefited from stock selection and a position in a market analytics provider. However, a consumer financial services company and an insurer hindered results. An underweighting in the consumer discretionary sector detracted from relative performance, though the strategy benefited from a position in a diversified media company. Stock selection was a drag on returns in the industrials sector, in which a freight railroad company and an industrial conglomerate detracted. However, the strategy s investments in a global aerospace and defense company and an information analytics firm enhanced results. A data center operator that operates as a real estate investment trust pared relative performance in the real estate sector. Other key detractors included a pharmacy health care services company in the consumer staples sector and a health care benefits company in the health care sector. Outlook & Strategy Since the beginning of the year, we have seen a pickup in market volatility fueled by worries over rising inflation and interest rates and fears that restrictive trade policies could disrupt global economic growth. Despite these concerns, we see the US economy as maintaining its current path of respectable but not overly robust growth. Underlying fundamentals and economic momentum remain constructive, while we do not foresee an acceleration in growth to a level that would swiftly create inflationary pressures, despite a likely short-term boost from the recent tax policy changes. At the core of our investment strategy is the pursuit of equity securities of quality companies that we believe are leaders in their industries, have the potential to benefit from multi-year secular tailwinds and can generate solid risk-adjusted investment performance over a long-term horizon. Franklin Equity Group continues to focus on the theme of innovation as we pursue promising investment opportunities. We apply our disciplined, bottom-up research process to identify companies that show compelling growth possibilities based on innovation, whether in technology or market approach. Portfolio Characteristics 2 Portfolio Number of Issuers Return on Equity 16.69% 18.99% Price to Earnings Growth Ratio 1.46x 1.47x Historical 3-Year EPS Growth 4.65% 9.86% Estimated 3-5 Yr EPS Growth 15.62% 12.90% Price to Earnings (12 Month Forward) 19.67x 17.06x 3. Based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite. ftinstitutional.com 2
3 Portfolio Diversification Sector Weightings vs. 4 Percent of Total Information Technology Financials Industrials Health Care Energy Consumer Discretionary Real Estate Telecommunication Services Cash & Cash Equivalents % 5% 10% 15% 20% 25% 30% 35% 2.78 Consumer Staples 2.57 Materials Utilities Franklin U.S. Composite Top Ten Holdings 5 Percent of Total Top Holdings Sector % ALPHABET INC Software & Services 6.80 CHARLES SCHWAB Diversified Financials 5.81 CORP MASTERCARD INC Software & Services 5.80 MICROSOFT CORP Software & Services 5.32 GENESEE & WYOMING Transportation 4.52 INC JPMORGAN CHASE & Banks 3.84 CO TWENTY-FIRST Media 3.84 CENTURY FOX INC EQUINIX INC Real Estate 3.54 GODADDY INC Software & Services 3.46 ALLERGAN PLC Pharmaceuticals, Biotechnology & Life Sciences 3.09 Supplemental Performance Statistics 3 Yrs 5 Yrs 10 Yrs Since Inception Standard Deviation (%) Franklin U.S. Composite Tracking Error (%) Information Ratio Beta Sharpe Ratio Franklin U.S. Composite Investment Philosophy The investment team seeks to identify unique investments with the potential to deliver attractive risk-adjusted total returns. The portfolio seeks to invest in a core set of quality, financially strong US companies with favorable growth potential and sustainable competitive advantages. Central to our investment philosophy is our belief that companies generating strong free cash flow growth, in conjunction with a high unlevered free cash flow yield, deliver attractive internal rate of return (IRR) profiles. In our view, combining this investment profile with compelling valuation entry points at times exploiting a view that differs from the market consensus regarding growth potential or valuation should lead to outperformance relative to the market benchmark over time. 6. Risk statistics are calculated using gross of fees composite performance. 7. Beta, Information Ratio and Tracking Error information are measured against the. ftinstitutional.com 3
4 Investment Process ATTRACTIVE INDUSTRY Substantial, growing market High barriers to entry High visibility with recurring revenue Stable pricing COMPELLING VALUATION Focus on unlevered Fee Cash Flow (FCF) yield Seeks opportunities for sustainable FCF growth Also evaluate metrics including: EV/EBITDA, Price/Book Price/Earnings, Discounted Cash Flow (DCF), and Asset Value LEADING FRANCHISES Critical, high value products or services; clear competitive advantages Leading, high market share, limited competition Low customer concentration Strong management FOCUS ON FREE CASH FLOW High EBITDA margins Low capital expenditures as a % of EBITDA Solid cash flow even in weak environments High returns on invested capital Investment Team Additional Resources Franklin US Equity Team Product Managers Years with Firm Years Experience Renee Elizabeth Anderson, CFA 5 20 ftinstitutional.com 4
5 Important Legal Information Franklin claims compliance with the Global Investment Performance Standards (GIPS ). Franklin (the firm ) encompasses the equity, fixed income and balanced accounts managed by Franklin Advisers, Inc., and related Franklin affiliates, including, effective 1 January 2007, the equity accounts managed by the institutional investment teams of Franklin Templeton Institutional, LLC under the former firm name of Fiduciary Global Advisors. The combined equity assets of Franklin and Fiduciary Global Advisors form the Franklin Equity Group (formerly Franklin Global Advisers prior to 30 June 2010) unit of Franklin. Effective 1 January 2006, the fixed income assets managed from that date forward by Franklin Templeton Institutional, LLC ( FTI ) or its related affiliates (managed previously by Fiduciary Trust Company International - Institutional Division or FTCI s Institutional Division ) that went through the institutional portfolio review process were combined with the fixed income assets of Franklin to form the Franklin Templeton Fixed Income unit of Franklin. The primary reason for these changes to the firm definition was to consolidate equity and fixed income asset management for Franklin (as previously defined), Fiduciary Global Advisors (institutional equities) and FTCI s Institutional Division (institutional fixed income) under one firm, Franklin. The firm definition for Franklin does not include multi-strategy asset allocation portfolios managed by Franklin Templeton Multi-Asset Solutions (FTMAS), which was previously known as Franklin Templeton Solutions as well as Franklin Templeton Multi-Asset Strategies and the wrap-fee and non-wrap-fee accounts managed by Franklin Separately Managed Accounts (formerly Franklin Portfolio Advisors) or Franklin Europe which integrated into the Templeton firm definition effective 1 December The Franklin U.S. Composite consists of all fully discretionary portfolios managed by Franklin with an investment objective that seeks capital appreciation by investing in a focused portfolio (20-50 holdings) of predominantly large capitalization companies. Total returns are presented in U.S. dollars both gross and net of investment advisory fees, are inclusive of commissions and transaction costs, and assume reinvestment of any dividends, interest income, capital gains, or other earnings. Periods greater than one year are shown as average annual total returns. Performance data is shown rounded to the nearest hundredth. Past performance is not an indicator or a guarantee of future performance. The is a market value-weighted fixed income index comprised of investment-grade and high-yield securities from global and regional fixed income markets. The is also provided as supplemental data. The benchmark is broadly indicative of the style of the composite and is provided for comparative purposes only to represent the investment environment existing during the time periods shown. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. To receive a complete list and description of Franklin composites (including any single account mutual fund composite) and/or a presentation that adheres to the GIPS standards for any composite, contact your Franklin Templeton institutional representative at (800) Intended for Recipient only. FTI has provided these materials to you with the understanding that you have or control more than $50 million in assets under management (if this is not correct please let FTI promptly know). FTI is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FTI has a financial interest. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC. Important data provider notices and terms available at 2. Source: FactSet. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. 4. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. 5. Holdings of the same issuers have been combined. Top ten holdings information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 8. Information Ratio is a way to evaluate a manager s ability to outperform a benchmark in relation to the risk that manager is assuming, with risk defined as deviation from the benchmark. This measure is calculated by dividing the portfolio s excess return (portfolio return less the benchmark return) by the tracking error (derived by taking the standard deviation of the monthly differences between the portfolio return and the benchmark return over time). This piece is intended for institutional investment management consultants or investors interested in institutional products and services available through Franklin Templeton Institutional and its affiliates. Various account minimums or other eligibility qualifications apply depending on the investment strategy or vehicle. Franklin Templeton Institutional One Franklin Parkway San Mateo, CA Tel: (800) ftinstitutional.com 2018 Franklin Templeton Investments. All rights reserved.
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