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Franklin Templeton to close global growth and value fund

Franklin Templeton to close global growth and value fund

Franklin Templeton is to the close its global growth and value fund and roll it into a larger strategy after its assets dropped below the firm’s $50 million threshold, Citywire Selector has learned.

The move will see the Franklin Global Growth and Value fund formally closed on June 8. It currently has $44 million in assets under management, which leaves it short of new limits introduced by the asset manager last year.

Franklin Templeton wrote to shareholders on March 15 to explain the rationale for the liquidation, which will see the existing assets rolled into the Templeton Global fund, which had $1.16 billion in assets at the end of 2016.

The fund set to be closed is overseen by Dylan Ball, Heather Arnold, Donald Huber and Tony Coffey. It was first launched as a Luxembourg-domiciled strategy in September 2002 to be overseen by Craig Brownell, Gary Motyl and Sheila Hartnett-Devlin.

Ball and Arnold are also named managers on the Templeton Global fund, which they co-run with Peter Moeschter. The trio have been in place on this fund since Arnold was added to the line-up to replace Martin Cobb in 2009.

In the note to shareholders, Franklin Templeton said the Franklin Growth and Value fund had failed to generate significant assets since launch and it reflects the investment process of the fund it is set to be rolled into.

On a three-year total return basis to the end of February 2017, the Franklin Growth and Value fund returned 4.5% in US dollar terms. Its Citywire-assigned benchmark, the FTSE World TR USD, rose 17.6% over the same period.

Meanwhile, the Templeton Global fund lost 3.5% over the same timeframe and against the same Citywire-assigned benchmark.

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Peter Moeschter
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1103/1330 in Equity - Global (Performance over 3 years) Average Total Return: -3.44%
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