Franklin's Fourth-Quarter Results Exemplify Its Mediocre Year; Fair Value Estimate Unchanged
There was little in wide-moat Franklin Resources' fiscal fourth-quarter results that would alter our long-term view of the firm. We've left our $37 per share fair value estimate in place. Franklin closed out the September quarter with $733.3 billion in assets under management, basically flat with the June quarter and reflective of a 4.9% year-over-year decline in the company's managed assets. Outflows of $23.2 billion were worse than our projections for $15 billion to $20 billion in net redempti...Franklin Resources is a holding company that, together with its subsidiaries, operates as Franklin Templeton?. The company is an investment management organization that provides investment management and related services to retail, institutional and investors in jurisdictions worldwide through its investment products. The company's investment products include its sponsored funds, as well as institutional and separate accounts, and sub-advised products. The company's funds include registered and unregistered funds. The company's services include fund administration, sales and distribution, and shareholder servicing. The company also provides sub-advisory services to certain investment products sponsored by other companies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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