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Franklin Templeton to convert Franklin Focused Growth Mutual Fund to an ETF


Franklin Templeton is to convert its USD68 million Franklin Focused Growth mutual fund to an ETF for US investors. The conversion, which is subject to shareholder approval, is expected to be effective in the fourth calendar quarter of 2023. If approved, this will be the firm’s third mutual fund-to-ETF conversion.

Franklin Focused Growth Fund seeks capital appreciation by investing predominantly in equity securities of companies that the investment manager believes offer compelling growth opportunities. The investment manager considers many factors in the selection criteria, including historical and potential growth in revenues and earnings, assessment of strength and quality of management, and determination of a company’s strategic positioning in its industry.

The new Franklin Focused Growth ETF will be managed in a substantially similar manner as the mutual fund, and the ETF’s investment goal, principal investment strategies, performance benchmark, investment adviser and portfolio management team will be the same as the predecessor mutual fund. One exception is that the ETF, unlike the mutual fund, will be a non-diversified fund (within the meaning of the Investment Company Act of 1940), which means that it will generally invest a greater proportion of its assets in the securities of one or more issuers and will invest overall in a smaller number of issuers than a diversified fund. Matthew J. Moberg, senior vice president and portfolio manager with the Franklin Equity Group, has managed the mutual fund since 2016 and will manage the new ETF.

“We are continually assessing our ETF product line-up for opportunities to diversify our offerings, and we are excited to expand it with the addition of the Franklin Focused Growth strategy,” says Patrick O’Connor, Head of Global ETFs for Franklin Templeton. “The conversion of this mutual fund to an ETF will enable shareholders to invest in a substantially similar strategy as the current mutual fund with the tax efficiencies and structural benefits of an ETF.”

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