Core Insights - Franklin Resources, Inc. (BEN) and T. Rowe Price Group, Inc. (TROW) are established global asset managers with diverse investment platforms, but their business strategies and competitive positions differ significantly, which may influence future performance [1] Industry Performance - The asset management industry has seen impressive performance in 2025 due to market rebounds, record inflows, and rising global assets under management (AUM), with heightened demand for active management and tactical strategies [2] - Alternatives have remained in high demand as investors seek returns less affected by interest-rate fluctuations, contributing to one of the industry's strongest post-pandemic years [2] 2026 Outlook - The outlook for 2026 is positive, driven by economic growth, declining interest rates, and ongoing product innovation, prompting investors to consider which firm, TROW or BEN, has better potential [3] Franklin Resources (BEN) Overview - Franklin has expanded its platform through acquisitions and partnerships, including a multi-year partnership with Wand AI and the acquisition of Apera Asset Management, adding over $90 billion to global alternative credit AUM [4][5] - The company has seen solid AUM growth, supported by a regionally-focused distribution model and strong inflows across various asset classes [5][6] - As of September 30, 2025, Franklin held $5.6 billion in liquidity with no short-term debt, allowing for strategic capital deployment [7][6] T. Rowe Price (TROW) Overview - T. Rowe Price has strengthened its platform through strategic alliances, including a partnership with Goldman Sachs and the acquisition of Oak Hill Advisors, enhancing its alternative investment offerings [9][10] - The company benefits from diversified AUM across asset classes and geographies, with strong investment-advisory fees supporting revenue growth [10][11] - As of September 30, 2025, TROW held $4.28 billion in liquid assets against total liabilities of $1.15 billion, indicating a robust liquidity position [12] Financial Estimates - For BEN, the fiscal 2026 revenue estimate suggests a decline of 1.7%, while fiscal 2027 indicates growth of 3.5%, with earnings expected to rise by 14.4% in 2026 and 10.9% in 2027 [13] - TROW's sales estimates for 2025 and 2026 suggest increases of 2.9% and 6.2%, respectively, with earnings expected to rise by 4.5% and 5.7% for the same years [15] Stock Performance and Valuation - Over the past year, TROW shares have decreased by 14.3%, while BEN shares have increased by 5.5%, both outperforming the industry average decline of 15.5% [17] - BEN is trading at a forward P/E multiple of 8.98X, while TROW is at 10.08X, both below the industry average of 14.90X, indicating that BEN is currently cheaper than TROW [20] Dividend Performance - Both companies have increased dividends five times in the past five years, with BEN raising its quarterly dividend by 3.2% to 32 cents per share, yielding 5.49%, while TROW increased its dividend by 2.4% to $1.27 per share, yielding 4.91% [22] Comparative Analysis - Both firms are well-managed with diversified investment platforms and solid AUM bases, but BEN has a clearer growth narrative driven by expansion into higher-fee alternatives and strategic acquisitions [25][26] - With a lower valuation and strong growth estimates, BEN appears to offer better upside potential heading into 2026 [27]

Core Insights - Andres Rodriguez has joined Fiduciary Trust International as Wealth Director in the Coral Gables office [1] Company Overview - Fiduciary Trust International is expanding its leadership team by appointing Andres Rodriguez, indicating a strategic move to enhance its wealth management services [1]

Group 1: Assets Under Management (AUM) - Franklin Resources reported preliminary AUM of $1.67 trillion as of November 30, 2025, a slight decrease from $1.68 trillion at the end of October [1] - The AUM reflects mostly flat long-term flows, including $1 billion in long-term net outflows from Western Asset Management, offset by positive market movements [1] Group 2: Long-term Inflows - In Q3 2025, Franklin Resources experienced growth in long-term inflows across all asset classes, reaching $84.6 billion, which is a 12% increase from the previous quarter [2] - The company's institutional pipeline of won-but-unfunded mandates remained strong at $20.4 billion following a record quarter of funding [2] Group 3: Financial Position - Franklin Resources highlighted its solid balance sheet, with $6.7 billion available in cash and investments, providing financial flexibility [3] - The company returned $930 million to investors through dividends and share repurchases [3]

Core Insights - The Chartered Alternative Investment Analyst Association (CAIA) has formed a strategic partnership with Franklin Templeton to enhance education and industry standards in alternative investments [1][2] - This collaboration aims to address the evolving landscape of investments, particularly the increasing importance of alternative investments in portfolio construction [2][4] Company Overview - Franklin Templeton has been active in the Middle East for over 20 years, establishing operations in the UAE in 2000 and being one of the first international asset managers in the Dubai International Financial Centre in 2004 [5] - The firm manages over $5 billion in Shariah-compliant assets as of October 2025, reflecting its commitment to Islamic finance and the regional market [5] Partnership Objectives - The partnership will focus on several initiatives, including the CAIA Charter program, sponsorship of CAIA Chapter events, and the development of a new Islamic Finance microcredential set to launch in 2026 [7] - A collaborative research report will be produced to analyze the Gulf's transition from a capital exporter to a global private capital hub [7] Industry Context - The partnership is positioned to respond to the growing client interest in private capital and alternative investments, emphasizing the need for ongoing education and professionalization in the industry [3][4] - The collaboration reflects a broader trend of blurring lines between public and private markets, driven by factors such as artificial intelligence and geopolitical instability [2]

Group 1 - Franklin Templeton announced the liquidation and dissolution of ClearBridge Sustainable Infrastructure ETF (INFR), expected to occur on or about January 29, 2026, following approval from the Fund's board of trustees on December 4, 2025 [1] - After December 31, 2025, the Funds will stop accepting creation orders, and trading on NASDAQ will be halted before market open on January 23, 2026 [2] - The liquidation process will begin prior to January 22, 2026, during which the Fund will hold cash and securities that may not align with its investment goals and strategies [3] Group 2 - Shareholders can sell their shares on NASDAQ until market close on January 22, 2026, after which the shares will be delisted [4] - Upon completion of the liquidation, shareholders who do not sell their shares will receive cash equivalent to the net asset value of their shares, including any capital gains and dividends, around January 29, 2026 [5] - Shareholders in taxable accounts may recognize a taxable gain or loss from the liquidation proceeds and may also receive taxable distributions of income and/or capital gains [6] Group 3 - Franklin Resources, Inc. operates as Franklin Templeton, serving clients in over 150 countries with a mission to enhance client outcomes through investment management expertise [7] - The company has over 1,600 investment professionals and manages $1.67 trillion in assets under management (AUM) as of November 30, 2025 [7]

Core Insights - Franklin Resources, Inc. (BEN) reported preliminary assets under management (AUM) of $1.67 trillion as of November 30, 2025, reflecting a slight decrease from the previous month [1][7] - The decline in AUM was attributed to flat long-term flows and $1 billion in net outflows at Western Asset Management, although market performance had a positive impact [1][4] AUM Breakdown by Asset Class - Equity assets amounted to $694.1 billion, showing a marginal decrease from the prior month [2] - Fixed income AUM was $437.1 billion at the end of November 2025, also down slightly from the previous month [2] - Alternative AUM increased marginally to $269.3 billion [2] - Multi-asset AUM rose by 1.2% to $198.1 billion [3] - Cash management balance decreased by 13.9% to $75.9 billion [3] Company Performance and Outlook - The slight decline in total AUM was driven by flat long-term flows and outflows at Western Asset Management, with some offset from gains in alternative and multi-asset categories [4] - Equity, fixed income, and cash balances softened, indicating near-term flow pressures [4] - Despite these fluctuations, the company's ongoing inorganic initiatives and strategic partnerships are expected to support long-term growth [4] Stock Performance - Over the past year, BEN shares have gained 2.7%, contrasting with a 21.4% decline in the industry [5]

Core Viewpoint - Australian major banks are entering the November earnings season with strong momentum and high expectations, driven by robust credit growth, prudent deposit pricing strategies, and strong performance from government bonds and market sectors expected in the second half of 2025. However, analysts warn that this may indicate the peak of the current cycle, with revenue growth likely to slow in FY2026 and net interest margin pressure potentially increasing as interest rate cuts gradually take effect [2][11]. Group 1: Revenue Momentum - Loan growth remains robust among Australian major banks, particularly in the corporate and institutional lending sectors, with Westpac and NAB expected to lead in revenue performance due to better loan structures and stricter deposit pricing strategies [4]. - Consumer credit growth has exceeded expectations, with a rebound in housing loan demand offsetting weaker refinancing activity [4]. - Macquarie is anticipated to report solid half-year results due to increased market activity and strong client trading volumes, while regional banks like Bendigo & Adelaide Bank are also expected to achieve steady growth [4]. Group 2: Net Interest Margin - The net interest margin (NIM) for Australian banks is expected to remain stable or slightly increase in FY2025, supported by deposit repricing, strong performance in New Zealand operations, and a shift towards higher-yielding corporate loans [5]. - However, this resilience in NIM is not expected to last long-term, with analysts predicting downward pressure in FY2026 due to interest rate cuts, narrowing deposit spreads, and diminishing returns from loan portfolios [5][6]. Group 3: Cost and Efficiency Focus - Cost control has become a primary competitive focus as FY2026 approaches, with upcoming earnings reports reflecting restructuring costs, wage inflation, and technology investments [7]. - Market attention will shift to the credibility of cost-cutting plans announced by major banks, with ANZ's new management seen as the most aggressive in planning significant job cuts [7]. Group 4: Credit Quality - Despite macroeconomic uncertainties, asset quality remains strong, with low loan loss rates and stable delinquency rates, supported by additional provisions accumulated post-pandemic [8]. - A slight increase in provisioning expenses is expected in FY2026, but they will still be at historically low levels, with some banks likely to release provisions in FY2025 [8]. Group 5: Capital Management - Balance sheets remain robust, but the market does not expect significant capital returns in the upcoming earnings reports, with Westpac's remaining share buyback plan being a focal point [9]. - The common equity tier 1 (CET1) capital ratio is expected to remain above regulatory minimums, with NAB and CBA in relatively strong positions [9]. Group 6: Valuation Pressure - Current forward P/E ratios for Australian bank stocks range from 19 to 22 times, significantly above historical averages, reflecting strong earnings performance and market recognition of the sector's defensive attributes [10]. - However, high valuations imply that any earnings miss could lead to significant downward pressure on stock prices, with many institutional investors favoring banks like ANZ and Westpac for their cost-cutting potential [10]. Group 7: Key Dates and Focus Points - Key earnings dates and focus points for major banks include: - Westpac (WBC) on November 3: sustainability of NIM, UNITE project execution, capital outlook [12] - National Bank (NAB) on November 6: corporate loan margins, SME competition, expense guidance [12] - Macquarie (MQG) on November 7: market revenue trends, asset management profitability structure [12] - ANZ Bank (ANZ) on November 10: impact of restructuring, institutional banking performance [12] - Commonwealth Bank (CBA) on November 11: deposit margin trends, returns from loan portfolios, collective litigation provisions [12] - Bendigo & Adelaide Bank on November 11: housing loan competition, productivity improvement measures, margin management [12]

Company Overview - Franklin Resources, Inc. is a global investment management company headquartered in San Mateo, CA, primarily generating revenues from investment management services for retail mutual funds, institutional, and high-net-worth investors worldwide [11]. Investment Ratings - Franklin Resources (BEN) holds a Zacks Rank of 3 (Hold) and has a VGM Score of B, indicating a solid position in the market [12]. - The company has a Value Style Score of A, supported by attractive valuation metrics, including a forward P/E ratio of 8.98, which is appealing to value investors [12]. Earnings Estimates - In the last 60 days, four analysts have revised their earnings estimates higher for fiscal 2026, with the Zacks Consensus Estimate increasing by $0.07 to $2.51 per share [12]. - Franklin Resources has demonstrated an average earnings surprise of +7.7%, indicating a positive trend in earnings performance [12]. Investment Consideration - With a strong Zacks Rank and high Value and VGM Style Scores, Franklin Resources is recommended for investors looking for potential opportunities in the market [13].

Core Insights - The Artificial Intelligence explosion has been a primary focus for investors over the past three years [1] Industry Summary - The rapid growth and interest in Artificial Intelligence have significantly influenced investment strategies and market dynamics [1]

Core Insights - Franklin Templeton Canada announced cash distributions for certain ETFs and mutual fund series, with payments scheduled for December 8, 2025, for unitholders of record as of November 28, 2025 [1][2] Cash Distributions - The following ETFs will provide cash distributions per unit, all payable monthly: - Franklin Brandywine Global Income Optimiser Fund – ETF Series: $0.074210 [2] - Franklin ClearBridge Global Infrastructure Income Fund – ETF Series: $0.036925 [2] - Franklin Canadian Government Bond Fund – ETF Series: $0.049997 [2] - Franklin Canadian Ultra Short Term Bond Fund – ETF Series: $0.056045 [2] - Franklin Canadian Corporate Bond Fund – ETF Series: $0.056014 [2] - Franklin Canadian Core Plus Bond Fund – ETF Series: $0.044003 [2] - Franklin Global Core Bond Fund – ETF Series: $0.046897 [2] - Franklin Canadian Short Term Bond Fund – ETF Series: $0.048440 [2] - Franklin Canadian Low Volatility High Dividend Index ETF: $0.757439 [2] - Franklin U.S. Low Volatility High Dividend Index ETF: $0.048319 [2] Estimated Annual Reinvested Distributions - Unitholders of record on December 30, 2025, will receive estimated annual reinvested distributions payable on January 8, 2026, with final amounts to be announced on December 19, 2025 [3][4] - Notable estimated annual reinvested distributions include: - Franklin U.S. Core Equity Fund – ETF Series: $1.041355 [4] - Franklin International Core Equity Fund – ETF Series: $0.694137 [4] - Franklin Global Growth Fund – ETF Series: $0.599321 [4] Tax Implications - Annual reinvested distributions will be reported as taxable distributions, increasing each unitholder's adjusted cost base of their units [5] - Actual taxable amounts for cash and reinvested distributions for 2025 will be reported to brokers in early 2026 [6] Company Overview - Franklin Templeton is a global investment management organization with over 75 years of experience and $1.69 trillion in assets under management as of October 31, 2025 [8] - The company offers a diverse range of ETFs, including active, smart beta, and passive options across multiple asset classes and geographies [7]