Franklin Resources (BEN - Free Report) announced preliminary assets under management (AUM) by its subsidiaries of $622.8 billion for June 2020. Results displayed a 0.8% increase from the $617.6 billion recorded as of May 31, 2020. Lower net outflows and a solid market performance led to this upsurge. However, the reported figure dropped 12.9% year on year.
Month-end total equity assets came in at $243 billion, up 2.3% from the previous month but down 13.9% year over year. Of the total equity assets, around 52% came in from international sources, while the remaining 48% came in from the United States.
Total fixed income assets were $240.1 billion, marginally down from May 2020 and 16.6% from the prior-year period. Overall, tax-free assets accounted for only 28% of fixed-income assets, while the remaining 72% was taxable.
Franklin recorded $129.3 billion in hybrid assets, up marginally from the $129.1 billion witnessed in the previous month but down 4.9% from the $136 billion reported in June 2019.
Cash management funds came in at $10.4 billion, up 2% from the prior-month figure of $9.2 billion and up 13% from the $9.2 billion recorded in the previous year.
Though regulatory restrictions and a sluggish economic recovery might impede AUM growth and escalate costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Currently, Franklin sports a Zacks Rank #1 (Strong Buy). Shares of the company have gained 34.6% in the past three months compared with 24.1% growth registered by the industry. You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Asset Managers
AllianceBernstein (AB - Free Report) announced preliminary AUM of $600 billion for June, up 0.7% from the prior month. Market appreciation and total firm-wide net inflows primarily aided this upswing.
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $66.3 billion as of Jun 30, 2020, which increased 3.9% from the prior-month level. Market appreciation of $910 million and net inflows of $2.2 billion were partially offset by distributions of $642 million.
Waddell & Reed Financial’s preliminary month-end AUM balance as of Jun 30, 2020 increased 1.6% sequentially to $65 billion.
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Franklin Resources (BEN - Free Report) announced preliminary assets under management (AUM) by its subsidiaries of $622.8 billion for June 2020. Results displayed a 0.8% increase from the $617.6 billion recorded as of May 31, 2020. Lower net outflows and a solid market performance led to this upsurge. However, the reported figure dropped 12.9% year on year.
Month-end total equity assets came in at $243 billion, up 2.3% from the previous month but down 13.9% year over year. Of the total equity assets, around 52% came in from international sources, while the remaining 48% came in from the United States.
Total fixed income assets were $240.1 billion, marginally down from May 2020 and 16.6% from the prior-year period. Overall, tax-free assets accounted for only 28% of fixed-income assets, while the remaining 72% was taxable.
Franklin recorded $129.3 billion in hybrid assets, up marginally from the $129.1 billion witnessed in the previous month but down 4.9% from the $136 billion reported in June 2019.
Cash management funds came in at $10.4 billion, up 2% from the prior-month figure of $9.2 billion and up 13% from the $9.2 billion recorded in the previous year.
Though regulatory restrictions and a sluggish economic recovery might impede AUM growth and escalate costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Currently, Franklin sports a Zacks Rank #1 (Strong Buy). Shares of the company have gained 34.6% in the past three months compared with 24.1% growth registered by the industry. You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Asset Managers
AllianceBernstein (AB - Free Report) announced preliminary AUM of $600 billion for June, up 0.7% from the prior month. Market appreciation and total firm-wide net inflows primarily aided this upswing.
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $66.3 billion as of Jun 30, 2020, which increased 3.9% from the prior-month level. Market appreciation of $910 million and net inflows of $2.2 billion were partially offset by distributions of $642 million.
Waddell & Reed Financial’s preliminary month-end AUM balance as of Jun 30, 2020 increased 1.6% sequentially to $65 billion.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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