Franklin Resources (BEN - Free Report) has announced preliminary assets under management (AUM) by its subsidiaries of $692.6 billion for September 2019. Results display slight increase from $690.6 billion recorded as of Aug 31, 2019. Net market gains, partially offset by net outflows, led to this upside. However, the reported figure went down 3.4% year over year.
Month-end total equity assets came in at $270.5 billion, up 1.3% from the previous month but down 12.6% year over year. Of the total equity assets, around 59% were from international sources, while the remaining 41% came in from the United States.
Total fixed income assets were $278.3 billion, down nearly 1% from August 2019 but up 7.3% from the prior year. Overall, tax-free assets accounted for only 24% of the fixed-income assets, while the remaining 76% was taxable.
Franklin recorded $134.3 billion in hybrid assets, which was about 1% up from $133.2 billion witnessed in the previous month but down 3.3% from $138.9 billion reported in September 2018.
Cash management funds came in at $9.5 billion, down 2% from the prior-month figure of $9.7 billion, and up 2.2% from $9.3 billion recorded in the previous year.
Though regulatory restrictions and sluggish economic recovery might mar AUM growth and raise costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Currently, Franklin carries a Zacks Rank #3 (Hold). Shares of the company have lost around 11.1% year to date compared with 8.6% decline recorded by the industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Invesco (IVZ - Free Report) announced preliminary September-end AUM of $1,184.4 billion, up nearly 1% from the prior month. The increase was driven by favorable market returns, non-management fee earning AUM inflows and reinvested distributions, partially offset by net long-term outflows and lower money market AUM.
Among other asset managers, T. Rowe Price Group (TROW - Free Report) and Legg Mason are expected to release preliminary AUM results for September later this week.
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Zacks Names "Single Best Pick to Double"
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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 >>
Franklin Resources (BEN - Free Report) has announced preliminary assets under management (AUM) by its subsidiaries of $692.6 billion for September 2019. Results display slight increase from $690.6 billion recorded as of Aug 31, 2019. Net market gains, partially offset by net outflows, led to this upside. However, the reported figure went down 3.4% year over year.
Month-end total equity assets came in at $270.5 billion, up 1.3% from the previous month but down 12.6% year over year. Of the total equity assets, around 59% were from international sources, while the remaining 41% came in from the United States.
Total fixed income assets were $278.3 billion, down nearly 1% from August 2019 but up 7.3% from the prior year. Overall, tax-free assets accounted for only 24% of the fixed-income assets, while the remaining 76% was taxable.
Franklin recorded $134.3 billion in hybrid assets, which was about 1% up from $133.2 billion witnessed in the previous month but down 3.3% from $138.9 billion reported in September 2018.
Cash management funds came in at $9.5 billion, down 2% from the prior-month figure of $9.7 billion, and up 2.2% from $9.3 billion recorded in the previous year.
Though regulatory restrictions and sluggish economic recovery might mar AUM growth and raise costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Currently, Franklin carries a Zacks Rank #3 (Hold). Shares of the company have lost around 11.1% year to date compared with 8.6% decline recorded by the industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Invesco (IVZ - Free Report) announced preliminary September-end AUM of $1,184.4 billion, up nearly 1% from the prior month. The increase was driven by favorable market returns, non-management fee earning AUM inflows and reinvested distributions, partially offset by net long-term outflows and lower money market AUM.
Among other asset managers, T. Rowe Price Group (TROW - Free Report) and Legg Mason are expected to release preliminary AUM results for September later this week.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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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