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]

Core Insights - Franklin Resources (BEN) is actively expanding through acquisitions and partnerships to enhance its alternative investments and multi-asset solutions offerings [2][11] - The acquisition of Apera Asset Management significantly increased BEN's alternative credit assets under management (AUM) by over $90 billion, bringing total alternative asset strategies to nearly $270 billion as of September 30, 2025 [3] - The company is focusing on higher-growth asset classes, particularly alternatives, to capture incremental flows and support long-term AUM expansion [7] Strategic Acquisitions and Partnerships - In October 2025, Franklin Resources completed the acquisition of Apera Asset Management, enhancing its position in the alternative credit market [3] - In September 2025, Franklin partnered with Copenhagen Infrastructure Partners, DigitalBridge, and Actis to expand its private infrastructure platform [4] - In July 2024, Franklin collaborated with SBI Holdings to enter the ETF and digital assets space, targeting younger investors [5] - The acquisition of Putnam Investments in January 2024 boosted Franklin's defined-contribution AUM above $100 billion [5] Market Position and Competitiveness - Franklin's strategic moves have strengthened its presence in the separately managed account (SMA) market and expanded its capabilities across private debt, real estate, hedge funds, and private equity [6] - The company's focus on alternatives aligns with industry trends, enhancing its competitive positioning and potential for sustained revenue growth [7] - Peers like BlackRock and T. Rowe Price are also pursuing similar inorganic growth strategies through acquisitions and partnerships [8][12] Financial Performance and Valuation - Franklin's shares have increased by 1.7% over the past three months, contrasting with an 18.2% decline in the industry [14] - The company trades at a forward price-to-earnings (P/E) ratio of 8.71X, below the industry average of 13.98 [16] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 12.6% and 12.5% for 2026 and 2027, respectively, although recent estimates have been revised downward [18]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1][2] Zacks Style Scores - Zacks Style Scores are indicators that help investors select stocks likely to outperform the market in the next 30 days, rated from A to F based on value, growth, and momentum [2][7] - The Value Score identifies undervalued stocks using financial ratios like P/E and Price/Sales [3] - The Growth Score focuses on a company's future prospects by analyzing earnings, sales, and cash flow [4] - The Momentum Score helps investors capitalize on price trends using recent price changes and earnings estimate shifts [5] - The VGM Score combines all three Style Scores to identify stocks with attractive value, growth potential, and momentum [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [8] - There are over 800 stocks rated 1 or 2, making it essential to utilize Style Scores for better stock selection [9] Stock Example: Franklin Resources (BEN) - Franklin Resources, Inc. is a global investment management company with diverse brands and services [12] - BEN holds a 3 (Hold) Zacks Rank and a VGM Score of B, indicating potential for growth [13] - The company is forecasted to achieve year-over-year earnings growth of 12.6% for the current fiscal year, with a Zacks Consensus Estimate of $2.50 per share [13][14]

Market Overview - The Australian share market experienced modest gains across major indexes, with the S&P/ASX 200 closing at 8818.80, down 0.2% from 8835.90 [1][7] - The S&P/ASX 20, S&P/ASX 50, and S&P/ASX 100 also saw declines of 0.8%, 0.4%, and 0.3% respectively [1][7] - The broader S&P/ASX 300 fell 0.2% to finish at 8769.90 from 8784.60 [1][7] Top Gainers - Light & Wonder Inc. (LNW) led the S&P/ASX 200 gainers, rising $13.75, or 10.99%, to close at $138.82 [2][7] - Liontown Resources Limited (LTR) climbed $0.09, or 7.83%, finishing at $1.24 [2][7] - Pilbara Minerals Limited (PLS) added $0.24, or 7.50%, reaching $3.44 [2][7] - Bega Cheese Limited (BGA) advanced $0.35, or 6.55%, closing at $5.69 [2][7] - Mineral Resources Limited (MIN) rose $2.64, or 5.96%, ending at $46.92 [2][7] Top Decliners - Bendigo and Adelaide Bank Limited (BEN) saw the largest decline, dropping $1.08, or 8.49%, to $11.64 [3][7] - Commonwealth Bank of Australia (CBA) fell $11.52, or 6.59%, closing at $163.40 [3][7] - Life360 Inc. (360) slid $2.52, or 5.22%, to $45.80 [3][7] - IperionX Limited (IPX) declined $0.19, or 3.20%, to $5.74 [3][7] - Breville Group Limited (BRG) slipped $0.69, or 2.28%, to $29.58 [3][7] Futures Market - The S&P/ASX 200 Futures for December 2025 fell 48.0 points, or 0.54%, to 8,843.5, indicating a softer market outlook [5][7]

Assets Under Management (AUM) - As of September 30, 2025, Franklin Resources, Inc. has over $1.6 trillion in assets under management (AUM) across various investment strategies[19]. - The AUM by asset class includes $851.4 billion in equity (41%), $438.7 billion in fixed income (26%), $263.9 billion in alternatives (16%), $193.9 billion in multi-asset (12%), and $78.5 billion in cash management (5%)[29]. - Total Assets Under Management (AUM) was $1,661.2 billion as of September 30, 2025, a 1% decrease from $1,678.6 billion at September 30, 2024[179]. - Average AUM increased by 3% during fiscal year 2025, reaching $1,606.7 billion compared to $1,565.8 billion in fiscal year 2024[186]. - AUM decreased by $17.4 billion or 1% during fiscal year 2025, primarily due to $97.4 billion of long-term net outflows, partially offset by $67.6 billion of net market change and $12.6 billion of cash management net inflows[191]. - AUM in the United States remained stable at $1,171.5 billion for 2025, while total international AUM decreased by 2% to $489.7 billion[193]. Financial Performance - Operating revenues for fiscal year 2025 were $8,770.7 million, representing a 3% increase from $8,478.0 million in fiscal year 2024[187]. - Net income attributable to Franklin Resources, Inc. was $524.9 million for fiscal year 2025, a 13% increase from $464.8 million in fiscal year 2024[187]. - Diluted earnings per share for fiscal year 2025 were $0.91, up 7% from $0.85 in fiscal year 2024[187]. - Total operating revenues for fiscal year 2025 were $8,770.7 million, reflecting a 3% increase compared to $8,478.0 million in 2024[200]. Investment Management Fees - Investment management fees, which represent a majority of revenues, are based on a percentage of AUM and vary by asset class and service type[28]. - Investment management fees increased by $159.6 million in fiscal year 2025, primarily due to one additional quarter of revenue from Putnam and an increase in average equity AUM[202]. - Performance fees rose to $474.0 million in fiscal year 2025, up from $390.7 million in 2024, driven by changes in performance fees from alternative investment managers[204]. - Shareholder servicing fees increased by $35.2 million in fiscal year 2025, mainly due to one additional quarter of fees from Putnam and higher related AUM[212]. - The effective investment management fee rate excluding performance fees was 40.5 basis points for fiscal year 2025, a decrease from 41.1 basis points in 2024[203]. Regulatory Environment - The company operates in a complex regulatory environment, which adds to the challenges of compliance and operational efficiency[22]. - Regulatory compliance is extensive, with the company subject to various U.S. federal and state laws, including the Securities Act of 1933 and the Dodd-Frank Act[59]. - The SEC's amended rules require public companies to disclose material cybersecurity incidents within four business days, impacting the company's reporting obligations[63]. - Sustainability and ESG topics are under increased regulatory scrutiny, with new climate disclosure rules being considered that may affect future reporting[64]. - The SEC and CFTC adopted amendments to Form PF in February 2024, requiring private fund advisers to report additional information including assets under management and fund performance, with compliance extended to October 2026[69]. - The DOL's 2024 amended fiduciary rule broadens the definition of "investment advice fiduciary," impacting financial services providers and potentially subjecting them to ERISA fiduciary standards[68]. Market Conditions and Competition - The financial services industry is highly competitive, with competition based on factors such as investment performance, product offerings, and service quality[51]. - Market conditions, including geopolitical risks and economic crises, can adversely affect investment performance and AUM[98]. - The investment management industry is experiencing transformative pressures, including increased fee pressure and a shift towards alternative and passive strategies, which could affect the company's competitive position[113]. - The company competes with numerous investment management firms, and increased competition could lead to a decline in market share and revenues[114]. Operational Risks - The company faces operational risks related to compliance with regulatory requirements and the complexity of its global operations[107]. - The company faces risks associated with inadequate controls and risk management policies, which could adversely affect its global operations and financial position[108]. - The company is investing in a third-party technology solution to unify its investment management technology platform, which may require significant capital spending[122]. - Any significant failure or security breach in the company's information and cybersecurity infrastructure could disrupt operations and harm its financial condition[123]. - The company faces significant cybersecurity risks, including potential financial losses and reputational harm due to system disruptions or breaches[126]. Employee and Workplace - As of September 30, 2025, the company employed approximately 9,800 employees and operated offices in over 30 countries[93]. - The company has established resources to promote an inclusive workplace and drive employee engagement, which is critical for long-term success[94]. - Key personnel are critical to the company's success, and losing them could adversely affect client retention and financial performance[130]. Real Estate and Assets - The company has a total of 2,677,753 square feet of owned properties, with 1,093,776 square feet leased to third parties[158]. - As of September 30, 2025, the company leased and occupied approximately 2,022,000 square feet of office space worldwide[158].