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Managed Fund Since 2016
Equity
FRSGX Franklin Small-Mid Cap Growth Fund
- Small-mid strategy gives managers the flexibility to hold onto small, emerging businesses as they mature into successful mid-cap enterprises.
- Tenured and experienced portfolio management team.
- Distinct research structure. Investment professionals organized into collaborative sector teams.
Popular Documents
Total Net Assets
$3.61B
As of 12/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks long-term capital growth by investing at least 80% of its net assets in equity securities of small and medium-sized companies, within the market capitalization ranges of the Russell 2500™ Index for small-sized companies and Russell Midcap® Index for medium-sized companies, at the time of purchase.
- Benchmark
- Russell Midcap Growth Index
- Additional Benchmark
- S&P 500 Index
- Fund Inception Date
- 02/14/1992
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 34%
Identifiers
- Ticker
- FRSGX
- Fund Number
- 198
- CUSIP Code
- 354713109
Average Annual Total Returns As of 11/30/2025
Class A
- -7.71%1 Year
- 9.64%3 Years
- 1.17%5 Years
- 9.27%10 Years
- 10.13%Since Inception
02/14/1992
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 12/31/2025 % of Total (Updated Monthly)
Capital Goods15.89% | |
Software & Services13.54% | |
Consumer Services12.01% | |
Financial Services9.52% | |
Consumer Discretionary Distribution & Retail9.36% |
Additional Fund Info
- Share Class Inception Date
- 02/14/1992
- Investment Style
- Growth
- Lipper Classification
- N/A
- Morningstar Category
7 - Mid-Cap Growth
Manager and Commentary
About the Team
Franklin Equity
Franklin Equity understands innovation from every angle—our decades of experience investing in complex change fuels a differentiated perspective on how public and private companies accelerate growth and unlock value. Leveraging fundamental depth and quantitative precision, we identify catalysts for transformation that reshape companies and industries. Our expertise, spanning from growth to value, brings together diverse perspectives that help us spot opportunities ahead of the market.
Commentary Highlights
June 30, 2025- Markets: US stocks advanced during the second quarter of 2025. After rebounding from April’s lows, equity markets continued to rally through June despite bouts of volatility. The S&P 500 Index and Nasdaq Composite Index closed the period with solid gains after hitting new record highs at the end of June, while the Dow Jones Industrial Average hovered near its all-time high. Temporary delays in tariff hikes, reduced fears of a recession, growing expectations of interest-rate cuts later in the year and easing geopolitical tensions helped drive US stocks higher. Large-capitalization equities gained the most, followed by mid- and small-cap stocks, and growth stocks outperformed value by a wide margin in all three market-cap tiers.
- Detractors: Stock selection in the information technology (IT) and financials sectors detracted most from the fund’s performance relative to the Russell Midcap Growth Index benchmark. Stock selection and an underweight in the software industry proved adverse for the IT sector’s relative results, while stock selection in the capital markets industry pressured relative returns in the financials sector.
- Contributors: Stock selection and an overweight in the communication services sector had a significant positive impact on relative returns and, to a lesser extent, stock selection and an underweight in the health care sector and an underweight in the energy sector also worked in our favor.
- Outlook: We are hopeful as we enter the second half of the year that financial markets can focus on the potential long-term structural benefits of a Trump 2.0 policy agenda that might include initiatives to rebalance global trade and stimulate growth through tax reform and deregulation.
Franklin Equity
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Managed Fund Since 2024
Latest Insights
December 18, 2025
December 17, 2025
December 16, 2025
December 15, 2025
Performance
Average Annual Total Returns
As of 11/30/2025
Selected Month November 2025
Class A - With Sales Charge (POP) (%)
Month End
As of 11/30/2025
Class A - Without Sales Charge (NAV) (%)
Month End
As of 11/30/2025
Russell Midcap Growth Index (%)
Month End
As of 11/30/2025
S&P 500 Index (%)
Month End
As of 11/30/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of12/31/2025 (Updated Monthly)
- Total Net Assets
- $3.61 Billion
Portfolio Statistics
As of 12/31/2025 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 32.88x
- Benchmark
- 28.53x
- Fund
- $38.74 Billion
- Benchmark
- $36.91 Billion
- Fund
- 24.53x
- Benchmark
- 22.79x
- Fund
- 8.46x
- Benchmark
- 11.18x
Asset Allocation
As of 12/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 98.57% |
Fixed Income | 0.03% |
Cash & Cash Equivalents | 1.41% |
Holdings
As of 11/30/2025 (Updated Monthly)
ROBLOX Corp COM USD 0.0001 CL A
Royal Caribbean Cruises Ltd ORD USD.01
Howmet Aerospace Inc COM USD1
Datadog Inc COM USD 0.00001 CL A
Vertiv Holdings Co COM USD 0.0001
ARES MANAGEMENT CORP COM USD NPV CL A
Monolithic Power Systems Inc COM USD1
Cencora Inc COM USD.01
Natera Inc COM USD.0001
Tractor Supply Co COM USD.008
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 94-3156723
For information on tax years prior to 2008, please contact us2025 tax information will be available in early February
These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Data not currently available.
Pricing
Pricing History
As of 01/08/2026 (Updated Daily)
Daily Fund Prices and Breakpoints
As of 01/08/2026
Share Prices
As of 01/08/2026
POP and Sales Charge at Breakpoints
Less than $25,000
$25,000 - $49,999
$50,000 - $99,999
$100,000 - $249,999
$250,000 - $499,999
$500,000 - $749,999
$750,000 - $999,999
52-Week Range
- Highest NAV
As of 10/27/2025 - $42.50
- Lowest NAV
As of 04/08/2025 - $31.48
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Small-Mid Cap Growth Fund | |||
| Product Commentary - Franklin Small-Mid Cap Growth Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Small-Mid Cap Growth Fund Class A | |||
| Annual Financial Statements and Other Information - Franklin Strategic Series | |||
| Semi-Annual Report - Franklin Small-Mid Cap Growth Fund - Class A | |||
| Semiannual Financial Statements And Other Information - Franklin Strategic Series | |||
| Prospectus - Franklin Strategic Series 1 | |||
| Summary Prospectus - Franklin Small-Mid Cap Growth Fund | |||
| Statement of Additional Information - Franklin Strategic Series 1 | |||
| Fiscal Q1 Holdings - Franklin Strategic Series | |||
| Fiscal Q3 Holdings - Franklin Strategic Series |
Risks
All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe.
Source: FTSE.
The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization.
Source: © S&P Dow Jones Indices LLC. All rights reserved.