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Managed Fund Since 1999
Equity
FRGOX Franklin Gold and Precious Metals Fund
- Inflation hedge. Gold and other precious metals have performed well during recessionary and inflationary times.
- Diversification. By adding investments from different sectors to your portfolio, you may take advantage of expanding and contracting economic cycles.
- Experienced Portfolio Management Team. Tenured investment team with expertise across market cycles.
Popular Documents
Total Net Assets
$3.21B
As of 09/30/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks capital appreciation by investing at least 80% of its net assets in the securities of companies around the world that mine, process or deal in gold or other precious metals such as silver, platinum, and palladium. The fund has a secondary goal of current income.
- Benchmark
- FTSE Gold Mines Index
- Additional Benchmark
- S&P 500 Index
- Fund Inception Date
- 05/19/1969
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 19%
Identifiers
- Ticker
- FRGOX
- Fund Number
- 232
- CUSIP Code
- 353535206
Average Annual Total Returns As of 09/30/2026
Class C
- 25.76%1 Year
- 59.46%3 Years
- 25.76%5 Years
- 13.39%10 Years
- 7.00%Since Inception
05/01/1995
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.
Top Sectors
As of 09/30/2026 % of Total (Updated Monthly)
Long Life Gold Mines52.66% | |
Gold Exploration & Development23.70% | |
Diversified Metals & Mining10.04% | |
Silver4.43% | |
Precious Metals & Minerals3.73% |
Additional Fund Info
- Share Class Inception Date
- 05/01/1995
- Investment Style
- Sector
- Lipper Classification
- Precious Metals Equity Funds
- Morningstar Category
6 - Equity Precious Metals
Manager and Commentary
About the Team
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
September 30, 2026- Markets: Precious metals prices experienced third quarter 2026 (3Q26) volatility linked to US Federal Reserve expectations, inflationary concerns and potential deterioration in long-term fiscal conditions. Gold spot prices rose 3.7% (to US$4,157 per troy ounce), having benefited during portions of July and August from geopolitical uncertainty, strong investor and central bank demand and a weaker US dollar, but gave back much of those gains in September (-6.3%) as US Treasury yields rose sharply, the greenback firmed (+2.0% per the Fed’s US Dollar Index), and expectations for restrictive Fed policy increased the opportunity cost of owning non-yielding assets such as gold. Silver also moved higher (+3.1%, to US$60.43 per ounce), although September itself was weak (-9.2%). Platinum and palladium price shifts continued to reflect a mixture of investment flows, constrained mine supply and uncertain industrial and automotive demand. Platinum (+10.5%, to US$1,716 per ounce) was supported by persistent supply tightness foremost, while palladium was nearly flat (-0.3%, to US$1,208). In the base metals complex, structural demand generally held up, with copper reaching fresh all-time highs. In global equity markets, shares of gold-focused miners, as well as most other metals and mining stocks, outperformed broad gauges of stock market activity and the materials sector as a whole. Gold miners returned record amounts to shareholders through buybacks and higher dividends, capitalizing on elevated gold prices and strong cash flows during a period of historically high profitability. A key concern, however, was that the supply side of the gold mining industry was not expanding fast enough to keep up with demand.
- Detractors: Detrimental stock selection in the gold industry and lagging gains in three off-benchmark industry allocations: diversified metals and mining (+4.0%), precious metals and minerals (+9.8%), and copper (+8.7%).
- Contributors: Solid rallies for off-benchmark silver industry stocks and numerous overweighted or off-index positions in gold producers.
- Outlook: Gold prices have remained at levels that allow many producers to generate significant free cash flow, leaving room for production growth, dividends and share buybacks, according to our analysis.
Franklin Equity
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Managed Fund Since 2026
Latest Insights
October 22, 2026
October 21, 2026
October 12, 2026
September 30, 2026
Performance
Calendar Year Returns
As of 09/30/2026
Class C - With Sales Charge (POP) (%)
Class C - Without Sales Charge (NAV) (%)
FTSE Gold Mines Index (%)
S&P 500 Index (%)
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
©2026 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 of09/30/2026 (Updated Monthly)
- Total Net Assets
- $3.21 Billion
Positions
As of 09/30/2026 (Updated Monthly)
Number of Issuers
- Fund
- 178
- Benchmark
- 27
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 11.95x
- Benchmark
- 11.47x
- Fund
- 9.05x
- Benchmark
- 10.46x
- Fund
- 2.89x
- Benchmark
- 2.91x
- Fund
- $18.40 Billion
- Benchmark
- $60.17 Billion
Asset Allocation
As of 09/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 99.05% |
Cash & Cash Equivalents | 0.95% |
Holdings
As of 09/30/2026 (Updated Monthly)
G Mining Ventures Corp
Barrick Mining Corp
Alamos Gold Inc
Newmont Corp
NEWMONT CORP
Anglogold Ashanti Plc
Agnico Eagle Mines Ltd
Equinox Gold Corp
Perseus Mining Ltd
Equinox Gold Corp
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
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/18/2026
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
Factsheet - Franklin Gold and Precious Metals Fund
Product Commentary - Franklin Gold And Precious Metals Fund
Regulatory Documents
Annual Report - Franklin Gold and Precious Metals Fund - Class C
Annual Financial Statements and Other Information - Franklin Gold and Precious Metals Fund
Semi-Annual Report - Franklin Gold and Precious Metals Fund - Class C
Semi-Annual Financial Statements and Other Information - Franklin Gold and Precious Metals Fund
Prospectus - Franklin Gold & Precious Metals Fund
Summary Prospectus - Franklin Gold & Precious Metals Fund
Statement of Additional Information - Franklin Gold & Precious Metals Fund
Fiscal Q1 Holdings - Franklin Gold & Precious Metals Fund
Fiscal Q3 Holdings - Franklin Gold & Precious Metals Fund
Risks
All investments involve risks, including possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. 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.
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.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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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.
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 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.
The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold.
Source: FTSE.
All Putnam-named funds and Franklin Retirement Advantage, Franklin Dynamic Asset Allocation, and Franklin Multi-Asset Income-named funds and Royce funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.