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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
$2.97B
As of 12/31/2025 (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
- 23%
Identifiers
- Ticker
- FRGOX
- Fund Number
- 232
- CUSIP Code
- 353535206
Average Annual Total Returns As of 12/31/2025
Class C
- 191.98%1 Year
- 51.26%3 Years
- 20.24%5 Years
- 20.95%10 Years
- 7.07%Since Inception
05/01/1995
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)
Long Life Gold Mines41.08% | |
Gold Exploration & Development27.41% | |
Medium Life Gold Mines10.41% | |
Diversified Metals & Mining9.83% | |
Precious Metals & Minerals4.37% |
Additional Fund Info
- Share Class Inception Date
- 05/01/1995
- Investment Style
- Sector
- Lipper Classification
- Precious Metals Equity Funds
- Morningstar Category
7 - Equity Precious Metals
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
12/31/2025- Precious and Base Metals Markets: Gold (+11.9%, to $4,319 per troy ounce) and silver (+53.6%, to $71.66 an ounce) reached all-time inflation-adjusted highs during the fourth quarter of 2025 (4Q25). Both metals delivered impressive returns relative to the broader markets, posting their best yearly results since 1979, supported by investor demand for perceived “haven” assets. Other precious metals delivered stronger returns, with platinum setting a new all-time high in December, closing 4Q25 up 30.8% to cap an annual gain of 127.0%, while palladium rose 28.4% in 4Q25 and 77.5% in 2025, to levels not seen since early 2022. In the industrial metals complex, copper prices saw continued momentum over December (+11.0%), 4Q25 (+21.0%) and 2025 as a whole (+41.7%), reaching multiyear highs above $12,000 per metric ton as industrial demand tied to electrification, green energy buildouts and power grid expansions intensified, creating supply bottlenecks. Despite softening underlying demand from key buyer China, copper had its best year since 2009, fueled by near-term supply tightness from mine outages and expectations that future demand could outpace production growth. Rallying metals and mining stocks—including gold-focused equities—generally outperformed the global materials sector average by a wide margin, much as they did earlier in 2025.
- Contributors: Effective stock selection in the gold industry and, to a lesser extent, impressive rallies for several off-index allocations to miners focused on silver, copper and other industrial metals as they topped the pure-play gold miners tracked by the benchmark FTSE Gold Mines Index.
- Detractors: Several holdings in the off-benchmark precious metals and minerals industry and some overweight or off-index gold miners that missed out on the rally.
- Outlook: We believe many gold-focused miners are likely to report record earnings and free cash flow growth with their upcoming 4Q25 financial results, and we also think their equity valuations remained attractive heading into 2026.
Franklin Equity
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Managed Fund Since 2005
Latest Insights
February 5, 2026
January 27, 2026
December 18, 2025
December 17, 2025
Performance
Average Annual Total Returns
As of 12/31/2025
Selected Month December 2025
Class C - With Sales Charge (POP) (%)
Month End
As of 12/31/2025
Class C - Without Sales Charge (NAV) (%)
Month End
As of 12/31/2025
FTSE Gold Mines Index (%)
Month End
As of 12/31/2025
S&P 500 Index (%)
Month End
As of 12/31/2025
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
- $2.97 Billion
Positions
As of 12/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 159
- Benchmark
- 27
Portfolio Statistics
As of 12/31/2025 (Updated Monthly)
Price to Book
- Fund
- 3.79x
- Benchmark
- 3.45x
- Fund
- 14.74x
- Benchmark
- 16.02x
- Fund
- $15.86 Billion
- Benchmark
- $56.18 Billion
- Fund
- 13.05x
- Benchmark
- 15.67x
Asset Allocation
As of 12/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 98.36% |
Cash & Cash Equivalents | 1.64% |
Holdings
As of 12/31/2025 (Updated Monthly)
Barrick Mining Corp ORD USD NPV
G Mining Ventures Corp ORD CAD 0.000001 144A
Newmont Corp IDR
Anglogold Ashanti Plc ORD USD 1
Perseus Mining Ltd ORD AUD NPV
Agnico Eagle Mines Ltd ORD USD NPV
Greatland Resources Ltd ORD GBP 1
Torex Gold Resources Inc ORD CAD NPV
Endeavour Mining PLC ORD CAD 0.01
Equinox Gold Corp ORD CAD NPV
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
12/19/2025
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
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Gold and Precious Metals Fund | |||
| Product Commentary - Franklin Gold And Precious Metals Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| 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.
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 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.