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Managed Fund Since 1999
Equity
FGPMX 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
$3.45B
As of 04/30/2026 (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
- 23%
Identifiers
- Ticker
- FGPMX
- Fund Number
- 364
- CUSIP Code
- 353535503
Average Annual Total Returns As of 03/31/2026
Class R6
- 121.56%1 Year
- 51.32%3 Years
- 25.67%5 Years
- 18.48%10 Years
- 7.29%Since Inception
05/19/1969
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 04/30/2026 % of Total (Updated Monthly)
Long Life Gold Mines56.56% | |
Gold Exploration & Development21.74% | |
Diversified Metals & Mining9.76% | |
Precious Metals & Minerals4.48% | |
Silver2.87% |
Additional Fund Info
- Share Class Inception Date
- 05/01/2013
- 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
March 31, 2026- Precious Metals Markets: Precious metals saw volatile and uneven first quarter 2026 (1Q26) price movements, with spot gold (+8.1%, to $4,668 per troy ounce) and silver (+4.9%, to $75.17) diverging from platinum (-5.2%, to $1,954 per ounce) and palladium (-8.6%, to $1,480). After reaching a four-year low in January, the US dollar’s trade-weighted value switched to a headwind for precious metals prices as renewed geopolitical tensions revived the greenback’s perceived safe-haven status; it ultimately rose 1.7% in 1Q26, making gold and other metals commodities more expensive for users of other currencies. Strong January and February gains for all four primary precious metals were countered by double-digit-percentage losses in March. Significant investor speculation in late 2025 and early 2026 pushed gold to a record high of $5,417 on January 28 before running into selling pressure and the unwinding of levered activity on the back of US dollar strength and a shift to gold exchange-traded fund (ETF) outflows and liquidity selling. This bout of profit-taking and deleveraging included some of the worst weekly declines since the 1980s. Silver followed gold in 1Q26, but with greater volatility. While supported by industrial demand trends, including energy transition themes, inconsistent investor flows limited silver’s sustained upside. Platinum and palladium fared poorly as they faced muted near-term catalysts, with palladium pressured by structural changes in auto demand.
- Contributors: Stock selection in the gold industry and, to a lesser extent, benchmark-topping gains for off-index allocations in the copper and precious metals/minerals industries.
- Detractors: An overall decline in the silver industry, underperforming gains in diversified metals and mining, and weak results for several individual gold industry holdings.
- Outlook: Assuming steady gold production over 1Q26, our analysis indicates the quarter’s gold industry revenue could increase by roughly 17% versus 4Q25, and by more than 70% from a year ago. At the same time, we estimate gold miners’ operating costs have likely increased by less than 10% over the past year, allowing cash flows and net profits to rise more than revenues. (There is no assurance that any projection, estimate or forecast will be realized.)
Franklin Equity
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Managed Fund Since 2005
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Managed Fund Since 2026
Latest Insights
April 16, 2026
April 2, 2026
February 18, 2026
Performance
Calendar Year Returns
As of 03/31/2026
Class R6 - With Sales Charge (POP) (%)
Class R6 - 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 of04/30/2026 (Updated Monthly)
- Total Net Assets
- $3.45 Billion
Positions
As of 04/30/2026 (Updated Monthly)
Number of Issuers
- Fund
- 169
- Benchmark
- 26
Portfolio Statistics
As of 04/30/2026 (Updated Monthly)
Price to Book
- Fund
- 3.46x
- Benchmark
- 3.18x
- Fund
- 3.59x
- Benchmark
- 10.01x
- Fund
- $18.27 Billion
- Benchmark
- $60.28 Billion
- Fund
- 10.62x
- Benchmark
- 10.32x
Asset Allocation
As of 04/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 99.45% |
Cash & Cash Equivalents | 0.55% |
Holdings
As of 03/31/2026 (Updated Monthly)
Barrick Mining Corp ORD USD NPV
Alamos Gold Inc ORD USD NPV CL A
G Mining Ventures Corp ORD CAD 0.000001 144A
Anglogold Ashanti Plc ORD USD 1
Newmont Corp IDR
Agnico Eagle Mines Ltd ORD USD NPV
NEWMONT CORP COM USD1.6
Equinox Gold Corp ORD USD 1
Perseus Mining Ltd ORD AUD NPV
Endeavour Mining PLC ORD CAD 0.01
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 R6 | |||
| Annual Financial Statements and Other Information - Franklin Gold and Precious Metals Fund | |||
| Semi-Annual Report - Franklin Gold and Precious Metals Fund - Class R6 | |||
| 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.
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.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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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.