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Managed Fund Since 1999
Equity
FGADX 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
$2.85B
As of 06/30/2026 (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
- FGADX
- Fund Number
- 632
- CUSIP Code
- 353535305
Average Annual Total Returns As of 06/30/2026
Advisor Class
- 61.53%1 Year
- 47.46%3 Years
- 20.28%5 Years
- 12.93%10 Years
- 6.67%Since Inception
05/19/1969
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 06/30/2026 % of Total (Updated Monthly)
Long Life Gold Mines54.81% | |
Gold Exploration & Development21.93% | |
Diversified Metals & Mining11.03% | |
Precious Metals & Minerals4.06% | |
Silver3.27% |
Additional Fund Info
- Share Class Inception Date
- 12/31/1996
- 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
June 30, 2026- Precious Metals Markets: Gold’s spot price fell 14.1% in the second quarter of 2026 (to $4,008 per troy ounce) and posted its worst quarterly performance since 2Q 2013. Gold initially moved above $4,800 per ounce by mid-April but declined steadily from there—ending the period down about 26% from the January record high of $5,417 as investors priced in the US Federal Reserve’s (Fed’s) hawkish pivot amid inflation concerns and a firmer US dollar (+1.2% versus other major currencies, as measured by the Fed’s US Dollar Index). Despite the bearish tone and gold’s 7.1% year-to-date decline, prices remained well above the 2025 average amid structural support from central bank buying, reserve diversification and portfolio demand for stagflation and fiscal-risk hedges. Silver and platinum group metals broadly tracked gold’s path, with investors balancing safe-haven narratives against the drag from higher policy rate expectations. Silver spot prices, which had previously surged to record highs above $110 per ounce in January, fell 22.0% in 2Q26 (to $58.60). Platinum prices were down 20.5% in 2Q26 (to $1,553 an ounce) and roughly 41% from their all-time high on January 23. After reaching four-year highs earlier in the year, palladium prices declined 18.1% over the April–June span (to $1,212) and ended the period near nine-month lows. Industrial metals remained one of the more resilient commodity segments in 2Q26, as structural demand themes tied to electrification, artificial intelligence (AI) infrastructure and defense spending continued to offset cyclical growth concerns. After trading sideways in June, materials companies were left with a 2.0% 2Q26 return in the United States (according to the S&P 500 Index) and a scant 0.2% advance globally (per the MSCI All Country World Index in US dollar terms), relegating them to the back half of the sector rankings. Mining companies sold off broadly and anchored the low end of the sector’s industry-level results, with price-sensitive gold-focused miners faring worst of all.
- Contributors: Off-benchmark portfolio exposures to the diversified metals and mining, silver, and precious metals and minerals industries as these holdings generally fared better than gold-focused mining companies.
- Detractors: Widespread declines for the fund’s core gold industry stocks, including several overweight and off-benchmark positions that fared poorly versus the index.
- Outlook: For gold-mining companies, we believe 2Q26 corporate earnings results are likely to weaken compared to 1Q26 given the step down in physical gold prices but should still deliver strong profit margins and cash generation.
Franklin Equity
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Managed Fund Since 2005
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Managed Fund Since 2026
Latest Insights
August 3, 2026
July 22, 2026
June 4, 2026
Performance
Selected Month June 2026
Advisor Class - With Sales Charge (POP) (%)
Month End
As of 06/30/2026
- 1 Year
- 61.53
- 3 Years
- 47.46
- 5 Years
- 20.28
- 10 Years
- 12.93
- Since Inception(05/19/1969)
- 6.67
Advisor Class - Without Sales Charge (NAV) (%)
Month End
As of 06/30/2026
- 1 Year
- 61.53
- 3 Years
- 47.46
- 5 Years
- 20.28
- 10 Years
- 12.93
- Since Inception(05/19/1969)
- 6.67
FTSE Gold Mines Index (%)
Month End
As of 06/30/2026
- 1 Year
- 52.23
- 3 Years
- 41.01
- 5 Years
- 20.40
- 10 Years
- 11.99
- Since Inception(05/19/1969)
- —
S&P 500 Index (%)
Month End
As of 06/30/2026
- 1 Year
- 22.32
- 3 Years
- 20.61
- 5 Years
- 13.41
- 10 Years
- 15.51
- Since Inception(05/19/1969)
- 10.84
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 of06/30/2026 (Updated Monthly)
- Total Net Assets
- $2.85 Billion
Positions
As of 06/30/2026 (Updated Monthly)
Number of Issuers
- Fund
- 172
- Benchmark
- 27
Portfolio Statistics
As of 06/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 8.74x
- Benchmark
- 8.91x
- Fund
- 8.66x
- Benchmark
- 9.00x
- Fund
- 2.86x
- Benchmark
- 2.66x
- Fund
- $15.81 Billion
- Benchmark
- $50.71 Billion
Asset Allocation
As of 06/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 99.62% |
Cash & Cash Equivalents | 0.38% |
Holdings
As of 06/30/2026 (Updated Monthly)
Barrick Mining Corp ORD USD NPV
G Mining Ventures Corp ORD CAD 0.000001 144A
Alamos Gold Inc ORD USD NPV CL A
Newmont Corp IDR
Anglogold Ashanti Plc ORD USD 1
NEWMONT CORP COM USD1.6
Agnico Eagle Mines Ltd ORD USD NPV
Greatland Resources Ltd ORD GBP 1
TOREX GOLD RESOURCES INC ORD CAD NPV 144A
Perseus Mining Ltd ORD AUD 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
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 - Advisor Class
Annual Financial Statements and Other Information - Franklin Gold and Precious Metals Fund
Semi-Annual Report - Franklin Gold and Precious Metals Fund - Advisor Class
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.