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Managed Fund Since 2025
Equity
FRGSX Franklin Growth Fund
- Focus on capital appreciation. A portfolio of primarily U.S.-based companies with the potential for sustainable long-term growth earnings and cash flow growth.
- Quality companies. The fund’s strategy emphasizes investing in quality companies with strong management teams and sustainable growth opportunities for multiple years.
- Experienced portfolio management team. Actively managed by a seasoned portfolio management team that utilizes a distinct research structure with specialists organized into collaborative sector teams.
Popular Documents
Overview
Fund Facts
Fund description
The fund seeks long-term capital appreciation by investing substantially in the equity securities of companies that are leaders in their industries, and which the managers believe are suitable for a buy-and-hold strategy.
- Benchmark
- S&P 500 Index
- Additional Benchmark
3 - Russell 1000 Growth Index
- Fund Inception Date
- 03/31/1948
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 8%
Identifiers
- Ticker
- FRGSX
- Fund Number
- 206
- CUSIP Code
- 353496888
Average Annual Total Returns As of 11/30/2025
Class C
- 9.82%1 Year
- 17.25%3 Years
- 9.86%5 Years
- 12.73%10 Years
- 9.55%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)
Semiconductors & Semiconductor Equipment16.05% | |
Software & Services15.87% | |
Capital Goods14.02% | |
Financial Services9.77% | |
Pharmaceuticals, Biotechnology & Life Sciences8.49% |
Additional Fund Info
- Share Class Inception Date
- 05/01/1995
- Investment Style
- Growth
- Lipper Classification
- N/A
- Morningstar Category
7 - Large 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
September 30, 2025- Markets: US equities delivered strong performance over the third quarter, buoyed, in part, by easing trade tensions and optimism surrounding artificial intelligence (AI). The US Federal Reserve’s (Fed’s) interest-rate cut in September also supported market sentiment, as did generally robust corporate earnings. Both the S&P 500 Index and the NASDAQ Composite Index ended the quarter at new record highs, while returns for the Dow Jones Industrial Average were more muted. In this environment, growth investing surpassed value in the large-capitalization tier, while it was the reverse in the mid- and small-capitalization segments, with small-cap stocks overall performing better than their large- and mid cap counterparts.
- Detractors: The fund’s (Advisor Class without sales charges) return lagged the S&P 500 Index benchmark as stock selection decisions worked against us, while allocation effects were mildly supportive. Stock selection in the consumer discretionary sector weighed most on relative performance, followed by stock selection in the information technology (IT) and financials sectors and stock selection and an overweight in the health care sector.
- Contributors: Relative performance was helped by an underweight and stock selection in the consumer staples sector and, to a lesser extent, stock selection in the communication services sector and an underweight in the real estate sector.
- Outlook: While headline risks continue to influence market sentiment, we think the bigger story for investors is technological innovations, particularly in artificial intelligence (Al). Advances in AI and related technologies are transforming many industries and, in our view, are creating growth potential for long-term investors. While optimistic about these technological innovations, we are carefully watching consumer spending trends and the cumulative effect of tariffs. We are also monitoring overall equity market valuations and maintaining our focus on areas where we see greater opportunity.
Franklin Equity
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Managed Fund Since 2021
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Managed Fund Since 2016
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 C - With Sales Charge (POP) (%)
Month End
As of 11/30/2025
Class C - Without Sales Charge (NAV) (%)
Month End
As of 11/30/2025
S&P 500 Index (%)
Month End
As of 11/30/2025
Russell 1000 Growth 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 9
©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
- $17.68 Billion
Portfolio Statistics
As of 12/31/2025 (Updated Monthly)
Price to Cash Flow
- Fund
- 27.48x
- Benchmark
- 19.32x
- Fund
- 31.20x
- Benchmark
- 24.68x
- Fund
- $1,311.63 Billion
- Benchmark
- $1,430.60 Billion
- Fund
- 7.99x
- Benchmark
- 5.45x
Asset Allocation
As of 12/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 99.64% |
Cash & Cash Equivalents | 0.36% |
Holdings
As of 11/30/2025 (Updated Monthly)
NVIDIA Corp COM USD.001
Microsoft Corp COM USD0.001
Amazon.com Inc COM USD.01
Amphenol Corp COM USD.001 CL A
Apple Inc COM USD.00001
Broadcom Inc COM USD 1
Alphabet Inc COM USD.001 CL C
Mastercard Inc COM USD.0001 CL A
Alphabet Inc COM USD.001 CL A
ASML Holding NV NY REGD USD.09
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 13-2573775
For information on tax years prior to 2008, please contact us2025 tax information will be available in early February
These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Data not currently available.
Pricing
Pricing History
As of 01/08/2026 (Updated Daily)
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Growth Fund | |||
| Product Commentary - Franklin Growth Fund | |||
| Investor Guide - Franklin Growth Fund - Advisor Class |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Growth Fund - Class C | |||
| Annual Financial Statements and Other Information - Franklin Custodian Funds | |||
| Semi-Annual Report - Franklin Growth Fund - Class C | |||
| Semi-Annual Financial Statements and Other Information - Franklin Custodian Funds | |||
| Prospectus - Franklin Custodian Funds | |||
| Summary Prospectus - Franklin Growth Fund | |||
| Statement of Additional Information - Franklin Custodian Funds | |||
| Fiscal Q1 Holdings - Franklin Custodian Funds | |||
| Fiscal Q3 Holdings - Franklin Custodian Funds |
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. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The investment style may become out of favor, which may have a negative impact on performance. 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. 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 1000 Growth Index measures the performance of the large-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.