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Managed Fund Since 2025
Equity
FGSRX 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
- FGSRX
- Fund Number
- 806
- CUSIP Code
- 353496730
Average Annual Total Returns As of 06/30/2026
Class R
- 13.30%1 Year
- 15.35%3 Years
- 8.13%5 Years
- 13.93%10 Years
- 9.70%Since Inception
03/31/1948
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)
Semiconductors & Semiconductor Equipment20.29% | |
Capital Goods13.37% | |
Software & Services11.15% | |
Media & Entertainment10.03% | |
Financial Services7.55% |
Additional Fund Info
- Share Class Inception Date
- 01/02/2002
- Investment Style
- Growth
- Lipper Classification
- Large-Cap Growth Funds
- Morningstar Category
6 - Large Growth
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- Markets: US equities rebounded strongly during the second quarter of 2026, recovering from a weak start to the year as investor confidence improved despite ongoing geopolitical uncertainty. Sentiment was supported by robust corporate earnings, particularly from companies exposed to AI infrastructure, with continued increases in capital expenditure reinforcing confidence that the AI investment cycle remained intact. At its two meetings during the quarter, the US Federal Reserve left interest rates on hold. The easing of Middle East tensions and a decline in oil prices helped alleviate inflation concerns, encouraging a broad recovery in risk assets. The Nasdaq Composite Index outperformed the S&P 500 Index and Dow Jones Industrial Average. By investment style, growth investing surpassed value in each cap segment, while across the overall market, small-cap stocks performed better than their large- and mid-cap counterparts.
- Detractors: Stock selection in the information technology (IT) sector was the largest drag on relative returns, though an overweight to the sector helped. Stock selection and an overweight in the industrials sector held back returns, as did stock selection in the financials sector.
- Contributors: Not holding any companies in the energy sector boosted relative results. Stock selection and underweights in the consumer staples and consumer discretionary sectors also proved beneficial, as did stock selection in the communication services sector.
- Outlook: We are closely monitoring the geopolitical instability driven by the conflict in the Middle East and the potential disruption to commodity flow and overall global logistics. While headline risks continue to influence market sentiment and create uncertainty, we continue to stay true to our process. We look for indiscriminate selling on quality stocks to add to our portfolio, and we trim positions when market expectations become too exuberant.
Franklin Equity
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Managed Fund Since 2021
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Managed Fund Since 2016
Latest Insights
July 22, 2026
June 4, 2026
June 1, 2026
May 18, 2026
Performance
Average Annual Total Returns
As of 06/30/2026
Selected Month June 2026
Class R - With Sales Charge (POP) (%)
Month End
As of 06/30/2026
- 1 Year
- 13.30
- 3 Years
- 15.35
- 5 Years
- 8.13
- 10 Years
- 13.93
- Since Inception(03/31/1948)
- 9.70
Class R - Without Sales Charge (NAV) (%)
Month End
As of 06/30/2026
- 1 Year
- 13.30
- 3 Years
- 15.35
- 5 Years
- 8.13
- 10 Years
- 13.93
- Since Inception(03/31/1948)
- 9.70
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(03/31/1948)
- —
Russell 1000 Growth Index (%)
Month End
As of 06/30/2026
- 1 Year
- 17.71
- 3 Years
- 22.57
- 5 Years
- 13.72
- 10 Years
- 18.58
- Since Inception(03/31/1948)
- —
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 7
©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
- $17.43 Billion
Positions
As of 06/30/2026 (Updated Monthly)
Number of Issuers
- Fund
- 76
- Benchmark
- 503
Portfolio Statistics
As of 06/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 27.91x
- Benchmark
- 22.53x
- Fund
- 26.10x
- Benchmark
- 6.89x
- Fund
- 7.65x
- Benchmark
- 5.69x
- Fund
- $1,444.16 Billion
- Benchmark
- $1,426.57 Billion
Asset Allocation
As of 06/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 97.52% |
Cash & Cash Equivalents | 2.48% |
Holdings
As of 06/30/2026 (Updated Monthly)
NVIDIA Corp COM USD.001
Microsoft Corp COM USD0.001
Amazon.com Inc COM USD.01
Apple Inc COM USD.00001
Alphabet Inc COM USD.001 CL C
Alphabet Inc COM USD.001 CL A
Amphenol Corp COM USD.001 CL A
Broadcom Inc COM USD 1
Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO
Eli Lilly & Co COM 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 Growth Fund
Portfolio Holding Details - Franklin Growth Fund - 7/22/2026
Product Commentary - Franklin Growth Fund
Regulatory Documents
Annual Report - Franklin Growth Fund - Class R
Annual Financial Statements and Other Information - Franklin Custodian Funds
Semi-Annual Report - Franklin Growth Fund - Class R
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.
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 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.