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Managed Fund Since 2003
Equity
FNCRX Franklin Natural Resources Fund
- Participate in trends moving markets. Invest in innovative sectors—technology, medicine, natural resources—that you believe are poised for long-term growth.
- Diversification. By adding investments from different sectors to your portfolio, you may take advantage of expanding and contracting economic cycles.
- 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 high total return by investing at least 80% of its net assets in equity and debt securities of companies that own, produce, refine, process, transport and market natural resources, as well as those that provide related services.
- Benchmark
- S&P North American Natural Resources Sector Index
- Additional Benchmark
3 - S&P Global Natural Resources Index
- Fund Inception Date
- 06/05/1995
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 20%
Identifiers
- Ticker
- FNCRX
- Fund Number
- 503
- CUSIP Code
- 354713455
Average Annual Total Returns As of 11/30/2025
Class C
- 14.07%1 Year
- 7.58%3 Years
- 19.33%5 Years
- 5.52%10 Years
- 2.33%Since Inception
09/01/2005
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 11/30/2025 Equity as a % of Total (Updated Monthly)
Oil, Gas & Consumable Fuels39.96% | |
Metals & Mining34.55% | |
Chemicals9.03% | |
Energy Equipment & Services7.16% | |
Construction Materials1.91% |
Additional Fund Info
- Share Class Inception Date
- 09/01/2005
- Investment Style
- Sector
- Lipper Classification
- Global Natural Resources Funds
- Morningstar Category
7 - Natural Resources
Manager and Commentary
About the Team
Franklin Equity Group
Growth equity managers with a focus on in-depth fundamental research, we offer expertise in managing global, U.S. and sector-specific strategies across the market capitalization spectrum. Our center of gravity in Silicon Valley allows us to follow companies across their private to public life cycles, developing deeper insights into future industry trends and identifying potential disruptors.
Commentary Highlights
June 30, 2025- Global Commodities Market and Natural Resources Equities: The global commodities market reflected a complex interplay of supply-demand dynamics, war and geopolitical shifts, and macroeconomic factors, with the Refinitiv CoreCommodity CRB Index (CRB) falling 3.9% during the second quarter of 2025 (2Q25) despite a 2.4% June gain. While many precious and industrial metals showed strength, energy and agricultural commodities were pressured by concerns about oversupply and weakening demand. Similar to equities’ bumpy ride, commodities were jostled by US President Donald Trump’s unpredictable shifts in trade and tariff policies, and were also vulnerable to perceived macro shocks. Unlike equities, the CRB and other major commodity indexes never fully recovered from the selloff that followed the president’s flurry of tariff announcements on April 2—much of which remained unsettled at the end of June. Following volatile and downbeat stock market results in early April, commodity-linked natural resources equities saw notable improvement in May and June. Energy companies still declined in 2Q25 and underperformed all 10 other sectors. Materials sector stocks topped their energy counterparts with modest overall gains.
- Contributors: Favorable overweighting and stock selection among copper-focused mining companies, underweighting and stock selection in the poor-performing integrated oil and gas industry, a significant overweighting in diversified metals and mining, and overall gains in several off-benchmark industry allocations.
- Detractors: Stock selection and underweighting among gold miners, an underweighted exposure to rallying uranium producers (in the coal and consumable fuels industry), and underweighting and stock selection in oil and gas refiners.
- Outlook: Although we believe the fundamental backdrop has improved, a myriad of uncertainties remain that may continue to pressure certain natural resources industries, and we are taking a somewhat cautious stance by focusing portfolio holdings on operational and financial resilience.
Franklin Equity Group
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Managed Fund Since 2008
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Managed Fund Since 1999
Latest Insights
November 27, 2025
October 13, 2025
October 1, 2025
Performance
Calendar Year Returns
As of 11/30/2025
Class C - With Sales Charge (POP) (%)
Class C - Without Sales Charge (NAV) (%)
S&P North American Natural Resources Sector Index (%)
S&P Global Natural Resources 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 7
©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 of11/30/2025 (Updated Monthly)
- Total Net Assets
- $374.92 Million
Positions
As of 11/30/2025 (Updated Monthly)
Number of Issuers
- Fund
- 90
- Benchmark
- 126
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Weighted Average Market Capitalization (USD)
- Fund
- $83.67 Billion
- Benchmark
- $117.06 Billion
- Fund
- 8.15x
- Benchmark
- 8.70x
- Fund
- 16.67x
- Benchmark
- 17.66x
- Fund
- 2.11x
- Benchmark
- 2.21x
Sector Allocation
As of 11/30/2025 Equity as a % of Total (Updated Monthly)
| Sector | % of Total | Benchmark |
|---|---|---|
Oil, Gas & Consumable Fuels | 39.96% | 62.44% |
Metals & Mining | 34.55% | 20.54% |
Chemicals | 9.03% | — |
Energy Equipment & Services | 7.16% | 6.27% |
Construction Materials | 1.91% | 5.60% |
Containers & Packaging | 1.44% | 4.81% |
Electrical Equipment | 1.27% | — |
Machinery | 0.66% | — |
Food Products | 0.66% | — |
Industrial Conglomerates | 0.51% | — |
Electronic Equipment & Instruments | 0.43% | — |
Construction & Engineering | 0.42% | — |
Paper & Forest Products | — | 0.34% |
Cash & Cash Equivalents | 2.00% | — |
Holdings
As of 10/31/2025 (Updated Monthly)
Exxon Mobil Corp COM NPV
NEWMONT CORP COM USD1.6
ConocoPhillips COM USD.01
Chevron Corp COM USD.75
Barrick Mining Corp ORD USD NPV
BHP GROUP LTD SPONSORED ADR
Agnico Eagle Mines Ltd ORD NPV
COTERRA ENERGY INC COM A USD.1
Martin Marietta Materials Inc COM USD.01
Corteva Inc COM USD 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 Natural Resources Fund | |||
| Product Commentary - Franklin Natural Resources Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Natural Resources Fund Class C | |||
| Annual Financial Statements and Other Information - Franklin Strategic Series | |||
| Semi-Annual Report - Franklin Natural Resources Fund - Class C | |||
| Semi-Annual Financial Statements and Other Information - Franklin Strategic Series 2 | |||
| Prospectus - Franklin Strategic Series 2 | |||
| Summary Prospectus - Franklin Natural Resources Fund | |||
| Statement of Additional Information - Franklin Strategic Series 2 | |||
| Fiscal Q1 Holdings - Franklin Strategic Series | |||
| Fiscal Q3 Holdings - Franklin Strategic Series |
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. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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
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.
The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining.
Source: © S&P Dow Jones Indices LLC.
The S&P North American Natural Resources Index provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS energy and materials sector excluding the chemicals industry; and steel sub-industry.
Source: © S&P Dow Jones Indices LLC. All rights reserved.
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.