Managed Strategy Since 2019
Franklin Intermediate Fixed Income SMA
Popular Documents
Overview
Product Facts
Strategy description
The Franklin Intermediate Fixed Income SMA focuses on investments in high-quality bonds, seeking to take advantage of relative valuation differences between asset classes, sectors, issuers and individual bond issues, with the objective of producing a high level of current income and generating total return opportunities.
- Benchmark
- Bloomberg Intermediate U.S. Government/Credit Index
- Inception Date
- 03/31/1994
- Asset Class
- Fixed Income
- Yield to Worst
As of 09/30/2025 (Updated Monthly) - 4.00%
- Effective Duration
As of 09/30/2025 (Updated Monthly) - 3.80 Years
Average Annual Total Returns As of 10/31/2025
- 4.56%1 Year
- 3.76%3 Years
- -0.35%5 Years
- 0.87%10 Years
- 3.17%Since Inception
03/31/1994
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 09/30/2025 % of Total (Updated Quarterly)
U.S. Treasury58.84% | |
Investment Grade Credit39.21% |
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.
Commentary Highlights
September 30, 2025- Markets: Market sentiment improved across the third quarter of 2025 (Q3) due to a partial resolution of some of the outstanding trade policy concerns and a rate cut of 25 basis points (bps) by the US Federal Reserve (Fed), which were both well received by the market. The Fed signaled that more cuts were likely to come by the end of this year. This bolstered markets, which viewed that the cut was addressing some of the weakening economic measures, such as the status of the US labor market. Fixed income spread markets performed well as corporate bond spreads reached multidecade lows by the end of the quarter. The benchmark 10-year US Treasury (UST) yield fell eight basis points (bps) to end the quarter at 4.15%.
- Contributors: Security selection in consumer non-cylcals and overweight allocations to the communication and insurance sectors.
- Detractors: Lack of exposure to BBB- rated bonds and security selection in the insurance, communication and banking sectors. • Outlook: Despite tight spreads we feel that yields on investment-grade (IG) corporate bonds remain attractive on the shorter-end of the yield curve.
Managed Strategy Since 2025
Managed Strategy Since 2024
Latest Insights
November 18, 2025
November 12, 2025
October 30, 2025
October 28, 2025
Composite Performance
Calendar Year Returns
As of 09/30/2025
Prior to January 1, 2020, net-of-fee returns were based on actual fee and non-fee paying accounts used a model wrap fee.
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (1.5% is the maximum anticipated wrap fee for fixed income portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236.
Franklin Templeton claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Franklin Templeton claims compliance with the Global Investment Performance Standards (GIPS®). Due to the integration of GIPS firms, predecessor firms may have a different claim of compliance date. Performance presented prior to January 1, 2004 is not in compliance.
Portfolio
Portfolio Statistics
As of 09/30/2025 (Updated Quarterly)
- Portfolio
- 98.45
- Portfolio
- 3.80 Years
- Portfolio
- 4.00%
- Portfolio
- 3.24%
- Portfolio
- 4.33 Years
- Portfolio
- 4.02%
Yield to Worst is calculated without the deduction of fees and expenses.
Yield to Maturity is calculated without the deduction of fees and expenses.
Weighted Average Coupon is calculated without the deduction of fees and expenses.
The portfolio characteristics listed are based on the model portfolio, which is representative of the investment strategy. The model portfolio represents the expected allocation that would be used for new accounts. The allocation of existing accounts may differ from the allocation used for new accounts due to differences in the timing of purchases and sales, changes in the purchase and sell list during the course of a quarter, general market conditions, and factors specific to each existing account due to client considerations. The securities used in developing this model portfolio do not reflect actual purchases in an account and may not reflect the impact that material economic and market factors might have had on decision making if the portfolio manager was actually managing the account.
Source: FactSet.
Sector Allocation 1
As of 09/30/2025 % of Total (Updated Quarterly)
| Sector | % of Total |
|---|---|
U.S. Treasury | 58.84% |
Investment Grade Credit | 39.21% |
Cash & Cash Equivalents | 1.94% |
The portfolio characteristics listed are based on the model portfolio, which is representative of the investment strategy. The model portfolio represents the expected allocation that would be used for new accounts. The allocation of existing accounts may differ from the allocation used for new accounts due to differences in the timing of purchases and sales, changes in the purchase and sell list during the course of a quarter, general market conditions, and factors specific to each existing account due to client considerations. The securities used in developing this model portfolio do not reflect actual purchases in an account and may not reflect the impact that material economic and market factors might have had on decision making if the portfolio manager was actually managing the account.
Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Intermediate Fixed Income SMA | |||
| Product Commentary - Franklin Intermediate Fixed Income SMA | |||
| FTPPG Regulatory Disclosures |
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. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Active management does not ensure gains or protect against market declines. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. 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.
Important Information
Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by affiliated subadvisors of Franklin Templeton. Management is implemented by FTPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee.
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Franklin Templeton (FT) is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest.
Important data provider notices and terms available at www.franklintempletondatasources.com.
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 Bloomberg Intermediate Government/Credit Index is an unmanaged index that measures the performance of intermediate (one to ten years) government and corporate fixed-rate debt issues.
Source: Bloomberg Indices.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.