Skip to Content

Leaving Franklin Templeton

Clicking OK below will take you to an independent site. Information and services provided on this independent site are not reviewed by, guaranteed by, or endorsed by Franklin Templeton or its affiliates. Please keep in mind that this independent site's terms and conditions, privacy and security policies, or other legal information may be different from those of Franklin Templeton's site. Franklin Templeton is not liable for any direct or indirect technical or system issues, consequences or damages arising from your use of this independent website.
  • Investments
      Products
      • Mutual Funds
      • Exchange Traded Funds
      • Separately Managed Accounts
      • 529 Portfolios
      • Interval Funds
      • Tender Offer Funds
      • Closed End Funds
      • Money Market Funds
      Asset Class
      • Equity
      • Fixed Income
      • Multi-Asset
      • Digital Assets
      • Private Markets
      Additional Capabilities
      • Managed Options
      • Municipal Investing
      • Investing in ETFs
      • Customized SMAs
      • Retirement
      Resources
      • Morningstar 4- and 5-Star Funds
      • Sales Charges & Breakpoints
  • Managers
      Public Markets
      • ClearBridge Investments
      • Franklin Equity
      • Franklin Income Investors
      • Franklin Templeton Fixed Income
      • Franklin Templeton Investment Solutions
      • Putnam Investments
      • Royce Investment Partners
      • Templeton Global Investments
      • Western Asset
      Alternatives
      • Benefit Street Partners
      • Clarion Partners
      • Franklin Templeton Digital Assets
      • Franklin Venture Partners
      • Lexington Partners
  • Insights
    • Latest Insights
    • Anatomy of a Recession
    • Market Volatility Center
    • Podcasts
    • Franklin Templeton Institute
    • Research Findings
    • Technology and Innovation
    • Global Investment Outlook 2026
  • Planning & Learning
      Planning For
      • Education
      • Charitable Giving
      Learn About Investing
      • Investing Basics
      • Types of Funds
      • Investor Behavior
  • Tools & Resources
      Tools
      • Fund Comparison
      • Educational Calculators
      • Franklin Templeton US Shareholder Mobile App
      • Municipal Bond Ladder Tool
      Browse Literature
      • Fund Fact Sheets
    • Forms & Applications
    • How to Invest
    • Account Services Support
    • Tax Center
      • Fund-Specific Tax Information
      • Tax Forms for Accounts Held Directly with Franklin Templeton and Putnam Investments
    • Proxy Voting

Personalize Your Experience

Welcome to the Franklin Templeton site for the United States.

Learn how we can help you achieve your financial goals. Confirm your role below.

Individual Investor

I’m an individual investor investing my own or my family’s money. I’m looking for information on investment solution, timely insights or to sign in to my account.

Financial Professional

I’m a broker dealer, RIA, a trust or a bank Financial Professional. I advise my clients on how to invest their money and I’m looking for information, timely insights or to sign in to my client accounts.

Institutional Investor

I’m an institutional investor looking for investment capabilities, solutions and timely insights.

  • [0] My Cart
  • About Us
  • Contact Us
Franklin Templeton
Search
Fixed Income

Franklin Intermediate Fixed Income SMA

Popular Documents

  • Factsheet
  • Product Commentary
View All
Year to Date Returns (Net)
5.31%
As of 12/31/2025
Year to Date Returns (Pure Gross)
6.89%

Sign in to view documents

This feature is not available at your firm

Franklin Intermediate Fixed Income SMA

  • Overview
  • Composite Performance
  • Portfolio
  • Documents
Skipped to Overview Section Content

Overview

See additional performance disclosures in the performance section.

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 WorstAs of 12/31/2025 (Updated Monthly)
3.97%
Effective DurationAs of 12/31/2025 (Updated Monthly)
3.66 Years

Average Annual Total Returns As of 01/31/2026

View performance section for additional info As of 01/31/2026
  • 4.86%1 Year
  • 2.84%3 Years
  • -0.24%5 Years
  • 0.88%10 Years
  • 3.16%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

Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

View portfolio section for additional info

As of 12/31/2025 % of Total (Updated Quarterly)

Top Sectors
U.S. Treasury58.36%
Investment Grade Credit41.37%

Sign in to view documents

Sign in to view documents

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.

Commentary Highlights

December 31, 2025
  • Markets:  Market sentiment improved across the fourth quarter of 2025 (Q4) due to the resolution of the US federal government shutdown through mid-November, partial resolution of some of the outstanding trade policy concerns and two 25-basis points (bps) rate cuts by the US Federal Reserve (Fed), which was well received by the market. The median Federal Open Market Committee (FOMC) projection currently suggests one more 25 bp rate cut in 2026, though there are outliers within the FOMC and delays in government data has created some uncertainty. Fixed income spread markets performed well as corporate bond spreads remained near multidecade lows by the end of the quarter. The benchmark 10-year US Treasury (UST) note rose by 15 basis points to end the quarter at 4.17%.
  • Contributors:  Security selection in consumer non-cyclicals and overweight allocations to A- rated bonds, and to the consumer non-cyclicals, communication and insurance sectors.
  • Detractors:  Security selection in the technology sector, and in BBB, AA+, and AA Rated Bonds. Lack of exposure to consumer cyclicals.
  • Outlook:  Despite tight spreads we feel that yields on investment-grade (IG) corporate bonds remain attractive on the shorter-end of the yield curve.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income
[Jacob K. Chus avatar]

Managed Strategy Since 2019

[Marc Kremers avatar]

Managed Strategy Since 2025

[Albert W Chans avatar]

Managed Strategy Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

March 9, 2026

Municipal bond market monthly brief

March 2, 2026

On My Mind: Iran—Early considerations on market impact

February 19, 2026

On My Mind: Of bots and men—Investing in the age of AI

January 26, 2026

European fixed income outlook—cautious optimism

January 21, 2026

The municipal bond market outlook: Continued stability—a good sign for investors (new app)

Sign in to view documents

[products.skip-performance]

Composite Performance

Average Annual Total Returns

As of 01/31/2026

Choose Month

2026

Use arrow keys to navigate calendar. Press Enter to select a date.
2026
Selected Month January 2026

Chart

Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -0.24 to 6.44.
Created with Highcharts 11.4.8-2024681 Year3 Years5 Years7 Years10 Years15 Years20 Years25 YearsSince​Inception
End of interactive chart.
Franklin Intermediate Fixed Income SMA - Net (%)
Month End
As of 01/31/2026
Franklin Intermediate Fixed Income SMA - Pure Gross (%)
Month End
As of 01/31/2026
Bloomberg Intermediate U.S. Government/Credit Index (%)
Month End
As of 01/31/2026

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. 

[products.skip-portfolio]

Portfolio

Portfolio Statistics

As of 12/31/2025 (Updated Quarterly)

Weighted Average Price

The average price of the securities held by a portfolio, excluding cash and collateralized debt obligations.

Portfolio
98.53
Effective Duration

Effective duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Please note, duration measures the sensitivity of price (the value of principal) of a fixed-income investment to a change in interest rates.

Portfolio
3.66 Years
Weighted Average Coupon 1

Average Coupon is based on the portfolio’s underlying holdings, not on the dividends paid by the portfolio, which may differ and are subject to change. The coupon rate is the annual coupon payments paid by the issuer relative to a bond's face or par value.

Portfolio
3.28%
Yield to Worst 2

The yield to maturity if the worst possible bond repayment takes place. If market yields are higher than the coupon, the yield to worst would assume no prepayment. If market yields are below the coupon, the yield to worst would assume prepayment. In other words, yield to worst assumes that market yields are unchanged. Normally this value is not aggregated since it varies but if a weighted average value is used for a portfolio then the figure will reflect the values of the underlying issues, based on the size of each holding

Portfolio
3.97%
Average Weighted Maturity

An estimate of the number of years to maturity, taking the possibility of early payments into account, for the underlying holdings.

Portfolio
4.16 Years
Yield to Maturity 3

Yield to Maturity (‘YTM’) also known as the ‘Gross Redemption Yield’ or ‘Redemption Yield’. The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate.

Portfolio
3.98%

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 4

As of 12/31/2025 % of Total (Updated Quarterly)

Sector Allocation
Sector % of Total
U.S. Treasury
58.36%
Investment Grade Credit
41.37%
Cash & Cash Equivalents
0.27%

Chart

Bar chart with 3 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0.2686 to 58.3603.
Created with Highcharts 11.4.80%20%40%60%80%U.S. TreasuryInvestment Grade​CreditCash & Cash​Equivalents
End of interactive chart.

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. 

Data is currently not available for this fund.

[products.skip-documents]

Documents

Product Documents
Product Documents
Name Download Add to Cart
Factsheet - Franklin Intermediate Fixed Income SMADownload Document
Product Commentary - Franklin Intermediate Fixed Income SMADownload Document
FTPPG Regulatory DisclosuresMailed hardcopies unavailable.Download Document

Sign in to view documents

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.

Sign in to view documents

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. 

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

Footnotes

  1. Average Coupon is calculated without the deduction of fees and expenses.

  2. Yield to Worst is calculated without the deduction of fees and expenses. 

  3. Yield to Maturity is calculated without the deduction of fees and expenses.

  4. Figures shown 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.

  5. Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

This website is intended for residents of the United States.

United States
Investments
  • Investment Options
  • Investment Resources
  • Our Capabilities
Insights
  • Latest Insights
  • Anatomy of Recession
Planning & Learning
  • Planning for
  • Learning About Investing
Tools & Resources
  • Tools
  • Literature
  • Tax Center
About Us
  • Why Choose Franklin Templeton
  • News Room
  • Specialist Investment Managers
  • Contact Us
Accounts
  • Account Service Support
  • Careers
  • Help
  • Site Usage & Accessibility
  • Security & Fraud Awareness
  • Privacy Notice
  • Financial Crimes Compliance
  • Terms of Use
  • Sitemap

Connect with us

  • Facebook opens a dialog
  • LinkedIn opens a dialog
  • Instagram opens a dialog
  • YouTube opens a dialog
  • Twitter opens a dialog

Copyright © 2026Franklin Templeton. All Rights Reserved.

Franklin Templeton