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Managed Strategy Since 2020
Fixed Income
Franklin Intermediate Government Bond SMA
Popular Documents
Year to Date Returns (Net)
-0.23%
As of 03/31/2026
Year to Date Returns (Pure Gross)
0.15%
Overview
Product Facts
Strategy Description
The investment management team manages portfolios composed primarily of intermediate maturity U.S. Government securities. Using a risk-managed, top-down/bottom-up approach via active management of duration, yield curve, sector allocation and issue selection, we seek to provide capital appreciation along with current income.
- Benchmark
- Bloomberg US Government - Intermediate Index
- Inception Date
- 12/31/2003
- Asset Class
- Fixed Income
- Yield to Worst
As of 04/30/2026 (Updated Monthly) - 4.01%
- Effective Duration
As of 04/30/2026 (Updated Monthly) - 3.82 Years
Average Annual Total Returns As of 04/30/2026
- 1.50%1 Year
- 2.32%3 Years
- -0.08%5 Years
- 0.54%10 Years
- 1.54%Since Inception
12/31/2003
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.
Top Sectors
As of 03/31/2026 % of Total (Updated Quarterly)
U.S. Treasury88.49% | |
U.S. Government Agency9.29% |
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
March 31, 2026- Markets : The war in the Middle East, which began in late February when the United States and Israel struck Iran, dominated much of the news flow and financial market sentiment over the remainder of the quarter. The reaction in markets has evolved, initially seeing a traditional risk-off move in both the US dollar and US bonds, which then turned into a stagflationary-focused selloff in core developed bond markets as oil prices surged (although the dollar remained well-supported). The US Federal Reserve (Fed) remained on hold throughout the quarter. The March Federal Open Market Committee (FOMC) meeting statement and press conference emphasized uncertainty related to the Iran war, indicating that the Fed would look through any initial oil supply shock effect on inflation to focus on core developments, while also noting a likely dragging effect on the economy; ultimately the Committee retained an easing bias. Over the period, the US Treasury (UST) yields moved higher across the curve over the three-month period, resulting in a broader upward shift in the interest rate environment. The one-month UST bill yield increased by 10 basis points (bps), while the three-month UST bill yield rose by five bps. Yields climbed by 32 bps to 3.79% on the two-year UST note, and by 22 bps to 3.94% on the five-year UST note. By the end of the period, the yield on the benchmark 10-year UST note had risen by 15 bps to 4.32%, while the yield on the 30-year UST bond stood seven bps higher at 4.91%.
- Contributors : Underweight to the 10-year segment of the UST yield curve. Overweight to the five-year portion of the UST yield curve. Security selection among USTs.
- Detractors : Underweight to short-duration USTs.
- Outlook : Looking ahead into 2026, we have a favorable view toward the US economy, which remains resilient despite rising external pressures. Impending fiscal stimulus and an intact artificial intelligence (AI)-driven capital expenditure cycle could offset consumption drags. While our gross domestic product (GDP) growth forecast faces downside risks, structural expansion continues, making slower growth far more likely than a recession. Meanwhile, we expect the Federal Reserve to hold rates steady to combat any persistent inflation risks.
Franklin Templeton Fixed Income
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Managed Strategy Since 2025
![[Albert W Chans avatar]](https://franklintempletonprod.widen.net/content/z0zmosiczd/webp/Chan_Albert_500x500.png){kind=avatar}
Managed Strategy Since 2024
Latest Insights
May 7, 2026
April 29, 2026
Composite Performance
Risk/Return Profile (%)
Based on a 10 year period ending Mar-31-2026
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.
Portfolio
Portfolio Statistics
As of 04/30/2026 (Updated Monthly)
Effective Duration 1 2 3
- Portfolio
- 3.82 Years
- Portfolio
- 4.32 Years
- Portfolio
- 4.01%
- Portfolio
- 4.01%
- Portfolio
- 3.16%
- Portfolio
- 96.58
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 03/31/2026 % of Total (Updated Quarterly)
| Sector | % of Total |
|---|---|
U.S. Treasury | 88.49% |
U.S. Government Agency | 9.29% |
Cash & Cash Equivalents | 2.21% |
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
Product Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Intermediate Government Bond SMA | |||
| Product Commentary - Franklin Intermediate Government Bond 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 U.S. Government Intermediate Index is the intermediate component of the Bloomberg U.S. Government Index, which includes public obligations of the U.S. Treasury with at least one year to final maturity and publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government.
Source: Bloomberg Indices.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.