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Managed Fund Since 2003
Equity
FRNRX 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
Total Net Assets
$522.83M
As of 03/31/2026 (Updated Monthly)
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
4 - S&P Global Natural Resources Index
- Fund Inception Date
- 06/05/1995
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 20%
Identifiers
- Ticker
- FRNRX
- Fund Number
- 403
- CUSIP Code
- 354713604
Average Annual Total Returns As of 03/31/2026
Class A
- 43.01%1 Year
- 17.42%3 Years
- 18.98%5 Years
- 8.76%10 Years
- 7.07%Since Inception
06/05/1995
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 03/31/2026 Equity as a % of Total (Updated Monthly)
Oil, Gas & Consumable Fuels47.07% | |
Metals & Mining24.94% | |
Chemicals8.86% | |
Energy Equipment & Services7.80% | |
Construction Materials1.81% |
Additional Fund Info
- Share Class Inception Date
- 06/05/1995
- Investment Style
- Sector
- Lipper Classification
- Global Natural Resources Funds
- Morningstar Category
8 - Natural Resources
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
March 31, 2026- Global Commodities Market and Natural Resources Equities: Boosted by supply shocks concentrated in energy and agriculture, the global commodity complex, as measured by the Refinitiv CoreCommodity CRB Index (CRB), posted a 24.6% first quarter 2026 (1Q26) price return, with nearly all of that gain occurring in March. The US dollar’s trade-weighted value rose from a four-year low and generally made commodities more expensive for users of other currencies. The CRB’s rally was supported by extraordinary returns for US-based heating oil (+96.3%), gasoline (+94.2%) and crude oil (+76.6%), while major crop products such as wheat (+21.5%) and soybeans (+13.6%) provided secondary support. Precious and industrial metals had mixed results, while the CRB’s downside was anchored by double-digit losses in cocoa (-45.6%), US natural gas (-21.8%) and coffee (-14.5%). Commodity trading reflected elevated risks linked to the outbreak of war in the Middle East, uneven supply/demand dynamics, financial market volatility, weakening consumer sentiment, inflation pressures and fairly stable central bank policy stances across major economies. Ongoing structural themes—including resource nationalism, trade barriers and supply chain realignment—also remained influential. Although the US stock market delivered its worst quarterly results since 2022, the energy sector was a distinct outlier to the upside, having gained 38.3% domestically (as measured by the S&P 500 Index) and 33.8% globally (per the MSCI All Country World Index in US dollar terms). In both cases, energy topped all 10 other major equity sectors in 1Q26 and was the only one with a gain in March (+10.4% in the US and +10.5% globally). On the same two measures, materials sector stocks were also resilient as they increased 9.7% (S&P 500) and 6.7% (MSCI ACWI) in the quarter despite losses of 6.9% (US) and 11.6% (globally) in March, when they dropped into the bottom half of the sector rankings as the metals and mining industry fell by double-digit percentages and shed most of its prior 1Q26 gains.
- Detractors: Significant underweighting in the integrated oil and gas industry; stock selection and an overweighting among copper producers; and substantial overweighting in diversified metals and mining companies.
- Contributors: Lighter-than-benchmark exposures to poor-performing construction materials, paper and plastic packaging, and energy pipeline and infrastructure companies.
- Outlook: We remain constructively cautious as the Iran war has made the near-term backdrop more supportive for energy, precious metals and select supply-constrained commodities than previously assumed.
Franklin Equity
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Managed Fund Since 2008
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Managed Fund Since 1999
Latest Insights
April 16, 2026
April 2, 2026
February 18, 2026
Performance
Calendar Year Returns
As of 03/31/2026
Class A - With Sales Charge (POP) (%)
Class A - 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 3
©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 of03/31/2026 (Updated Monthly)
- Total Net Assets
- $522.83 Million
Positions
As of 03/31/2026 (Updated Monthly)
Number of Issuers
- Fund
- 95
- Benchmark
- 136
Portfolio Statistics
As of 03/31/2026 (Updated Monthly)
Weighted Average Market Capitalization (USD)
- Fund
- $113.89 Billion
- Benchmark
- $167.49 Billion
- Fund
- 15.53x
- Benchmark
- 17.07x
- Fund
- 9.23x
- Benchmark
- 10.21x
- Fund
- 2.57x
- Benchmark
- 2.74x
Asset Allocation
As of 03/31/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 96.57% |
Cash & Cash Equivalents | 3.43% |
Holdings
As of 03/31/2026 (Updated Monthly)
Exxon Mobil Corp COM NPV
ConocoPhillips COM USD.01
Chevron Corp COM USD.75
NEWMONT CORP COM USD1.6
Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO
Barrick Mining Corp ORD USD NPV
Agnico Eagle Mines Ltd ORD NPV
EOG Resources Inc COM USD.01
TOTALENERGIES SE ORD USD 2.5
BHP GROUP LTD SPONSORED ADR
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
Pricing History
As of 04/24/2026 (Updated Daily)
Daily Fund Prices and Breakpoints
As of 04/24/2026
Share Prices
As of 04/24/2026
POP and Sales Charge at Breakpoints
Less than $25,000
$25,000 - $49,999
$50,000 - $99,999
$100,000 - $249,999
$250,000 - $499,999
$500,000 - $749,999
$750,000 - $999,999
52-Week Range
- Highest NAV
As of 03/02/2026 - $45.66
- Lowest NAV
As of 05/01/2025 - $28.12
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 A | |||
| Annual Financial Statements and Other Information - Franklin Strategic Series | |||
| Semi-Annual Report - Franklin Natural Resources Fund - Class A | |||
| Semiannual Financial Statements And Other Information - Franklin Strategic Series | |||
| 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
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.
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.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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.
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 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.