September, 2023
During the third quarter of 2023, the portfolio underperformed its benchmark, the MSCI World ex-Australia Index-NR (both in Australian-dollar terms), as stock selection in the consumer discretionary, materials and financials sectors hindered relative returns. In contrast, stock selection in the health care sector boosted relative returns. In terms of sector allocations, a lack of exposure to energy and communication services detracted from relative results. In contrast, a lack of exposure to consumer staples and utilities enhanced relative results. On a regional level, stock selection in North America and Europe dampened relative returns, while exposure to Latin America/Caribbean benefitted relative returns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ProductProfile-FranklinGlobalGrowthFund-12763-AU-en-GB.pdfJune, 2023
During the first quarter of 2023, the portfolio outperformed its benchmark, the MSCI World ex-Australia Index-NR (both in Australian-dollar terms), as stock selection in the industrials, financials and IT sectors boosted relative returns. In contrast, stock selection in the consumer discretionary and materials sectors hindered relative returns. In terms of sector allocations, a lack of exposure to consumer staples and energy and an overweight in IT enhanced relative results. In contrast, a lack of exposure to communication services and overweight positions in health care and materials detracted from relative results. On a regional level, stock selection in North America and a lack of exposure to Asia/Pacific ex Japan benefitted relative returns, while exposure to emerging markets and stock selection in Japan dampened relative returns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/12763-Product-Profile-en-au-4.pdfMarch, 2023
During the first quarter of 2023, the portfolio outperformed its benchmark, the MSCI World ex-Australia Index-NR, as stock selection in the health care, consumer discretionary, real estate and industrials sectors boosted relative returns. In contrast, stock selection in financials and IT hindered relative results. In terms of sector allocations, a lack of exposure to energy and an overweight in consumer discretionary enhanced relative results, while an overweight in health care and a lack of exposure to communication services detracted. On a regional level, an overweight in emerging markets and stock selection in the United Kingdom benefitted relative returns, while stock selection in North America detracted.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/12763-Product-Profile-en-au-3.pdfDecember, 2022
During the period, the account underperformed its benchmark, the MSCI World ex-Australia Index-NR, as stock selection in the Information Technology (IT), Health Care and Financials sectors hampered relative returns.
Conversely, stock selection in the Consumer Discretionary and Real Estate sectors supported relative performance.
In terms of sector allocations, a lack of exposure to Energy and an overweighting in the IT sector hampered relative results. In contrast, a lack of exposure to the Communication Services sector and an overweight in Health Care supported relative portfolio returns. On a regional level, stock selection in North America and Europe dampened relative returns, while stock selection in the United Kingdom nominally enhanced portfolio results and an overweighting in North America modestly offset some of the negative selection effects.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/12763-Product-Profile-en-au-2.pdfSeptember, 2022
During the quarter, the portfolio outperformed its benchmark, the MSCI World ex Australia Index, as security selection in the Industrials, Information Technology and Health Care sectors buoyed relative results.
Conversely, stock selection in the Materials, Consumer Discretionary and Real Estate sectors held back relative performance.
In terms of sector allocations, lack of exposure to Communication Services had a positive effect, whereas lack of exposure to Energy hindered relative performance. Regionally, stock selection in North America contributed on a relative basis, while stock selection in Europe held back results.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/12763-Product-Profile-en-au-1.pdfJune, 2022
During the quarter, the portfolio underperformed its benchmark, the MSCI World ex Australia Index, as stock selection in the Financials, Health Care and Industrials sectors hindered relative performance. On the upside, stock selection in the Information Technology and Real Estate sectors buoyed relative returns. In terms of sector allocations, lack of exposure to Consumer Staples had a negative effect, whereas an overweight to Health Care benefitted relative performance. Regionally, stock selection in North America detracted while an overweight in that region marginally supported results.
The end of the second quarter brought a recovery in bonds, with the 10-year US Treasury yield moving back below 3% from a high of almost 3.5%. In our view, greater stability in fixed-income markets would indicate that markets are beginning to believe central banks have achieved the upper hand against inflation. Greater stability in bond markets may be leading to a more stable equity market entering the second half of the year, suggesting that the sharp selloff in the first half might have sufficiently corrected the pandemic-induced bull run of the past two years.
Looking toward the second half of 2022, investors hoping for a V-shaped snapback in equities are likely to be disappointed, in our view. While we believe the bear market correction is likely behind us, the market will need to clarify its response to intervening factors, including the waning pace of inflation and the depth of the economic downdraft caused by the reduction in demand associated with higher interest rates. We anticipate that it could take one or two more quarters for this picture to become clearer.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/12763-Product-Profile-en-au.pdfMarch, 2022
During the quarter, the portfolio underperformed its benchmark, the MSCI World ex Australia Index, as security selection in the Information Technology, Financials and Health Care detracted from relative results. Conversely, select holdings in the Information Technology sector contributed to relative results. In terms of sector allocations, a lack of exposure to Energy weighed on relative returns. Conversely, lack of exposure to Communication Services contributed to relative results. Regionally, security selection in North America held back performance, while lack of exposure to Japan aided returns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/12763-W-Product-Profile-en-au.pdfDecember, 2021
During the quarter, the portfolio underperformed its benchmark, the MSCI World ex Australia Index, as stock selection in the Consumer Discretionary, Industrials and Health Care sectors hindered the fund’s performance. Conversely, stock selection in Financials helped relative returns. In terms of sector allocations, an overweight to Industrials detracted, while an overweight in Information Technology contributed to relative performance. Regionally, exposure to emerging markets weighed on relative results, while a lack of exposure to Japan had a positive effect.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/Franklin-Global-Growth-Fund-Product-Profile.pdfJune, 2021
During the quarter, the portfolio underperformed its benchmark, the MSCI World ex Australia Index, as security selection in the Consumer Discretionary and Health Care sectors curbed relative results. Conversely, stock selection in the Financials and Industrials sectors contributed to relative results.In terms of sector allocations, an overweight in Industrials and lack of exposure to Communication Services curbed relative performance. A lack of exposure to Utilities and an overweight in Information Technology contributed to relative returns. Regionally, emerging markets exposure curbed relative results, while stock selection in Europe and a lack of exposure to Japan contributed.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/franklin-global-growth-fund.pdfticker: FRT0009AU
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Franklin Global Growth Fund seeks long-term capital appreciation by investing primarily in equity securities of growth companies, with any market size capitalisation, located throughout the world. It aims to outperform the MSCI World ex Australia Index, in Australian dollar terms after fees and expenses (but before taxes), over the medium to longer term.
- A disciplined investment process which aims to build a portfolio of approximately 35-40 stocks.
- Exposure to a portfolio of high quality sustainable growth companies.
- Asset class rank: International equities ( 96.1%), and Money market (3.91%).
manager_contact_details: Array
asset_class: Foreign Equity
asset_category: Large Growth
peer_benchmark: Foreign Equity - Large Growth Index
broad_market_index: Developed -World Index
structure: Managed Fund