Franklin Resources Inc

BEN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$63.00	Xmfvx	Brgqjjw

Franklin Resources: Moat Rating Lowered to None from Narrow on Diminished Intangible Assets

Greggory Warren

Sep 20, 2024

We've lowered our moat rating for Franklin Resources to none from narrow. While the company has some moatworthy characteristics—like well-known brands, well-forged distribution ties, repeatable investment strategies, and a track record of producing excess returns—these attributes and other intangible assets continue to diminish.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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