Franklin Resources2026-Q1
Franklin Resources Inc. filed its 13F for the first quarter of 2026, revealing an active rebalancing of its equity portfolio.
| Ticker | Action | Value Change |
|---|---|---|
| MSFT | trim | -$5.11B |
| XOM | trim | +$1.98B (trimmed; value rose on price gain) |
| AZN | new_buy | a notable change |
| AMZN | add | -$825.8M (added; value fell on price drop) |
| KR | add | +$985.5M |
Franklin trimmed its Microsoft shares during Q1, cutting the position's value from $19.33B to $14.22B. The portfolio weight dropped from 4.74%% to 3.48%%. This reduction was the single largest dollar-value trim among all holdings, confirming a shift away from the tech giant.
Franklin established a new stake in AstraZeneca valued at $3.49B, giving it a 0.86%% portfolio allocation. The initiation came alongside the complete sale of AZNN, a similar holding that was worth $1.85B, confirming a rotation within the healthcare sector.
Franklin added shares of Amazon, Apple, Tesla, and Capital One Financial during the quarter, but all four positions recorded lower market values by quarter-end. Amazon fell from $12.02B to $11.19B, while Apple dropped from $12.92B to $12.33B. Tesla decreased from $3.36B to $2.80B, and Capital One went from $3.02B to $2.50B. In each case, the stock price decline outweighed the additional share purchases, so the dollar value decreased despite the active buying.
Franklin trimmed its Exxon shares, but the position's value increased from $5.05B to $7.03B because the stock's price gain outweighed the reduction. At the same time, the fund added to ConocoPhillips ($2.37B), pushing the Energy sector weight from 3.76% to 5.35%.
Franklin Resources took advantage of market volatility, buying into stocks that had fallen and trimming those that had risen. The fund also rotated into defensive sectors like Energy and Consumer Staples while reducing tech exposure. These moves point to a cautious but contrarian stance for the early part of 2026.