Franklin Resources2026-Q2
Franklin Resources Inc's latest 13F, covering positions as of June 30, 2026, reveals a quarter defined by aggressive technology buying, a full exit from one industrial bellwether, and a few value swings that look contradictory until you read the footnotes.
Quick Stats
| Ticker | Action | Value Change |
|---|---|---|
| AAPL | Added | +$7.69B |
| AMD | Added | +$4.41B |
| GOOGL | Trimmed | -$2.45B |
| HON | Sold Out | Full stake eliminated |
| NVDA | Trimmed | +$1.42B (share count cut, but price gains lifted the dollar value) |
Apple. The fund added to AAPL, and the position grew by +$7.69B, rising from $12.33B to $20.02B. Its portfolio weight expanded from 3.02% to 4.34%, making it the largest dollar holding among the top changes, ahead of both Nvidia and Microsoft. Measured against every other entry in this filing, the AAPL add is the defining trade of the quarter.
The filing shows coordinated adds across nearly the entire chip supply chain. AMD grew by +$4.41B, with its weight jumping from 0.21% to 1.14%, and Micron climbed from $667.3M to $4.20B. Lam Research gained +$3.14B, while Applied Materials, KLA and ASML ended the quarter at $2.44B, $1.63B and $1.60B respectively, and SanDisk jumped from $190.7M to $1.69B. This buying wave lines up with the Information Technology weighting expanding from 0.2496 to 0.3114 — the only sector whose weight increased. Every chip-design and equipment name on the list was added to; the sole semiconductor sold was TSM, a trim that nonetheless carried a higher dollar value.
HON is the lone outright elimination among the top changes. The entire stake — last reported at $3.06B, equal to 0.75% of the portfolio — was gone by June 30, with the weight now sitting at 0.00%. A 13F discloses positions, not reasons, so the data alone cannot distinguish a valuation call from broader portfolio restructuring. The direction is clear, though: money pulled from the industrial giant coincided with heavy deployment into technology.
All three are cases where the stock's price moved harder than the trade did. NVDA and TSM were trimmed (real selling), but their dollar values rose because the stock price gained more than the trimmed shares were worth — NOT a buy; NVDA still closed the period at $18.26B and a 3.95% weight, and TSM ended at $3.35B with its weight moving from 0.61% to 0.72%. XOM is the reverse: shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell, leaving the position at $5.89B against $7.03B a quarter earlier. The action field, not the dollar change, is what tells you what the managers actually did.
Both, depending on the share class. The GOOGL line was trimmed by -$2.45B, with its weight slipping from 2.53% to 1.71%. The GOOG line went the other way, growing by +$669,593 as its weight rose from 0.00% to 0.00%. Because the two tickers are simply different share classes of the same business, the quarter shows a rotation between classes rather than a clear verdict on the company itself.
The holding count rose from 3147 to 3190, and the turnover ratio climbed from 0.241863 to 0.302868, marking a visibly busier quarter of repositioning. Two sizable new positions appeared under the identifiers 438516205 and 43849R105, debuting at $1.46B (a 0.32% weight) and $1.44B (a 0.31% weight). Health care activity ran in both directions, with adds to Eli Lilly, UnitedHealth, AbbVie and Vertex alongside a JNJ trim worth +$1.3M. Elsewhere, sector weights slipped across the board — Financials from 0.1329 to 0.1278, Energy from 0.0535 to 0.0413, Communication Services from 0.0786 to 0.0637 — while the Herfindahl index edged up from 0.009183 to 0.010104, a mild increase in concentration.
This filing captures one asset manager steering decisively into information technology, led by chips and mega-cap hardware, while clearing out a legacy industrial position. Higher turnover and a rising concentration score confirm the portfolio was actively rebuilt this quarter, not left to drift. A 13F remains a backward-looking snapshot of a single institution, so it is most useful as context for your own research rather than a signal to follow.