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Franklin UK Mid Cap

Elite Rated by FundCalibre

Unlike some other mid-cap funds this fund is a pure play on the FTSE 250, the UK stock market mid-cap index. The portfolio itself is concentrated with 35-45 stocks, which reflects the high conviction in manager Paul Spencer’s approach. He has managed this fund since February 2006 and has achieved very impressive performance figures, both relative and absolute, during this period.

Company Description

Founded by Rupert Johnson in 1947, and taking its name from former US president Benjamin Franklin, the company manages assets across 35 countries and is based in San Mateo, California, but also has 3 offices in the UK. Franklin Resources Inc acquired Templeton, Galbraith & Hansberger Ltd in 1992, helping it to diversify beyond fixed income to move into international equities and emerging markets among others.


Fund Manager

The members of the Franklin UK equity team have an average of 22 years industry experience and most of the group have worked together for over 20 years. Paul has run this strategy with considerable success since 2006.


Being based in Leeds, away from the masses, helps the Franklin UK Equity team to step back and take a look at the market, saving us from ‘communal thinking.

Paul Spencer - Fund Manager

The Investment Process

Paul employs a pragmatic, long-term investment approach, with no deliberate growth or value bias. However, as he runs a tight, high-conviction portfolio, understanding the risks associated with portfolio companies is key. These risks include business, balance sheet, management and valuation risk. Stocks that pass this assessment are deemed to be of sufficient quality and are candidates for inclusion in the portfolio.


The manager’s high-conviction approach means that the fund carries more stock-specific risk that its benchmark, which means it is more volatile than the FTSE 250. However, Paul’s emphasis on identifying high-quality companies does mitigate this risk somewhat.

Our Opinion

Paul has a long and enviable track record managing this fund. His process works well across a wide range of market conditions and he is supported by a small, but highly competent team from Franklin’s base in Leeds. While he has benefited from the strong performance of the FTSE 250 during his tenure, this should not detract from the fact that he has demonstrated considerable skill in the management of this fund.

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