Franklin UK Mid Cap W Acc

Willis Owen Research Commentary

Co-manager Richard Bullas will assume full responsibility for the fund when Paul Spencer retires in September 2020. Bullas has been a member of the close-knit Franklin UK Equities team since 2011. The investment process involves a broad social and economic overview to identify areas of opportunity. High quality companies are identified following an assessment of business, management and balance-sheet risks. Holdings are sold when they reach a target price, although this may be reviewed if prospects change. This valuation focus can result in the portfolio looking considerably different from the benchmark.

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