FRANKLIN RESOURCES INC

Franklin Resources' 13F portfolio was essentially flat at $408.3B in Q1 2026 (from $407.6B), but the firm was an active rebalancer underneath. It trimmed Microsoft (-$5.1B), Nvidia (-$1.2B), and Broadcom (-$1.2B) — its crowded leaders — while building Exxon Mobil (+$2.0B), Honeywell (+$1.07B), Lam Research (+$789M), and Cisco (+$640M). Nvidia (4.12%), Microsoft (3.48%), and Apple (3.02%) remain the anchors. New positions opened in ConocoPhillips, RTX, Netflix, and FedEx; UnitedHealth and AstraZeneca were sold.