Franklin Resources' $408B Q4 2025 Filing: A 14,263-Position Book Where No Single Stock Tops 5%
Franklin Templeton's 13F reveals $408B across 14,263 holdings in Q4 2025. Microsoft leads at just 4.7%, followed by Nvidia at 4.4%. Extreme diversification masks a mega-cap core.
TL;DR
- AUM: $407.6B across 14,263 holdings (Q4 2025)
- Top holding: Microsoft (MSFT) at 4.7% — $19.3B
- #2: Nvidia (NVDA) at 4.4% — $18.1B
- #3: Apple (AAPL) at 3.2% — $12.9B
- Top-5 concentration: Just 17.3% — extremely diversified
- AUM growth: $401.0B (Q3) → $407.6B (Q4), +1.6% QoQ
- Holdings trend: Steady growth from 11,404 (Q3 2024) to 14,263 (Q4 2025)
- Key feature: No position exceeds 5% — classic large-cap manager diversification
Franklin Resources Top 10 Holdings — Q4 2025 ($B)
The 14,000-Position Machine
Franklin Resources (Franklin Templeton) runs one of the broadest 13F portfolios in the institutional universe. With 14,263 positions worth $407.6B, the average position is roughly $29 million — pocket change for a fund this size.
This is not indecision; it is the natural result of managing dozens of strategies across equity, fixed income, and multi-asset products. The 13F aggregates all of them into a single filing.
The Mega-Cap Surface
The top 10 reads like an S&P 500 weight table: Microsoft (4.7%), Nvidia (4.4%), Apple (3.2%), Amazon (2.9%), Alphabet (GOOGL) (2.5%), Broadcom (2.5%), Meta (1.4%), Exxon Mobil (1.2%), Eli Lilly (1.2%), and Alphabet (GOOG) (1.1%).
The top-5 concentration of 17.3% is remarkably low for a $400B+ manager. By comparison, Berkshire Hathaway's top 5 is 70.9% and Pershing Square's is 71.2%.
Franklin Resources AUM History (2024–2025)
Steady AUM Growth
Franklin's AUM has grown steadily from $271B (Q3 2024) to $408B (Q4 2025) — a 50% increase over five quarters. This reflects a combination of market appreciation, fund inflows, and the continued expansion of their ETF platform. The holdings count has also grown from 11,404 to 14,263, suggesting new strategies or products being added.
What Analysts Might Misread
"Franklin is index-hugging"
The mega-cap top 10 looks like an index. But with 14,263 positions, Franklin has substantial active bets buried deep in the portfolio — small-cap value funds, sector-specific strategies, and international sleeves that do not show up in the top-10 view.
"No conviction in any single name"
A 4.7% top weight is not lack of conviction — it is the mathematical reality of aggregating 50+ sub-funds into one filing. Individual Franklin strategies may have 10%+ positions in their top holdings.
Frequently Asked Questions
How many stocks does Franklin Templeton hold?
As of Q4 2025, Franklin Resources reports 14,263 positions in its 13F filing, making it one of the broadest institutional portfolios on record.
What is Franklin Templeton's largest holding?
Microsoft (MSFT) at 4.7% ($19.3 billion), followed closely by Nvidia (NVDA) at 4.4% ($18.1 billion).
What is Franklin Templeton's AUM?
The Q4 2025 13F reports $407.6 billion in 13F-reportable assets.
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