Franklin Resources, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 596 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• MOST IMPORTANT: Franklin Resources' own Form 13F-HR (CIK 0000038777, period 30 Jun 2026, filed 13 Aug 2026, accession 0000038777-26-000222) was identified and DELIBERATELY EXCLUDED from the holdings array. It reports 14,877 information-table entries totaling $461,883,707,115 in reported value, which are securities held in client and fund accounts that Franklin manages as an asset manager, not positions Franklin itself owns. This is the same client-assets pattern the project already excludes for JPMorgan's 13F (guarded by a CIK list plus a 400-position threshold, per STATE.md); Franklin's filing is far over that threshold (14,877 positions vs. a 400-position guard) and is excluded on the same basis.
• Holdings side: searched Franklin's newest 10-Q (period 30 Jun 2026, filed 31 Jul 2026, the freshest filing: Franklin's fiscal year ends 30 Sep, so this 10-Q postdates the FY2025 10-K filed 10 Nov 2025) and the FY2025 10-K in full for equity method investments, investments in sponsored funds, non-marketable equity, joint ventures, cost method, investments in affiliates, and nonconsolidated VIEs. Found only COMBINED balances covering many holdings, none individually named: (1) 'Investments in equity method investees' $1,243.9m at 30 Jun 2026 (vs $893.9m at 30 Sep 2025), described only as 'largely related to various global alternative and equity funds'; (2) 'Sponsored funds and separate accounts' at fair value $658.8m at 30 Jun 2026 (vs $809.6m at 30 Sep 2025), Franklin's own seed/co-investment capital in its nonconsolidated sponsored funds; (3) 'Other investments' $415.3m at 30 Jun 2026 (vs $300.6m at 30 Sep 2025); (4) Note 9 Nonconsolidated Variable Interest Entities: maximum exposure to loss from investments in these VIEs (sponsored funds and other investment products in which Franklin is not the primary beneficiary) of $1,451.0m at 30 Jun 2026 (vs $1,274.5m at 30 Sep 2025). None of these notes discloses a split by fund or investee, so per the project's rule against assigning a combined balance to one investee, no individual holding is sized; every one of the figures above is left out of the holdings array and recorded here instead.
• Checked Exhibit 21 of the FY2025 10-K (the subsidiaries list): it is a bare name list with NO ownership-percentage column (a genuine negative, not evidence of looking in the wrong place). It confirms Putnam, Legg Mason, Western Asset Management, Benefit Street Partners, Clarion Partners, Lexington Partners, O'Shaughnessy Asset Management, Royce & Associates, and Fiduciary Trust International entities are all WHOLLY OWNED operating subsidiaries, excluded per the project brief. Also checked the 10-K's risk-factor boilerplate ('from time to time, we enter into joint ventures or take minority stakes in companies in which we typically do not have control') and confirmed it names no specific investee anywhere in either filing. No individually identifiable minority stake in another operating company (public or private) was found in any searched document. This is a sourced negative finding, not a gap: holdings is an empty array.
• Register self-gate, computed on this final file exactly as the chart computes it (raw shares summed, container reduced only to its residual over the member(s) that roll up into it): 11 rows, total 368,548,945 shares, 368,548,945 / 508,076,910 = 72.54% of shares_outstanding.
• This lands well above the project's usual 25-45% band and above the 55% ceiling that requires independent corroboration, which is exactly what the brief anticipated for this company: 'the founding family stake is the story here...this register may legitimately run high.' Corroboration performed: (1) Per-holder cross-check against this project's own 31 Mar 2026 snapshot (data/registers/BEN.json, 596 filers, total_shares_reported 288,032,845 = 56.69% of current shares_outstanding): every one of this file's 8 institutional rows (Vanguard family, Great-West/Power Corp, BlackRock, State Street, Invesco, Dimensional, Geode, Goldman Sachs) corresponds to a distinct filer family the snapshot also reports at a comparable size, and my fresh Q2 2026 institutional total across those 8 rows (148,107,319 shares, 29.15% of the company) is well below the snapshot's all-596-filer institutional total (56.69%), exactly as expected since my file lists only the top institutional holders, not all 596. (2) The elevated overall percentage is driven almost entirely by the DEF 14A-disclosed Johnson founding-family stake (Rupert H. Johnson, Jr. 20.51% plus Charles B. Johnson 19.42% plus the officers-group container's 3.46% residual over Rupert = roughly 43.4% of the company from individual/family holders alone), which no 13F or institutional snapshot can see at all since individuals and family trusts holding their own company's stock generally do not file 13Fs. (3) Back-solved the proxy's own denominator from Rupert H. Johnson, Jr.'s row: 104,203,443 / 20.0% = 521,017,215, matching the proxy's own stated 521,390,673 shares outstanding on its 5 Dec 2025 record date to within normal percentage-rounding. All three checks are consistent with a genuinely concentrated, founder-heavy register rather than a double-counted or mixed-basis one.
• Vanguard case: parent CIK 0000102909 filed Form 13F-NT (no holdings) for Q2 2026, so the successor entities are the position. Swept all 7 successor entities with a Franklin holding, enumerated from this project's own 31 Mar 2026 BEN.json snapshot and independently re-fetched from each entity's own fresh Q2 2026 13F-HR: Vanguard Capital Management LLC (CIK 0002100119), Vanguard Portfolio Management LLC (0002100121), Vanguard Fiduciary Trust Co (0000933478), Vanguard Global Advisers LLC (0001811242), Vanguard Asset Management Ltd (0001680208), Vanguard Investments Australia Ltd (0001550100), Vanguard Personalized Indexing Management LLC (0001767306). An 8th entity, Vanguard National Trust Co (CIK 0001984256), was also checked and holds nothing. Summed total: 36,640,726 shares.
• Capital Group: checked all three primary registrants (Capital World Investors CIK 0001422849, Capital International Investors CIK 0001562230, Capital Research Global Investors CIK 0001422848) against their own fresh Q2 2026 13F-HR filings and, separately, against CUSIP 354613101 directly. All three hold ZERO Franklin shares as of Q2 2026. Per the project's rule that a holder checked and found at zero is a note, not a row, no Capital Group row is included.
• T. Rowe Price: checked both registrants. T. Rowe Price Associates, Inc. (CIK 0000080255) holds 436,313 shares (CUSIP 354613101) as of Q2 2026 (filed 14 Aug 2026); the filing reports the value as $14,517, which at 436,313 shares implies an absurd $0.033/sh, confirming T. Rowe Price files VALUES IN THOUSANDS as documented elsewhere in this project (true value approximately $14,517,000, implying approximately $33.27/sh, consistent with every other row). T. Rowe Price Investment Management, Inc. (CIK 0001897612) holds ZERO Franklin shares as of Q2 2026. At 436,313 shares (approximately 0.09% of the company), this position is well below the size of every row included in this register and is not strategic, so it is recorded here rather than added as a 12th row.
• Great-West Lifeco Inc./Power Corp of Canada: Great-West acquired Putnam Investments' 31,557,117-Franklin-share consideration on 1 Jan 2024 and has filed only that one Schedule 13G (never amended). Great-West itself files no 13F; the position is reported via its ultimate parent's 13F filer registration, 'Power Corp of Canada' (CIK 0000801166), whose Q2 2026 13F-HR holds EXACTLY ONE security (Franklin common stock), confirming this is a dedicated strategic-stake filer rather than a diversified fund manager. The fresh Q2 2026 figure (25,340,031 shares) is materially lower than both the 2024 13G figure (31,557,117 shares) and this project's own 31 Mar 2026 snapshot (31,557,117 shares, apparently a straight carry-forward of the stale 13G figure rather than a fresh 13F read), consistent with the project's finding elsewhere that register snapshots can be stale.
• Implied-price check run on every institutional row: all cluster tightly around $33.27 to $33.60 per share (Jun 30 2026 period), the sole exception being the T. Rowe Price thousands-units quirk documented above and excluded from the register rows. No units, split, or double-count issues found among the 11 rows shipped.
• Coordinator verification of the 72.54 per cent self-gate. The register is dominated by the founding family and the overlap marking is confirmed by arithmetic, not only by reading the proxy tables. The container 'All directors, nominees and executive officers as a group (16 persons)' holds 121,790,365 shares. Rupert H. Johnson, Jr. holds 104,203,443 and is marked as rolling into it, leaving a residual of 17,586,922. Charles B. Johnson holds 98,651,261 and is marked as sitting OUTSIDE the container, and that marking is forced by the numbers: if he were also inside, the two members would sum to 202,854,704 against a container of 121,790,365, which is impossible and which overlap.py would report as a violation. So the container is arithmetically too small to hold both, independently confirming the researcher's reading that Charles B. Johnson does not appear in the proxy's separate directors and officers table. This is the same shape as the documented Walmart/Walton and Microsoft/Ballmer-Gates cases, where inferring membership from holder_type would have been wrong. The two stakes are also held through DIFFERENT trusts per the proxy footnotes, 102,453,045 shares in Rupert's and 90,137,677 in Charles's, so this is not one stake beneficially owned twice. Excluding the two Johnson rows and the container residual, the eight institutional and strategic rows total 148,107,319 shares or 29.15 per cent, which sits inside the project's normal band, so the entire excess over the band is the founding-family holding. Separately, Franklin's own Form 13F-HR was correctly identified as CLIENT assets and excluded from holdings: at 14,877 reported positions it is far above the project's documented 400-position threshold for the same treatment already applied to JPMorgan.