MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Friday, August 9, 2002 Franklin Confirms July Wilt The good news reported by Franklin Resources is that it apparently suffered no worse than anyone else in July. The San Mateo-based fund firm said assets in its equity funds fell 8.9 percent in July. Roughly half (50.2 percent) of the assets at Franklin are held in equity funds. That is proportion is down from 53.8 percent a year ago. The fall in the firm's equity assets is inline with the July decline in the stock market. That implies that Franklin did not see massive shareholder redemptions. Rumors of fund redemptions fed the market decline in July, but those rumors have not been backed-up by reports from fund firms themselves. Overall assets at the Franklin and its affiliates declined 4.6 percent during the month, according to its preliminary report. During July the S&P 500 index fell 7.8 percent. The S&P 500/Value sub index decline 10.81 percent during the month. Total assets under management at Franklin affiliates fell to $257.9 billion for the month ended July 31, 2002, compared to $270.4 billion in the preceding month and $266.6 billion in the same month a year ago.
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