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Franklin UK funds – change of manager

Jonathon Curtis | Fri 10 January 2020

Investments can go down as well as up so there is always a danger that you could get back less than you invest. Nothing here is personalised advice, if unsure you should seek advice.

Franklin UK Mid Cap fund

Paul Spencer, manager of the Franklin UK Mid Cap fund, will retire from fund management on 30 September 2020. He’ll step down as lead manager of the fund at the end of June, but will continue to be involved and offer support until he retires.

He’ll be replaced by Richard Bullas, who’s assisted Spencer with the fund since 2013 and been part of Franklin’s small and mid-cap team since 2006. In the meantime Bullas will become co-lead manager of the fund along with Spencer until he takes over as the sole lead manager on 30 June.

Mark Hall, who we view as an integral part of the team and has provided support on the fund for many years, will continue in his role. He’ll be joined by Daniel Green and Marcus Tregoning, who joined the firm as analysts in 2015 and 2019, respectively.

Franklin UK Managers’ Focus and UK Smaller Companies funds

Spencer also currently co-manages the Franklin UK Managers’ Focus and UK Smaller Companies funds. He’ll step back from the former on 30 June and the latter on 31 January. The other co-managers will remain the same (Richard Bullas, Colin Morton and Ben Russon for the UK Managers’ Focus fund and Richard Bullas for the UK Smaller Companies fund). Daniel Green will replace Spencer as a co-manager, and Mark Hall will also continue to provide support, on both funds.

Our view

We think Spencer is an excellent manager, which is why Franklin UK Mid Cap is on the Wealth 50 list of our favourite funds. He invests in high-quality medium-sized companies he thinks have strong long-term potential, and has delivered excellent performance over the long term. Remember past performance isn't a guide to future returns. Bullas will follow a similar approach, so we don’t expect to see too many changes to the fund, at least in the shorter term.

It’s a shame to hear Spencer’s retiring, given his experience and proven track record. But we’re pleased there are well-planned steps to replace him. Bullas has lots of experience analysing higher-risk small and medium-sized companies and has co-managed funds since 2012. This will be his first time as the sole lead manager of a fund at Franklin though. That said, he'll continue to have the input of the wider team, who we’ve rated highly for many years.

At the moment we don't think existing investors need to take any action, providing the fund continues to suit your objectives and attitude to risk. We’ll speak to the team in due course and let you know if our views change.

Annual percentage growth
Dec 14 -
Dec 15
Dec 15 -
Dec 16
Dec 16 -
Dec 17
Dec 17 -
Dec 18
Dec 18 -
Dec 19
Franklin UK Mid Cap 14.3% -0.1% 26.7% -13.3% 42.6%
FTSE 250 11.2% 6.7% 17.8% -13.3% 28.9%

Past performance is not a guide to the future. Source: Lipper IM to 31/12/2019

Find out more about the fund including charges

Key investor information

Annual percentage growth
Dec 14 -
Dec 15
Dec 15 -
Dec 16
Dec 16 -
Dec 17
Dec 17 -
Dec 18
Dec 18 -
Dec 19
Franklin UK Managers Focus 12.5% 7.7% 15.5% -12.5% 28.0%
FTSE All-Share 1.0% 16.8% 13.1% -9.5% 19.2%

Past performance is not a guide to the future. Source: Lipper IM to 31/12/2019

Find out more about the fund including charges

Key investor information

Annual percentage growth
Dec 14 -
Dec 15
Dec 15 -
Dec 16
Dec 16 -
Dec 17
Dec 17 -
Dec 18
Dec 18 -
Dec 19
Franklin UK Smaller Companies 25.6% -0.5% 28.5% -15.7% 31.7%
FTSE Small Cap ex Investment Trusts 13.0% 12.5% 15.6% -13.8% 17.7%

Past performance is not a guide to the future. Source: Lipper IM to 31/12/2019

Find out more about the fund including charges

Key investor information

Important information - Please remember the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. This article is provided to help you make your own investment decisions, it is not advice. If you are unsure of the suitability of an investment for your circumstances please seek advice. No news or research item is a personal recommendation to deal.


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