FDNRX
Franklin Dynatech Fund
Franklin Custodian Funds
Expense ratio1
1.02%
Net assets2
$24.77B
Holdings2
97
Category
US Equity
2025 return3
18.16%

Investment objective & strategy

As of Jan. 26, 2026 · prospectus

Objective. Capital appreciation.

Strategy. Under normal market conditions, the Fund seeks investments primarily in equity securities of companies that the investment manager believes are leaders in innovation, take advantage of new technologies, have superior management, and benefit from new industry conditions in the dynamically changing global economy. The Fund invests predominantly in common stock. In pursuing these objectives, the investment manager may invest in companies in any economic sector or of any market capitalization and may invest in companies both inside and outside of the United States. The Fund may invest up to 15% of its assets in foreign securities. Although the investment manager searches for investments across a large number of sectors, it expects to have significant positions in particular sectors including, for … Under normal market conditions, the Fund seeks investments primarily in equity securities of companies that the investment manager believes are leaders in innovation, take advantage of new technologies, have superior management, and benefit from new industry conditions in the dynamically changing global economy. The Fund invests predominantly in common stock. In pursuing these objectives, the investment manager may invest in companies in any economic sector or of any market capitalization and may invest in companies both inside and outside of the United States. The Fund may invest up to 15% of its assets in foreign securities. Although the investment manager searches for investments across a large number of sectors, it expects to have significant positions in particular sectors including, for example, information technology (including software and internet), consumer discretionary, communication services and health care (including biotechnology). While the Fund strives to maintain a diversified portfolio, due to market fluctuations the Fund may at times hold a smaller number of issuers and/or a higher percentage of its assets in one or more issuers than other funds. The investment manager uses fundamental, "bottom-up" research to seek companies meeting its criteria of growth potential, quality and valuation. In seeking sustainable growth characteristics, the investment manager looks for companies it believes can produce sustainable earnings and cash flow growth, evaluating the long-term market opportunity and competitive structure of an industry to target leaders and emerging leaders.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
NVIDIA CORP $3.14B 12.67%
AMAZON.COM INC $2.08B 8.41%
ALPHABET INC CL A $1.73B 6.96%
MICROSOFT CORP $1.67B 6.72%
BROADCOM INC $1.47B 5.93%
META PLATFORMS INC CL A $1.14B 4.62%
APPLE INC $1.07B 4.30%
TAIWAN SEMIC MFG CO LTD SP ADR $675.90M 2.73%
TESLA INC $669.15M 2.70%
SHOPIFY INC CL A $533.94M 2.16%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
18
Exited
32
Increased
38
Decreased
23
Unchanged
19

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

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Advisers

As of September 30, 2025 · N-CEN
FirmRole
Franklin Advisers, Inc. Adviser

Footnotes

  1. Expense ratio as of January 26, 2026, from the fund's prospectus.
  2. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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