FNCSX
Franklin Natural Resources Fund
Franklin Strategic Series
Expense ratio1
0.63%
Net assets2
$450.22M
Holdings2
98
Category
International Equity
2025 return3
30.87%

Investment objective & strategy

As of Aug. 26, 2025 · prospectus

Objective. High total return. Total return consists of both capital appreciation and current dividend and interest income.

Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets in the equity and debt securities of companies in the natural resources sector. The Fund predominantly invests in equity securities. For the Funds investment purposes, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services. The sector includes, for example, the following industries: integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology, energy transition, base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy and environmental services. In addition to its investments in companies in the … Under normal market conditions, the Fund invests at least 80% of its net assets in the equity and debt securities of companies in the natural resources sector. The Fund predominantly invests in equity securities. For the Funds investment purposes, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services. The sector includes, for example, the following industries: integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology, energy transition, base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy and environmental services. In addition to its investments in companies in the natural resources sector, the Fund may also invest up to 20% of its net assets in equity or debt securities of any type of issuer. The Fund may invest a significant portion of its assets in smaller capitalization companies, which are generally companies with market capitalizations of less than $2 billion at the time of the Funds investment. The Fund anticipates that, under normal conditions, it will invest more of its assets in U.S. securities than in securities of any other single country. The Fund may also buy American Depositary Receipts. The Fund also may attempt, from time to time, to hedge (protect) against market risk or to generate income for the Fund by buying and selling put and call options on equity securities and equity security indices. The investment manager is a research driven, fundamental investor, pursuing a growth strategy. As a "bottom-up" investor focusing primarily on individual securities, the investment manager seeks companies that have identifiable drivers of future earnings growth and that present, in the investment manager's opinion, the best trade-off between that potential earnings growth, business and financial risk, and valuation. Also, in seeking sustainable growth characteristics, the investment manager looks for companies that it believes can produce sustainable earnings growth and cash flow growth or the potential to generate income.

Top holdings

As of Jan. 31, 2026 · N-PORT
SecurityTickerValue% of fund
Franklin Institutional U.S. Government Money Market Fund $19.75M 4.39%
NEWMONT CORP $19.36M 4.30%
EXXON MOBIL CORP $18.92M 4.20%
Franklin Institutional US Government Money Market Fund INFXX $18.19M 4.04%
CONOCOPHILLIPS $14.82M 3.29%
BARRICK MINING CORP $14.77M 3.28%
CHEVRON CORP $13.20M 2.93%
BHP Group Ltd. SPONSORED ADS BHP US $12.54M 2.78%
AGNICO EAGLE MINES LTD $11.01M 2.44%
COTERRA ENERGY INC $10.83M 2.40%
View all holdings →

Allocation by sector

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

Portfolio moves

Oct 31, 2025 → Jan 31, 2026
Opened
4
Exited
3
Increased
32
Decreased
22
Unchanged
40

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 April 30, 2025 · N-CEN
FirmRole
Franklin Advisers, Inc. Adviser

Footnotes

  1. Expense ratio as of August 26, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of January 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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