We've been big proponents of consolidation among the U.S.-based asset managers, expecting firms to pursue scale in existing product sets as well as pursue nonaffected investment products like alternative assets to offset the impact of fee and margin compression driven by the growth of low-cost passive products.
Franklin is one of the 20 largest U.S.-based asset managers, with just over 70% of its AUM sourced from domestic clients. It is the fifth-largest global manager of cross-border funds.
Franklin's mutual funds continue to underperform, with just 51%, 50%, and 37% of its AUM above peer medians on a one-, three-, and five-year basis, respectively, at the end of December 2023.
|
Metric
|
BEN
|
BLK
|
IVZ
|
|---|---|---|---|
Price/Earnings (Normalized) | 9.05 | 19.84 | 10.07 |
Price/Book Value | 1.02 | 2.83 | 0.64 |
Price/Sales | 1.54 | 6.15 | 1.21 |
Price/Cash Flow | 9.26 | 25.04 | 4.70 |
|
Metric
|
BEN
|
BLK
|
IVZ
|
|---|---|---|---|
Quick Ratio | 3.30 | 11.71 | 2.30 |
Current Ratio | 3.30 | 15.46 | 2.30 |
Interest Coverage | 14.60 | 23.88 | −3.05 |
|
Metric
|
BEN
|
BLK
|
IVZ
|
|---|---|---|---|
Return on Assets (Normalized) | 4.70% | 4.72% | 2.34% |
Return on Equity (Normalized) | 11.78% | 14.85% | 6.19% |
Return on Invested Capital (Normalized) | 5.37% | 11.29% | 2.82% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
BLK
| BlackRock Inc | Ktdzlhzr | Bqjc | $112.1 Bil | |
BX
| Blackstone Inc | Wzttzrz | Yxkrcf | $92.8 Bil | |
KKR
| KKR & Co Inc Ordinary Shares | Yjjmrlmr | Crsxrh | $83.7 Bil | |
AMP
| Ameriprise Financial Inc | Fnynqgk | Qlvjsn | $41.3 Bil | |
BK
| Bank of New York Mellon Corp | Jykbwfsg | Wmtmw | $40.4 Bil | |
TROW
| T. Rowe Price Group Inc | Djqjxrtbl | Pllnj | $24.9 Bil | |
STT
| State Street Corporation | Thkqdhbd | Bvcgs | $22.0 Bil | |
NTRS
| Northern Trust Corp | Xbvgbyjt | Dcfd | $16.6 Bil | |
CG
| The Carlyle Group Inc | Jnhnzpnk | Qvczxm | $16.1 Bil |
