Analyst Note| Greggory Warren, CFA |
There was little in narrow-moat Franklin Resources' fiscal second quarter that would alter our long-term view of the firm. We are leaving our $30 per-share fair value estimate in place. Franklin closed out the March quarter with $1.499 trillion in assets under management, or AUM, up 0.1% sequentially and 158.3% on a year-over-year basis. That said, absent the Legg Mason deal, which added $797 billion in AUM in July 2020, the firm's managed assets were up 20.9% on a year-over-year basis.