Franklin Small-Mid Cap Growth Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Franklin Small-Mid Cap Growth Fund held 85 positions with $3.53B in net assets. Its ten largest holdings made up 30.1% of the fund. The FRSGX share class costs 0.84% a year. Over the 12 months to May 2026, FRSGX returned 9.4%, with dividends reinvested. In 2026 Q3 it added 23 new positions and exited 14.
Long-term capital growth.
The fund invests at least 80% of its net assets in equity securities of small-cap and mid-cap companies, identified by their market capitalization range relative to the Russell 2500 and Russell Midcap Indices at purchase. The investment manager employs fundamental bottom-up research to identify companies with sustainable earnings and cash flow growth, competitive positioning, and valuations that do not fully reflect their long-term opportunity. The fund may also make private investments in non-publicly traded companies. Because the fund's returns depend on the manager's security selection decisions, performance will diverge from any index.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
5.00% | $176.66M | 537.8K | $328.49 | |
3.79% | $133.92M | 551.0K | $243.04 | |
3.40% | $120.32M | 74.5K | $1,614.41 | |
3.21% | $113.48M | 61.7K | $1,840.25 | |
Royal Caribbean Cruises Ltd. | 3.06% | $108.33M | 410.7K | $263.76 |
2.64% | $93.36M | 359.0K | $260.08 | |
2.45% | $86.43M | 266.7K | $324.07 | |
CVNACarvana Co. | 2.24% | $79.19M | 200.1K | $395.80 |
2.15% | $75.90M | 370.3K | $204.97 | |
VSTVistra Corp. | 2.12% | $75.01M | 475.2K | $157.84 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 85 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 97.91% |
| Cash & short-term | 1.85% |
| Loans | 0.03% |
| Bonds | 0.01% |
| Other | 0.00% |
By sector
- Information Technology
- 27.3%
- Industrials
- 18.5%
- Consumer Discretionary
- 12.6%
- Health Care
- 12.4%
- 9 other sectors
- 29.3%
- Information Technology
- 27.3%
- Industrials
- 18.5%
- Consumer Discretionary
- 12.6%
- Health Care
- 12.4%
- Financials
- 5.4%
- Communication Services
- 4.8%
- Energy
- 4.2%
- International
- 3.2%
- Other
- 3.2%
- Real Estate
- 2.2%
- Utilities
- 2.2%
- Consumer Staples
- 2.2%
- Cash
- 2.0%
How it has done
FRSGX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.69%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.84% | +9.44% | +43.98% | +10.10% | -14.38% | |
| 1.59% | +8.65% | +40.76% | +6.05% | -14.62% | |
| 0.59% | +9.70% | +45.05% | +11.48% | -14.30% | |
| 1.09% | +9.19% | +42.89% | +8.80% | -14.44% | |
| 0.51% | +9.82% | +45.49% | +12.09% | -14.27% |
These classes hold the same portfolio, so the 6.04pp spread over 5 years is the cost difference between them — roughly 1.21pp a year — not a difference in what they own.
Fees & fund details
Franklin Small-Mid Cap Growth Fund is an actively managed U.S. equity fund. 45% of FRSGX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 91% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.51% – 1.59%· FRSGX 0.84%
- Portfolio turnover
- 33.86% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
23 new· the largest 8
14 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 100.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Understand how this fund fits with the rest.
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