Franklin Convertible Securities Fund Q1 2025 Commentary

2025-04-29 21:30:00 ET

Summary

• IT sector convertibles remained a core fund focus, at 21.03% of total net assets at quarter-end, and were a notable area of weakness.
• US and global convertible bonds advanced in January and February 2025 before backtracking somewhat in March.
• In absolute terms, the portfolio’s mixed 1Q25 results were tilted to the downside as the gains in six out of 11 sector allocations were more than offset by the losses in the other five, with information technology faring the worst.
• Overall declines were partially offset by gains in the health care, real estate, utilities, communication services, materials and energy sectors.

Key Takeaways

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