Fund Evaluator:
Franklin Conservative Allocation Advisor (FTCZX)
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Best Performing in Moderately Conservative Allocation Over the Last Year
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Fund Details
Franklin Conservative Allocation Advisor Overview
Franklin Conservative Allocation Advisor (FTCZX) is an actively managed Allocation Moderately Conservative Allocation fund. Franklin Templeton Investments launched the fund in 2005.
The investment seeks the highest level of long-term total return. The fund is a "fund of funds" meaning that it seeks to achieve its investment goal by investing its assets primarily in other funds, predominantly other Franklin Templeton and Legg Mason mutual funds and ETFs. The investment manager uses the following as a general guide in allocating the fund's assets among the broad asset classes: 60% fixed-income funds; and 40% equity funds. These percentages may be changed from time to time by the fund's investment manager without the approval of shareholders, and may vary up to 10% from these percentages of fund assets.
About Franklin Conservative Allocation Advisor (FTCZX)
There are 3 members of the management team with an average tenure of 5.33 years: Thomas Nelson (2012), Brett Goldstein (2026), Laura Green (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and MSCI ACWI NR USD index with a weighting of 100%. Franklin Conservative Allocation Advisor has 24 securities in its portfolio. The top 10 holdings constitute 80.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Franklin Conservative Allocation Advisor is part of the Allocation global asset class and is within the Allocation fund group. Franklin Conservative Allocation Advisor has 17.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 34.1%. There is 8.5% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 49.6% (40.6% domestic bond, 9.0% foreign bond and 0.0% convertible bond). Franklin Conservative Allocation Advisor has 5.3% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $563 million average for the Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FTCZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin Conservative Allocation Advisor expense ratio is average compared to funds in the Moderately Conservative Allocation category. Franklin Conservative Allocation Advisor has an expense ratio of 0.57%, which is 43% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin Conservative Allocation Advisor has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of June 2026, Franklin Conservative Allocation Advisor returned 0.1%, which earned it a grade of D, as the Moderately Conservative Allocation category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Franklin Conservative Allocation Advisor has a trailing yield of 2.82%, which is below the 3.33% category average. The fund normally distributes its income quarterly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin Conservative Allocation Advisor Grades
Year to date, the fund has returned 5.3%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 11.7% over the past year (grade of B), 10.4% over the past three years (grade of C) and 4.7% per year over the past five years (grade of C) and 6.1% per year over the past 10 years (grade of C).
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FTCZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FTCZX Return (NAV) | 0.1% | 6.5% | 11.7% | 10.4% | 4.7% | 6.1% |
| FTCZX Grade | D | B | B | C | C | C |
| +/- Category | 0.1% | 1.2% | 0.4% | 0.3% | -0.2% | -0.1% |
| Moderately Conservative Allocation Avg | 0.1% | 5.3% | 11.3% | 10.1% | 4.9% | 6.2% |
| FTCZX Tax Cost Ratio | na | na | 2.1% | 1.5% | 1.7% | 1.5% |
FTCZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTCZX Return (NAV) | 5.3% | 12.4% | 8.3% | 11.7% | -15.1% | 8.5% | 9.6% | 13.5% | -3.2% | 10.9% | 4.7% |
| FTCZX Grade | C | B | C | A | F | C | B | D | B | B | F |
| +/- Category | 0.1% | 0.9% | 0.0% | 1.8% | -3.3% | -1.6% | 1.5% | -2.1% | 1.1% | 1.0% | -3.8% |
| Moderately Conservative Allocation Avg | 5.1% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.0% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | 7.5% |
| Total Risk Index: | 0.62 - Below Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (64% Rank) |
| Beta: | 0.78 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $858 Mil |
| Fund Total Assets: | $ 28 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.5 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Nelson Thomas (2012), Green Laura (2025), Goldstein Brett (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 24 |
| % in Top 10 Holdings: | 80.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.5% |
Portfolio Allocation |
|
| Domestic Stock: | 34.1% |
| Foreign Stock: | 8.5% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 40.6% |
| Foreign Bond: | 9.0% |
| Convertible Bond: | 0.0% |
| Other: | 2.5% |
| Cash: | 5.3% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Open |
| Inception Date: | December 1, 2005 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.57% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | Franklin Conservative Allocation A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
