Fund Evaluator:

Franklin Multi-Asset Moderate Growth R Overview

Franklin Multi-Asset Moderate Growth R (LLMRX) is an actively managed Allocation Moderately Aggressive Allocation fund. Franklin Templeton Investments launched the fund in 2014.

The investment seeks long-term growth of capital. The fund is a fund of funds—it invests in other mutual funds, exchange-traded funds (“ETFs”) and closed-end funds (such funds collectively referred to as “underlying funds”). The fund organizes its investments in underlying funds into two main asset classes: the equity class (equity securities of all types) and the fixed income class (fixed income securities of all types). The portfolio managers may invest across all asset classes and strategies.

About Franklin Multi-Asset Moderate Growth R (LLMRX)

There are 3 members of the management team with an average tenure of 1.77 years: Thomas Nelson (2026), Brett Goldstein (2026), Laura Green (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Franklin Multi-Asset Moderate Growth R has 21 securities in its portfolio. The top 10 holdings constitute 89.5% 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 Multi-Asset Moderate Growth R is part of the Allocation global asset class and is within the Allocation fund group. Franklin Multi-Asset Moderate Growth R has 17.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 63.8%. There is 14.9% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 17.9% (15.7% domestic bond, 2.2% foreign bond and 0.1% convertible bond). Franklin Multi-Asset Moderate Growth R has 3.9% of the portfolio in cash.

Assets Under Management

The fund has $553 million in total assets, which is below the $570 million average for the Moderately Aggressive 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.

LLMRX 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 Multi-Asset Moderate Growth R expense ratio is high compared to funds in the Moderately Aggressive Allocation category. Franklin Multi-Asset Moderate Growth R has an expense ratio of 1.39%, which is 35% higher than its category average, making the fund expense ratio grade a D. 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 Multi-Asset Moderate Growth R has a portfolio turnover rate of 42%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Moderately Aggressive Allocation category.

Recently, in the month of July 2026, Franklin Multi-Asset Moderate Growth R returned -0.8%, which earned it a grade of C, as the Moderately Aggressive Allocation category had an average return of -0.4%. 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 Multi-Asset Moderate Growth R has a trailing yield of 1.56%, which is above the 1.47% category average. The fund normally distributes its income semi-annually and its capital gains 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 Multi-Asset Moderate Growth R Grades

Year to date, the fund has returned 7.8%, 2.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 15.4% over the past year (grade of F), 13.2% over the past three years (grade of F) and 7.5% per year over the past five years (grade of D) and 8.4% per year over the past 10 years (grade of F).

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