Franklin Templeton merges US Sicavs

The group says the merger of the offshore €24m Growth portfolio "is in the best interests of shareholders and justified in economic terms". Franklin US Equity has fallen 3.39% over one year to 27 August, against a 6.74% decline for the MSCI USA index in sterling terms, according to Morningstar. Both Sicav funds had large weightings in the pharmaceuticals and biotechnology sector, along with strong exposure to technology hardware and equipment. Manager Kent Shepherd, who also runs Franklin Templeton's onshore US Equity portfolio, says the merger boosted the number of stocks in the S...