Franklin Templeton scales back Euro fund to focus on niche firms

Franklin Templeton's Mike Clements has more than halved the size of the Franklin European Opportunities fund as he takes over management of the portfolio.

Clements assumed control of the fund - previously known as Templeton Europe - on 30 September. He has since cut the number of holdings from around 75 to around 30, in line with the concentrated approach he has used on the group's European Growth SICAV. The fund has a multi-cap approach, with the median stock size being mid cap. However, Clements (pictured) is avoiding many of the continent's high profile sectors in favour of smaller, simpler businesses. "We are looking for niche businesses in niche markets: businesses that are doing one thing very well," he said. Examples he points...