Franklin Templeton — Franklin Growth Opportunities Fund

• Franklin Growth Opportunities Fund Commentary ↗ Franklin Growth Opportunities Fund remained underweight NVIDIA and Microsoft, which hurt relative results as AI infrastructure spending, Azure growth and Copilot adoption strengthened. Natera aided results after higher testing volumes and pricing lifted revenue, while the Tesla underweight helped amid demand, competition and margin concerns. third quarter 2026 MSFT $4TNTRA $53BNVDA $4.6T +1

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