Major overhaul pays off for Franklin Templeton duo

ONE TO WATCH

Tasked with turning around the performance of the Franklin UK Smaller Companies fund last summer, Paul Spencer and Richard Bullas have made an auspicious start.

The fund’s three-and five-year numbers are still underwhelming compared with the rest of the IMA UK Smaller Companies sector, but over one year the fund is near the top of the pile. Spencer (pictured) and Bullas have returned 47% over the year to 31 August, 2013 compared with a sector average return of 32%, according to Franklin Templeton figures. That performance, according to Bullas, has largely come from the core stocks introduced last summer when he and Spencer took over management of the portfolio from Stuart Sharp. Overhauling the small-cap portfolio with a view to making a f...