Money Manager Franklin Resources Is Getting Stung by the Commodity Crash
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Doubling down on the debt of drillers and miners is coming back to bite money manager Franklin Resources Inc. amid a prolonged commodities slump.
Losses are accelerating in bonds that the firm’s been buying up for the past two years as prices on everything from crude to iron ore resume declines. Debt of coal producer Peabody Energy Corp., in which Franklin was the biggest public holder as of March, plunged 51 percent in the past two months.