Franklin Templeton has delivered a 55.0% share price gain over the past 3 years, which naturally raises the question of whether that performance lines up with the returns it earns on its own capital. With the business pushing into crypto infrastructure and expanding its alternatives footprint in Europe, investors are asking how much of that shift is already baked into the valuation.

• A 55.0% move over 3 years puts real weight on whether Franklin Templeton’s return on capital is strong enough to carry that momentum further.

• The push into blockchain based offerings and the deal to take a majority stake in Stoneshield Capital may support different expectations for future fee mix, capital intensity, and the…