History Podcasts

Bobby Templeton

Bobby Templeton

Robert (Bobby) Templeton was born in Coylton, Scotland on 22nd June 1879. He played football for Kilmarnock and Hibernian in the Scottish League before Aston Villa paid a fee of £250 to join them in May 1899.

Tony Matthews argues in his book, Who's Who of Aston Villa, that Templeton was "a tremendously gifted player... who was tall and thin, selfish but brilliant." Templeton was considered an erratic player and only played in 11 games that season. However, with a forward-line that included Billy Garraty, John Devey, George Wheldon, Stephen Smith, George Johnson and Charlie Athersmith, competition was fierce at the club.

Aston Villa won the league championship that season confirming it was the best club in England during the 1890s. This was their fifth league title in seven years.

In 1900 Templeton was suspended for insubordination. However, he returned to the side and was a regular in the first team over the next two seasons.

On the 5th April 1902 Templeton won his first international cap for Scotland against England at Ibrox Park. It was during this game that the newly built West Tribune Stand collapsed. Supporters fell up to 40 feet (12 m) to the ground below. 25 people died and 517 were injured. Afterwards it was claimed that Templeton was partly responsible for this disaster as had the ball on the wing at the time and the vast crowd swayed to see his dribbling skills.

In January 1903 Templeton joined Newcastle United for £400. However, he was unable to bring success to the club and in December 1904 he joined Woolwich Arsenal for a fee of £250. Arsenal had just been promoted to the First Division. The club did reasonably well at the top level finishing in 10th place (1904-05) and 12th (1905-06). The club also had a good FA Cup run that season beating Watford (3-0), Sunderland (5-0), Manchester United (3-2) before losing to Newcastle United 2-0 in the semi-final with Jimmy Howie and Colin Veitch getting the goals.

William Pickford, the journalist, wrote in his book, Association Football and the Men Who Made It (1905): "Templeton is afflicted with a large measure of the eccentricity of genius. He is a man of moods. When "the afflatus" is upon him he is a winged horse to whom a spur is useless, and whom a curb cannot hold. It is then that the watching multitude is aflame with mingled surprise and admiration - surprise at the wondrous versatility of the man, admiration at the grace and beauty of his movements."

During this period Arsenal had a very impressive forward line that included Templeton, Bert Freeman, Charlie Satterthwaite, Tim Coleman and Billy Garbutt. The defence was also very good with players such as Jimmy Ashcroft, Andy Ducat, Roderick McEachrane, Jimmy Sharp and Percy Sands in the team. However, Arsenal encountered serious financial problems at this time and in May 1906 was sold to Glasgow Celtic for £250. He also played for Kilmarnock before returning to England to sign for Fulham in 1913.

On the 3rd March 1913 Templeton won his last international cap for Scotland against Wales. The game ended in a 0-0 draw. Templeton scored one goal in 11 games for his country.

Robert Templeton died of a heart-attack in November 1919.

This wonderful Association forward has been at once the delight and despair of countless thousands. To watch Templeton at his best is a sight for the gods; to watch him at his worst is to see at a glance the frailty of things human. Templeton has two styles; but happily one of them - the best - is generally uppermost. He is like the boy of whom the nurse said, "When he is good, he is very, very good, and when he is bad, he is horrid." Templeton is afflicted with a large measure of the eccentricity of genius. It is then that the watching multitude is aflame with mingled surprise and admiration - surprise at the wondrous versatility of the man, admiration at the grace and beauty of his movements. There is nothing of the steam-roller about his methods. He is more like "a fawn playing with the shadows." He dances airily out and in amongst his opponents, threading his way by devious steps, which no one can anticipate and no one can stop. Tall, thin, gracefully built, he has the easy action of the accomplished dancing-master, and all the slimness of a Sherlock Holmes.

There is the quality in his rush along the wing which one can only associate with a flash of lightning. He is irresistible, not because he bores his way through the opposition, but because he evades it. He will never attempt to go through a man if there is a way round him. He does not overcome obstacles so much as he ignores them. If there be a stumbling-block in his path he will contrive to make stumbling blocks look foolish. A sort of human eel, he twists and twines his way through all opposition without so much as touching it. With easy, prancing step he waltzes hither and thither, while the discomfited enemy gazes in silent rage and admiration. No forward ever had such power of making an opponent look foolish. A big back may rush at him, determined to take "man or ball," but Templeton with the dark locks, by a quick movement of the body, eludes his pursuer, who mayhap is measuring his length on the ground, while Robert is careering up the field in quest of goal.

Unfortunately Templeton has also the defects of his qualities. If the afflatus be absent, if the mood be wrong, if the task be uncongenial, if he meet with some unexpected check all his wit, all his cleverness, all his electric flashes seem to desert him, and lie becomes a hapless, helpless spectator of a game which in happier circumstances he would be likely to dominate. He has one quality, however, which stamps him as a player of the best class. In big games, in times of real responsibility, he usually shows his best form. He has played some marvellous games for Scotland against England. A partner who understands him, or at least who is fairly sympathetic to his methods, is almost necessary to his success. At times he has played some of his great games without reference to a partner, or indeed to any one on the field, but, as a rule, a bad partner upsets his mental equilibrium, and he is finished for the day.

The complaint is frequently made that lie is too individual - too selfish, some say, for the needs of modern football. There is some truth in the criticism, but one might with justice retort that Templeton with all his faults is frequently of more service than painstaking mediocrity. On the other hand, to find Templeton in one of his inspired moods, when he flashes forth on his conquering career, is to find one of the most fascinating forwards ever seen on a football field.

He is a man who must be "nursed," who must be led by silken strings, who must be allowed to develop his game in his own way. He is unlike in manner and method any other footballer of the present day, although his partner in the Woolwich Arsenal ranks - Tom Fitchie - is a man after his own heart. Both men make for subtlety rather than for force. Both are clever dribblers, although Fitchie is stronger on his legs. The two, however, are eminently suited for each other, and Templeton has played some of his best games for the Arsenal club.

The strong point of Templeton is the amount of ground he can make, and his ability to centre the ball accurately. Playing as lie usually does at outside left, he does not score many goals himself, but he is the fruitful source of scoring by others.

Within six minutes of the start part of a new stand in the packed Ibrox stadium collapsed, raining spectators down upon the bodies of those who had fallen a split-second earlier. After the players left the pitch - with a panicking crowd all over the area, they had little choice - it was decided that the match be resumed to prevent possibly worse scenes of disaster.

But from that moment on the game lacked heart and fire, for although they did not know the extent of the casualty list, the teams did know that many had been killed and they were merely playing to occupy time while rescue services were organised.

Even had they been in a mood to make a real match of it, it is doubtful whether they could have succeeded, for the crowds still encroached to the lines and often beyond them. Players taking throw-ins had to beg room to move their arms ... wingers taking corners had to ask police assistance to create a corridor for their run-up to the ball.

Templeton, often racing down Scotland's wing having to dodge spectators as well as English tackles, persevered to get over a centre from which Brown scored. Just before half-time Settle equalised for England, taking advantage of a neat pass through the centre.

After further debate at half-time the match was resumed but with the players now taking part with even less heart. Some of the play in the last half-hour seemed more like exhibition football in contrast to the traditional fire of the matches in the series.

Robert Bryston Templeton was one of the great personalities of British football. A showman, known as the "Edwardian Dandy" or the "Prince of Dribblers". It has often been claimed that he was the indirect cause of the Ibrox disaster in 1902 after the crowd swayed, attempting to see one of his amazing dribbles.


On October 7, 1915, Charles Templeton was born in Toronto, Canada. He attended the high school Parkdale Collegiate Institute. [2]

In 1932, [2] he was hired to draw "Chuck Templeton's Sportraits", a daily sports cartoon, at age 17 for The Toronto Globe (now The Globe and Mail), [4] leaving high school. His work became syndicated and earned him a comfortable living. He converted to Christianity while working as a cartoonist, quitting his job in 1936 to become a preacher. [2]

After he quit his first job, Templeton became a mass evangelist. From 1936 to 1938, he toured the US and preached in 44 states. [2] He was a top evangelist, internationally renowned. [2] [5] [3] In 1941, Templeton started the Nazarene Avenue Road Church as its preacher, renting a building that formerly housed a Presbyterian church. [2] [6] In 1955, he became the Presbyterian Church in the United States's secretary of evangelism. [2]

Templeton, wanting to learn more about Christianity, attended Princeton Theological Seminary in the 1940s, [7] [5] later receiving an honorary doctorate from Lafayette College. [2]

He hosted the religious television show Look Up and Live. [2] [3]

Charles Templeton struggled with doubts about his religion. He eventually became an agnostic, [2] causing a wide backlash from Christian communities. [3]

Templeton was a close friend of, and shared billing with, fellow evangelist Billy Graham, with whom he co-founded (along with Torrey Johnson) Youth for Christ International. [2] [3] After Templeton converted to agnosticism, they remained friends but became more distant. [2]

Journalist Edit

In 1959, he quit evangelism and entered a media career. He was hired by the Toronto Star in the same year as its executive managing editor, quitting the position in 1964 to enter politics. Furthermore, he founded the advertising company Technamation Canada, working there until CTV hired him as director of public affairs in 1967. In 1969, he got another job as editor of Maclean's magazine for seven months. [2] [7] [5] [3]

Radio Edit

Templeton became an interviewer for the radio show Close-Up. [2] He later worked with Pierre Berton on the radio show Dialogue from 1966 to 1984. [8] [2] [7] [3]

Author Edit

Templeton wrote plays performed on television. Templeton's first novel, The Kidnapping of the President (1975), was a bestseller and was adapted into a film. [5] He wrote several other novels. [2] [7] In Farewell to God (1995 or 1996), he described his conversion to agnosticism and his reasons for doing so. [2] [5] He won the B'nai B'rith book award. [7]

He came second in an election for the leadership of the Ontario Liberal Party, [2] [5] [3] although he was its vice-president in 1964 and 1965. [7]

Templeton made his own unsuccessful designs of a child-resistant medicine cap, a cigarette filter and a pipeline. [2] His design for a teddy bear that could stay warm for many hours was widely manufactured. [3]

While he was an evangelist, Templeton married evangelist and singer Constance Oroczy in 1939. In 1957, they divorced. In 1959, he married singer Sylvia Murphy, whom he met while producing a television drama they also divorced. [3] In 1980, he married author Madeleine Helen Stevens Leger, staying married until he died. [2] He had four children: Michael, Deborah, Bradley, and Tyrone. [2]

On June 7, 2001, Charles Templeton died from Alzheimer's disease. [7] [5] [3]


Bobby Templeton - History

The story of Rangers Football Club goes back to 1872, the year before the formation of the Scottish Football Association. The club was founded by a group of young Protestant men, mostly from the Gareloch. Their names were Moses McNeil, Tom Vallance and Peter Campbell. Having spent their day rowing on the Clyde the boys came ashore at Fleshers' Haugh on Glasgow Green. They watched a group of men playing football and, suitably impressed by the game, decided to form a team of their own. McNeil managed to convince three of his six brothers (Peter, William and Harry) that they should take up this new pastime and the McNeils went on to form the backbone of early Rangers sides.

The club played its first game in May of 1872 under the name Argyle, their opponents were a team named Clyde (not the same team as today's Football League side). Moses McNeil suggested changing the name to Rangers after seeing the team name in a book about English Rugby.

The club's Protestant fan base stems back to the days when the club was formed with all of the founder members being non-Catholics. It is a popular theory that the supports of both halves of the Old Firm became so polarised by religion at around the time of the First World War when Harland and Wolff opened a shipyard in Glasgow. Most of their workers were Orange, Irishmen who attached themselves to Rangers because of the Irish Catholic roots of Celtic.

While Scottish football retained its amateur status the game south of the border had developed into a professional sport. This led to Rangers losing a number of their top players to the big sides down south like Preston North End. In 1885 Rangers decided they had had enough, the dropped out of the SFA and affiliated themselves with the English Football Association. During their time in England Rangers made it as far as the semi-finals of the 1887 FA cup being beaten 3-1 by the eventual winners Aston Villa. Rangers returned to Scotland in 1888, moving to a new home at Ibrox, near the current site.

The Scottish League was formed in 1890 and after a long season Rangers and Dumbarton were tied on points. With no goal difference rule at the time the league was decided in a single play-off match, when this game ended in a tie the league championship was shared by the clubs.

Since then the club has gone on to win 49 league championships, 29 Scottish Cups and 21 League Cups. In 1972 the club won the European Cup Winners Cup. Rangers booked themselves a place in the record books in the year 2000 when they won the Scottish Cup. They became the first club in the world to win 100 trophies.

The first Ibrox disaster happened on the 5th of April 1902. It happened during a Scotland-England international match. As Bobby Templeton, Scotland's skilful outside left, made a run into the corner. The crowd surged forward to get a better view of the player and the movement caused the wooden terracing to give way. A massive hole opened in the middle of the stand and hundreds of fans fell to the ground below. 25 people were left dead with over 500 injured. From that day onwards wooden stands were banned in all Scottish grounds.


History of the Collection

CBS News commissioned Connecticut sketch artist and painter Robert Templeton to produce several large drawings of the trial to broadcast on the television news. Templeton made small pastel sketches from life in the courtroom and prepared larger drawings from these sketches in a helicopter on his way to New York City. Because the courtroom was closed to artists and photographers, Templeton’s sketches were made surreptitiously, without the permission of the court his drawings are, perhaps, the only visual record of the courtroom during this critical case. The collection includes small preliminary notebook sketches made in the courtroom as well as larger, finished drawings later displayed on CBS news broadcasts. Defendants Bobby Seale and Ericka Huggins, Prosecutor Arnold Markle, and Judge Harold Mulvey are among the subjects represented.


Kilmarnock in History: Our rivals are born

The held-over 1908-09 Ayrshire League play-off Final between Kilmarnock and Ayr F.C. was held at Rugby Park on Monday 23 rd August 1909, and ended in a 2-2 draw. The replay at Somerset Park, some 23 days later, saw Kilmarnock win 4-2 to become the 1908-09 Ayrshire League Champions.

The introduction of the goalkeeper wearing a different jersey from the rest of his team-mates was introduced in Scotland during this 1909-10 season, whilst among the new players at Rugby Park was a tall elegant 18-year-old Galston-born inside forward by the name of Andy Cunningham, who had been signed from Newmilns.

He quickly struck up a great understanding with Bobby Templeton, and despite an indifferent start to the campaign, his prowess in front of goal saw him score 18 goals – which was then a record total by a Kilmarnock player in a Division 1 campaign.

Bobby Templeton played for the Scottish League at Firhill.

A trio of Kilmarnock players were honoured during the campaign at both Scottish League and full International levels. On 25 th October 1909, Bobby Templeton was in the Scottish League team that beat the Irish League 2-0 at Firhill Park. In late February 1910, Templeton and Kilmarnock team mate George Halley were in the Scottish League side that beat the Football League 3-2 at Ewood Park, Blackburn, with Templeton scoring a goal.

A week later, on 5 th March, Rugby Park was the venue for the Home International Championship game against Wales, which Scotland won 1-0 before a crowd of 18,411.

Kilmarnock full back James Mitchell was in the Scotland team, and received great reviews for his outstanding display against the Welsh wing wizard, Billy Meredith. A fortnight later, both Mitchell and Templeton were in the Scotland team that lost 1-0 to Ireland at Windsor Park.

In the Ayrshire League competition, Kilmarnock and Ayr F.C. again finished in the top two places, and would contest the Final at the start of the following season. The 1909-10 Scottish League Division 1 season ended with Kilmarnock in 11 th place with 32 points from 34 games.

Ayr United FC were formed in the summer of 1910.

During the summer of 1910, the Scottish League Division 2 clubs Ayr F.C. (formed in 1879) and Ayr Parkhouse (formed 1886), who had just finished in 7 th and bottom place respectively, agreed after protracted discussions, to merge and become known as Ayr United F.C. The merger was expected to create a team from the town of Ayr that would be good enough to play Division 1 football on a regular basis and challenge Kilmarnock as the leading team from Ayrshire in the Scottish game.

On 14 th September 1910 at Somerset Park, a hat-trick by David Howie helped Kilmarnock draw 4-4 with Ayr F.C. (who were really the newly formed Ayr United F.C), in the held over 1909-10 Ayrshire League Final. Due to fixture congestion, the replay at Rugby Park did not take place until Boxing Day, Kilmarnock winning 4-1 to be declared the 1909-10 Ayrshire League Champions.

In the last two weeks of October 1910, a couple of Kilmarnock players won representative honours. Firstly, Bobby Templeton was in the Scottish League team that lost 1-0 to the Southern League at New Cross, Millwall, and a week later on Hallowe’en, James Mitchell was in the Scottish League team that beat the Irish League 3-1 at Grosvenor Park, Belfast.

The popular Gatehead-born full back James Mitchell was deservedly rewarded for his sterling service to the club on 3rd January 1911, when a crowd of around 8,000 turned out for his Benefit game against Third Lanark, only 1,000 less than the attendance at the home League fixture with St. Mirren the previous day.

Kilmarnock finished the Division 1 season in a creditable 10 th place with 34 points from 34 games played. The 1910-11 Ayrshire League competition was held in the month of April between Galston, Kilmarnock and the newly formed Ayr United. Kilmarnock and Ayr United finished in the top couple of places, but in the Final at Somerset Park in late April, Ayr United won 1-0.

Unfortunately, the Scottish League campaign in 1911-12 turned out to be a major disappointment, with re-election being avoided in the closing stages, as they finished 16 th with 26 points from 34 games.

During the campaign, an unusual occurrence took place before the start of the game at Aberdeen on the 30 th September. Keeper David Smart was knocked out in the warm-up, and had to be replaced for the entire game by inside left Mattha’ Shortt, whose position in the forward line was taken by travelling reserve James Clark.

It all ended well, as Mattha’ played a blinder in goal, and Killie won 2-1. A new centre forward played in the last four league games, and despite failing to score in any of the games, showed great promise for the future. His name was William Culley.

The Scottish Cup Quarter-Finals were reached in 1912, but despite attracting a new record crowd to Rugby Park of 19,564, Kilmarnock suffered an embarrassing 6-1 defeat to Clyde, although they had to play most of the second half with 10 players after full back David Kirkwood went off injured.

In February, Andy Cunningham’s fine form earned him recognition by the Scottish League, when he played against the Football League at Ayresome Park, Middlesbrough, whilst the following month, Bobby Templeton was in the Scotland team that beat Ireland 4-1 at Windsor Park, Belfast.

Just seven days later, the winger was also in the Scotland team that drew 1-1 with England at Hampden Park. An 11 th place finish with 31 points from 34 games played was achieved in the 1912-13 Division 1 season, with Andy Cunningham finishing as top goal-scorer for the 4 th successive season.

Bobby Templeton was in the Scotland team that drew 0-0 against Wales at Wrexham, and it turned out to be his last cap won with Kilmarnock, as he was sold at the end of the season to Fulham for £50.

The club also took part in a competition during the 1912-13 campaign known as the Glasgow and District Midweek League, playing a total of 5 games, all away from home, against Third Lanark (3-5), Clyde (0-1), Partick Thistle (3-1), St. Mirren (3-1) and Morton (1-1).

The Scottish League increased Division 1 from 18 to 20 clubs for the 1913-14 campaign, and Kilmarnock ended it in 12 th place with 31 points from 38 games. Andy Cunningham represented the Scottish League in November 1913 in a 2-1 win over the Irish League in Belfast, but by the end of the season, after four successive campaigns as top scorer, he relinquished the title to Andrew Neil (12 goals).

Another notable feature in a quiet season was that the club had to play their home game on 18 th April against Morton at Cappielow Park, as the Ayrshire Agricultural Society had already booked Rugby Park for its annual show. Killie lost the “home” game in Greenock by 1-0. The Kilmarnock Charity Cup was revived after 12 years, and Kilmarnock won it, beating Galston by 7-3 on corner kicks after the Final had ended in a 1-1 draw.

Some major building work began not long after that game at Rugby Park to lengthen the main stand, incorporating the pavilion, to create a longer, more impressive covered seating and standing enclosure on the west side of the stadium.


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  6. The Gross Expense Ratio does not include a waiver reduction related to the Fund's investment in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through the dates noted below. Please see the prospectus for additional information. Total returns, yield and distribution rate reflect the expense reduction, without which the results would have been lower. Franklin Equity Income Fund (2/28/21) Franklin Mutual U.S. Value Fund (2/28/21) Franklin Floating Rate Daily Access Fund (2/28/21) Franklin High Income Fund (9/30/2021) Franklin MicroCap Value Fund (2/28/21) Franklin Small Cap Growth Fund (8/31/21) Franklin Small Cap Value Fund (8/31/21) Franklin Strategic Income Fund (8/31/21) Templeton Global Balanced Fund (4/30/21) Templeton Global Bond Fund (4/30/21) Templeton Global Total Return Fund (4/30/21) Franklin DynaTech Fund (1/31/21).
  7. The Gross Expense Ratio does not include an expense reduction and a fee waiver related to the Fund's investment in a Franklin Templeton money fund and other Franklin Templeton fund, contractually guaranteed through the dates noted below. Please see the prospectus for additional information. Total returns, yield and distribution rate reflect the expense reduction, without which the results would have been lower. Franklin International Growth Fund (11/30/19) Franklin Low Duration Total Return Fund (2/29/20) Franklin Real Return Fund (2/29/20) Franklin Select U.S. Equity Fund (8/31/20) Franklin Strategic Mortgage Portfolio (1/31/20) Franklin Total Return Fund (2/29/20) Templeton Developing Markets Trust (4/30/20) Templeton Emerging Markets Bond Fund (4/30/20) Templeton Frontier Markets Fund (7/31/20) Templeton International Bond Fund (4/30/20) Templeton Foreign Fund (12/31/19) Templeton Emerging Markets Small Cap Fund (7/31/21)Franklin Managed Income Fund (2/28/21).
  8. The Gross Expense Ratio does not include an expense reduction and fee waiver related to the Franklin LifeSmart 2020 Retirement Target Fund's, Franklin LifeSmart 2025 Retirement Target Fund's, Franklin LifeSmart 2030 Retirement Target Fund's, Franklin LifeSmart 2035 Retirement Target Fund's, Franklin LifeSmart 2040 Retirement Target Fund's, Franklin LifeSmart 2045 Retirement Target Fund's, Franklin LifeSmart 2050 Retirement Target Fund's and Franklin LifeSmart 2055's Retirement Target Fund's investment in a Franklin Templeton money fund and/or other underlying fund, contractually guaranteed through 4/30/20. Fund investment results reflect the expense reduction and fee waiver without these reductions, the results would have been lower.
  9. The Gross Expense Ratio does not include an expense reduction and a fee waiver related to the Fund's investment in a Franklin Templeton money fund and other Franklin Templeton fund, contractually guaranteed through the dates noted below. Please see the prospectus for additional information. Total returns, yield and distribution rate reflect the expense reduction, without which the results would have been lower. Franklin Low Duration Total Return Fund (2/28/21) Franklin Strategic Mortgage Portfolio (1/31/21) Franklin Total Return Fund (2/28/21) Templeton International Bond Fund (4/30/21) Franklin Managed Income Fund (2/28/21).
  10. The Gross Expense Ratio does not include an expense reduction contractually guaranteed through the dates noted below. Fund investment results reflect the expense reduction ("Total Annual Operating Expenses with Waiver") without this reduction, the results would have been lower. Please see the prospectus for additional information. Franklin K2 Alternative Strategies Fund (9/30/21) Franklin K2 Long Short Credit Fund (9/30/21).
  11. Source: Morningstar ® . For each mutual fund and exchange traded fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the named share class only other classes may have different performance characteristics. Past performance is not an indicator or a guarantee of future performance.
  12. The Gross Expense Ratio does not include an expense reduction, a transfer agency fee reduction and a fee waiver associated with any investments it makes in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through the dates noted below. Fund investment results reflect the expense and fee reductions without these reductions, the results would have been lower. Please see the prospectus for additional information. Templeton Foreign Fund (12/31/2020 Templeton Emerging Markets Bond Fund (4/30/21) Templeton Emerging Markets Small Cap Fund (7/31/21)
  13. The amount per share you would receive if you sold shares that day.

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Related stories

After the 2009 credit crisis, he refocused many of Templeton’s debt schemes to look at corporate bonds. In 2011, Franklin launched the Templeton India Corporate Bond Opportunities Fund (TCBF), which changed the way the mutual funds industry viewed and invested in corporate bonds. Santosh also rightly realised that the best way to make these funds work is to ensure that investors stayed put in them for a long time. Franklin Templeton imposed exit loads to penalize early withdrawals – 3 to 1 percent for redemptions made between 12 and 30 months.

Having tasted success in this fund, Santosh decided to follow a similar credit risk strategy across many other debt fund categories. The strategy worked.

For instance, Franklin India Ultra short bond fund’s performance in each of the calendar years from 2015 to 2019 was in the top quintile. TCBF, which later became Franklin India Credit Risk and was shut down last week, also did well for a number of years and gave high returns.

“Templeton debt schemes also took an early liking to pass-through certificates, which were again innovative instruments designed to earn slightly higher returns than AAA-rated bonds,” says an advisor who did not wish to be named.

…gone out of control

It wasn’t as if Santosh didn’t understand interest rates and duration strategies. It was just that he had enormous confidence in credit risk bets. At some point, Franklin Templeton, under his guidance, decided to follow the same strategy across many other funds. Even shorter tenure schemes such as Franklin India Low Duration and Franklin India Ultra Short Bond started to look at corporate bonds. That wasn’t all. A cornerstone of Templeton’s strategy was to invest in bonds that came with low credit ratings. Franklin India Ultra Short Bond fund, a debt scheme meant for 3-6 months’ investment tenure, had nearly 28 percent of its assets in securities with credit rating of ‘A’ and below. Similar schemes from other fund houses had just about 3 percent on an average.

Another of its short-term fund, Franklin India Low Duration fund (a debt scheme meant for 6-12 months’ investment horizon) had invested around 44 percent in such risky assets. Similar schemes of other houses had just 10 percent in securities rated ‘A’ or below.

“If there is a specific credit risk fund, which is meant to take credit risks, then how can any fund manager take credit risks in several other schemes? This was not acceptable to many conscientious advisors, but the strategy went unabated till it came undone after the defaults in some underlying papers in 2019,” says Deepak Chhabria, CEO and Director, Axiom Financial Services.

Chasing yields

Competition is tough in debt funds. By and large, debt funds give returns of between six and nine percent with the exception of government securities funds that have been known to deliver more during falling interest rates. But Franklin Templeton’s strategy of investing in corporate bonds of lower-rated companies (Santosh and team always insisted on calling them well-managed and waiting for a re-rating) ensured that its debt funds stayed ahead of competition for many years.

Eventually, other debt funds also smelt blood and started following the credit strategy <See: Chasing yields, but going down the rating curve>. By the end of 2018, Franklin Templeton (and many other debt funds, to be honest) had invested in companies and corporate houses such as Dewan Housing Finance Corporation, Essel Group, Reliance Anil Dhirubhai Ambani group, Yes Bank and Vodafone-Idea.

In fact, some distributors Moneycontrol spoke to point out that Templeton ought to have cleaned up its portfolio in 2016, when the Franklin Templeton Asset Management bought its schemes’ entire holding in Jindal Steel and Power Ltd (JSPL) after a series of downgrades. But Franklin Templeton continued its credit strategy, regardless.

The advisor quoted anonymously above says that his firm stopped putting in incremental money in Templeton’s debt schemes after this episode.

“The credit strategy became a category by itself. This is a popular category known as junk bonds abroad. But here as well, despite the debacle at Franklin Templeton, credit risk category will continue. It’s just that investors should not make this a part of their core portfolio, which is what happened. Just like you allocate a small portion to small caps, in debt funds as well you need to asset allocation,” says Vinod Jain, Principal Adviser, Jain Investment Planner.

Ironically, Franklin Templeton had not invested in the IL&FS group. But the credit crisis that unravelled after the IL&FS debacle reduced the liquidity in the market, which forced many other companies – and many of these were present in Franklin Templeton’s portfolios – to default on their interest and principal payments.

Bad judgement or liquidity crisis?

One by one, the cookie crumbled at Templeton. The downgrades of some of its investments led to the segregation of portfolios. For instance, Franklin India Low Duration Fund has two side-pockets. Franklin India Short-Term Plan and Franklin India Credit Risk Fund have three side-pockets each, as per the March-end factsheet.

The onset of the COVID-19 crisis made matters worse. As redemptions grew from many debt funds, Franklin’s inability to sell its bad securities in illiquid markets caused by a massive sell-off in bonds in the month of March meant that the fund house could not gather generate funds to pay off its investors. A closure of schemes was its only choice.

But can the fund get away by blaming the COVID-19 crisis? The capital markets regulator, Securities and Exchange Board of India’s (SEBI’s) rules on portfolio segregation (side-pocketing) say that fund managers as well as the chief investment officers would not be eligible for their bonuses if their portfolios are segregated. That is the price fund managers are made to pay for taking bad decisions.

When Sanjay was asked about this in the April 23 call, he avoided a direct answer and instead said that the priority was to return investors’ money over time. In fact Sanjay’s responses appeared to blame the illiquidity in the debt markets rather than the aggressive credit strategy the fund house had followed in many funds.

Financial advisors and investors will not forget this episode in a hurry.


Templeton, Bobby (1906-07)

Robert (Bobby) Templeton was born in Coylton, Scotland on 22nd June 1879. He played football for Kilmarnock and Hibernian in the Scottish League before Aston Villa paid a fee of £250 to join them in May 1899.

Tony Matthews argues in his book, Who's Who of Aston Villa, that Templeton was "a tremendously gifted player. who was tall and thin, selfish but brilliant." Templeton was considered an erratic player and only played in 11 games that season. However, with a forward-line that included Billy Garraty, John Devey, George Wheldon, Stephen Smith, George Johnson and Charlie Athersmith, competition was fierce at the club.

Aston Villa won the league championship that season confirming it was the best club in England during the 1890s. This was their fifth league title in seven years.

In 1900 Templeton was suspended for insubordination. However, he returned to the side and was a regular in the first team over the next two seasons.

On the 5th April 1902 Templeton won his first international cap for Scotland against England at Ibrox Park. It was during this game that the newly built West Tribune Stand collapsed. Supporters fell up to 40 feet (12 m) to the ground below. 25 people died and 517 were injured. Afterwards it was claimed that Templeton was partly responsible for this disaster as had the ball on the wing at the time and the vast crowd swayed to see his dribbling skills.

In January 1903 Templeton joined Newcastle United for £400. However, he was unable to bring success to the club and in December 1904 he joined Woolwich Arsenal for a fee of £250. Arsenal had just been promoted to the First Division. The club did reasonably well at the top level finishing in 10th place (1904-05) and 12th (1905-06). The club also had a good FA Cup run that season beating Watford (3-0), Sunderland (5-0), Manchester United (3-2) before losing to Newcastle United 2-0 in the semi-final with Jimmy Howie and Colin Veitch getting the goals.

William Pickford, the journalist, wrote in his book, Association Football and the Men Who Made It (1905): "Templeton is afflicted with a large measure of the eccentricity of genius. He is a man of moods. When "the afflatus" is upon him he is a winged horse to whom a spur is useless, and whom a curb cannot hold. It is then that the watching multitude is aflame with mingled surprise and admiration - surprise at the wondrous versatility of the man, admiration at the grace and beauty of his movements."

During this period Arsenal had a very impressive forward line that included Templeton, Bert Freeman, Charlie Satterthwaite, Tim Coleman and Billy Garbutt. The defence was also very good with players such as Jimmy Ashcroft, Andy Ducat, Roderick McEachrane, Jimmy Sharp and Percy Sands in the team. However, Arsenal encountered serious financial problems at this time and in May 1906 was sold to Glasgow Celtic for £250. He also played for Kilmarnock before returning to England to sign for Fulham in 1913.

On the 3rd March 1913 Templeton won his last international cap for Scotland against Wales. The game ended in a 0-0 draw. Templeton scored one goal in 11 games for his country.


The Templeton Family History

John Newton Templeton was the fourth African American college graduate in the United States and the first African American graduate of Ohio University. He was a slave owned by William Williamson, who believed in educating his slaves he was freed by Williamson’s will in 1813 and graduated from OU in 1828.

In the early 1990s, Arthur R. Templeton, Jr., from Reading, a great-great-nephew of the former slave and college graduate, participated with some of his family members in a reunion with the Williamson family in 1999, arranged by OU historian Connie Perdreau. Arthur Templeton, Jr., who currently resides in California, was the second African American postal carrier in Reading. He is a past president of the Reading NAACP and began the first African American Boy Scout troop in Reading.

Arthur Templeton, Jr.’s grandfather, William Reynolds Templeton, was born in Philadelphia in 1842 and came to Reading in 1874 to become pastor of Washington Presbyterian Church. His daughter, Mildred Templeton, played organ for the church for 57 years (Goda 2004-05, 16). His son, Arthur Reeves Templeton, Sr., who owned and operated Berks Auto Ignition, is also a past president of the Reading NAACP.

Reba John Templeton, who married Theodore C. Templeton in 1939, was a graduate of West Virginia State College and University of Michigan. She became director of the Interracial Center, 4th and Laurel Streets (also known as the 4th and Laurel Recreation Center), the only one of nine recreational centers in the city of Reading that allowed African Americans to attend (Freedman 1990). In 1962, she founded a non-profit African American youth group called the Help One Another Club and later founded the Youth of Yesterday. Both organizations assist young people to further their education by buying their books. Three of the first recipients were James G. McKee, a computer consultant who graduated from Baldwin Wallace College Lynda Dusenbury Sumerset, an ultrasound technician who graduated from the X-Ray Technology program at Philadelphia General Hospital and Marie Rhodes, a banker, who graduated from Philander Smith College (Amprey 1997). At a banquet in 1997 honoring Reba Templeton’s work with African American youth, Celeste A. Crenshaw wrote and dedicated the following poem to Templeton:

For 35 years
You’ve made your stand
For youth, to help
To understand
To buy the books, that educate
To say we’re here to create,
A community empowered and strong,
Whose faith endures and vision’s long.
You’ve been a source
You’ve stayed the course
And never did you stray
Great homage than I offer

Dear Youth of Yesterday (Amprey 1997).


History

Franklin Templeton has grown from being recognized as one of the best small companies in America to being considered a premier global investment management organization. We offer clients a valuable perspective shaped by our seven decades of experience, investment expertise and growing global reach.

The company was founded in 1947 in New York by Rupert H. Johnson, Sr., who ran a successful retail brokerage firm from an office on Wall Street. He named the company for US founding father Benjamin Franklin because Franklin epitomized the ideas of frugality and prudence when it came to saving and investing. The company's first line of mutual funds, Franklin Custodian Funds, was a series of conservatively managed equity and bond funds designed to appeal to most investors.

Photo of Rupert H. Johnson.

After Rupert Sr. retired, his son, Charles B. Johnson (Charlie), took over as president and chief executive officer in 1957 at age 24. There were only a handful of employees at that time and the funds had total assets under management of US$2.5 million. Franklin was swimming against the tide because insurance companies dominated the middle class investing markets, but Charlie was convinced that he had a good story to tell.

Photo of Charles B. Johnson.

By the early 1960s Charlie and his team's persistence was paying off and the company was growing albeit slowly. It was a struggle to keep up with the day-to-day demands of the business and Charlie continued to wear many hats-mutual fund manager, wholesaler, accountant. Rupert Johnson, Jr., Charlie's brother, joined the company in 1965 and also took on multiple roles. A decade of extreme bull and bear cycles, the 1960s was an exciting time to be in the industry.

Franklin went public in 1971, which gave Charlie and team the capital needed to grow the business and position it for the future. In 1973, the company acquired Winfield & Company, a San Mateo, California-based investment firm, and moved Franklin's offices from New York to California. The combined organization had close to US$250 million in assets under management and approximately 60 employees. In 1979, Franklin Money Fund began a growth surge that made it Franklin's first billion-dollar fund and launched the company's tremendous asset growth in the 1980s.

Starting in 1980, the company's total assets under management doubled (or nearly doubled) every year for the next six years. The company's stock began trading on the New York Stock Exchange in 1986 under the ticker symbol "BEN". In the same year, the company opened its first office outside North America in Taiwan. In 1988, Franklin acquired L.F. Rothschild Fund Management Company. Assets under management for Franklin grew from just over US$2 billion in 1982 to more than US$40 billion in 1989 (the crash of 1987 had little impact on Franklin's income and bond funds). Not one to rest on their laurels, management was concerned about Franklin's heavy emphasis on fixed income investments that had become the company's bread and butter.

Strategic acquisitions in the 1990s helped Franklin diversify its investment management capabilities beyond fixed income and also expand its global footprint throughout Europe and Asia. In 1992, after striking a deal with famed global investor Sir John Templeton for the acquisition of Templeton, Galbraith & Hansberger Ltd., Charlie was named Fund Leader of the Year for spearheading what was then the largest merger of an independent mutual fund company in history. Templeton gave the company a strong portfolio of international equity funds as well as the expertise of emerging markets guru Dr. Mark Mobius, who, during his distinguished career, spent more than 40 years working in emerging markets all over the world. Then in 1996, in an effort to broaden its line of domestic equity products, Franklin Templeton bought Heine Securities Corporation, investment adviser to Mutual Series Fund, Inc., from Wall Street icon Michael Price.

Photo of Dr. Mark Mobius and Sir John Templeton (1912 - 2008).

Several more key acquisitions solidified the company's position as a premier global investment management organisation: Bissett in 2000, Fiduciary Trust in 2001 and Darby in 2003. In 2005, Gregory E. Johnson (Greg), Charlie's son, became chief executive officer, assuming overall responsibility for leading Franklin Templeton. Greg had grown up in the business and worked his way through the organisation beginning on the trading desk at age 24 in 1985. Charlie retained his role as chairman and continued to provide guidance to Greg and his leadership team.

Photo of Gregory E. Johnson.

Franklin Templeton continues to seek ways to deliver better outcomes for clients.

In 2012, the firm acquired a majority stake in K2 Advisors, a provider of integrated hedge fund and alternative investment products and solutions, to expand the firm&rsquos alternative capabilities.

In 2013, Charlie Johnson retired as chairman. During his distinguished career, Charlie successfully navigated Franklin Templeton through more than 50 years of growth and change. Charlie believed that success is built on hard work, dedication and persistence in service to our clients.

In 2014, Franklin Templeton offered its first exchange-traded fund (ETF) to provide access to the firm&rsquos investment expertise in a low-cost, transparent vehicle. The firm continues to expand its Franklin LibertyShares® ETF line-up globally, which today includes active, passive and smart beta strategies.

As the decade progressed, Franklin Templeton continued to acquire firms to bolster its solutions and alternatives businesses, including a macro-focused quantitative investment firm and a company with expertise in investment data science, machine learning and statistical algorithms.

In 2018, Franklin Templeton acquired Edinburgh Partners, an established global value investment management firm. This move strengthened our global equity product offerings and brought onboard a highly-regarded investment team and leadership.

In 2019, Franklin Templeton acquired Benefit Street Partners, a leading alternative credit manager. The acquisition bolsters Franklin Templeton&rsquos alternative offerings and expands its robust fixed income capabilities to include an array of alternative credit strategies.

In November 2019, after 15 years as CEO, it was announced that Greg Johnson would become executive chairman of the board of Franklin Resources, Inc. Jenny Johnson was named the company&rsquos next CEO, leading Franklin Templeton into its next phase of growth.

Franklin Templeton began the decade under the leadership of Jenny Johnson, who became President and CEO in February of 2020 after more than 30 years with the company. In Jenny&rsquos first year as CEO, Franklin Templeton acquired several companies to help propel the firm into a new phase of growth.

In January of 2020, the firm acquired two leading wealth management firms, Pennsylvania Trust and Athena Capital, to deepen and diversify the investment and servicing solutions offered through the company&rsquos wealth management business that operates under the Fiduciary Trust brand.

In May of 2020, the firm acquired leading digital wealth management platform provider, AdvisorEngine. The acquisition helps Franklin Templeton better serve wealth managers, financial advisors and registered investment advisors with goals-based financial planning tools, digital portfolio construction analytics and research-enabled practice management services.

In July of 2020, Franklin Templeton completed the largest and most significant acquisition in its history with the purchase of Legg Mason and its specialist investment managers. The acquisition added differentiated capabilities to Franklin Templeton&rsquos existing investment strategies, bringing notable added leadership and strength in core fixed income, active equities and alternatives. It also expanded the firm&rsquos multi-asset solutions, a key growth area.

Franklin Templeton continues to explore investment opportunities in financial technology, wealth management and asset management companies to better serve its customers around the world. 2020 was a year of major accomplishments, all during an unprecedented global pandemic with nearly everyone working remotely.


Watch the video: Bobby Templeton s situation update. (January 2022).