Gary Poster, with essential assists from Galyn Norwood, Phiroon Phihakendr, Jose Quijada, Pavandeep Kalra.
Managers are nervous.
For example, Franklin's budget for technology is huge. Every corporation in America has to do this to compete. That's a quick way to foreshorten your winners. Every one of the managers we talked to admits to being nervous about the stretched valuations of his or her top holdings. None of these managers is pruning the positions in any significant way, though.