Franklin Resources Reports 9% Stake in Southwest Airlines Following Internal Realignment

On April 29, 2026, Franklin Resources, Inc. (FRI) filed a Schedule 13G/A reporting a 9.0% ownership stake in Southwest Airlines Co. (LUV), representing 44,386,408 shares. This filing marks a significant aggregation of holdings following an internal realignment effective March 31, 2026. Previously, subsidiaries Franklin Mutual Advisers, Inc. (FMA) and Brandywine Global Investment Management, LLC (BGIM) reported their beneficial ownership on a disaggregated basis. Under the new structure, these entities have ceased separate reporting, and their holdings are now aggregated with FRI's other investment management subsidiaries. Of the total shares, Putnam Investment Management, LLC holds a substantial portion, reporting beneficial ownership of 33,879,331 shares (6.9%). Other contributing subsidiaries include The Putnam Advisory Company, LLC and Franklin Advisers, Inc. The filing indicates that the shares were acquired in the ordinary course of business without the intent to influence or change control of the issuer. Principal shareholders Charles B. Johnson and Rupert H. Johnson, Jr. are also named in the filing but disclaim individual pecuniary interest in the reported securities.