U.S. Large Cap Growth Equity Concentrated

This strategy seeks to invest in durable growth stocks that we believe can outperform in a variety of economic environments.*

Complete details, including composite calendar-year performance (%)

Quarterly Review (PDF)

Investment approach

  • Employs a thematic approach to identify secular winners with large addressable markets
  • Combines investment themes with bottom-up, fundamental analysis of stocks looking for businesses that can compound revenues and cash flows across a cycle at a multiple of GDP
  • Focuses on businesses that we believe have a strong ownership culture, and exhibit both a high level of growth and an above average duration of growth

Benchmark index

Russell 1000 Growth Index

AUM ($M) Strategy

13,920

AUM ($M) Composite

76.7

Inception date

3/31/17

Typical range of portfolio holdings

25–40

Related Putnam mutual fund

Growth Opportunities Fund

*No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risk involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss. Portfolio targets are subject to change.

Strategy assets include assets for aggregate strategy accounts that are not reflected in the composite. Strategy inception represents the aggregate strategy inception date.


Portfolio managers

A commitment to deep fundamental research

The team analyzes global trends, as well as problems and potential solutions, to identify which themes could drive sustained growth for businesses over a multi-year time horizon. Learn more about the theme-based strategy and the experiences that shaped the managers' investing approach.

Portfolio Manager
Portfolio Manager

Performance and holdings as of 6/30/21

Composite performance (%)

Annualized Gross Net Index
Q2 12.52 12.42 11.93
1 year 34.78 34.30 42.50
3 year 27.60 27.15 25.14
Since inception 27.03 26.59 24.21

Past performance is not a guarantee of future results. An investment in this strategy can lose value. Returns are stated in U.S. dollars and include the reinvestment of dividends and interest. Returns less than one year are not annualized. Most recent quarter-end performance is preliminary. Returns are subject to change. Portfolio characteristics are for a representative account and are shown for illustrative purposes only. Portfolio characteristics of individual accounts managed to a model portfolio strategy may differ as a result of account size, client-imposed investment restrictions, the timing of client investments, market, economic and individual company considerations, and other factors. The inclusion of holdings information should not be interpreted as a recommendation to buy or sell or hold any security. The securities identified do not represent all the securities purchased, sold, or recommended for client accounts. It should not be assumed that an investment in the securities identified was or will be profitable. Holdings are subject to change.

Top 10 portfolio holdings (%)

Company % Industry
Microsoft 9.5 Software
Apple 8.2 Technology hardware, storage and peripherals
Amazon 7.4 Internet and direct marketing retail
Alphabet 6.4 Interactive media and services
PayPal 4.1 IT services
NVIDIA 4.0 Semiconductors and semiconductor equipment
Facebook 3.8 Interactive media and services
Adobe 3.8 Software
Mastercard 3.6 IT Services
Nike 3.6 Textiles, apparel and luxury goods
Total 54.4

Literature

When to consider an SMA

SMAs offer customization and tax flexibility as well as a competitive fee level, and might be the vehicle of choice for many investors.

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Related Insights

Equity Insights

The strategy was formerly named the U.S. Large Cap Growth Equity Separately Managed Account.

The Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. You cannot invest directly in an index.

To learn more about our offerings, please call our Client Engagement Center (CEC) at 1-800-354-4000.

Model-based managed accounts programs: Putnam Investments and its affiliates, which include The Putnam Advisory Company, LLC and Putnam Investment Management, LLC (“Putnam”), is limited to providing non-discretionary investment management services through Separately Managed Account (SMA) and Unified Managed Account (UMA) programs or other third-party platforms (collectively, the “Financial Intermediary”), where Putnam generally provides ongoing investment recommendations through one or more “model” portfolios, and the Financial Intermediary, rather than Putnam, makes investment decisions and executes trades on behalf of its underlying clients. The Financial Intermediary decides in its discretion whether to make any changes to the model that Putnam recommends, and is also solely responsible for determining the suitability of the strategy and investments for each client that participates. This information is not personalized investment advice or an investment recommendation by Putnam, and is intended for use only by a Financial Intermediary in connection with its management of its own clients’ accounts. Putnam does not have investment discretion over, or place trade orders for, any portfolio or account derived from this information. Performance of any portfolio or account derived from this information may vary materially from the performance shown herein. There is no guarantee that any investment strategy illustrated will be successful or achieve any particular level of results. Information and other marketing materials created by Putnam concerning a model portfolio strategy — including holdings, performance and other characteristics — may not be indicative of a client’s actual experience from an account managed in accordance with the strategy. This material has been created by Putnam and the information included herein has not been verified by a Financial Intermediary and may materially differ from information provided by a Financial Intermediary. Putnam is not responsible for overseeing the provision of services by a Financial Intermediary and cannot assure the quality of its services.