U.S. Large Cap Value Equity Concentrated

The strategy seeks to invest in companies with underappreciated fundamentals and the income potential from growing dividends to pursue returns for investors.*

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

Quarterly Review (PDF)

Investment approach

  • A disciplined process that combines fundamental research and quantitative tools to pursue multiple alpha sources, with a strong overlay of risk control and portfolio construction
  • A focus on companies' ability and willingness to return capital to shareholders
  • Veteran managers whose experience with both U.S. and non-U.S. value strategies provides critical global insight for analyzing the large-cap value equity universe

Benchmark index

Russell 1000 Value Index

AUM ($M) Strategy

36,586.7

AUM ($M) Composite

1,485.4

Inception date

11/30/16

Typical range of portfolio holdings

35–45

Related Putnam mutual fund

Large Cap Value 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. Total strategy assets may include accounts that are not reflected in the composite.


Portfolio managers

Portfolio Manager
Portfolio Manager

Performance and holdings as of 12/31/23

Composite performance (%) annualized

Annualized Gross Net Index
Q4 9.31 9.16 9.50
1 year 18.73 18.08 11.46
3 years 16.24 15.64 8.86
5 years 16.68 16.17 10.91
Since inception 13.90 13.45 8.59

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. Periods less than one year are not annualized. Most recent quarter-end performance is preliminary. Returns are subject to change. Gross performance includes the deduction of transaction costs but does not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net performance reflects the deduction of a model fee applied on a monthly basis, equal to the actual management fee incurred by a portfolio in the composite or the highest management fee that would be charged to a prospect of the strategy, whichever is higher. The model fee may change over time. Actual advisory fees may vary among clients with the same investment strategy. The composite includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy.

Portfolio characteristics and holdings are for a representative account managed to the composite's strategy and are shown for illustrative purposes only. Each account is managed individually. Accordingly, portfolio characteristics may vary and are subject to change. Portfolio characteristics of individual client accounts may differ from those of the representative accounts as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals, 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 any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein.

Top 10 portfolio holdings (%)

Company % Industry
Exxon Mobil 3.9 Oil, gas and consumable fuels
Bank of America 3.5 Banks
Oracle 3.3 Software
Microsoft 3.2 Software
Apollo Global Management 3.0 Financial services
Regeneron 3.0 Biotechnology
ConocoPhillips 3.0 Oil, gas and consumable fuels
United Rentals 3.0 Trading companies and distributors
Thermo Fisher Scientific 2.7 Life sciences tools and services
Citigroup 2.6 Banks
Total 31.2

Literature

Strategy documents

Fact Sheet (PDF)
Brochure (PDF)
Quarterly commentary (PDF)

Related Insights

Equity Insights

The Russell 1000® Value Index in an unmanaged index of those companies in the large-cap Russell 1000® Index chosen for their value 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.

Retail managed account programs: Putnam Investment Management, LLC (“Putnam”) offers non-discretionary investment advisory services through managed account programs and platforms sponsored by non-affiliated financial intermediaries (“Unaffiliated Financial Intermediaries”) pursuant to “model delivery” managed account arrangements. In such arrangements, Putnam generally provides ongoing investment recommendations through one or more "model" portfolios, and the Unaffiliated Financial Intermediary, rather than Putnam, makes investment decisions and executes trades on behalf of its underlying clients. The Unaffiliated 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. Putnam also offers discretionary investment advisory services through managed account programs and platforms sponsored by non-affiliated financial intermediaries pursuant to “single contract” and “dual contract” managed account arrangements. In such arrangements, an Unaffiliated Financial Intermediary and its client enter into an agreement with regard to the Unaffiliated Financial Intermediary's overall management of the client's assets pursuant to which the Unaffiliated Financial Intermediary identifies managers that it believes are suitable for each client. Either the Unaffiliated Financial Intermediary or the client then selects the applicable managers to manage portions of the client's portfolio. In a “single contract” arrangement, if Putnam is selected, Putnam enters into an agreement with the Unaffiliated Financial Intermediary pursuant to which Putnam will provide investment advice with respect to a portion of the portfolios of certain clients of the Unaffiliated Financial Intermediary. However, Putnam does not enter into a separate agreement with each applicable client. In a “dual contract” arrangement, on the other hand, if Putnam is selected, Putnam enters into an agreement with the Unaffiliated Financial Intermediary's client. As a result, a client in a single contract arrangement enters into a single contract with the Unaffiliated Financial Intermediary, whereas a client in a dual contract arrangement enters into two separate contracts — one with the Unaffiliated Financial Intermediary and another with Putnam. 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 delivery, single contract or dual contract 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 an Unaffiliated Financial Intermediary and may materially differ from information provided by an Unaffiliated Financial Intermediary Putnam is not responsible for overseeing the provision of services by a Unaffiliated Financial Intermediary and cannot assure the quality of its services.