U.S. Multi-Cap Core Equity Concentrated

The strategy seeks capital appreciation.*

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

Quarterly Review (PDF)

Investment approach

  • The strategy invests in stocks of U.S. companies across all market caps, with flexibility to own both growth and value stocks
  • A disciplined bottom-up fundamental investment process focuses on three buckets of idea generation

    1. Legacy names: long-researched companies, with buy/sell decisions based on soft changes to fundamentals or price
    2. Smart money: research process tracks non-option-based buying and selling activity of company insiders
    3. Special situations: companies represent differentiated ideas that have attractive risk/reward profiles

Benchmark index

Russell 3000 Index

AUM ($M) Strategy


AUM ($M) Composite


Inception date


Typical range of portfolio holdings


Related Putnam mutual fund

Multi-Cap Core 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

Portfolio Manager
Portfolio Manager, Analyst

Performance and holdings as of 6/30/21

Composite performance (%)

Annualized Gross Net Index
Q2 7.76 7.66 8.24
1 year 44.84 44.33 44.16
3 year -- -- --
Since inception 17.06 16.65 17.13

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
Alphabet 6.3 Interactive media and services
Microsoft 5.9 Software
Apple 5.8 Technology hardware, storage and eripherals
Amazon 5.4 Internet and direct marketing retail
Berkshire Hathaway 4.7 Diversified financial services
Senior Connect Acquisition I 3.7 Diversified financial services
Facebook 3.2 Interactive media and services
Morgan Stanley 2.8 Capital markets
Goldman Sachs 2.6 Capital markets
Texas Instruments Acquisition I 2.2 Semiconductors and semiconductor equipment
Total 42.6


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. Multi-Cap Core Equity Separately Managed Account.

The Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. 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.