Putnam Hartford Capital Manager

Putnam Small Cap Value Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount pursues its objective of long-term capital appreciation by investing in stocks of small companies that are undergoing positive changes. In accordance with its value strategy, it seeks holdings that have below-average price/earnings ratios and that are priced below their long-term business value. The subaccount's focus on low valuation helps to manage the risk associated with investing in small companies.

Sales story

Pursuing capital appreciation through undervalued small companiesSmall companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities to firms with strong research capabilities.A value strategy: The fund focuses on finding small companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Management team

Lipper ranking ‡ as of 01/31/18

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 75% 26/34
1 yr. 69% 32/46
3 yrs. 48% 22/45
5 yrs. 40% 18/45

Risk Characteristics as of 01/31/18

Alpha (%) 0.86
Beta 0.92
R squared 0.95
Standard deviation (3 yrs.) 12.96

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts as of 01/31/18

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 251
Turnover (fiscal year end) 67%
Net Assets $159M
Inception Date 04/30/99

Holdings

Top 10 holdings as of 01/31/18

Dave Buster'S Entertainment 1.76%
Bemis 1.43%
Minerals Technologies 1.42%
Bloomin' Brands 1.36%
Hain Celestial Group The 1.23%
Walker Dunlop 1.01%
Assured Guaranty 0.97%
Summit Materials 0.95%
Hersha Hospitality Trust 0.91%
Caesars Entertainment Corp 0.90%
Top 10 holdings, total: 11.94%

Equity Holdings as of 12/31/17

BEMIS COMPANY 1.70%
HAIN CELESTIAL GROUP INC 1.68%
APOGEE ENTERPRISES INC 1.50%
MINERALS TECHNOLOGIES INC 1.49%
PENN VIRGINIA CORP 1.45%
BLOOMIN' BRANDS INC 1.44%
HUB GROUP INC-CL A 1.27%
BRINK'S CO/THE 1.07%
MASTEC INC 1.06%
AZZ INC 1.01%
CAESARS ENTERTAINMENT CORP 1.01%
CELESTICA INC 0.98%
RADIAN GROUP INC 0.97%
KNOLL INC 0.96%
LINN ENERGY INC 0.96%
SILICON MOTION TECHNOL-ADR 0.96%
CRESCENT POINT ENERGY CORP 0.95%
KNOWLES CORP 0.95%
LEGG MASON INC 0.90%
MAJOR DRILLING GROUP INTL 0.90%
SUMMIT MATERIALS INC -CL A 0.87%
SPROUTS FARMERS MARKET INC 0.82%
ENERGEN CORP 0.80%
FRANKLIN ELECTRIC CO INC 0.76%
REXNORD CORP 0.76%
ARES CAPITAL CORP 0.75%
BADGER DAYLIGHTING LTD 0.72%
BROOKDALE SENIOR LIVING INC 0.72%
ASSURED GUARANTY LTD 0.71%
CLEAN HARBORS INC 0.71%
COLFAX CORP 0.69%
ENERSYS 0.68%
HERSHA HOSPITALITY TRUST 0.68%
REGAL BELOIT CORP 0.68%
MATRIX SERVICE CO 0.66%
BRUNSWICK CORP 0.64%
MOTORCAR PARTS OF AMERICA IN 0.64%
SLM CORP 0.64%
OCEAN RIG UDW INC-A 0.62%
CHAPARRAL ENERGY INC-CLASS A 0.61%
FORMFACTOR INC 0.58%
HERITAGE INSURANCE HOLDINGS 0.58%
FLOWERS FOODS INC 0.57%
THERMON GROUP HOLDINGS INC 0.56%
ASTEC INDUSTRIES INC 0.55%
ATKORE INTERNATIONAL GROUP I 0.55%
ENSIGN GROUP INC/THE 0.55%
IMAX CORP 0.55%
KAPSTONE PAPER AND PACKAGING 0.55%
RLJ LODGING TRUST 0.54%
CONDUENT INC 0.53%
INVESTMENT TECHNOLOGY GROUP 0.53%
KOHLS CORP 0.53%
QUANTENNA COMMUNICATIONS INC 0.53%
ROOTS CORP 0.53%
AXALTA COATING SYSTEMS LTD 0.52%
VIRTUS INVESTMENT PARTNERS 0.52%
ENVISION HEALTHCARE CORP 0.51%
TITAN INTERNATIONAL INC 0.51%
US CONCRETE INC 0.51%
OCLARO INC 0.50%
PLAYA HOTELS & RESORTS NV 0.49%
HORIZON GLOBAL CORP 0.48%
KENNEDY-WILSON HOLDINGS INC 0.48%
LUMENTUM HOLDINGS INC 0.48%
MATTEL INC 0.48%
TRIPLEPOINT VENTURE GROWTH B 0.48%
GENER8 MARITIME INC 0.47%
PCSB FINANCIAL CORP 0.47%
ARGO GROUP INTERNATIONAL 0.46%
CAPITOL INVESTMENT CORP IV 0.46%
GLOBAL BRASS & COPPER HOLDIN 0.46%
HERCULES CAPITAL INC 0.46%
JABIL INC 0.46%
OASIS PETROLEUM INC 0.46%
SILVER RUN ACQUISITION COR-A 0.46%
BRIDGE BANCORP INC 0.45%
GRAPHIC PACKAGING HOLDING CO 0.45%
MACOM TECHNOLOGY SOLUTIONS H 0.45%
MIDSTATES PETROLEUM CO INC 0.45%
PARTY CITY HOLDCO INC 0.45%
GOLUB CAPITAL BDC INC 0.44%
SANDRIDGE ENERGY INC 0.44%
SENIOR HOUSING PROP TRUST 0.44%
CARROLS RESTAURANT GROUP INC 0.43%
CLARUS CORP 0.43%
DEUTZ AG 0.43%
BONANZA CREEK ENERGY INC 0.42%
LA QUINTA HOLDINGS INC 0.42%
MAXLINEAR INC 0.42%
NORTHWEST PIPE CO 0.42%
UNIT CORP 0.42%
BROOKS AUTOMATION INC 0.41%
FOSTER (LB) CO-A 0.41%
GRIFFON CORP 0.41%
INSTEEL INDUSTRIES INC 0.41%
MRC GLOBAL INC 0.41%
GENESCO INC 0.40%
LAYNE CHRISTENSEN COMPANY 0.40%
WEATHERFORD INTERNATIONAL PL 0.40%
FIRST INTERNET BANCORP 0.39%
MYR GROUP INC/DELAWARE 0.39%
PETIQ INC 0.39%
SCHNEIDER NATIONAL INC-CL B 0.39%
TIMKENSTEEL CORP 0.39%
ADVANCED ENERGY INDUSTRIES 0.38%
BERKSHIRE HILLS BANCORP INC 0.38%
DMC GLOBAL INC 0.38%
ILG INC 0.38%
CRAFT BREW ALLIANCE INC 0.37%
AMERICAN AXLE & MFG HOLDINGS 0.36%
BROOKLINE BANCORP INC 0.36%
FREIGHTCAR AMERICA INC 0.36%
ICF INTERNATIONAL INC 0.36%
QUANTA SERVICES INC 0.36%
TSAKOS ENERGY NAVIGATION LTD 0.36%
GENTEX CORP 0.35%
INFINERA CORP 0.35%
UNITED COMMUNITY BANKS/GA 0.35%
OWENS-ILLINOIS INC 0.34%
RED LION HOTELS CORP 0.34%
AMERICAN EAGLE OUTFITTERS 0.33%
BENEFICIAL BANCORP INC 0.33%
BLUE HILLS BANCORP INC 0.33%
CIENA CORP 0.33%
ATS AUTOMATION TOOLING SYS 0.32%
VALVOLINE INC 0.32%
MITEL NETWORKS CORP 0.31%
OM ASSET MANAGEMENT PLC 0.31%
AMPLIFY SNACK BRANDS INC 0.30%
ARDAGH GROUP SA 0.30%
ARMSTRONG FLOORING INC 0.30%
FIRST BANCSHARES INC/MS 0.30%
IAMGOLD CORP 0.30%
SILGAN HOLDINGS INC 0.30%
ULTRA PETROLEUM CORP 0.30%
VASCO DATA SECURITY INTL 0.30%
BENCHMARK ELECTRONICS INC 0.29%
NEW YORK & CO 0.29%
OLD NATIONAL BANCORP 0.29%
RANGE RESOURCES CORP 0.29%
DEL FRISCO'S RESTAURANT GROU 0.28%
OLYMPIC STEEL INC 0.28%
RED ROBIN GOURMET BURGERS 0.28%
TPG SPECIALTY LENDING INC 0.28%
CAI INTERNATIONAL INC 0.27%
MULLEN GROUP LTD 0.27%
THE GEO GROUP INC 0.27%
CARPENTER TECHNOLOGY 0.26%
ENERGIZER HOLDINGS INC 0.26%
HYSTER-YALE MATERIALS 0.26%
FABRINET 0.25%
SPEEDWAY MOTORSPORTS INC 0.25%
TRONOX LTD-CL A 0.25%
CENTRAL EUROPEAN MEDIA ENT-A 0.24%
GREENLIGHT CAPITAL RE LTD-A 0.24%
HNI CORP 0.24%
LAREDO PETROLEUM INC 0.24%
SEAWORLD ENTERTAINMENT INC 0.24%
STERLING BANCORP INC/MI 0.24%
STERLING BANCORP/DE 0.24%
TENNECO INC 0.24%
BOOZ ALLEN HAMILTON HOLDINGS 0.23%
SONIC CORP 0.23%
KEY ENERGY SERVICES INC 0.22%
SOLAR CAPITAL LTD 0.22%
OCEANFIRST FINANCIAL CORP 0.21%
PATTERSON-UTI ENERGY INC 0.21%
TCP CAPITAL CORP 0.21%
VISTA OUTDOOR INC 0.21%
CLIFTON BANCORP INC 0.20%
CLIPPER REALTY INC 0.20%
CRANE CO 0.20%
FIESTA RESTAURANT GROUP 0.20%
FOOT LOCKER INC 0.20%
MUELLER INDUSTRIES INC 0.20%
NCR CORPORATION 0.20%
OAKTREE SPECIALTY LENDING CO 0.20%
INPHI CORP 0.19%
MUELLER WATER PRODUCTS INC-A 0.19%
ORION ENGINEERED CARBONS SA 0.18%
TTM TECHNOLOGIES 0.18%
WILLIAMS SCOTSMAN CORP 0.18%
EASTERLY ACQUISITION CORP 0.17%
HALCON RESOURCES CORP 0.17%
OVERSEAS SHIPHOLDING GROUP-A 0.17%
ANIXTER INTERNATIONAL INC 0.16%
FINISAR CORPORATION 0.16%
LEGACYTEXAS FINANCIAL GROUP 0.16%
MERIDIAN BANCORP INC 0.16%
ACACIA COMMUNICATIONS INC 0.15%
J2 GLOBAL INC 0.15%
MARTINREA INTERNATIONAL INC 0.15%
SOUTHWESTERN ENERGY CO 0.15%
AMERICAN OUTDOOR BRANDS CORP 0.14%
B&G FOODS INC 0.14%
CORE MOLDING TECHNOLOGIES IN 0.14%
DONEGAL GROUP INC-CL A 0.14%
HARDWOODS DISTRIBUTION INC 0.14%
HARBORONE BANCORP INC 0.13%
HELIX ENERGY SOLUTIONS GROUP 0.13%
PERRY ELLIS INTERNATIONAL 0.13%
SEACHANGE INTERNATIONAL INC 0.13%
FLUSHING FINANCIAL CORP 0.12%
FRANCESCAS HOLDINGS CORP 0.12%
FULTON FINANCIAL CORP 0.12%
KBR INC 0.12%
MATSON INC 0.12%
FIREEYE INC 0.11%
GULF ISLAND FABRICATION INC 0.11%
JMP GROUP LLC 0.11%
SUMMIT HOTEL PROPERTIES INC 0.11%
CLEVELAND-CLIFFS INC 0.10%
LOUISIANA-PACIFIC CORP 0.10%
STURM RUGER & CO INC 0.10%
TECSYS INC 0.10%
BARNES & NOBLE INC 0.09%
BLACK DIAMOND GROUP LTD 0.08%
SAFE BULKERS INC 0.08%
STAR BULK CARRIERS CORP 0.08%
UNIVERSAL STAINLESS & ALLOY 0.08%
GDI INTEGRATED FACILITY SERV 0.07%
DILLARDS INC-CL A 0.06%
NATIONAL CINEMEDIA INC 0.06%
AGROFRESH SOLUTIONS INC 0.05%
AMIRA NATURE FOODS LTD 0.05%
FLOWSERVE CORP 0.05%
INDIGO BOOKS & MUSIC INC 0.05%
PC-TEL INC 0.05%
SILVERBOW RESOURCES INC 0.05%
AMERICAN RAILCAR INDUSTRIES 0.04%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 12/31/17

BEMIS COMPANY 1.70%
HAIN CELESTIAL GROUP INC 1.68%
APOGEE ENTERPRISES INC 1.50%
MINERALS TECHNOLOGIES INC 1.49%
PENN VIRGINIA CORP 1.45%
BLOOMIN' BRANDS INC 1.44%
HUB GROUP INC-CL A 1.27%
BRINK'S CO/THE 1.07%
MASTEC INC 1.06%
AZZ INC 1.01%
CAESARS ENTERTAINMENT CORP 1.01%
CELESTICA INC 0.98%
RADIAN GROUP INC 0.97%
KNOLL INC 0.96%
LINN ENERGY INC 0.96%
SILICON MOTION TECHNOL-ADR 0.96%
CRESCENT POINT ENERGY CORP 0.95%
KNOWLES CORP 0.95%
LEGG MASON INC 0.90%
MAJOR DRILLING GROUP INTL 0.90%
SUMMIT MATERIALS INC -CL A 0.87%
SPROUTS FARMERS MARKET INC 0.82%
ENERGEN CORP 0.80%
FRANKLIN ELECTRIC CO INC 0.76%
REXNORD CORP 0.76%
ARES CAPITAL CORP 0.75%
BADGER DAYLIGHTING LTD 0.72%
BROOKDALE SENIOR LIVING INC 0.72%
ASSURED GUARANTY LTD 0.71%
CLEAN HARBORS INC 0.71%
COLFAX CORP 0.69%
ENERSYS 0.68%
HERSHA HOSPITALITY TRUST 0.68%
REGAL BELOIT CORP 0.68%
MATRIX SERVICE CO 0.66%
BRUNSWICK CORP 0.64%
MOTORCAR PARTS OF AMERICA IN 0.64%
SLM CORP 0.64%
OCEAN RIG UDW INC-A 0.62%
CHAPARRAL ENERGY INC-CLASS A 0.61%
FORMFACTOR INC 0.58%
HERITAGE INSURANCE HOLDINGS 0.58%
FLOWERS FOODS INC 0.57%
THERMON GROUP HOLDINGS INC 0.56%
ASTEC INDUSTRIES INC 0.55%
ATKORE INTERNATIONAL GROUP I 0.55%
ENSIGN GROUP INC/THE 0.55%
IMAX CORP 0.55%
KAPSTONE PAPER AND PACKAGING 0.55%
RLJ LODGING TRUST 0.54%
CONDUENT INC 0.53%
INVESTMENT TECHNOLOGY GROUP 0.53%
KOHLS CORP 0.53%
QUANTENNA COMMUNICATIONS INC 0.53%
ROOTS CORP 0.53%
AXALTA COATING SYSTEMS LTD 0.52%
VIRTUS INVESTMENT PARTNERS 0.52%
ENVISION HEALTHCARE CORP 0.51%
TITAN INTERNATIONAL INC 0.51%
US CONCRETE INC 0.51%
OCLARO INC 0.50%
PLAYA HOTELS & RESORTS NV 0.49%
HORIZON GLOBAL CORP 0.48%
KENNEDY-WILSON HOLDINGS INC 0.48%
LUMENTUM HOLDINGS INC 0.48%
MATTEL INC 0.48%
TRIPLEPOINT VENTURE GROWTH B 0.48%
GENER8 MARITIME INC 0.47%
PCSB FINANCIAL CORP 0.47%
ARGO GROUP INTERNATIONAL 0.46%
CAPITOL INVESTMENT CORP IV 0.46%
GLOBAL BRASS & COPPER HOLDIN 0.46%
HERCULES CAPITAL INC 0.46%
JABIL INC 0.46%
OASIS PETROLEUM INC 0.46%
SILVER RUN ACQUISITION COR-A 0.46%
BRIDGE BANCORP INC 0.45%
GRAPHIC PACKAGING HOLDING CO 0.45%
MACOM TECHNOLOGY SOLUTIONS H 0.45%
MIDSTATES PETROLEUM CO INC 0.45%
PARTY CITY HOLDCO INC 0.45%
GOLUB CAPITAL BDC INC 0.44%
SANDRIDGE ENERGY INC 0.44%
SENIOR HOUSING PROP TRUST 0.44%
CARROLS RESTAURANT GROUP INC 0.43%
CLARUS CORP 0.43%
DEUTZ AG 0.43%
BONANZA CREEK ENERGY INC 0.42%
LA QUINTA HOLDINGS INC 0.42%
MAXLINEAR INC 0.42%
NORTHWEST PIPE CO 0.42%
UNIT CORP 0.42%
BROOKS AUTOMATION INC 0.41%
FOSTER (LB) CO-A 0.41%
GRIFFON CORP 0.41%
INSTEEL INDUSTRIES INC 0.41%
MRC GLOBAL INC 0.41%
GENESCO INC 0.40%
LAYNE CHRISTENSEN COMPANY 0.40%
WEATHERFORD INTERNATIONAL PL 0.40%
FIRST INTERNET BANCORP 0.39%
MYR GROUP INC/DELAWARE 0.39%
PETIQ INC 0.39%
SCHNEIDER NATIONAL INC-CL B 0.39%
TIMKENSTEEL CORP 0.39%
ADVANCED ENERGY INDUSTRIES 0.38%
BERKSHIRE HILLS BANCORP INC 0.38%
DMC GLOBAL INC 0.38%
ILG INC 0.38%
CRAFT BREW ALLIANCE INC 0.37%
AMERICAN AXLE & MFG HOLDINGS 0.36%
BROOKLINE BANCORP INC 0.36%
FREIGHTCAR AMERICA INC 0.36%
ICF INTERNATIONAL INC 0.36%
QUANTA SERVICES INC 0.36%
TSAKOS ENERGY NAVIGATION LTD 0.36%
GENTEX CORP 0.35%
INFINERA CORP 0.35%
UNITED COMMUNITY BANKS/GA 0.35%
OWENS-ILLINOIS INC 0.34%
RED LION HOTELS CORP 0.34%
AMERICAN EAGLE OUTFITTERS 0.33%
BENEFICIAL BANCORP INC 0.33%
BLUE HILLS BANCORP INC 0.33%
CIENA CORP 0.33%
ATS AUTOMATION TOOLING SYS 0.32%
VALVOLINE INC 0.32%
MITEL NETWORKS CORP 0.31%
OM ASSET MANAGEMENT PLC 0.31%
AMPLIFY SNACK BRANDS INC 0.30%
ARDAGH GROUP SA 0.30%
ARMSTRONG FLOORING INC 0.30%
FIRST BANCSHARES INC/MS 0.30%
IAMGOLD CORP 0.30%
SILGAN HOLDINGS INC 0.30%
ULTRA PETROLEUM CORP 0.30%
VASCO DATA SECURITY INTL 0.30%
BENCHMARK ELECTRONICS INC 0.29%
NEW YORK & CO 0.29%
OLD NATIONAL BANCORP 0.29%
RANGE RESOURCES CORP 0.29%
DEL FRISCO'S RESTAURANT GROU 0.28%
OLYMPIC STEEL INC 0.28%
RED ROBIN GOURMET BURGERS 0.28%
TPG SPECIALTY LENDING INC 0.28%
CAI INTERNATIONAL INC 0.27%
MULLEN GROUP LTD 0.27%
THE GEO GROUP INC 0.27%
CARPENTER TECHNOLOGY 0.26%
ENERGIZER HOLDINGS INC 0.26%
HYSTER-YALE MATERIALS 0.26%
FABRINET 0.25%
SPEEDWAY MOTORSPORTS INC 0.25%
TRONOX LTD-CL A 0.25%
CENTRAL EUROPEAN MEDIA ENT-A 0.24%
GREENLIGHT CAPITAL RE LTD-A 0.24%
HNI CORP 0.24%
LAREDO PETROLEUM INC 0.24%
SEAWORLD ENTERTAINMENT INC 0.24%
STERLING BANCORP INC/MI 0.24%
STERLING BANCORP/DE 0.24%
TENNECO INC 0.24%
BOOZ ALLEN HAMILTON HOLDINGS 0.23%
SONIC CORP 0.23%
KEY ENERGY SERVICES INC 0.22%
SOLAR CAPITAL LTD 0.22%
OCEANFIRST FINANCIAL CORP 0.21%
PATTERSON-UTI ENERGY INC 0.21%
TCP CAPITAL CORP 0.21%
VISTA OUTDOOR INC 0.21%
CLIFTON BANCORP INC 0.20%
CLIPPER REALTY INC 0.20%
CRANE CO 0.20%
FIESTA RESTAURANT GROUP 0.20%
FOOT LOCKER INC 0.20%
MUELLER INDUSTRIES INC 0.20%
NCR CORPORATION 0.20%
OAKTREE SPECIALTY LENDING CO 0.20%
INPHI CORP 0.19%
MUELLER WATER PRODUCTS INC-A 0.19%
CANADIAN DOLLAR ACCOUNT 0.18%
IWM 20180316 P 142.00GSI 0.18%
ORION ENGINEERED CARBONS SA 0.18%
TTM TECHNOLOGIES 0.18%
WILLIAMS SCOTSMAN CORP 0.18%
EASTERLY ACQUISITION CORP 0.17%
HALCON RESOURCES CORP 0.17%
OVERSEAS SHIPHOLDING GROUP-A 0.17%
ANIXTER INTERNATIONAL INC 0.16%
FINISAR CORPORATION 0.16%
LEGACYTEXAS FINANCIAL GROUP 0.16%
MERIDIAN BANCORP INC 0.16%
ACACIA COMMUNICATIONS INC 0.15%
IWM 20180316 P 145.00CITI 0.15%
J2 GLOBAL INC 0.15%
MARTINREA INTERNATIONAL INC 0.15%
SOUTHWESTERN ENERGY CO 0.15%
AMERICAN OUTDOOR BRANDS CORP 0.14%
B&G FOODS INC 0.14%
CORE MOLDING TECHNOLOGIES IN 0.14%
DONEGAL GROUP INC-CL A 0.14%
HARDWOODS DISTRIBUTION INC 0.14%
HARBORONE BANCORP INC 0.13%
HELIX ENERGY SOLUTIONS GROUP 0.13%
PERRY ELLIS INTERNATIONAL 0.13%
SEACHANGE INTERNATIONAL INC 0.13%
FLUSHING FINANCIAL CORP 0.12%
FRANCESCAS HOLDINGS CORP 0.12%
FULTON FINANCIAL CORP 0.12%
KBR INC 0.12%
MATSON INC 0.12%
FIREEYE INC 0.11%
GULF ISLAND FABRICATION INC 0.11%
JMP GROUP LLC 0.11%
SUMMIT HOTEL PROPERTIES INC 0.11%
CLEVELAND-CLIFFS INC 0.10%
LOUISIANA-PACIFIC CORP 0.10%
STURM RUGER & CO INC 0.10%
TECSYS INC 0.10%
BARNES & NOBLE INC 0.09%
BLACK DIAMOND GROUP LTD 0.08%
SAFE BULKERS INC 0.08%
STAR BULK CARRIERS CORP 0.08%
UNIVERSAL STAINLESS & ALLOY 0.08%
GDI INTEGRATED FACILITY SERV 0.07%
DILLARDS INC-CL A 0.06%
IWM 20180316 P 146.00UBS 0.06%
NATIONAL CINEMEDIA INC 0.06%
AGROFRESH SOLUTIONS INC 0.05%
AMIRA NATURE FOODS LTD 0.05%
FLOWSERVE CORP 0.05%
INDIGO BOOKS & MUSIC INC 0.05%
PC-TEL INC 0.05%
SILVERBOW RESOURCES INC 0.05%
AMERICAN RAILCAR INDUSTRIES 0.04%
AEO 20180119 C 20.00UBS 0.00%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
CRS 20180119 P 50.00UBS 0.00%
FERROGLOBE REPRESENTATION & 0.00%
KSS 20180119 P 52.00CITI 0.00%
KSS 20180119 P 53.00CITI 0.00%
LITE 20180119 P 47.50UBS 0.00%
LITE 20180119 P 50.00UBS 0.00%
FNSR 20180119 P 23.00BCBP -0.01%
KSS 20180119 P 55.00CSI -0.01%
IWM 20180316 P 138.00UBS -0.03%
IWM 20180316 P 137.00CITI -0.07%
IWM 20180316 P 132.00GSI -0.08%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
1: Dave Buster'S Entertainment 1.76%
2: Bemis 1.43%
3: Minerals Technologies 1.42%
4: Bloomin' Brands 1.36%
5: Hain Celestial Group The 1.23%
6: Walker Dunlop 1.01%
7: Assured Guaranty 0.97%
8: Summit Materials 0.95%
9: Hersha Hospitality Trust 0.91%
10: Caesars Entertainment Corp 0.90%
Holdings represent 11.94% of portfolio
Top 10 holdings as of 12/31/17
1: Bemis 1.70%
2: Hain Celestial Group The 1.68%
3: Apogee Enterprises 1.50%
4: Minerals Technologies 1.49%
5: Bloomin' Brands 1.44%
6: Penn Virginia Corp 1.44%
7: Hub Group 1.27%
8: Brink'S The 1.06%
9: Mastec 1.06%
10: Caesars Entertainment Corp 1.01%
Holdings represent 13.65% of portfolio
Top 10 holdings as of 11/30/17
1: Minerals Technologies 1.59%
2: Brunswick Corp/De 1.41%
3: Hain Celestial Group The 1.39%
4: Mastec 1.35%
5: Apogee Enterprises 1.27%
6: Hub Group 1.24%
7: Carpenter Technology Corp 1.13%
8: Bemis 1.05%
9: Legg Mason 1.04%
10: Celestica 1.00%
Holdings represent 12.47% of portfolio
Top 10 holdings as of 10/31/17
1: Minerals Technologies 1.42%
2: Hain Celestial Group The 1.10%
3: Maxlinear 1.00%
4: Atkore International Group 0.96%
5: Caesars Entertainment Corp 0.95%
6: Radian Group 0.93%
7: Hub Group 0.92%
8: Party City Holdco 0.90%
9: J2 Global 0.86%
10: Carpenter Technology Corp 0.82%
Holdings represent 9.86% of portfolio

Portfolio Composition as of 01/31/18

Common stock 90.55%
Cash and net other assets 9.45%

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 01/31/18

Industrials 20.35%
Financials 15.90%
Consumer discretionary 15.13%
Energy 10.62%
Materials 10.40%
Information technology 9.64%
Cash and net other assets 9.45%
Consumer staples 3.25%
Real estate 2.65%
 
Other
2.61%
Health care 2.48%
Telecommunication services 0.13%