U.S. Core Equity Concentrated

Opportunistic across a wide range of stocks

Flexibility to invest across size and style

Seeks companies with durable growth potential across market capitalization and style spectrum

Disciplined research process

Pursues long-term, underappreciated growth potential driven by earnings growth, cash flow growth, and upward revaluation potential

Rigorous stock selection

Aims to benefit from long-term compounding of portfolio companies to drive superior long-term performance

Strategy highlights

Inception date

August 31, 2018

Benchmark

Russell 3000 Index

Total strategy assets

$4.2B

(as of January 2024)

Investment vehicles

  • Separate account
  • SMA/Model

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 initial investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss.

Assets may include accounts that are not reflected in the composite.

Investment team

Performance

Annualized composite performance (%) as of January 31, 2024

  MTD QTD YTD 1 Year 3 Years 5 Years Since Inception
U.S. Core Equity Concentrated (gross) 2.30% 2.30% 2.30% 25.52% 13.15% 15.56% 12.98%
U.S. Core Equity Concentrated (net) 2.27% 2.27% 2.27% 25.08% 12.75% 15.16% 12.58%
Russell 3000 Index 1.11% 1.11% 1.11% 19.15% 9.10% 13.53% 10.98%

Calendar-year composite performance (%) as of January 31, 2024

  2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
U.S. Core Equity Concentrated (gross) 29.90% -14.31% 26.93% 20.26% 27.69% -- -- -- -- --
U.S. Core Equity Concentrated (net) 29.45% -14.61% 26.49% 19.84% 27.24% -- -- -- -- --
Russell 3000 Index 25.96% -19.21% 25.66% 20.89% 31.02% -- -- -- -- --

Past performance is not a guarantee of future results. An investment in this strategy could lose value. Most recent month-end performance is preliminary. Returns are subject to change.

Periods less than one year are not annualized. Performance is stated in U.S. dollars and includes the reinvestment of dividends and interest.

Literature

Related topics

Equity Insights

Strategy

Strategy profile

Important disclosures

The Putnam Investments U.S. Core Equity Concentrated Composite (the "Composite") seeks capital appreciation through investment in common stocks (growth stocks, value stocks, or both) of U.S. companies of any size with favorable investment potential. The strategy uses a disciplined, fundamental investment process with three buckets of idea generation: legacy companies, smart-money indicators, and special situations. Accounts in the Composite are more concentrated, typically holding approximately 30-50 securities. Composite returns may, therefore, have a lower correlation with the benchmark than a broader U.S. Core Equity Concentrated composite. The Composite's benchmark is the Russell 3000 Index. Leverage is not utilized in any account in this Composite. Accounts in the Composite may invest in derivatives, including futures, options, and swaps, for both hedging and non-hedging purposes. The Composite includes all fully discretionary accounts managed by Putnam Investments in this concentrated investment style. The Composite inception date was August 31, 2018. The Composite creation date was November 29, 2018. Effective December 1 2022, the U.S. Multi-Cap Core Equity Concentrated Composite was renamed the U.S. Core Equity Concentrated Composite.

The Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and foreign exchange sources from the Composite.

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. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and/or foreign-exchange sources from the Composite. The effect of those differences is generally deemed to be immaterial. The securities holdings of the Composite strategy may differ materially from those of the index used for comparative purposes.