U.S. Large Cap Value Equity Concentrated
November 30, 2016
Russell 1000 Value Index
Total strategy assets†
(as of September 2021)
- Separate account
- 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
*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. There are no guarantees that a company will continue to pay dividends. Dividend yield is one component of performance and should not be the only consideration for investment. Individual results may vary. Companies that pay dividends may lose value. Past performance is not a guarantee of future results.
†Assets may include accounts that are not reflected in the composite.
Annualized composite performance (%) as of September 30, 2021
|MTD||QTD||YTD||1 Year||3 Years||Since Inception|
|U.S. Large Cap Value Equity Concentrated (gross)||-3.07%||0.95%||23.06%||44.80%||13.80%||15.06%|
|U.S. Large Cap Value Equity Concentrated (net)||-3.09%||0.87%||22.78%||44.37%||13.45%||14.71%|
|Russell 1000 Value Index||-3.48%||-0.78%||16.14%||35.01%||10.07%||10.42%|
Calendar-year composite performance (%) as of September 30, 2021
|U.S. Large Cap Value Equity Concentrated (gross)||3.88%||32.52%||-5.52%||20.14%||--||--||--||--||--||--|
|U.S. Large Cap Value Equity Concentrated (net)||3.57%||32.13%||-5.81%||19.78%||--||--||--||--||--||--|
|Russell 1000 Value Index||2.80%||26.54%||-8.27%||13.66%||--||--||--||--||--||--|
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.
The Putnam Investments U.S. Large Cap Value Equity Concentrated Composite (the "Composite) seeks to achieve long-term capital growth by investing primarily in equity securities of mid-size and large U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. The strategy seeks to outperform the market over time by employing a value-oriented approach to identify potential opportunities for revaluation or fundamental improvement. Accounts in the Composite are more concentrated, typically holding approximately 35 to 45 securities. Composite returns may, therefore, have a lower correlation with the benchmark than a more diversified U.S. Large Value equity strategy. The Composite's benchmark is the Russell 1000 Value Index. Derivatives are not permitted in any account in the Composite. The Composite includes all fully discretionary accounts managed by Putnam Investments in this concentrated investment style. The Composite inception date was November 30, 2016. The Composite creation date was December 13, 2016. The Composite was formerly called U.S. Large Value Equity Managed Account.
The Russell 1000 Value Index measures the performance of the Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the 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 may differ materially from those of the index used for comparative purposes. Composites and benchmarks include the reinvestment of dividends and other earnings. Indexes are unmanaged and do not incur expenses. You cannot invest directly in an index. Gross-of-fee returns do 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-of-fee returns are calculated using a model fee. For the applicable time periods, net-of-fees returns reflect either the deduction of the highest management fee that is paid by a portfolio in the Composite during the performance period, applied on a monthly basis, or the deduction of the highest applicable management fee in effect during the performance period that would be charged based on the fee schedule appropriate to this mandate, without the benefit of breakpoints, applied on a monthly basis, whichever is higher. Net-of-fee calculation methodology may change over time. Actual investment advisory fees incurred by clients are typically negotiated on an individual basis and may vary depending upon, among other things, the applicable fee schedule and portfolio size. Our standard fee schedules are available upon request.