U.S. Research

Seeking to capitalize on the expertise of Putnam's research organization

High-conviction strategy

Invests in companies that represent the highest-conviction ideas from Putnam's Equity Research team

Focus on outperformance in a variety of market conditions

Applies a sector-neutral approach, with the flexibility to own both growth and value stocks

Deep research and an emphasis on stock-specific alpha

Builds a portfolio of stocks using a collaborative process that emphasizes non-consensus critical thinking and seeks to maximize stock-specific risk and mitigate factor exposure

Strategy highlights

Inception date

October 31, 1995

Benchmark

S&P 500 Index

Total strategy assets

$2.1B

(as of May 2024)

Investment vehicles

  • Separate account
  • U.S. mutual 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 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 May 31, 2024

  MTD QTD YTD 1 Year 3 Years 5 Years 10 Years
U.S. Research (gross) 5.44% 1.25% 13.99% 33.52% 11.62% 17.65% 13.83%
U.S. Research (net) 5.39% 1.16% 13.72% 32.78% 11.01% 17.01% 13.17%
S&P 500 Index 4.96% 0.67% 11.30% 28.19% 9.57% 15.80% 12.69%

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

  2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
U.S. Research (gross) 30.17% -16.58% 25.43% 21.33% 34.53% -4.01% 24.44% 11.39% -0.56% 15.91%
U.S. Research (net) 29.46% -17.04% 24.74% 20.66% 33.79% -4.53% 23.75% 10.75% -1.26% 15.10%
S&P 500 Index 26.29% -18.11% 28.71% 18.40% 31.49% -4.38% 21.83% 11.96% 1.38% 13.69%

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

Strategy

Strategy profile

Important disclosures

The S&P 500 Index covers 500 industrial, utility, transportation, and financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization and 30% of NYSE issues. It is a capitalization-weighted index calculated with dividends reinvested.

The Putnam Investments U.S. Research Composite (the "Composite") seeks capital appreciation by investing mainly in common stocks (growth or value stocks or both) of large U.S. companies that have favorable investment potential. The strategy invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team. Accounts in the Composite are managed with a sector-neutral approach, with the flexibility to own both growth and value stocks. Security selection is a collaborative effort that emphasizes non-consensus critical thinking. The Composite's benchmark is the S&P 500 Index. Leverage is not utilized in any account in this Composite. However, derivatives (including futures, options, and swaps) may be used in some portfolios for hedging or non-hedging purposes. The Composite comprises all fully discretionary accounts managed by Putnam in this investment style. The Composite inception date was October 31, 1995. The Composite creation date was April 3, 2001.

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.