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Managed Fund Since 2017
Equity
PNSCX Putnam Small Cap Growth Fund
- Combining quality and aggressive growth. We believe portfolios that balance exposure to high-quality and aggressive growth small-cap stocks can offer strong risk-adjusted return potential.
- Research-intensive process. Our fundamental investment process focuses on identifying growth opportunities where the market has undervalued the duration or magnitude of a company's growth potential.
- Long-term investment horizon. We seek to invest over a multiyear horizon to harness the power of compounding growth and embed risk management at multiple levels.
Popular Documents
Total Net Assets
$2.85B
As of 09/30/2026 (Updated Monthly)
Fund is soft closed
Overview
Fund Facts
Fund description
The fund seeks capital appreciation by investing mainly in common stocks of small U.S. companies, with a focus on growth stocks.
- Benchmark
- Russell 2000 Growth Index
- Fund Inception Date
- 12/31/1997
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 83%
Sales Charges, Expenses & Fees
As of 11/01/2025- Gross Expense Ratio
- 1.93%
- Net Expense Ratio
4 - 1.93%
- Maximum Initial Charge
- —
- CDSC
- 1.00%
- 12b-1 Fee
- 1.00%
Identifiers
- Ticker
- PNSCX
- Fund Number
- 452
- CUSIP Code
- 746763523
Average Annual Total Returns As of 09/30/2026
Class C
- 4.79%1 Year
- 16.63%3 Years
- 5.07%5 Years
- 13.19%10 Years
- 11.16%Since Inception
12/30/1997
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
The fund's monthly base fee is increased or reduced by a performance adjustment as described in the prospectus.
The fund began offering Class C shares on 3/18/2002. Returns for periods prior to 3/18/2002 reflect a restated figure based on the fund's Class A performance. The restated performance for Class C was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges. Performance reflects conversion to Class A after 8 Years.
Top Sectors
As of 09/30/2026 % of Total (Updated Monthly)
Health Care28.78% | |
Information Technology22.74% | |
Industrials21.41% | |
Financials7.76% | |
Consumer Discretionary7.31% |
Additional Fund Info
- Share Class Inception Date
- 03/18/2002
- Investment Style
- Growth
- Lipper Classification
- Small-Cap Growth Funds
- Morningstar Category
5 - Small Growth
Manager and Commentary
About the Team
Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.
Commentary Highlights
September 30, 2026- Markets: US small-cap growth stocks fell sharply in the third quarter, giving back part of their second-quarter rally. Higher Treasury yields, persistent inflation and the US Federal Reserve’s first rate hike since 2023 weighed on the asset class. A reversal in the artificial intelligence (AI) trade added to the pressure.
- Contributors : Stock selection in communication services.
- Detractors : Stock selection in information technology, energy and industrials.
- Outlook : Against a market backdrop that likely remains volatile for the foreseeable future, we seek to construct a well-diversified portfolio where performance is driven more by stock selection than by sector allocations.
Putnam Investments
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Managed Fund Since 2024
Latest Insights
August 18, 2026
May 12, 2026
Performance
Risk Measures
As of 09/30/2026
Class C - Without Sales Charge (NAV)
Measured against: Russell 2000 Growth Index
Statistics
Beta
Historical Tracking Error
Information Ratio
Standard Deviation (%)
Class C
Sharpe Ratio (%)
Class C
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
The fund's monthly base fee is increased or reduced by a performance adjustment as described in the prospectus.
The fund began offering Class C shares on 3/18/2002. Returns for periods prior to 3/18/2002 reflect a restated figure based on the fund's Class A performance. The restated performance for Class C was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges. Performance reflects conversion to Class A after 8 Years.
Ratings 3
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of09/30/2026 (Updated Monthly)
- Total Net Assets
- $2.85 Billion
Positions
As of 09/30/2026 (Updated Monthly)
Number of Issuers
- Fund
- 101
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 28.19x
- Fund
- 5.72x
- Fund
- $8.79 Billion
Market Capitalization Allocation 6
As of 09/30/2026 % of Equity (Updated Monthly)
| Market Capitalization | Fund |
|---|---|
| 1-3 Billion | 9.42% |
| 3-6.5 Billion | 39.60% |
| >6.5 Billion | 50.98% |
| Unassigned | 0.00% |
Holdings
As of 09/30/2026 (Updated Monthly)
DigitalOcean Holdings Inc
Halozyme Therapeutics Inc
Huron Consulting Group Inc
RBC Bearings Inc
Brightspring Health Services Inc
Semtech Corp
Applied Industrial Technologies Inc
Medpace Holdings Inc
Onto Innovation Inc
Covista Inc
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/21/2026
Pricing
Documents
Fund Literature
Factsheet - Putnam Small Cap Growth Fund
Product Commentary - Putnam Small Cap Growth Fund
Regulatory Documents
Annual Report - Putnam Small Cap Growth Fund - Class C
Annual Financial Statements And Other Information - Putnam Funds Trust
Semi-Annual Report - Putnam Small Cap Growth Fund - Class C
Semi-Annual Financial Statements and Other Information - Putnam Small Cap Growth Fund
Prospectus - Putnam Small Cap Growth Fund
Summary Prospectus - Putnam Small Cap Growth Fund
Statement Of Additional Information - Putnam Funds Trust
Fiscal Q1 Holdings - PUTNAM FUNDS TRUST
Fiscal Q3 Holdings - Putnam Funds Trust
Risks
All investments involve risks, including possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The investment style may become out of favor, which may have a negative impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe.
Source: FTSE.
All Putnam-named funds and Franklin Retirement Advantage, Franklin Dynamic Asset Allocation, and Franklin Multi-Asset Income-named funds and Royce funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.
Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.