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Putnam U.S. Large Cap Growth Equity Concentrated SMA

  • 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

Popular Documents

  • Factsheet
  • Product Commentary
View All
Year to Date Returns (Net)
6.12%
As of 06/30/2026
Year to Date Returns (Gross)
7.69%

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Putnam U.S. Large Cap Growth Equity Concentrated SMA

  • Overview
  • Composite Performance
  • Portfolio
  • Documents
[products.skip-to-overview]

Overview

See additional performance disclosures in the performance section.

Product Facts

Strategy Description

Putnam U.S. Large Cap Growth Equity Concentrated SMA combines investment themes with deep fundamental research to build a portfolio of structurally advantaged, durable growth companies.

Benchmark
Russell 1000 Growth Index
Inception Date
03/31/2017
Asset Class
Equity
Number of IssuersAs of 08/31/2026 (Updated Quarterly)
39

Average Annual Total Returns As of 08/31/2026

View performance section for additional info As of 08/31/2026
  • 7.50%1 Year
  • 18.06%3 Years
  • 7.64%5 Years
  • —10 Years
  • 15.21%Since Inception
    03/31/2017

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. Putnam Investments claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Information is based on the composite. Past performance is not an indicator or a guarantee of future performance. Returns for periods less than one year are not annualized. All performance is reported in US dollars.

Top Sectors

Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

View portfolio section for additional info

As of 08/31/2026 % of Total (Updated Monthly)

Top Sectors
Information Technology52.64%
Communication Services15.78%
Health Care7.30%
Consumer Discretionary7.00%
Financials6.18%

Manager and Commentary

About the Team

Putnam Investments

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

June 30, 2026
  • Markets:  US equities advanced in a strong but volatile quarter, supported by resilient earnings, enthusiasm around artificial intelligence (AI), and solid economic data despite geopolitical and inflation concerns.
  • Contributors  : Stock selection in information technology, industrials and consumer discretionary.
  • Detractors:  Stock selection in communication services.
  • Outlook:  While volatility and macroeconomic uncertainty are likely to persist, earnings growth, AI-related investment, and broader market participation continue to provide support for US growth equities.

For complete information, please see the full commentary:

Putnam Investments
[Richard Bodzys avatar]

Managed Strategy Since 2017

[Greg McCulloughs avatar]

Managed Strategy Since 2019

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

August 18, 2026

Who Will Earn the Returns on the AI Buildout?

July 21, 2026

The Price of Admission: Further equity upside comes with a cost—volatility

July 21, 2026

Talking Markets Podcast: Still Early Innings for Artificial Intelligence

May 12, 2026

Emerging markets: Cheap, growing and underowned
[products.skip-performance]

Composite Performance

Average Annual Total Returns

As of 08/31/2026

Choose Month

2026

Use arrow keys to navigate calendar. Press Enter to select a date.
2026
Selected Month August 2026
Chart
Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 7.5 to 21.56.
Created with Highcharts 12.6.005101520251 Year3 Years5 Years7 YearsSince Inception
End of interactive chart.
Putnam U.S. Large Cap Growth Equity Concentrated SMA - Net (%)
Month End
As of 08/31/2026
1 Year
7.50
3 Years
18.06
5 Years
7.64
7 Years
13.94
Since Inception(03/31/2017)
15.21
Putnam U.S. Large Cap Growth Equity Concentrated SMA - Gross (%)
Month End
As of 08/31/2026
1 Year
10.71
3 Years
21.56
5 Years
10.85
7 Years
17.32
Since Inception(03/31/2017)
18.63
Russell 1000 Growth Index (%)
Month End
As of 08/31/2026
1 Year
10.82
3 Years
21.10
5 Years
11.88
7 Years
18.35
Since Inception(03/31/2017)
17.92

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. Putnam Investments claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Information is based on the composite. Past performance is not an indicator or a guarantee of future performance. Returns for periods less than one year are not annualized. All performance is reported in US dollars.

[products.skip-portfolio]

Portfolio

Positions

As of 08/31/2026 (Updated Monthly)

Number of Issuers
Portfolio
39
Benchmark

Russell 1000 Growth Index

366

Portfolio Statistics

As of 08/31/2026 (Updated Monthly)

Estimated 3-5 Year EPS Growth
Portfolio
23.12%
Benchmark

Russell 1000 Growth Index

20.93%
Price to Earnings (12-Month Forward)
Portfolio
23.01x
Benchmark

Russell 1000 Growth Index

21.82x
Price to Book
Portfolio
13.42x
Benchmark

Russell 1000 Growth Index

13.31x
Dividend Yield
Portfolio
0.40%
Benchmark

Russell 1000 Growth Index

0.49%
Market Cap Median
Portfolio
348,320.10x
Benchmark

Russell 1000 Growth Index

26,999.73x
Weighted Average Market Capitalization (USD)

A determination of a company's value, calculated by multiplying the total number of company stock shares outstanding by the price per share. For a portfolio, the value represents a weighted average based on the stocks held.

Portfolio
$2,127.61 Billion
Benchmark

Russell 1000 Growth Index

$2,201.83 Billion

Asset Allocation

As of 08/31/2026 % of Total (Updated Monthly)

Asset Allocation
Asset Type Portfolio
Equity
97.81%
Cash & Cash Equivalents
2.19%
 
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 2.19436 to 97.80564.
Created with Highcharts 12.6.00%100%25%50%75%125%EquityCash & Cash​Equivalents
End of interactive chart.

Holdings

As of 08/31/2026 (Updated Monthly)

NVIDIA Corporation
Alphabet Inc.​
Apple Inc.​
Microsoft Corporation
Broadcom Inc.​
Eli Lilly and Company
Micron Technology,​ Inc.​
Lam Research Corporation
Mastercard Incorporated
Meta Platforms,​ Inc.​
[products.skip-documents]

Documents

Product Documents

Factsheet - Putnam Large Cap Growth Equity Concentrated SMA
Product Commentary - Putnam U.S. Large Cap Growth Equity Concentrated SMA
FTPPG Regulatory Disclosures
Mailed hardcopies unavailable.

Risks

All investments involve risks, including possible loss of principal. 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.  The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. 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. 

Important Information

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Franklin Templeton (FT) is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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. 

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.
Source: FTSE.

Putnam Retail Separately Managed Accounts (SMAs): Putnam Investment Management, LLC acts as a discretionary investment manager or non-discretionary model provider in a variety of retail separately managed account programs and platforms (“SMA Programs”) sponsored by non-affiliated financial intermediaries (each, a “Sponsor Firm”). Through various Sponsor Firms, Putnam offers model-delivery SMAs as well as single- and dual-contract SMAs through a range of actively managed strategies. SMA Programs may require a minimum asset level and, depending on specific investment objectives and financial position, may not be appropriate for all investors. The information provided relates to Putnam Investments and its affiliates, which includes Putnam Investment Management, LLC.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

Footnotes

  1. Capitalization Rate is calculated without the deduction of fees and expenses.

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