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Equity

Putnam U.S. Small Cap Value Equity SMA

  • Uncovering the potential to expand earnings - Takes a multipronged approach by applying fundamental, quantitative, and technical analysis to generate ideas and identify unique opportunities.
  • Companies poised for revaluation - Applies bottom-up research process that considers valuation, catalyst, and quality indicators, with the goal of finding companies poised for revaluation.
  • Driving returns through stock selection - Seeks to maximize stock-specific risk and minimize unintended factor risk through an active portfolio construction discipline.
Year to Date Returns (Net)
21.29%
As of 06/30/2026
Year to Date Returns (Gross)
23.04%

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Overview

Product Facts

Strategy Description

The Putnam U.S. Small Cap Value Equity SMA seeks stocks with attractive valuation and quality characteristics and companies with improving business momentum or catalysts that can unlock value.

Benchmark
Russell 2000 Value Index
Inception Date
03/31/1993
Asset Class
Equity
Number of IssuersAs of 09/30/2026 (Updated Quarterly)
124

Average Annual Total Returns

View performance section for additional info As of 08/31/2026
  • 16.35%1 Year
  • 11.83%3 Years
  • 6.56%5 Years
  • 7.88%10 Years
  • 7.38%Since Inception
    03/31/1993

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

View portfolio section for additional info

As of 09/30/2026 % of Total (Updated Monthly)

Financials27.47%
Industrials13.31%
Consumer Discretionary12.60%
Health Care12.08%
Energy8.65%

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 the second quarter, supported by strong corporate earnings, resilient economic data and enthusiasm around artificial intelligence (AI) infrastructure and software.
  • Contributors  : Stock selection in information technology, industrials and health care.
  • Detractors:  Stock selection in consumer discretionary, materials, and energy.
  • Outlook:  US equity markets continue to offer attractive opportunities for bottom-up stock selection, particularly as market leadership broadens beyond technology-driven themes.
Putnam Investments
[Mike Petros avatar]

Managed Strategy Since 2019

Portfolio Manager Profile
Years of Experience
Manager Location

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Composite Performance

Calendar Year Returns

As of 08/31/2026

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 -21.2 to 41.27.
End of interactive chart.
Putnam U.S. Small Cap Value Equity SMA - Net (%)
Putnam U.S. Small Cap Value Equity SMA - Gross (%)
Russell 2000 Value Index (%)

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.

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Portfolio

Positions

As of 08/31/2026 (Updated Monthly)

Number of Issuers
Portfolio
122
Benchmark
1,390

Portfolio Statistics

As of 08/31/2026 (Updated Monthly)

Estimated 3-5 Year EPS Growth
Portfolio
11.54%
Benchmark
10.69%
Price to Earnings (12-Month Forward)
Portfolio
13.66x
Benchmark
17.66x
Price to Book
Portfolio
1.71x
Benchmark
1.51x
Dividend Yield
Portfolio
1.69%
Benchmark
2.00%
Market Cap Median
Portfolio
2,651.14x
Benchmark
939.61x
Weighted Average Market Capitalization (USD)
Portfolio
$3.96 Billion
Benchmark
$3.50 Billion

Market Capitalization Allocation 1

As of 09/30/2026 % of Equity (Updated Monthly)

Market Capitalization Portfolio
Benchmark
<500 Million 10.25%5.98%
0.5-1 Billion 13.21%9.54%
1-3 Billion 28.40%36.40%
3-6.5 Billion 35.12%38.13%
>6.5 Billion 13.01%9.95%
Unassigned —0.00%
Chart
Bar chart with 2 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0 to 38.12857.
End of interactive chart.

Holdings

As of 09/30/2026 (Updated Monthly)

IBEX Limited
Nicolet Bankshares,​ Inc.​
RingCentral,​ Inc.​
Five Star Bancorp
Precigen,​ Inc.​
Aviat Networks,​ Inc.​
Donnelley Financial Solutions,​ Inc.​
Amneal Pharmaceuticals,​ Inc.​
Option Care Health,​ Inc.​
Cavco Industries,​ Inc.​
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Documents

Product Documents

Factsheet - Putnam U.S. Small Cap Value Equity SMA
Product Commentary - Putnam U.S. Small Cap Value Equity SMA
FTPPG Regulatory Disclosures
Mailed hardcopies unavailable.

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. 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.

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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. 

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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