Overview
Investment Overview
Identifying undiscovered earnings potential
- 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.
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 investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risk involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss.
Portfolio Managers

Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk/Return Profile
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2026
The strategy returns shown below are preliminary returns, subject to future revision (downward or upward). When available, final performance will be posted.
Chart
Quarter End As of 03/31/2026 | 1 Year | 3 Years | 5 Years | 7 Years | 10 Years | 15 Years | 20 Years | 25 Years | Since Inception 03/31/1993 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Putnam U.S. Small Cap Value Equity SMA - Net (%) | 13.39 | 11.16 | 5.45 | 8.74 | 8.24 | 7.54 | 5.18 | 5.18 | 7.91 | |
| Putnam U.S. Small Cap Value Equity SMA - Gross (%) | 15.74 | 13.47 | 7.65 | 11.01 | 10.49 | 9.77 | 7.37 | 7.37 | 10.16 | |
| Russell 2000 Value Index (%) | 28.09 | 13.80 | 5.79 | 9.08 | 9.61 | 8.62 | 6.98 | 8.77 | 9.65 |
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.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS Report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Putnam Investments, LLC (“Putnam”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the Putnam Small Cap Equity investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Putnam and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Putnam or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by Putnam and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
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.
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.
Calendar Year Returns
Calendar Year Returns
The strategy returns shown below are preliminary returns, subject to future revision (downward or upward). When available, final performance will be posted.
Chart
Quarter End As of 03/31/2026 | YTD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Putnam U.S. Small Cap Value Equity SMA - Net (%) | 0.79 | 4.17 | 5.27 | 22.53 | -14.07 | 38.45 | 2.75 | 22.82 | -20.48 | 6.96 | 25.76 | 03/31/1993 | |
| Putnam U.S. Small Cap Value Equity SMA - Gross (%) | 1.31 | 6.34 | 7.46 | 25.06 | -12.25 | 41.27 | 4.92 | 25.35 | -18.78 | 9.19 | 28.34 | 03/31/1993 | |
| Russell 2000 Value Index (%) | 4.96 | 12.59 | 8.05 | 14.65 | -14.48 | 28.27 | 4.63 | 22.39 | -12.86 | 7.84 | 31.74 | — |
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.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS Report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Putnam Investments, LLC (“Putnam”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the Putnam Small Cap Equity investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Putnam and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Putnam or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by Putnam and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
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.
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.
Cumulative Total Returns
Cumulative Total Returns
The strategy returns shown below are preliminary returns, subject to future revision (downward or upward). When available, final performance will be posted.
The hypothetical growth scenario of $100k does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.
1993
2026
Chart
Quarter End As of 03/31/2026 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 03/31/1993 | |
|---|---|---|---|---|---|---|---|---|
| Putnam U.S. Small Cap Value Equity SMA - Net (%) | 0.79 | 13.39 | 37.36 | 30.37 | 120.77 | 197.39 | 1,134.90 | |
| Putnam U.S. Small Cap Value Equity SMA - Gross (%) | 1.31 | 15.74 | 46.09 | 44.54 | 171.26 | 305.05 | 2,336.14 | |
| Russell 2000 Value Index (%) | 4.96 | 28.09 | 47.36 | 32.53 | 150.32 | 245.62 | 1,991.29 |
Historical Cumulative Total Returns
2026
Date Selected As of 03/31/2026 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 03/31/1993 | |
|---|---|---|---|---|---|---|---|---|
| Putnam U.S. Small Cap Value Equity SMA - Net (%) | 0.79 | 13.39 | 37.36 | 30.37 | 120.77 | 197.39 | 1,134.90 | |
| Putnam U.S. Small Cap Value Equity SMA - Gross (%) | 1.31 | 15.74 | 46.09 | 44.54 | 171.26 | 305.05 | 2,336.14 | |
| Russell 2000 Value Index (%) | 4.96 | 28.09 | 47.36 | 32.53 | 150.32 | 245.62 | 1,991.29 |
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.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS Report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Putnam Investments, LLC (“Putnam”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the Putnam Small Cap Equity investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Putnam and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Putnam or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by Putnam and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
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.
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.
Risk/Return Profile
Risk/Return Profile (%)
Based on a 10 year period ending Mar-31-2026
Chart
| Pure Gross |
| Net |
| 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.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS Report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Putnam Investments, LLC (“Putnam”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the Putnam Small Cap Equity investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Putnam and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Putnam or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by Putnam and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
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.
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.
Risk Measures
Risk Measures
The strategy returns shown below are preliminary returns, subject to future revision (downward or upward). When available, final performance will be posted.
| Statistics | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Alpha (Net of Fees) | -13.01 | -2.03 | -0.20 | -1.34 |
| Beta (Net) | 1.08 | 0.97 | 1.00 | 1.06 |
| R-Squared (Net) | 0.86 | 0.92 | 0.93 | 0.95 |
| Historical Tracking Error (Net) | 5.82 | 5.40 | 5.33 | 5.34 |
| Historical Tracking Error (Pure Gross) | 5.82 | 5.40 | 5.33 | 5.34 |
| Information Ratio (Pure Gross) | -2.12 | -0.06 | 0.35 | 0.17 |
| Information Ratio (Net) | -2.52 | -0.49 | -0.07 | -0.26 |
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.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS Report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Putnam Investments, LLC (“Putnam”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the Putnam Small Cap Equity investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Putnam and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Putnam or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by Putnam and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
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.
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.
Portfolio
Positions
| Fund | Benchmark | |
|---|---|---|
| Number of Issuers | 118 | 1,410 |
Portfolio Statistics
| Fund | Benchmark | |
|---|---|---|
| Median Market Cap (USD) | $2.46 Billion | $829.98 Million |
| Price to Earnings (12-Month Forward) | 12.50x | 20.53x |
| Dividend Yield | 1.70% | 2.00% |
| Estimated 3-5 Year EPS Growth | 12.23% | 10.81% |
| Price to Book | 1.55x | 1.48x |
| Weighted Average Market Capitalization (USD) | $3.64 Billion | $3.90 Billion |
Portfolio Allocations
- Assets
- Sector
- Market Capitalization
Assets
Asset Allocation
Chart
| Fund | ||
|---|---|---|
| Common Stock | 99.13% | |
| Cash & Other Net Assets | 0.87% |
Sector
Sector Allocation
Chart
| Fund | Benchmark | ||
|---|---|---|---|
| Financials | 28.11% | 24.95% | |
| Industrials | 14.82% | 12.48% | |
| Consumer Discretionary | 11.22% | 9.16% | |
| Information Technology | 9.95% | 8.18% | |
| Energy | 9.78% | 9.83% | |
| Health Care | 9.30% | 10.83% | |
| Materials | 6.33% | 5.69% | |
| Real Estate | 4.44% | 8.70% | |
| Utilities | 3.16% | 5.72% | |
| Consumer Staples | 1.14% | 1.58% | |
| Communication Services | 0.88% | 2.89% | |
| Cash & Other Net Assets | 0.87% | — |
Market Capitalization
Market Capitalization Allocation 2
Chart
| Fund | ||
|---|---|---|
| Less than $500M | 9.56% | |
| $500M - $1B | 15.17% | |
| $1B - $3B | 31.70% | |
| $3B - $6.3B | 27.54% | |
| Over $6.3B | 15.66% | |
| Cash and other assets | 0.37% |
Portfolio Holdings
Top Equity Issuers
Chart
| Fund | ||
|---|---|---|
| Permian Resources | 1.71% | |
| Magnolia Oil & Gas | 1.51% | |
| Antero Resources | 1.51% | |
| Nicolet Bankshares | 1.49% | |
| Core Natural Resources | 1.46% | |
| Cohu | 1.42% | |
| Lifestance Health Group | 1.42% | |
| Matador Resources | 1.42% | |
| Ichor Holdings | 1.40% | |
| Five Star Bancorp | 1.37% |
Documents
Product Literature
Factsheet - Putnam U.S. Small Cap Value Equity SMA - Primerica Use Only
Risks
What Are The Key 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.
Important Information
Primerica and Franklin Templeton are unaffiliated companies.
Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by Franklin Templeton. Management is implemented by FTPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.
Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares. Returns reflect reinvestment of dividends and capital gains. Performance figures for periods shorter than one year represent cumulative figures and are not annualized. All performance is reported in US dollars.
Putnam Investments, LLC 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.
Professional money management may not be suitable for all investors. Factual information relating to the securities discussed was obtained from sources believed to be reliable, but there can be no guarantee as to its accuracy. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities discussed in the material.
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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.
The Russell 2000 Value Index measures the performance of the small-cap value 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
Dividend yield is calculated without the deduction of fees and expenses.
Capitalization Rate is calculated without the deduction of fees and expenses.
