Investment objective & strategy
As of Feb. 24, 2026 · prospectusObjective. The fund seeks long-term growth of capital.
Strategy. Under normal circumstances, the fund invests at least 80% of its assets in equity securities of companies with small market capitalizations and related investments. For the purposes of this 80% policy, small capitalization companies are companies with market capitalization values not exceeding (i) $3 billion or (ii) the highest month-end market capitalization value of any stock in the Russell 2000 Index for the previous 12 months, whichever is greater. Securities of companies whose market capitalizations no longer meet this definition after purchase by the fund are still considered to be securities of small capitalization companies for purposes of the funds 80% investment policy. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. … Under normal circumstances, the fund invests at least 80% of its assets in equity securities of companies with small market capitalizations and related investments. For the purposes of this 80% policy, small capitalization companies are companies with market capitalization values not exceeding (i) $3 billion or (ii) the highest month-end market capitalization value of any stock in the Russell 2000 Index for the previous 12 months, whichever is greater. Securities of companies whose market capitalizations no longer meet this definition after purchase by the fund are still considered to be securities of small capitalization companies for purposes of the funds 80% investment policy. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The portfolio managers use a growth-oriented investment style that emphasizes small U.S. companies.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BLOOM ENERGY CORP CL A | — | $109.66M | 5.48% |
| LATTICE SEMICONDUCTOR CORP | — | $78.82M | 3.94% |
| RBC BEARINGS INC | — | $63.50M | 3.17% |
| FABRINET | — | $60.61M | 3.03% |
| XPO LOGISTICS INC | — | $51.52M | 2.57% |
| ALLEGRO MICROSYSTEMS INC | — | $50.14M | 2.50% |
| ELEMENT SOLUTIONS INC | — | $49.04M | 2.45% |
| BWX TECHNOLOGIES INC | — | $45.85M | 2.29% |
| CASEY'S GENERAL | — | $45.45M | 2.27% |
| CONSTRUCTION PARTNERS INC CL A | — | $43.07M | 2.15% |
Portfolio moves
Jan 30, 2026 → Apr 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| ClearBridge Variable Small Cap Growth Portfolio · QLMSIX, QLMSTX | 91% | 0.80% |
| Allspring Emerging Growth Fund · WFGDX, WEMAX, WEMCX, WEMIX, WEGRX | 26% | 0.80% |
| LORD ABBETT DEVELOPING GROWTH FUND INC · LAGWX, LADCX, LADPX, LADYX, LADFX, LADQX, LADRX, LADSX, LADTX, LADVX, LOGWX | 25% | 0.60% |
Advisers
| Firm | Role |
|---|---|
| FRANKLIN TEMPLETON FUND ADVISER, LLC | Adviser |
| Western Asset Management Company, LLC | Sub-adviser |
| ClearBridge Investments, LLC | Sub-adviser |
Footnotes
- Expense ratio as of February 24, 2026, from the fund's prospectus.
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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