Investment objective & strategy
As of Feb. 24, 2026 · prospectusObjective. The fund seeks capital growth and current income.
Strategy. The fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, the fund invests at least 80% of its net assets in large-cap companies, which, for purposes of this policy, are of a size similar to those in the Russell 1000 Value Index. This policy may be changed only after 60 days notice to shareholders. As of January 31, 2026, the index was composed of companies having market capitalizations of between approximately $1.24 billion to $4.08 trillion. The fund may also invest in midsize companies. Value stocks are issued by companies that the Investment Manager believes are currently undervalued by the … The fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, the fund invests at least 80% of its net assets in large-cap companies, which, for purposes of this policy, are of a size similar to those in the Russell 1000 Value Index. This policy may be changed only after 60 days notice to shareholders. As of January 31, 2026, the index was composed of companies having market capitalizations of between approximately $1.24 billion to $4.08 trillion. The fund may also invest in midsize companies. Value stocks are issued by companies that the Investment Manager believes are currently undervalued by the market. If the Investment Manager is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. The Investment Manager may consider, among other factors, a companys valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ALPHABET INC CL A | — | $1.88B | 3.98% |
| CITIGROUP INC | — | $1.81B | 3.83% |
| CISCO SYSTEMS INC | — | $1.40B | 2.97% |
| EXXON MOBIL CORP | — | $1.29B | 2.74% |
| GENERAL MOTORS CO | — | $1.17B | 2.48% |
| WALMART INC | — | $1.15B | 2.44% |
| PHILIP MORRIS INTL INC | — | $1.15B | 2.43% |
| AMAZON.COM INC | — | $1.10B | 2.33% |
| MICROSOFT CORP | — | $1.09B | 2.31% |
| COCA-COLA CO/THE | — | $1.06B | 2.24% |
Portfolio moves
Oct 31, 2025 → Jan 31, 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. |
|---|---|---|
| Domestic Equity Portfolio | 89% | 0.50% |
| Value Portfolio | 89% | 0.66% |
| Putnam VT Large Cap Value Fund | 88% | 0.55% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Sub-adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Adviser |
Footnotes
- Expense ratio as of February 24, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 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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