Investment objective & strategy
As of Nov. 24, 2025 · prospectusObjective. The fund seeks to provide a balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income.
Strategy. Investments The fund invests mainly in a combination of bonds and common stocks (growth or value stocks or both) of large U.S. companies, with a greater focus on common stocks. For example, the fund may purchase stocks of companies with stock prices that reflect a value lower than that which the Investment Manager, as defined below, places on the company. The Investment Manager may also consider other factors that it believes will cause the stock price to rise. The fund buys bonds of governments and private companies that are mostly investment-grade in quality with intermediate- to long-term maturities (three years or longer). The Investment Manager may consider, among other factors, a companys valuation, financial strength, growth potential, competitive position in … Investments The fund invests mainly in a combination of bonds and common stocks (growth or value stocks or both) of large U.S. companies, with a greater focus on common stocks. For example, the fund may purchase stocks of companies with stock prices that reflect a value lower than that which the Investment Manager, as defined below, places on the company. The Investment Manager may also consider other factors that it believes will cause the stock price to rise. The fund buys bonds of governments and private companies that are mostly investment-grade in quality with intermediate- to long-term maturities (three years or longer). 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 equity investments, and, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed-income investments. The fund may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Short Term Investment Fund, Class P | — | $112.59M | 4.91% |
| NVIDIA CORP | — | $92.65M | 4.04% |
| MICROSOFT CORP | — | $86.88M | 3.79% |
| ALPHABET INC CL A | — | $83.12M | 3.62% |
| APPLE INC | — | $69.07M | 3.01% |
| AMAZON.COM INC | — | $66.28M | 2.89% |
| BROADCOM INC | — | $45.11M | 1.97% |
| META PLATFORMS INC CL A | — | $41.83M | 1.82% |
| US TREASURY N/B | — | $41.37M | 1.80% |
| US TREASURY N/B | — | $38.82M | 1.69% |
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. |
|---|---|---|
| Putnam VT George Putnam Balanced Fund | 78% | 0.65% |
| Putnam U.S. Research Fund · PNRAX, PRFBX, PRACX, PRSRX, PURYX | 62% | 0.49% |
| Putnam VT Research Fund | 60% | 0.70% |
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 November 27, 2023, 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 2023, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2023 (the latest prospectus does not yet chart this year).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.