Investment objective & strategy
As of Nov. 24, 2025 · prospectusObjective. The fund seeks capital appreciation.
Strategy. Investments The fund invests mainly in common stocks of large U.S. companies, with a focus on growth stocks. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. The Investment Manager, as defined below, 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. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in companies of a size similar to those in … Investments The fund invests mainly in common stocks of large U.S. companies, with a focus on growth stocks. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. The Investment Manager, as defined below, 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. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in companies of a size similar to those in the Russell 1000 Growth Index. This policy may be changed only after 60 days notice to shareholders. The fund is non-diversified, which means it may invest a greater percentage of its assets in fewer issuers than a diversified fund.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $1.82B | 13.79% |
| APPLE INC | — | $1.26B | 9.55% |
| MICROSOFT CORP | — | $1.17B | 8.86% |
| BROADCOM INC | — | $812.11M | 6.15% |
| ALPHABET INC CL C | — | $781.89M | 5.92% |
| AMAZON.COM INC | — | $685.13M | 5.19% |
| META PLATFORMS INC CL A | — | $654.58M | 4.96% |
| TESLA INC | — | $522.71M | 3.96% |
| LILLY ELI and CO | — | $478.34M | 3.62% |
| MASTERCARD INC CL A | — | $386.39M | 2.93% |
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 Large Cap Growth Fund | 94% | 0.64% |
| Putnam Focused Large Cap Growth ETF | 81% | 0.49% |
| VANGUARD MEGA CAP GROWTH INDEX FUND · VMGAX, MGK | 70% | 0.05% |
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 24, 2025, 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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