Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. The fund seeks capital appreciation.
Strategy. The fund invests mainly in common stocks of small 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. Under normal circumstances, the fund invests at least 80% of the funds net assets in companies of a size similar to those in the Russell 2000 Growth Index. This policy may be changed only after 60 days notice to shareholders. As of August 31, 2025, the index was composed of companies having market capitalizations of between approximately $32.3 million and $21.3 billion. The Investment Manager, as defined below, may consider, … The fund invests mainly in common stocks of small 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. Under normal circumstances, the fund invests at least 80% of the funds net assets in companies of a size similar to those in the Russell 2000 Growth Index. This policy may be changed only after 60 days notice to shareholders. As of August 31, 2025, the index was composed of companies having market capitalizations of between approximately $32.3 million and $21.3 billion. 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.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Cash Collateral Pool LLC | — | $219.77M | 8.11% |
| ADV ENERGY INDS | — | $92.16M | 3.40% |
| COMFORT SYSTEMS USA INC | — | $87.16M | 3.21% |
| NOVA LTD | — | $85.81M | 3.17% |
| CARPENTER TECHNOLOGY CORP | — | $80.24M | 2.96% |
| RBC BEARINGS INC | — | $78.32M | 2.89% |
| ENSIGN GROUP INC | — | $66.06M | 2.44% |
| BLOOM ENERGY CORP CL A | — | $65.63M | 2.42% |
| FABRINET | — | $58.16M | 2.15% |
| HURON CONSULTING GROUP INC | — | $51.42M | 1.90% |
Portfolio moves
Dec 31, 2025 → Mar 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 Small Cap Growth Fund | 96% | 0.88% |
| Developing Growth Portfolio | 36% | 1.04% |
| Neuberger Berman Small Cap Growth Fund · NBMIX, NBMOX, NBMVX, NBSMX, NSNAX, NSNCX, NSNRX, NSRSX | 34% | 0.81% |
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 October 26, 2023, from the fund's prospectus.
- Net assets and holdings count as of March 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.