Investment objective & strategy
As of June 24, 2025 · prospectusObjective. The fund seeks capital appreciation.
Strategy. Investments The fund invests mainly in common stocks of small U.S. companies, with a focus on value stocks. Value stocks are issued by companies that the funds portfolio managers believe are currently undervalued by the market. If correct, and other investors ultimately recognize the value of the company, the price of its stock may rise. Under normal circumstances, the fund invests at least 80% of its net assets in companies of a size similar to those in the Russell 2000 Value Index. This policy may be changed only after 60 days notice to shareholders. As of April 30, 2025, the index was composed of companies having market capitalizations of between approximately $6.3 million and $17.8 billion. The funds portfolio managers … Investments The fund invests mainly in common stocks of small U.S. companies, with a focus on value stocks. Value stocks are issued by companies that the funds portfolio managers believe are currently undervalued by the market. If correct, and other investors ultimately recognize the value of the company, the price of its stock may rise. Under normal circumstances, the fund invests at least 80% of its net assets in companies of a size similar to those in the Russell 2000 Value Index. This policy may be changed only after 60 days notice to shareholders. As of April 30, 2025, the index was composed of companies having market capitalizations of between approximately $6.3 million and $17.8 billion. The funds portfolio managers 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 Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Cash Collateral Pool LLC | — | $30.90M | 10.94% |
| HOLLEY INC | — | $4.91M | 1.74% |
| LIFESTANCE HEALTH GROUP INC | — | $4.30M | 1.52% |
| NICOLET BANKSHARES INC | — | $4.10M | 1.45% |
| PERMIAN RESOURCES CORP CL A | — | $3.96M | 1.40% |
| ICHOR HOLDINGS LTD | — | $3.96M | 1.40% |
| COHU INC | — | $3.86M | 1.37% |
| HUDBAY MINERALS | — | $3.78M | 1.34% |
| ACADEMY SPORTS and OUTDOORS INC | — | $3.64M | 1.29% |
| VERACYTE INC | — | $3.63M | 1.29% |
Portfolio moves
Nov 30, 2025 → Feb 28, 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 Value Fund | 84% | 0.77% |
| Goldman Sachs Small Cap Value Fund · GSSIX, GSSSX, GSSMX, GSSCX, GSQRX, GSQTX, GSSUX, GSYPX | 15% | 0.96% |
| Penn Series Small Cap Value Fund | 14% | 0.98% |
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 June 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 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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