April 30, 2026
A U.S. large-cap value fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in U.S. equities.
- You're comfortable with a medium level of risk.
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| US Equity | 87.3 |
| International Equity | 9.1 |
| Cash and Equivalents | 3.4 |
| Canadian Equity | 0.2 |
| Name | Percent |
|---|---|
| United States | 87.3 |
| Ireland | 4.7 |
| Canada | 3.6 |
| United Kingdom | 2.7 |
| France | 1.1 |
| Denmark | 0.6 |
| Name | Percent |
|---|---|
| Financial Services | 19.0 |
| Technology | 12.4 |
| Healthcare | 11.1 |
| Consumer Goods | 10.7 |
| Industrial Goods | 9.7 |
| Consumer Services | 8.5 |
| Energy | 6.3 |
| Industrial Services | 4.8 |
| Utilities | 4.3 |
| Other | 13.2 |
Growth of $10,000 (since inception)
For the period 02/03/2023 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $16,897
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 3.7 |
| Citigroup Inc | 3.6 |
| Cash and Cash Equivalents | 3.4 |
| Cisco Systems Inc | 3.0 |
| Exxon Mobil Corp | 2.9 |
| Philip Morris International Inc | 2.5 |
| Coca-Cola Co | 2.5 |
| McKesson Corp | 2.4 |
| Nextera Energy Inc | 2.4 |
| General Motors Co | 2.3 |
| Total allocation in top holdings | 28.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.4% |
| Dividend yield | 1.8% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $590,636.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.5 | 8.5 | 5.6 | 27.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.3 | - | - | 17.6 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 14.6 | 28.6 | - | - |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| - | - | - | - |
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q1 2026 Fund Commentary
Commentary and opinions are provided by Putnam Investments.
Market commentary
U.S. equities faced a challenging first quarter, with modest losses in January and February giving way to sharper declines and turbulence in March. Technology stocks experienced notable volatility as investors weighed the implications of artificial intelligence (AI) across industries. The conflict in Iran in late February drove oil prices higher and raised concerns about inflation and its potential to slow economic growth.
Performance
Sector allocation decisions contributed to performance, particularly an overweight allocation to the materials sector and an underweight allocation to the communication services sector. Stock selection in the energy, financials and consumer staples sectors also contributed to performance during the quarter.
Valero Energy Corporation contributed to performance because of the sub-advisor's overweight allocation. Seagate Technology Holdings plc, an out-of-benchmark allocation, also contributed to performance. Shell plc, another out-of-benchmark allocation, contributed to performance.
Stock selection detracted from performance overall, particularly in the information technology, health care and real estate sectors. An underweight allocation to the energy and industrials sectors also detracted from performance during the quarter.
Microsoft Corp., an out-of-benchmark allocation, detracted from performance. Overweight exposures to Capital One Financial Corp. and Accenture plc detracted from performance.
Portfolio activity
The sub-advisor added Boston Scientific Corp. because of an attractive valuation opportunity and Kroger Co. because of a successful operational turnaround. The sub-advisor increased Honeywell International Inc. and Otis Worldwide Corp. because of improving fundamentals and attractive valuations.
The sub-advisor sold Target Corp., DuPont de Nemours Inc. and Lululemon Athletica Inc. The sub-advisor also reduced Walmart Inc. and Johnson Controls International plc.
Outlook
The conflict in the Middle East disrupts what had been an optimistic economic growth outlook. In the sub-advisor's view, tensions around the Strait of Hormuz and elevated oil prices increase recession risk.
Valuations remain elevated despite recent price declines. The sub-advisor believes the AI narrative is oversimplified and that most companies lie between the extremes of "winner" and "loser." Consumer spending has remained resilient, and capital spending continues to be robust, driven by AI development. The sub-advisor remains focused on identifying high-quality value opportunities and believes disciplined stock selection may be rewarded in the current environment.
Summary
For the period 02/03/2023 through 04/30/2026 with $10,000 CAD investment
Total returns performance
68.97%
Last price
$16.07 CAD
as of market close 04/30/2026
Value of $10,000 investment
$16,896.78 CAD
