Putnam Small Cap Growth Fund Class A (PNSAX) is an open-end mutual fund that seeks capital appreciation primarily through investments in common stocks of small U.S. companies, focusing on growth stocks that exhibit strong earnings potential and undervalued growth duration; it employs a research-intensive, fundamental process balancing high-quality and aggressive growth names with a long-term multiyear horizon benchmarked against the Russell 2000 Growth Index. The fund offers Class A shares with a front-end load of 5.75%, an expense ratio of approximately 1.21%, annual dividend distributions, and a portfolio turnover rate of 51%, maintaining allocations across key sectors including industrials (32.70%), information technology (23.34%), and health care (19.79%) as of October 31, 2025, with top holdings such as Carpenter Technology Corp, Encompass Health Corp, and Verona Pharma PLC. Managed by William Monroe since March 2017 and co-managed by Tania Harsono since June 2024 under Putnam Investment Management, LLC, the fund holds total net assets of $3.05 billion and a weighted average market capitalization of $10.95 billion.
Putnam Investments, the fund's investment adviser founded in 1937 and headquartered in Boston, Massachusetts, operates as a subsidiary of Franklin Templeton following the completion of its acquisition by Franklin Resources, Inc. from Great-West Lifeco, Inc. on January 1, 2024, a transaction valued at $925 million that enhanced Franklin Templeton's defined contribution assets to over $100 billion and expanded its retirement sector capabilities. This strategic integration preserves Putnam's investment teams and client relationships while adding scale in areas like stable value, ultra-short duration, and large-cap value strategies; in July 2024, Putnam transferred management contracts for its closed-end funds to Franklin Advisers, Inc., furthering operational alignment. The fund soft closed on January 15, 2025, limiting new purchases to existing shareholders and certain eligible investors.