Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Active Equities
Research Fund (Class Y) (PURYX)
Seeking to capitalize on the expertise of Putnam's research organization
Highlights
Objective
The fund seeks capital appreciation.
Strategy and process
- A best-ideas fund The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.
- Sector neutral The fund is managed with a sector-neutral approach, with the flexibility to own both growth and value stocks.
- Differentiated research The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$45.00
-1.21% | $-0.55 |
$45.90
06/14/21 |
$32.92
06/26/20 |
Fund facts as of 05/31/21
$463.99M
90%
Annually
140
July
746802487 / 1849
04/04/00
Blend
PURYX
Management team
Literature
Fund documents |
|
| Fact Sheet (R6 share) (PDF) | |
| Fact Sheet (YA share) (PDF) | |
| Summary Prospectus (PDF) |
|
| Statutory Prospectus (PDF) |
|
| Statement of Additional Information (SAI) (PDF) | |
| Annual Report (PDF) |
|
| Semiannual Report (PDF) |
|
| Proxy voting results (Form N-PX) (PDF) | |
How BDCs can help in changing equity markets
Many features, including the potential for high yields, make BDCs a good counterweight to equity market volatility.Don't overlook international small caps
When focused on diversification one asset class that is often overlooked is non-U.S. small-caps.Time-as-a-Service, anyone?
The evolution of time-as-a-service illustrates the changing nature of economic moats, competitive advantages that protect a company’s market share.Performance
Total return (%) as of 03/31/21
Annual performance as of 03/31/21
Annualized Total return (%) as of 03/31/21
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 56.65% | 17.42% | 17.18% | 13.87% |
| After sales charge | N/A | N/A | N/A | N/A |
| S&P 500 Index | 56.35% | 16.78% | 16.29% | 13.91% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 05/31/21 | 0.18% | - | |
| YTD as of 06/17/21 | 12.44% | - | |
Risk-adjusted performance as of 04/30/21
| Alpha (3 yrs.) | 0.99 |
|---|---|
| Sharpe ratio (3 yrs.) | 1.00 |
| Treynor ratio (3 yrs.) | 18.35 |
| Information ratio (3 yrs.) | 0.38 |
Volatility as of 04/30/21
| Standard deviation (3 yrs.) | 17.96% |
|---|---|
| Beta | 0.98 |
| R-squared | 0.99 |
Capture ratio as of 04/30/21
| Up-market (3 yrs.) | 100.48 |
|---|---|
| Down-market (3 yrs.) | 97.91 |
Lipper rankings as of 04/30/21
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 212/642 | 33% |
| 3 yrs. | 117/583 | 21% |
| 5 yrs. | 60/518 | 12% |
| 10 yrs. | 67/416 | 17% |
Morningstar Ratings™ as of 04/30/21
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 1224 | |
| 3 yrs. | 1224 | |
| 5 yrs. | 1055 | |
| 10 yrs. | 795 |
Distributions
| Record/Ex dividend date | 12/04/20 |
|---|---|
| Payable date | 12/08/20 |
| Income | $0.313 |
| Extra income | -- |
| Short-term cap. gain | $0.163 |
| Long-term cap. gain | $0.409 |
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
| Microsoft | 5.92% |
|---|---|
| Amazon | 5.13% |
| Alphabet | 4.55% |
| Apple | 4.41% |
| 2.56% | |
| Citigroup | 2.26% |
| Paypal Holdings | 1.99% |
| Home Depot | 1.94% |
| Mastercard | 1.67% |
| Goldman Sachs Group The | 1.57% |
| Top 10 holdings, percent of portfolio | 32.00% |
| Top 10 holdings as of 04/30/21 | |
|---|---|
| Microsoft | |
| Amazon | |
| Alphabet | |
| Apple | |
| Citigroup | |
| Paypal Holdings | |
| Home Depot | |
| Mastercard | |
| Goldman Sachs Group The | |
| Holdings represent 32.00% of portfolio | |
| Top 10 holdings as of 03/31/21 | |
|---|---|
| Microsoft Corp | |
| Apple | |
| Amazon.Com | |
| Alphabet | |
| Citigroup | |
| Home Depot The | |
| Paypal Holdings | |
| Nxp Semiconductors Nv | |
| Mastercard | |
| Holdings represent 30.04% of portfolio | |
| Top 10 holdings as of 02/28/21 | |
|---|---|
| Microsoft Corp | |
| Apple | |
| Amazon.Com | |
| Alphabet | |
| Paypal Holdings | |
| Citigroup | |
| Nxp Semiconductors Nv | |
| Activision Blizzard | |
| Mastercard | |
| Holdings represent 29.41% of portfolio | |
| Top 10 holdings as of 01/31/21 | |
|---|---|
| Microsoft Corp | |
| Apple | |
| Amazon.Com | |
| Alphabet | |
| Paypal Holdings | |
| Activision Blizzard | |
| Home Depot The | |
| Procter Gamble The | |
| Tesla | |
| Holdings represent 29.93% of portfolio | |
| MICROSOFT CORP SEDOL 2588173 | 5.82% |
|---|---|
| APPLE INC SEDOL 2046251 | 4.35% |
| AMAZON.COM INC SEDOL 2000019 | 4.29% |
| ALPHABET INC-CL A SEDOL BYVY8G0 | 3.94% |
| CITIGROUP INC SEDOL 2297907 | 2.43% |
| HOME DEPOT INC SEDOL 2434209 | 1.98% |
| PAYPAL HOLDINGS INC SEDOL BYW36M8 | 1.94% |
| FACEBOOK INC-CLASS A SEDOL B7TL820 | 1.87% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 1.78% |
| MASTERCARD INC - A SEDOL B121557 | 1.64% |
| ACTIVISION BLIZZARD INC SEDOL 2575818 | 1.64% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 1.64% |
| FISERV INC SEDOL 2342034 | 1.61% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.55% |
| UNION PACIFIC CORP SEDOL 2914734 | 1.51% |
| ADOBE INC SEDOL 2008154 | 1.33% |
| TESLA INC SEDOL B616C79 | 1.33% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 1.29% |
| PEPSICO INC SEDOL 2681511 | 1.26% |
| NUANCE COMMUNICATIONS INC SEDOL 2402121 | 1.26% |
| EXXON MOBIL CORP SEDOL 2326618 | 1.22% |
| ABBVIE INC SEDOL B92SR70 | 1.17% |
| APPLIED MATERIALS INC SEDOL 2046552 | 1.16% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.12% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 1.12% |
| NRG ENERGY INC SEDOL 2212922 | 1.10% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.10% |
| ON SEMICONDUCTOR CORP SEDOL 2583576 | 1.02% |
| WALMART INC SEDOL 2936921 | 0.98% |
| T-MOBILE US INC SEDOL B94Q9V0 | 0.97% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.89% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.89% |
| RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 0.89% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.88% |
| THOMSON REUTERS CORP SEDOL BFXPT09 | 0.86% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 0.86% |
| JOHNSON & JOHNSON SEDOL 2475833 | 0.81% |
| EATON CORP PLC SEDOL B8KQN82 | 0.79% |
| KKR & CO INC SEDOL BG1FRR1 | 0.75% |
| TARGET CORP SEDOL 2259101 | 0.74% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 0.73% |
| ORACLE CORP SEDOL 2661568 | 0.71% |
| CIGNA CORP SEDOL BHJ0775 | 0.71% |
| EXELON CORP SEDOL 2670519 | 0.71% |
| COCA-COLA CO/THE SEDOL 2206657 | 0.70% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.69% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.67% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.67% |
| AXA SA SEDOL 7088429 | 0.67% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 0.66% |
| DANAHER CORP SEDOL 2250870 | 0.64% |
| ELI LILLY & CO SEDOL 2516152 | 0.61% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.60% |
| WALT DISNEY CO/THE SEDOL 2270726 | 0.60% |
| SEA LTD-ADR SEDOL BYWD7L4 | 0.59% |
| MORGAN STANLEY | 0.57% |
| NIKE INC -CL B SEDOL 2640147 | 0.52% |
| QUILTER PLC SEDOL BDCXV26 | 0.50% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 0.50% |
| APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.49% |
| ALTRIA GROUP INC | 0.48% |
| EMERSON ELECTRIC CO SEDOL 2313405 | 0.48% |
| DEERE & CO SEDOL 2261203 | 0.47% |
| CLIMATE CHANGE CRISI | 0.47% |
| OTIS WORLDWIDE CORP SEDOL BK531S8 | 0.46% |
| EDWARDS LIFESCIENCES CORP SEDOL 2567116 | 0.46% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.45% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.44% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.44% |
| MERCK & CO. INC. SEDOL 2778844 | 0.44% |
| VONTIER CORP SEDOL BH4GV32 | 0.44% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.41% |
| PFIZER INC SEDOL 2684703 | 0.40% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.39% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.39% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.38% |
| CARMAX INC SEDOL 2983563 | 0.38% |
| UNITED RENTALS INC SEDOL 2134781 | 0.38% |
| DOLLAR GENERAL CORP SEDOL B5B1S13 | 0.38% |
| ANTHEM INC SEDOL BSPHGL4 | 0.37% |
| AMEREN CORPORATION SEDOL 2050832 | 0.36% |
| REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.36% |
| ANGLO AMERICAN PLC SEDOL B1XZS82 | 0.34% |
| ZIMMER BIOMET HOLDINGS INC SEDOL 2783815 | 0.34% |
| AMGEN INC SEDOL 2023607 | 0.33% |
| BIOGEN INC SEDOL 2455965 | 0.32% |
| BIO-RAD LABORATORIES-A SEDOL 2098508 | 0.32% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.32% |
| TJX COMPANIES INC SEDOL 2989301 | 0.31% |
| CSX CORP SEDOL 2160753 | 0.31% |
| ROYAL DUTCH SHELL PLC-A SHS SEDOL B03MLX2 | 0.31% |
| SOUTHWEST AIRLINES CO SEDOL 2831543 | 0.30% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.30% |
| GENERAL ELECTRIC CO SEDOL 2380498 | 0.30% |
| BERKSHIRE HATHAWAY INC-CL B SEDOL 2073390 | 0.30% |
| AIA GROUP LTD SEDOL B4TX8S1 | 0.30% |
| COSTAR GROUP INC SEDOL 2262864 | 0.29% |
| SOUTHERN CO/THE SEDOL 2829601 | 0.29% |
| BOSTON PROPERTIES INC SEDOL 2019479 | 0.28% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.27% |
| TOTAL SE SEDOL B15C557 | 0.27% |
| DEXCOM INC SEDOL B0796X4 | 0.27% |
| NEWMONT CORP SEDOL 2636607 | 0.26% |
| MOLSON COORS BEVERAGE CO - B SEDOL B067BM3 | 0.25% |
| INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 | 0.24% |
| PENN NATIONAL GAMING INC SEDOL 2682105 | 0.24% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 0.24% |
| DOW INC SEDOL BHXCF84 | 0.23% |
| CORTEVA INC SEDOL BK73B42 | 0.22% |
| HUMANA INC SEDOL 2445063 | 0.22% |
| FREEPORT-MCMORAN INC SEDOL 2352118 | 0.22% |
| ARAMARK SEDOL BH3XG17 | 0.21% |
| COOPER COS INC/THE SEDOL 2222631 | 0.20% |
| BOEING CO/THE SEDOL 2108601 | 0.20% |
| HARTFORD FINANCIAL SVCS GRP SEDOL 2476193 | 0.19% |
| KKR & CO INC 06.0000 CUM CV PFD | 0.19% |
| HASBRO INC SEDOL 2414580 | 0.18% |
| PULTEGROUP INC SEDOL 2708841 | 0.18% |
| MCKESSON CORP SEDOL 2378534 | 0.18% |
| BALL CORP SEDOL 2073022 | 0.17% |
| AVANTOR INC SEDOL BJLT387 | 0.17% |
| PHILLIPS 66 SEDOL B78C4Y8 | 0.16% |
| PENTAIR PLC SEDOL BLS09M3 | 0.16% |
| VERTEX PHARMACEUTICALS INC SEDOL 2931034 | 0.15% |
| EXACT SCIENCES CORP SEDOL 2719951 | 0.14% |
| EASTMAN CHEMICAL CO SEDOL 2298386 | 0.14% |
| ECOLAB INC SEDOL 2304227 | 0.14% |
| DUPONT DE NEMOURS INC SEDOL BK0VN47 | 0.14% |
| ADVANCE AUTO PARTS | 0.13% |
| FEDEX CORP SEDOL 2142784 | 0.13% |
| ALAMOS GOLD INC-CLASS A SEDOL BYNBW45 | 0.12% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.12% |
| LULULEMON ATHLETICA INC SEDOL B23FN39 | 0.12% |
| CASH MGMT BILL 00.0000 06/29/2021 | 0.11% |
| AMERISOURCEBERGEN CORP | 0.11% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.11% |
| TREASURY BILL 00.0000 06/03/2021 | 0.09% |
| CAE INC SEDOL 2162760 | 0.09% |
| BUNGE LTD SEDOL 2788713 | 0.08% |
| INNOVIVA INC SEDOL BDDXF67 | 0.08% |
| CAIRN ENERGY PLC SEDOL BN0SMB9 | 0.07% |
| DIVERSEY HOLDINGS LTD SEDOL BNTJ2L3 | 0.06% |
| GBP/USD 06/16/2021 BANKAM | 0.02% |
| GBP/USD 06/16/2021 BCAP-FX | 0.02% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.02% |
| GBP/USD 06/16/2021 WPAC | 0.02% |
| EUR/USD 06/16/2021 CITI | 0.00% |
| GBP/USD 06/16/2021 GSFX | 0.00% |
| CAD/USD 04/21/2021 GSFX | 0.00% |
| EUR/USD 06/16/2021 BCAP-FX | 0.00% |
| EUR/USD 06/16/2021 GSFX | 0.00% |
| EUR/USD 06/16/2021 HSBCB | 0.00% |
| HKD/USD 05/20/2021 SSBT | 0.00% |
| CAD/USD 04/21/2021 BCAP-FX | -0.00% |
| CAD/USD 04/21/2021 UBS | -0.00% |
| CAD/USD 04/21/2021 WPAC | -0.00% |
| EUR/USD 06/16/2021 UBS | -0.00% |
| EUR/USD 06/16/2021 WPAC | -0.00% |
| CAD/USD 04/21/2021 CITI | -0.00% |
| CAD/USD 04/21/2021 JPMCB | -0.00% |
| CAD/USD 04/21/2021 BANKAM | -0.00% |
| GBP/USD 06/16/2021 HSBCB | -0.00% |
| CAD/USD 04/21/2021 SSBT | -0.01% |
| GBP/USD 06/16/2021 CITI | -0.01% |
| GBP/USD 06/16/2021 JPMCB | -0.01% |
| GBP/USD 06/16/2021 SSBT | -0.01% |
| GBP/USD 06/16/2021 UBS | -0.01% |
| MICROSOFT CORP SEDOL 2588173 | 5.50% |
|---|---|
| AMAZON.COM INC SEDOL 2000019 | 4.75% |
| APPLE INC SEDOL 2046251 | 4.33% |
| ALPHABET INC-CL A SEDOL BYVY8G0 | 3.34% |
| PAYPAL HOLDINGS INC SEDOL BYW36M8 | 2.03% |
| FACEBOOK INC-CLASS A SEDOL B7TL820 | 1.84% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 1.82% |
| CITIGROUP INC SEDOL 2297907 | 1.73% |
| ACTIVISION BLIZZARD INC SEDOL 2575818 | 1.70% |
| ADOBE INC SEDOL 2008154 | 1.70% |
| FISERV INC SEDOL 2342034 | 1.66% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 1.63% |
| MASTERCARD INC - A SEDOL B121557 | 1.59% |
| HOME DEPOT INC SEDOL 2434209 | 1.58% |
| UNION PACIFIC CORP SEDOL 2914734 | 1.49% |
| TESLA INC SEDOL B616C79 | 1.48% |
| CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 1.48% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 1.42% |
| PEPSICO INC SEDOL 2681511 | 1.41% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.38% |
| ABBVIE INC SEDOL B92SR70 | 1.32% |
| NRG ENERGY INC SEDOL 2212922 | 1.31% |
| TEXAS INSTRUMENTS INC SEDOL 2885409 | 1.29% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.16% |
| QUALCOMM INC SEDOL 2714923 | 1.16% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 1.16% |
| T-MOBILE US INC SEDOL B94Q9V0 | 1.14% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 1.06% |
| WALMART INC SEDOL 2936921 | 1.06% |
| MONOLITHIC POWER SYSTEMS INC SEDOL B01Z7J1 | 1.04% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 1.00% |
| JOHNSON & JOHNSON SEDOL 2475833 | 0.91% |
| RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 0.88% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.82% |
| EATON CORP PLC SEDOL B8KQN82 | 0.76% |
| COCA-COLA CO/THE SEDOL 2206657 | 0.76% |
| SEA LTD-ADR SEDOL BYWD7L4 | 0.75% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 0.74% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 0.73% |
| TARGET CORP SEDOL 2259101 | 0.72% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.71% |
| BERKSHIRE HATHAWAY INC-CL B SEDOL 2073390 | 0.70% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.70% |
| CIGNA CORP SEDOL BHJ0775 | 0.69% |
| ELI LILLY & CO SEDOL 2516152 | 0.69% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.69% |
| S&P500 EMINI FUT MAR21 ESH1 | 0.68% |
| EXELON CORP SEDOL 2670519 | 0.68% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 0.66% |
| KKR & CO INC SEDOL BG1FRR1 | 0.65% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 0.64% |
| DANAHER CORP SEDOL 2250870 | 0.64% |
| MORGAN STANLEY | 0.63% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.62% |
| SCHWAB (CHARLES) CORP SEDOL 2779397 | 0.62% |
| NIKE INC -CL B SEDOL 2640147 | 0.60% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.58% |
| AXA SA SEDOL 7088429 | 0.56% |
| MERCK & CO. INC. SEDOL 2778844 | 0.55% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 0.54% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.54% |
| AMGEN INC SEDOL 2023607 | 0.50% |
| INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 | 0.48% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.46% |
| PFIZER INC SEDOL 2684703 | 0.45% |
| THOMSON REUTERS CORP SEDOL BFXPT09 | 0.44% |
| OTIS WORLDWIDE CORP SEDOL BK531S8 | 0.44% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.44% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.43% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.43% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.42% |
| VONTIER CORP SEDOL BH4GV32 | 0.42% |
| DOLLAR GENERAL CORP SEDOL B5B1S13 | 0.42% |
| ALTRIA GROUP INC | 0.41% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.40% |
| ANGLO AMER PLC SEDOL B1XZS82 | 0.40% |
| EMERSON ELECTRIC CO SEDOL 2313405 | 0.39% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.39% |
| QUILTER PLC SEDOL BDCXV26 | 0.38% |
| ZIMMER BIOMET HOLDINGS INC SEDOL 2783815 | 0.37% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.35% |
| COSTAR GROUP INC SEDOL 2262864 | 0.34% |
| TJX COMPANIES INC SEDOL 2989301 | 0.34% |
| REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.34% |
| TOTAL SE SEDOL B15C557 | 0.34% |
| DEERE & CO SEDOL 2261203 | 0.33% |
| BIOGEN INC SEDOL 2455965 | 0.33% |
| CARMAX INC SEDOL 2983563 | 0.33% |
| SOUTHWEST AIRLINES CO SEDOL 2831543 | 0.32% |
| AMEREN CORPORATION SEDOL 2050832 | 0.32% |
| EDWARDS LIFESCIENCES CORP SEDOL 2567116 | 0.32% |
| ZOETIS INC SEDOL B95WG16 | 0.31% |
| COOPER COS INC/THE SEDOL 2222631 | 0.31% |
| FREEPORT-MCMORAN INC SEDOL 2352118 | 0.30% |
| CSX CORP SEDOL 2160753 | 0.30% |
| NEWMONT CORP SEDOL 2636607 | 0.30% |
| ROYAL DUTCH SHELL PLC-A SHS SEDOL B03MLX2 | 0.30% |
| BIO-RAD LABORATORIES-A SEDOL 2098508 | 0.29% |
| SOUTHERN CO/THE SEDOL 2829601 | 0.29% |
| UNITED RENTALS INC SEDOL 2134781 | 0.29% |
| HASBRO INC SEDOL 2414580 | 0.29% |
| AVANTOR INC SEDOL BJLT387 | 0.28% |
| DEXCOM INC SEDOL B0796X4 | 0.28% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.28% |
| AIA GROUP LTD SEDOL B4TX8S1 | 0.26% |
| GENERAL ELECTRIC CO SEDOL 2380498 | 0.26% |
| SPAQ/FISKER | 0.26% |
| ARAMARK SEDOL BH3XG17 | 0.23% |
| HUMANA INC SEDOL 2445063 | 0.23% |
| PENN NATIONAL GAMING INC SEDOL 2682105 | 0.23% |
| WYNN RESORTS LTD SEDOL 2963811 | 0.22% |
| DOW INC SEDOL BHXCF84 | 0.21% |
| BOSTON PROPERTIES INC SEDOL 2019479 | 0.20% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.19% |
| BOEING CO/THE SEDOL 2108601 | 0.18% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 0.18% |
| MOLSON COORS BEVERAGE CO - B SEDOL B067BM3 | 0.18% |
| LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.18% |
| BALL CORP SEDOL 2073022 | 0.17% |
| KKR & CO INC 06.0000 CUM CV PFD | 0.17% |
| FEDEX CORP SEDOL 2142784 | 0.16% |
| PHILLIPS 66 SEDOL B78C4Y8 | 0.16% |
| CORTEVA INC SEDOL BK73B42 | 0.16% |
| TREASURY BILL 00.0000 03/18/2021 | 0.14% |
| PENTAIR PLC SEDOL BLS09M3 | 0.14% |
| INNOVIVA INC SEDOL BDDXF67 | 0.14% |
| EASTMAN CHEMICAL CO SEDOL 2298386 | 0.13% |
| ECOLAB INC SEDOL 2304227 | 0.12% |
| TREASURY BILL 00.0000 02/02/2021 | 0.12% |
| ADVANCE AUTO PARTS | 0.12% |
| DUPONT DE NEMOURS INC SEDOL BK0VN47 | 0.11% |
| PACKAGING CORP OF AMERICA SEDOL 2504566 | 0.10% |
| ALEXION PHARMACEUTICALS INC SEDOL 2036070 | 0.10% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.10% |
| WILLIAMS COS INC SEDOL 2967181 | 0.08% |
| CAIRN ENERGY PLC SEDOL B74CDH8 | 0.08% |
| ALBEMARLE CORP SEDOL 2046853 | 0.08% |
| ONEOK INC SEDOL 2130109 | 0.07% |
| SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 | 0.07% |
| TREASURY BILL 00.0000 02/16/2021 | 0.05% |
| BUNGE LTD SEDOL 2788713 | 0.05% |
| VIATRIS INC SEDOL BMWS3X9 | 0.03% |
| YELLOW CAKE PLC 144A SEDOL BF50RG4 | 0.02% |
| AIRBNB INC-CLASS A SEDOL BMGYYH4 | 0.02% |
| CAD/USD 01/20/2021 GSFX | 0.02% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.02% |
| GBP/USD 03/17/2021 UBS | 0.01% |
| GBP/USD 03/17/2021 SSBT | 0.01% |
| CAD/USD 01/20/2021 WPAC | 0.01% |
| GBP/USD 03/17/2021 JPMCB | 0.01% |
| GBP/USD 03/17/2021 CITI | 0.01% |
| GBP/USD 03/17/2021 HSBCB | 0.00% |
| EUR/USD 03/17/2021 UBS | 0.00% |
| EUR/USD 03/17/2021 WPAC | 0.00% |
| HKD/USD 02/17/2021 SSBT | 0.00% |
| ILS/USD 01/20/2021 SSBT | 0.00% |
| EUR/USD 03/17/2021 HSBCB | -0.00% |
| EUR/USD 03/17/2021 BCAP-FX | -0.00% |
| EUR/USD 03/17/2021 CITI | -0.00% |
| CAD/USD 01/20/2021 BCAP-FX | -0.00% |
| GBP/USD 03/17/2021 GSFX | -0.00% |
| CAD/USD 01/20/2021 PSBS | -0.01% |
| CAD/USD 01/20/2021 CITI | -0.01% |
| CAD/USD 01/20/2021 JPMCB | -0.01% |
| CAD/USD 01/20/2021 BANKAM | -0.01% |
| GBP/USD 03/17/2021 BCAP-FX | -0.02% |
| GBP/USD 03/17/2021 BANKAM | -0.02% |
| GBP/USD 03/17/2021 WPAC | -0.02% |
Portfolio composition as of 04/30/21
| Common stock | 98.13% |
|---|---|
| Cash and net other assets | 1.87% |
Equity statistics as of 04/30/21
| Median market cap | $57.25B |
|---|---|
| Weighted average market cap | $522.93B |
| Price to book | 3.89 |
| Price to earnings | 21.21 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Top industry sectors as of 04/30/21
| Information technology | 25.78% |
|---|---|
| Consumer discretionary | 13.54% |
| Health care | 12.69% |
| Financials | 11.34% |
| Communication services | 10.49% |
| Industrials | 8.74% |
| Consumer staples | 5.97% |
| Utilities | 3.03% |
| Materials | 2.91% |
| Other | 5.51% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.08% | 1.83% | 1.83% | 1.33% | 0.69% | 0.83% |
| What you pay | 1.08% | 1.83% | 1.83% | 1.33% | 0.69% | 0.83% |
Sales charge
| Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% / 5.00% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- |
| $50,000-$99,999 | 4.50% / 3.75% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- |
| $100,000-$249,999 | 3.50% / 2.75% | -- | 0.00% / 1.00% | -- | -- | -- |
| $250,000-$499,999 | 2.50% / 2.00% | -- | 0.00% / 1.00% | -- | -- | -- |
| $500,000-$999,999 | 2.00% / 1.75% | -- | 0.00% / 1.00% | -- | -- | -- |
| $1M-$4M | 0.00% / 1.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% / 0.50% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% / 0.25% | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $1,000,000+) | Class B | Class C | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- |
Trail commissions
| Class A | Class B | Class C | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|
| 0.25% | 0.25% | 1.00% | 0.50% | 0.00% | 0.00% | |
| NA | NA | NA | NA | NA | NA | |
| NA | NA | NA | NA | NA | NA |
For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.
The S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index.
Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Manager commentary | April 2021
Kate Lakin, Director of Equity Research, explains the team’s mosaic investment process and stock selection.