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, and Putnam Fixed Income Absolute Return 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 and assets |
Yesterday’s close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$38.79
3.16% | $1.19 |
$51.04
11/18/21 |
$36.42
06/16/22 |
Download CSV |
Fund facts as of 02/28/22
$464.03M
54%
Annually
143
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) | |
| White Paper: Integrated Insights (PDF) |
|
Now what? What's next for tech
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Investors may be underestimating the immense range of potential outcomes for the Russia-Ukraine War.Performance
Total return (%) as of 03/31/22
Annual performance as of 03/31/22
Annualized Total return (%) as of 03/31/22
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 11.54% | 18.48% | 15.74% | 14.40% |
| After sales charge | N/A | N/A | N/A | N/A |
| S&P 500 Index | 15.65% | 18.92% | 15.99% | 14.64% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 05/31/22 | 0.52% | - | |
| YTD as of 06/23/22 | -19.47% | - | |
Risk-adjusted performance as of 02/28/22
| Alpha (3 yrs.) | 0.07 |
|---|---|
| Sharpe ratio (3 yrs.) | 1.00 |
| Treynor ratio (3 yrs.) | 17.55 |
| Information ratio (3 yrs.) | -0.06 |
Volatility as of 02/28/22
| Standard deviation (3 yrs.) | 17.39% |
|---|---|
| Beta | 0.99 |
| R-squared | 0.99 |
Capture ratio as of 02/28/22
| Up-market (3 yrs.) | 100.46 |
|---|---|
| Down-market (3 yrs.) | 101.43 |
Lipper rankings as of 02/28/22
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 483/611 | 79% |
| 3 yrs. | 180/533 | 34% |
| 5 yrs. | 139/485 | 29% |
| 10 yrs. | 82/388 | 22% |
Morningstar Ratings™ as of 05/31/22
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 1221 | |
| 3 yrs. | 1221 | |
| 5 yrs. | 1106 | |
| 10 yrs. | 807 |
Distributions
| Record/Ex dividend date | 12/06/21 |
|---|---|
| Payable date | 12/08/21 |
| Income | $0.121 |
| Extra income | -- |
| Short-term cap. gain | $1.53 |
| Long-term cap. gain | $2.01 |
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.
Holdings
| Microsoft Corp | 6.64% |
|---|---|
| Amazon.Com | 5.22% |
| Apple | 4.81% |
| Alphabet | 3.80% |
| Mastercard | 2.28% |
| Home Depot The | 1.84% |
| Citigroup | 1.80% |
| Procter Gamble The | 1.77% |
| UnitedHealth Group | 1.69% |
| Tesla | 1.62% |
| Top 10 holdings, percent of portfolio | 31.48% |
| Top 10 holdings as of 02/28/22 | |
|---|---|
| Microsoft Corp | |
| Amazon.Com | |
| Apple | |
| Alphabet | |
| Mastercard | |
| Home Depot The | |
| Citigroup | |
| Procter Gamble The | |
| UnitedHealth Group | |
| Tesla | |
| Holdings represent 31.48% of portfolio | |
| Top 10 holdings as of 01/31/22 | |
|---|---|
| Microsoft Corp | |
| Amazon.Com | |
| Apple | |
| Alphabet | |
| Mastercard | |
| Nvidia Corp | |
| Home Depot | |
| Citigroup | |
| Procter Gamble The | |
| Fidelity National Information Services | |
| Holdings represent 31.09% of portfolio | |
| Top 10 holdings as of 12/31/21 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Amazon | |
| Apple | |
| Nvidia Corp | |
| Home Depot | |
| Mastercard | |
| Procter & Gamble | |
| Tesla | |
| Meta Platforms | |
| Holdings represent 33.17% of portfolio | |
| Top 10 holdings as of 11/30/21 | |
|---|---|
| Microsoft Corp | |
| Amazon.Com | |
| Alphabet | |
| Apple | |
| Nvidia Corp | |
| Meta Platforms | |
| Home Depot | |
| Tesla | |
| Mastercard | |
| Intuit | |
| Holdings represent 34.02% of portfolio | |
| MICROSOFT CORP SEDOL 2588173 | 6.68% |
|---|---|
| AMAZON.COM INC SEDOL 2000019 | 5.41% |
| APPLE INC SEDOL 2046251 | 4.97% |
| ALPHABET INC-CL A SEDOL BYVY8G0 | 3.82% |
| S&P500 EMINI FUT JUN22 ESM2 | 2.33% |
| MASTERCARD INC - A SEDOL B121557 | 2.21% |
| TESLA INC SEDOL B616C79 | 1.95% |
| UNION PACIFIC CORP SEDOL 2914734 | 1.74% |
| HOME DEPOT INC SEDOL 2434209 | 1.73% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 1.72% |
| EXXON MOBIL CORP SEDOL 2326618 | 1.72% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 1.69% |
| NRG ENERGY INC SEDOL 2212922 | 1.58% |
| CITIGROUP INC SEDOL 2297907 | 1.53% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.51% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.49% |
| ORACLE CORP SEDOL 2661568 | 1.48% |
| QUALCOMM INC SEDOL 2714923 | 1.39% |
| ABBVIE INC SEDOL B92SR70 | 1.34% |
| T-MOBILE US INC SEDOL B94Q9V0 | 1.33% |
| PEPSICO INC SEDOL 2681511 | 1.32% |
| INTUIT INC SEDOL 2459020 | 1.28% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 1.26% |
| META PLATFORMS INC-CLASS A SEDOL B7TL820 | 1.21% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.19% |
| BANK OF AMERICA CORP SEDOL 2295677 | 1.13% |
| NVIDIA CORP SEDOL 2379504 | 1.11% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 1.06% |
| WALMART INC SEDOL 2936921 | 1.03% |
| JOHNSON & JOHNSON SEDOL 2475833 | 0.99% |
| ADOBE INC SEDOL 2008154 | 0.97% |
| SALESFORCE INC SEDOL 2310525 | 0.97% |
| COCA-COLA CO/THE SEDOL 2206657 | 0.95% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.94% |
| RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 0.94% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 0.92% |
| REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.86% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 0.85% |
| ANTHEM INC SEDOL BSPHGL4 | 0.83% |
| DANAHER CORP SEDOL 2250870 | 0.79% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.78% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.77% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.76% |
| OTIS WORLDWIDE CORP SEDOL BK531S8 | 0.74% |
| TARGET CORP SEDOL 2259101 | 0.73% |
| APOLLO GLOBAL MANAGEMENT INC SEDOL BN44JF6 | 0.72% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 0.66% |
| PFIZER INC SEDOL 2684703 | 0.62% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.57% |
| PULTEGROUP INC SEDOL 2708841 | 0.55% |
| WALT DISNEY CO/THE SEDOL 2270726 | 0.54% |
| CORTEVA INC SEDOL BK73B42 | 0.54% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.54% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.54% |
| ELI LILLY & CO SEDOL 2516152 | 0.54% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.53% |
| SCHWAB (CHARLES) CORP SEDOL 2779397 | 0.51% |
| CONOCOPHILLIPS | 0.49% |
| MERCK & CO. INC. SEDOL 2778844 | 0.49% |
| EMERSON ELECTRIC CO SEDOL 2313405 | 0.48% |
| SHELL PLC SEDOL BP6MXD8 | 0.47% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.47% |
| KKR & CO INC SEDOL BG1FRR1 | 0.46% |
| DEERE & CO SEDOL 2261203 | 0.44% |
| AXA SA SEDOL 7088429 | 0.43% |
| UNITY SOFTWARE INC SEDOL BLFDXH8 | 0.43% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.41% |
| CIGNA CORP SEDOL BHJ0775 | 0.41% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.40% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.40% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.40% |
| UNITED RENTALS INC SEDOL 2134781 | 0.37% |
| QUILTER PLC SEDOL BDCXV26 | 0.37% |
| O'REILLY AUTOMOTIVE INC SEDOL B65LWX6 | 0.37% |
| SILVERGATE CAPITAL CORP-CL A SEDOL BJ1DBR4 | 0.36% |
| INTUITIVE SURGICAL INC SEDOL 2871301 | 0.35% |
| AMERICAN ELECTRIC POWER SEDOL 2026242 | 0.34% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.34% |
| VONTIER CORP SEDOL BH4GV32 | 0.33% |
| LINDE PLC SEDOL BZ12WP8 | 0.33% |
| NIKE INC -CL B SEDOL 2640147 | 0.33% |
| CSX CORP SEDOL 2160753 | 0.33% |
| PAYPAL HOLDINGS INC SEDOL BYW36M8 | 0.32% |
| AMEREN CORPORATION SEDOL 2050832 | 0.32% |
| SOUTHWEST AIRLINES CO SEDOL 2831543 | 0.31% |
| INGERSOLL-RAND INC SEDOL BL5GZ82 | 0.29% |
| DEXCOM INC SEDOL B0796X4 | 0.28% |
| BIO-RAD LABORATORIES-A SEDOL 2098508 | 0.28% |
| ASCENDIS PHARMA A/S - ADR SEDOL BV9G6B8 | 0.28% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.27% |
| AVANTOR INC SEDOL BJLT387 | 0.26% |
| CARMAX INC SEDOL 2983563 | 0.26% |
| MCKESSON CORP SEDOL 2378534 | 0.26% |
| AMGEN INC SEDOL 2023607 | 0.25% |
| CVS HEALTH CORP SEDOL 2577609 | 0.25% |
| VORNADO REALTY TRUST SEDOL 2933632 | 0.25% |
| PPG INDUSTRIES INC SEDOL 2698470 | 0.25% |
| AIA GROUP LTD SEDOL B4TX8S1 | 0.25% |
| ALAMOS GOLD INC-CLASS A SEDOL BYNBW45 | 0.24% |
| GENERAL ELECTRIC CO SEDOL BL59CR9 | 0.24% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.24% |
| PENN NATIONAL GAMING INC SEDOL 2682105 | 0.23% |
| ILLUMINA INC SEDOL 2613990 | 0.22% |
| ARAMARK SEDOL BH3XG17 | 0.21% |
| OLAPLEX HOLDINGS INC SEDOL BNKJ933 | 0.20% |
| ALTRIA GROUP INC | 0.20% |
| EASTMAN CHEMICAL CO SEDOL 2298386 | 0.19% |
| IRONWOOD PHARMACEUTICALS INC SEDOL B3MZ6K5 | 0.18% |
| 4FRONT VENTURES CORP SEDOL BKFGXD6 | 0.17% |
| AGNICO EAGLE MINES LTD SEDOL 2009823 | 0.17% |
| ANGLO AMERICAN PLC SEDOL B1XZS82 | 0.17% |
| BAXTER INTERNATIONAL INC SEDOL 2085102 | 0.17% |
| CRH PLC-SPONSORED ADR SEDOL 2160816 | 0.17% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 0.16% |
| CAE INC SEDOL 2162760 | 0.15% |
| BOOZ ALLEN HAMILTON HOLDINGS SEDOL B5367T7 | 0.15% |
| TREASURY BILL 00.0000 05/03/2022 | 0.15% |
| COOPER COS INC/THE SEDOL 2222631 | 0.14% |
| BOEING CO/THE SEDOL 2108601 | 0.14% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.14% |
| TJX COMPANIES INC SEDOL 2989301 | 0.14% |
| LULULEMON ATHLETICA INC SEDOL B23FN39 | 0.12% |
| LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.12% |
| GOGREEN INVESTMENTS CORP SEDOL BMVRFD1 | 0.11% |
| SEA LTD-ADR SEDOL BYWD7L4 | 0.11% |
| BATH & BODY WORKS INC SEDOL BNNTGJ5 | 0.10% |
| CARDINAL HEALTH INC SEDOL 2175672 | 0.10% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.10% |
| CONSTELLATION BRANDS INC-A SEDOL 2170473 | 0.09% |
| WARBY PARKER INC-CLASS A SEDOL BLGZN51 | 0.09% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.08% |
| TOTALENERGIES SE SEDOL B15C557 | 0.08% |
| EDWARDS LIFESCIENCES CORP SEDOL 2567116 | 0.08% |
| GBP/USD 06/15/2022 BANKAM | 0.02% |
| TREASURY BILL 00.0000 04/21/2022 | 0.02% |
| CAD/USD 04/20/2022 MSCIL | 0.00% |
| GBP/USD 06/15/2022 WPAC | 0.00% |
| SGD/USD 05/18/2022 JPMCB | 0.00% |
| EUR/USD 06/15/2022 BCAP-FX | 0.00% |
| EUR/USD 06/15/2022 CITI | 0.00% |
| EUR/USD 06/15/2022 HSBCB | 0.00% |
| EUR/USD 06/15/2022 MSCIL | 0.00% |
| HKD/USD 05/18/2022 SSBT | 0.00% |
| DKK/USD 06/15/2022 BANKAM | 0.00% |
| EUR/USD 06/15/2022 GSFX | 0.00% |
| EUR/USD 06/15/2022 SSBT | 0.00% |
| TMO 20220617 P 500.00GSI | 0.00% |
| CAD/USD 04/20/2022 SSBT | -0.00% |
| CAD/USD 04/20/2022 WPAC | -0.00% |
| CAD/USD 04/20/2022 JPMCB | -0.00% |
| CAD/USD 04/20/2022 BANKAM | -0.01% |
| CAD/USD 04/20/2022 CITI | -0.01% |
| CAD/USD 04/20/2022 UBS | -0.01% |
| MICROSOFT CORP SEDOL 2588173 | 6.78% |
|---|---|
| ALPHABET INC-CL A SEDOL BYVY8G0 | 5.14% |
| AMAZON.COM INC SEDOL 2000019 | 5.05% |
| APPLE INC SEDOL 2046251 | 3.87% |
| NVIDIA CORP SEDOL 2379504 | 2.54% |
| HOME DEPOT INC SEDOL 2434209 | 2.20% |
| MASTERCARD INC - A SEDOL B121557 | 2.14% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 1.82% |
| TESLA INC SEDOL B616C79 | 1.82% |
| META PLATFORMS INC-CLASS A SEDOL B7TL820 | 1.82% |
| INTUIT INC SEDOL 2459020 | 1.80% |
| CITIGROUP INC SEDOL 2297907 | 1.72% |
| UNION PACIFIC CORP SEDOL 2914734 | 1.58% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.55% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 1.46% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 1.42% |
| PEPSICO INC SEDOL 2681511 | 1.40% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.38% |
| NRG ENERGY INC SEDOL 2212922 | 1.33% |
| ADOBE INC SEDOL 2008154 | 1.32% |
| SALESFORCE.COM INC SEDOL 2310525 | 1.26% |
| ABBVIE INC SEDOL B92SR70 | 1.20% |
| EXXON MOBIL CORP SEDOL 2326618 | 1.18% |
| ORACLE CORP SEDOL 2661568 | 1.15% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.04% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 1.00% |
| PAYPAL HOLDINGS INC SEDOL BYW36M8 | 0.97% |
| BANK OF AMERICA CORP SEDOL 2295677 | 0.97% |
| KKR & CO INC SEDOL BG1FRR1 | 0.96% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 0.95% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.94% |
| WALMART INC SEDOL 2936921 | 0.92% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 0.90% |
| UNITY SOFTWARE INC SEDOL BLFDXH8 | 0.89% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 0.88% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.88% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.86% |
| DANAHER CORP SEDOL 2250870 | 0.82% |
| OTIS WORLDWIDE CORP SEDOL BK531S8 | 0.78% |
| RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 0.78% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.77% |
| PFIZER INC SEDOL 2684703 | 0.76% |
| APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.75% |
| EXELON CORP SEDOL 2670519 | 0.75% |
| JOHNSON & JOHNSON SEDOL 2475833 | 0.75% |
| TARGET CORP SEDOL 2259101 | 0.73% |
| REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.72% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.70% |
| PULTEGROUP INC SEDOL 2708841 | 0.69% |
| COCA-COLA CO/THE SEDOL 2206657 | 0.68% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 0.67% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.66% |
| AXA SA SEDOL 7088429 | 0.64% |
| EATON CORP PLC SEDOL B8KQN82 | 0.58% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.54% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.52% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.51% |
| S&P500 EMINI FUT MAR22 ESH2 | 0.51% |
| ELI LILLY & CO SEDOL 2516152 | 0.50% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.48% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.48% |
| QUALCOMM INC SEDOL 2714923 | 0.45% |
| EMERSON ELECTRIC CO SEDOL 2313405 | 0.43% |
| MORGAN STANLEY | 0.42% |
| CORTEVA INC SEDOL BK73B42 | 0.42% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.42% |
| ANTHEM INC SEDOL BSPHGL4 | 0.41% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.40% |
| CIGNA CORP SEDOL BHJ0775 | 0.40% |
| QUILTER PLC SEDOL BDCXV26 | 0.39% |
| VONTIER CORP SEDOL BH4GV32 | 0.38% |
| INTUITIVE SURGICAL INC SEDOL 2871301 | 0.38% |
| BIO-RAD LABORATORIES-A SEDOL 2098508 | 0.38% |
| NIKE INC -CL B SEDOL 2640147 | 0.38% |
| MERCK & CO. INC. SEDOL 2778844 | 0.37% |
| WALT DISNEY CO/THE SEDOL 2270726 | 0.37% |
| OLAPLEX HOLDINGS INC SEDOL BNKJ933 | 0.36% |
| DEERE & CO SEDOL 2261203 | 0.36% |
| BAXTER INTERNATIONAL INC SEDOL 2085102 | 0.35% |
| O'REILLY AUTOMOTIVE INC SEDOL B65LWX6 | 0.35% |
| LINDE PLC SEDOL BZ12WP8 | 0.34% |
| UNITED RENTALS INC SEDOL 2134781 | 0.33% |
| ROYAL DUTCH SHELL PLC-A SHS SEDOL B03MLX2 | 0.32% |
| CARMAX INC SEDOL 2983563 | 0.32% |
| CVS HEALTH CORP SEDOL 2577609 | 0.31% |
| CSX CORP SEDOL 2160753 | 0.31% |
| INGERSOLL-RAND INC SEDOL BL5GZ82 | 0.30% |
| AMEREN CORPORATION SEDOL 2050832 | 0.30% |
| EDWARDS LIFESCIENCES CORP SEDOL 2567116 | 0.27% |
| VORNADO REALTY TRUST SEDOL 2933632 | 0.26% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.25% |
| TOTALENERGIES SE SEDOL B15C557 | 0.24% |
| GENERAL ELECTRIC CO SEDOL BL59CR9 | 0.23% |
| AIA GROUP LTD SEDOL B4TX8S1 | 0.23% |
| ALTRIA GROUP INC | 0.23% |
| CONOCOPHILLIPS | 0.23% |
| AMGEN INC SEDOL 2023607 | 0.22% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 0.21% |
| DEXCOM INC SEDOL B0796X4 | 0.20% |
| MCKESSON CORP SEDOL 2378534 | 0.20% |
| ALAMOS GOLD INC-CLASS A SEDOL BYNBW45 | 0.20% |
| PENN NATIONAL GAMING INC SEDOL 2682105 | 0.20% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.19% |
| SOUTHWEST AIRLINES CO SEDOL 2831543 | 0.19% |
| SEA LTD-ADR SEDOL BYWD7L4 | 0.19% |
| ZIMMER BIOMET HOLDINGS INC SEDOL 2783815 | 0.19% |
| ARAMARK SEDOL BH3XG17 | 0.19% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.18% |
| MODERNA INC SEDOL BGSXTS3 | 0.18% |
| SILVERGATE CAPITAL CORP-CL A SEDOL BJ1DBR4 | 0.18% |
| COOPER COS INC/THE SEDOL 2222631 | 0.17% |
| PPG INDUSTRIES INC SEDOL 2698470 | 0.17% |
| TJX COMPANIES INC SEDOL 2989301 | 0.16% |
| BALL CORP SEDOL 2073022 | 0.16% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.16% |
| ECOLAB INC SEDOL 2304227 | 0.16% |
| BOEING CO/THE SEDOL 2108601 | 0.15% |
| ANGLO AMERICAN PLC SEDOL B1XZS82 | 0.14% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.14% |
| BATH & BODY WORKS INC SEDOL BNNTGJ5 | 0.14% |
| LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.14% |
| CAE INC SEDOL 2162760 | 0.12% |
| LULULEMON ATHLETICA INC SEDOL B23FN39 | 0.12% |
| EASTMAN CHEMICAL CO SEDOL 2298386 | 0.12% |
| WARBY PARKER INC-CLASS A SEDOL BLGZN51 | 0.11% |
| GOGREEN INVESTMENTS CORP SEDOL BMVRFD1 | 0.11% |
| CONSTELLATION BRANDS INC-A SEDOL 2170473 | 0.10% |
| DOW INC SEDOL BHXCF84 | 0.10% |
| T-MOBILE US INC SEDOL B94Q9V0 | 0.09% |
| BIOGEN INC SEDOL 2455965 | 0.08% |
| CAPRICORN ENERGY PLC SEDOL BN0SMB9 | 0.08% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.07% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.07% |
| DIVERSEY HOLDINGS LTD SEDOL BNTJ2L3 | 0.07% |
| ALBEMARLE CORP SEDOL 2046853 | 0.06% |
| NEWMONT CORP SEDOL 2636607 | 0.06% |
| GINKGO BIOWORKS HOLDINGS INC SEDOL BN6KXF0 | 0.05% |
| TREASURY BILL 00.0000 02/17/2022 | 0.03% |
| TREASURY BILL 00.0000 04/21/2022 | 0.02% |
| GBP/USD 03/16/2022 UBS | 0.01% |
| CAD/USD 01/19/2022 MSCIL | 0.01% |
| GBP/USD 03/16/2022 JPMCB | 0.01% |
| SGD/USD 02/16/2022 BANKAM | 0.01% |
| GBP/USD 03/16/2022 CITI | 0.00% |
| GBP/USD 03/16/2022 SSBT | 0.00% |
| CAD/USD 01/19/2022 CITI | 0.00% |
| GBP/USD 03/16/2022 HSBCB | 0.00% |
| SGD/USD 02/16/2022 JPMCB | 0.00% |
| CAD/USD 01/19/2022 BANKAM | 0.00% |
| DKK/USD 03/16/2022 MSCIL | 0.00% |
| CAD/USD 01/19/2022 JPMCB | 0.00% |
| CAD/USD 01/19/2022 SSBT | 0.00% |
| CAD/USD 01/19/2022 UBS | 0.00% |
| CAD/USD 01/19/2022 WPAC | 0.00% |
| EUR/USD 03/16/2022 GSFX | 0.00% |
| EUR/USD 03/16/2022 UBS | 0.00% |
| EUR/USD 03/16/2022 WPAC | 0.00% |
| HKD/USD 02/16/2022 SSBT | 0.00% |
| SEK/USD 03/16/2022 UBS | 0.00% |
| DKK/USD 03/16/2022 CITI | -0.00% |
| EUR/USD 03/16/2022 BCAP-FX | -0.00% |
| EUR/USD 03/16/2022 CITI | -0.00% |
| EUR/USD 03/16/2022 HSBCB | -0.00% |
| GBP/USD 03/16/2022 GSFX | -0.00% |
| GBP/USD 03/16/2022 WPAC | -0.02% |
| GBP/USD 03/16/2022 BCAP-FX | -0.02% |
| GBP/USD 03/16/2022 BANKAM | -0.02% |
Portfolio composition as of 02/28/22
| Common stock | 96.64% |
|---|---|
| Cash and net other assets | 3.36% |
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.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.03% | 1.78% | 1.78% | 1.28% | 0.66% | 0.78% |
| What you pay | 1.03% | 1.78% | 1.78% | 1.28% | 0.66% | 0.78% |
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
Kate Lakin, Director of Equity Research, explains the team’s mosaic investment process and stock selection.