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 |
$36.12
0.25% | $0.09 |
$36.12
02/14/20 |
$30.52
02/14/19 |
Fund facts as of 12/31/19
$367.05M
86%
Annually
140
July
746802487 / 1849
04/04/00
Blend
PURYX
Management team
Manager commentary | Q3 2019
Consumer strength drives growth
Portfolio Manager Walter Scully explains the positive trends in the consumer sector of the economy.
Literature
Fund documents |
|
| Fact Sheet (R6 share) (PDF) | |
| Fact Sheet (Y 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) | |
| Equity Outlook (PDF) |
|
| Comparing Putnam's U.S. equity funds (PDF) |
|
Implications of the Huawei export ban
With Huawei blocked by the U.S. Commerce Department from buying U.S. technology, we discuss ramifications on the technology sector and how the ban may end.Performance
Total return (%) as of 12/31/19
Annual performance as of 12/31/19
Annualized Total return (%) as of 12/31/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 33.17% | 16.23% | 11.33% | 13.51% |
| After sales charge | N/A | N/A | N/A | N/A |
| S&P 500 Index | 31.49% | 15.27% | 11.70% | 13.56% |
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. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds (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), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining 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, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect 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, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Performance for class A, C, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, 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 R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 01/31/20 | -0.26% | - | |
| YTD as of 02/14/20 | 4.91% | - | |
Risk-adjusted performance as of 12/31/19
| Alpha (3 yrs.) | 1.26 |
|---|---|
| Sharpe ratio (3 yrs.) | 1.24 |
| Treynor ratio (3 yrs.) | 14.95 |
| Information ratio (3 yrs.) | 0.48 |
Volatility as of 12/31/19
| Standard deviation (3 yrs.) | 11.84% |
|---|---|
| Beta | 0.98 |
| R-squared | 0.97 |
Capture ratio as of 12/31/19
| Up-market (3 yrs.) | 102.41 |
|---|---|
| Down-market (3 yrs.) | 97.82 |
Lipper rankings as of 12/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 82/673 | 13% |
| 3 yrs. | 66/606 | 11% |
| 5 yrs. | 122/526 | 24% |
| 10 yrs. | 51/429 | 12% |
Morningstar Ratings™ as of 12/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 1203 | |
| 3 yrs. | 1203 | |
| 5 yrs. | 1058 | |
| 10 yrs. | 808 |
Distributions
| Record/Ex dividend date | 12/05/19 |
|---|---|
| Payable date | 12/09/19 |
| Income | $0.424 |
| Extra income | -- |
| Short-term cap. gain | $0.513 |
| Long-term cap. gain | $1.62 |
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 Corp | 4.71% |
|---|---|
| Apple | 3.09% |
| Alphabet | 2.96% |
| Amazon.Com | 2.72% |
| Bp | 1.97% |
| Bank Of America Corp | 1.89% |
| Procter Gamble | 1.89% |
| 1.84% | |
| Fidelity National Information Services | 1.79% |
| Citigroup | 1.73% |
| Top 10 holdings, percent of portfolio | 24.59% |
| Top 10 holdings as of 12/31/19 | |
|---|---|
| Microsoft Corp | |
| Apple | |
| Alphabet | |
| Amazon.Com | |
| Bp | |
| Bank Of America Corp | |
| Procter Gamble | |
| Fidelity National Information Services | |
| Citigroup | |
| Holdings represent 24.59% of portfolio | |
| Top 10 holdings as of 11/30/19 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Apple | |
| Amazon.Com | |
| Procter Gamble The | |
| Bank Of America Corp | |
| Citigroup | |
| Fidelity National Information Services | |
| Activision Blizzard | |
| Holdings represent 23.67% of portfolio | |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Amazon.Com | |
| Apple | |
| Procter Gamble The | |
| Bank Of America Corp | |
| Home Depot The | |
| Activision Blizzard | |
| Coca-Cola The | |
| Holdings represent 24.89% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Amazon.Com | |
| Apple | |
| Procter Gamble The | |
| Bank Of America Corp | |
| Home Depot | |
| Coca-Cola The | |
| Citigroup | |
| Holdings represent 24.80% of portfolio | |
| MICROSOFT CORP SEDOL 2588173 | 4.71% |
|---|---|
| APPLE INC SEDOL 2046251 | 3.09% |
| ALPHABET INC-CL A SEDOL BYVY8G0 | 2.96% |
| AMAZON.COM INC SEDOL 2000019 | 2.72% |
| S&P500 EMINI FUT MAR20 ESH0 | 2.02% |
| BP PLC SEDOL 0798059 | 1.97% |
| BANK OF AMERICA CORP SEDOL 2295677 | 1.90% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 1.89% |
| FACEBOOK INC-CLASS A SEDOL B7TL820 | 1.84% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.79% |
| CITIGROUP INC SEDOL 2297907 | 1.73% |
| ACTIVISION BLIZZARD INC SEDOL 2575818 | 1.72% |
| COCA-COLA CO/THE SEDOL 2206657 | 1.62% |
| HOME DEPOT INC SEDOL 2434209 | 1.57% |
| ADOBE INC SEDOL 2008154 | 1.50% |
| CIGNA CORP SEDOL BHJ0775 | 1.44% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 1.36% |
| MASTERCARD INC - A SEDOL B121557 | 1.26% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.22% |
| JPMORGAN CHASE & CO SEDOL 2190385 | 1.19% |
| WALMART INC SEDOL 2936921 | 1.19% |
| MERCK & CO. INC. SEDOL 2778844 | 1.11% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.08% |
| CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 1.06% |
| JOHNSON & JOHNSON SEDOL 2475833 | 1.06% |
| FISERV INC SEDOL 2342034 | 1.04% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 1.04% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 1.03% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 1.02% |
| TEXAS INSTRUMENTS INC SEDOL 2885409 | 0.99% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 0.92% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.91% |
| ABBVIE INC SEDOL B92SR70 | 0.90% |
| PNC FINANCIAL SERVICES GROUP SEDOL 2692665 | 0.89% |
| NVIDIA CORP SEDOL 2379504 | 0.88% |
| AMERICAN ELECTRIC POWER SEDOL 2026242 | 0.88% |
| NETFLIX INC SEDOL 2857817 | 0.86% |
| WORLD WRESTLING ENTERTAIN-A SEDOL 2503529 | 0.85% |
| NRG ENERGY INC SEDOL 2212922 | 0.85% |
| ON SEMICONDUCTOR CORP SEDOL 2583576 | 0.84% |
| LIVE NATION ENTERTAINMENT IN SEDOL B0T7YX2 | 0.83% |
| VERIZON COMMUNICATIONS INC SEDOL 2090571 | 0.83% |
| ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 0.82% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.80% |
| EATON CORP PLC SEDOL B8KQN82 | 0.80% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.77% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 0.76% |
| UNION PACIFIC CORP SEDOL 2914734 | 0.75% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.74% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.69% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.68% |
| AMGEN INC SEDOL 2023607 | 0.67% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 0.65% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.64% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.63% |
| NIKE INC -CL B SEDOL 2640147 | 0.63% |
| PFIZER INC SEDOL 2684703 | 0.61% |
| BLACKROCK INC SEDOL 2494504 | 0.59% |
| FREEPORT-MCMORAN INC SEDOL 2352118 | 0.58% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.56% |
| BAXTER INTERNATIONAL INC SEDOL 2085102 | 0.53% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.53% |
| DASSAULT SYSTEMES SA SEDOL 5330047 | 0.50% |
| WYNN RESORTS LTD SEDOL 2963811 | 0.50% |
| DANAHER CORP SEDOL 2250870 | 0.50% |
| APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.49% |
| INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 | 0.48% |
| ELI LILLY & CO SEDOL 2516152 | 0.48% |
| RAYTHEON COMPANY SEDOL 2758051 | 0.47% |
| SALESFORCE.COM INC SEDOL 2310525 | 0.47% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.47% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.46% |
| UNITED TECHNOLOGIES CORP SEDOL 2915500 | 0.45% |
| RAYMOND JAMES FINANCIAL INC SEDOL 2718992 | 0.45% |
| CREE INC SEDOL 2232351 | 0.44% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.44% |
| HERSHEY CO/THE SEDOL 2422806 | 0.43% |
| WELLS FARGO & CO SEDOL 2649100 | 0.43% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.42% |
| ZOETIS INC SEDOL B95WG16 | 0.42% |
| SOUTHERN CO/THE SEDOL 2829601 | 0.41% |
| E*TRADE FINANCIAL CORPORATION | 0.41% |
| CARMAX INC SEDOL 2983563 | 0.41% |
| NORFOLK SOUTHERN CORP SEDOL 2641894 | 0.41% |
| BERKSHIRE HATHAWAY INC-CL B SEDOL 2073390 | 0.40% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.40% |
| INTUITIVE SURGICAL INC SEDOL 2871301 | 0.39% |
| HASBRO INC SEDOL 2414580 | 0.39% |
| TJX COMPANIES INC SEDOL 2989301 | 0.38% |
| ANGLO AMER PLC SEDOL B1XZS82 | 0.38% |
| BOEING CO/THE SEDOL 2108601 | 0.38% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.37% |
| KKR & CO INC -A SEDOL BG1FRR1 | 0.37% |
| UNITED RENTALS INC SEDOL 2134781 | 0.37% |
| YUM CHINA HOLDINGS INC SEDOL BYW4289 | 0.36% |
| PEPSICO INC SEDOL 2681511 | 0.35% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.34% |
| AMEREN CORPORATION SEDOL 2050832 | 0.34% |
| TYSON FOODS INC-CL A SEDOL 2909730 | 0.34% |
| STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 | 0.33% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 0.33% |
| EXELON CORP SEDOL 2670519 | 0.33% |
| VERTEX PHARMACEUTICALS INC SEDOL 2931034 | 0.32% |
| GENERAL ELECTRIC CO SEDOL 2380498 | 0.31% |
| DEERE & CO SEDOL 2261203 | 0.30% |
| DOW INC SEDOL BHXCF84 | 0.29% |
| ROPER TECHNOLOGIES INC SEDOL 2749602 | 0.28% |
| CAIRN ENERGY PLC SEDOL B74CDH8 | 0.27% |
| ENCANA CORP SEDOL 2793193 | 0.27% |
| AIR CANADA SEDOL BSDHYK1 | 0.27% |
| YELLOW CAKE PLC 144A SEDOL BF50RG4 | 0.25% |
| BIOGEN INC SEDOL 2455965 | 0.24% |
| TRANSDIGM GROUP INC SEDOL B11FJK3 | 0.24% |
| 3M CO | 0.23% |
| SBA COMMUNICATIONS CORP SEDOL BZ6TS23 | 0.23% |
| CVS HEALTH CORP SEDOL 2577609 | 0.23% |
| KOSMOS ENERGY LTD SEDOL BHK15K6 | 0.22% |
| LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.22% |
| REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.21% |
| LINDE PLC SEDOL BZ12WP8 | 0.21% |
| METTLER-TOLEDO INTERNATIONAL SEDOL 2126249 | 0.20% |
| GILEAD SCIENCES INC SEDOL 2369174 | 0.20% |
| BALL CORP SEDOL 2073022 | 0.19% |
| ARAMARK SEDOL BH3XG17 | 0.18% |
| COSTAR GROUP INC SEDOL 2262864 | 0.18% |
| AXA SA SEDOL 7088429 | 0.18% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.16% |
| ADVANCE AUTO PARTS | 0.16% |
| WASTE CONNECTIONS INC SEDOL BYVG1F6 | 0.16% |
| PACKAGING CORP OF AMERICA SEDOL 2504566 | 0.15% |
| DUPONT DE NEMOURS INC SEDOL BK0VN47 | 0.14% |
| OPORTUN FIN CORP P/P | 0.14% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.14% |
| FASTENAL CO SEDOL 2332262 | 0.14% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.14% |
| KELLOGG CO SEDOL 2486813 | 0.14% |
| EASTMAN CHEMICAL CO SEDOL 2298386 | 0.13% |
| ECOLAB INC SEDOL 2304227 | 0.12% |
| QUILTER PLC SEDOL BDCXV26 | 0.10% |
| ULTA BEAUTY INC SEDOL B28TS42 | 0.09% |
| ALBEMARLE CORP SEDOL 2046853 | 0.08% |
| TREASURY BILL 00.0000 04/09/2020 | 0.07% |
| SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 | 0.07% |
| TREASURY BILL 00.0000 03/12/2020 | 0.06% |
| TREASURY BILL 00.0000 04/16/2020 | 0.05% |
| TREASURY BILL 00.0000 06/04/2020 | 0.05% |
| TREASURY BILL 00.0000 06/11/2020 | 0.02% |
| TREASURY BILL 00.0000 04/02/2020 | 0.02% |
| TREASURY BILL 00.0000 06/18/2020 | 0.02% |
| TREASURY BILL 00.0000 04/23/2020 | 0.01% |
| CAD/USD 01/15/2020 GSFX | 0.00% |
| ILS/USD 01/15/2020 SSBT | 0.00% |
| CAD/USD 01/15/2020 BCAP-FX | -0.00% |
| CAD/USD 01/15/2020 SSBT | -0.00% |
| CAD/USD 01/15/2020 CITI | -0.00% |
| CNH/USD 02/19/2020 HSBCB | -0.00% |
| EUR/USD 03/18/2020 CITI | -0.01% |
| CAD/USD 01/15/2020 BANKAM | -0.01% |
| CAD/USD 01/15/2020 JPMCB | -0.01% |
| GBP/USD 03/18/2020 GSFX | -0.02% |
| GBP/USD 03/18/2020 BCAP-FX | -0.02% |
| GBP/USD 03/18/2020 BANKAM | -0.03% |
| RU20INTR P USL1M R 12/15/20 GS | -0.92% |
| MICROSOFT CORP SEDOL 2588173 | 4.50% |
|---|---|
| ALPHABET INC-CL A SEDOL BYVY8G0 | 3.41% |
| AMAZON.COM INC SEDOL 2000019 | 3.05% |
| APPLE INC SEDOL 2046251 | 2.67% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 2.08% |
| BANK OF AMERICA CORP SEDOL 2295677 | 1.97% |
| FACEBOOK INC-CLASS A SEDOL B7TL820 | 1.94% |
| HOME DEPOT INC SEDOL 2434209 | 1.84% |
| COCA-COLA CO/THE SEDOL 2206657 | 1.76% |
| CITIGROUP INC SEDOL 2297907 | 1.57% |
| ACTIVISION BLIZZARD INC SEDOL 2575818 | 1.42% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 1.39% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.38% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 1.37% |
| WALMART INC SEDOL 2936921 | 1.35% |
| BP PLC SEDOL 0798059 | 1.27% |
| MASTERCARD INC - A SEDOL B121557 | 1.26% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 1.24% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.22% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 1.17% |
| MERCK & CO. INC. SEDOL 2778844 | 1.15% |
| CIGNA CORP SEDOL BHJ0775 | 1.13% |
| S&P500 EMINI FUT DEC19 ESZ9 | 1.12% |
| JOHNSON & JOHNSON SEDOL 2475833 | 1.10% |
| TEXAS INSTRUMENTS INC SEDOL 2885409 | 1.10% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 1.10% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 1.07% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.05% |
| AMERICAN ELECTRIC POWER SEDOL 2026242 | 1.01% |
| CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 1.00% |
| ADOBE INC SEDOL 2008154 | 0.99% |
| JPMORGAN CHASE & CO SEDOL 2190385 | 0.95% |
| PNC FINANCIAL SERVICES GROUP SEDOL 2692665 | 0.90% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.89% |
| NETFLIX INC SEDOL 2857817 | 0.87% |
| FISERV INC SEDOL 2342034 | 0.86% |
| SALESFORCE.COM INC SEDOL 2310525 | 0.85% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.84% |
| NRG ENERGY INC SEDOL 2212922 | 0.84% |
| SBA COMMUNICATIONS CORP SEDOL BZ6TS23 | 0.83% |
| WALT DISNEY CO/THE SEDOL 2270726 | 0.83% |
| ON SEMICONDUCTOR CORP SEDOL 2583576 | 0.83% |
| ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 0.82% |
| AT&T INC SEDOL 2831811 | 0.81% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.81% |
| EATON CORP PLC SEDOL B8KQN82 | 0.81% |
| EXELON CORP SEDOL 2670519 | 0.79% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 0.75% |
| UNION PACIFIC CORP SEDOL 2914734 | 0.74% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.70% |
| DANAHER CORP SEDOL 2250870 | 0.68% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.67% |
| ABBVIE INC SEDOL B92SR70 | 0.66% |
| PFIZER INC SEDOL 2684703 | 0.66% |
| NIKE INC -CL B SEDOL 2640147 | 0.64% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.63% |
| AMGEN INC SEDOL 2023607 | 0.63% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.62% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.58% |
| NETEASE INC-ADR SEDOL 2606440 | 0.57% |
| E*TRADE FINANCIAL CORPORATION | 0.56% |
| WELLS FARGO & CO SEDOL 2649100 | 0.54% |
| RAYMOND JAMES FINANCIAL INC SEDOL 2718992 | 0.52% |
| FREEPORT-MCMORAN INC SEDOL 2352118 | 0.52% |
| BLACKROCK INC SEDOL 2494504 | 0.51% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.51% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.51% |
| HERSHEY CO/THE SEDOL 2422806 | 0.50% |
| LINDE PLC SEDOL BZ12WP8 | 0.50% |
| BOEING CO/THE SEDOL 2108601 | 0.48% |
| DASSAULT SYSTEMES SA SEDOL 5330047 | 0.48% |
| YUM CHINA HOLDINGS INC SEDOL BYW4289 | 0.47% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.46% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.46% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.46% |
| INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 | 0.46% |
| UNITED TECHNOLOGIES CORP SEDOL 2915500 | 0.45% |
| KKR & CO INC -A SEDOL BG1FRR1 | 0.44% |
| WYNN RESORTS LTD SEDOL 2963811 | 0.43% |
| DUKE ENERGY CORP SEDOL B7VD3F2 | 0.43% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.42% |
| AMEREN CORPORATION SEDOL 2050832 | 0.42% |
| CARMAX INC SEDOL 2983563 | 0.42% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.42% |
| BECTON DICKINSON AND CO SEDOL 2087807 | 0.41% |
| NORFOLK SOUTHERN CORP SEDOL 2641894 | 0.41% |
| ELI LILLY & CO SEDOL 2516152 | 0.41% |
| RAYTHEON COMPANY SEDOL 2758051 | 0.41% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.40% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 0.39% |
| PEPSICO INC SEDOL 2681511 | 0.39% |
| TJX COMPANIES INC SEDOL 2989301 | 0.38% |
| BAXTER INTERNATIONAL INC SEDOL 2085102 | 0.36% |
| ILLUMINA INC SEDOL 2613990 | 0.35% |
| TYSON FOODS INC-CL A SEDOL 2909730 | 0.35% |
| APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.35% |
| ZOETIS INC SEDOL B95WG16 | 0.35% |
| STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 | 0.35% |
| ANGLO AMER PLC SEDOL B1XZS82 | 0.33% |
| EDWARDS LIFESCIENCES CORP SEDOL 2567116 | 0.32% |
| MEDICINES COMPANY SEDOL 2616773 | 0.31% |
| UNITED RENTALS INC SEDOL 2134781 | 0.31% |
| ROPER TECHNOLOGIES INC SEDOL 2749602 | 0.31% |
| DEERE & CO SEDOL 2261203 | 0.30% |
| VERTEX PHARMACEUTICALS INC SEDOL 2931034 | 0.29% |
| ENCANA CORP SEDOL 2793193 | 0.29% |
| GENERAL ELECTRIC CO SEDOL 2380498 | 0.28% |
| DOUYU INTERNATIONAL HOLD-ADR SEDOL BJVJP36 | 0.27% |
| KOSMOS ENERGY LTD SEDOL BHK15K6 | 0.27% |
| EDISON INTERNATIONAL SEDOL 2829515 | 0.27% |
| BALL CORP SEDOL 2073022 | 0.26% |
| CAIRN ENERGY PLC SEDOL B74CDH8 | 0.26% |
| YELLOW CAKE PLC 144A SEDOL BF50RG4 | 0.26% |
| ALLERGAN PLC SEDOL BY9D546 | 0.26% |
| AIR CANADA SEDOL BSDHYK1 | 0.26% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.26% |
| DOW INC SEDOL BHXCF84 | 0.26% |
| TRANSDIGM GROUP INC SEDOL B11FJK3 | 0.24% |
| 3M CO | 0.24% |
| LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.24% |
| COOPER COS INC/THE SEDOL 2222631 | 0.23% |
| CVS HEALTH CORP SEDOL 2577609 | 0.22% |
| GILEAD SCIENCES INC SEDOL 2369174 | 0.22% |
| MCKESSON CORP SEDOL 2378534 | 0.22% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.20% |
| ARAMARK SEDOL BH3XG17 | 0.20% |
| COSTAR GROUP INC SEDOL 2262864 | 0.20% |
| ECOLAB INC SEDOL 2304227 | 0.19% |
| ADVANCE AUTO PARTS | 0.18% |
| AXA SA SEDOL 7088429 | 0.18% |
| DUPONT DE NEMOURS INC SEDOL BK0VN47 | 0.18% |
| WASTE CONNECTIONS INC SEDOL BYVG1F6 | 0.18% |
| CISCO SYSTEMS INC SEDOL 2198163 | 0.15% |
| SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 | 0.15% |
| BIOGEN INC SEDOL 2455965 | 0.14% |
| KELLOGG CO SEDOL 2486813 | 0.14% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.14% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.14% |
| PACKAGING CORP OF AMERICA SEDOL 2504566 | 0.14% |
| FEDEX CORP SEDOL 2142784 | 0.13% |
| OPORTUN FIN CORP P/P | 0.11% |
| ULTA BEAUTY INC SEDOL B28TS42 | 0.10% |
| ARCHER-DANIELS-MIDLAND CO SEDOL 2047317 | 0.09% |
| TREASURY BILL 00.0000 03/12/2020 | 0.07% |
| EQT AB SEDOL BJ7W9K4 | 0.04% |
| TREASURY BILL 00.0000 10/10/2019 | 0.03% |
| CNH/USD 11/20/2019 HSBCB | 0.02% |
| CAD/USD 10/16/2019 JPMCB | 0.01% |
| CNH/USD 11/20/2019 JPMCB | 0.01% |
| TREASURY BILL 00.0000 12/12/2019 | 0.01% |
| CAD/USD 10/16/2019 BANKAM | 0.00% |
| EUR/USD 12/18/2019 CITI | 0.00% |
| CAD/USD 10/16/2019 CITI | 0.00% |
| CAD/USD 10/16/2019 SSBT | 0.00% |
| CAD/USD 10/16/2019 BCAP-FX | 0.00% |
| CAD/USD 10/16/2019 GSFX | 0.00% |
| ILS/USD 10/16/2019 SSBT | 0.00% |
| GBP/USD 12/18/2019 GSFX | -0.00% |
| GBP/USD 12/18/2019 BCAP-FX | -0.01% |
| GBP/USD 12/18/2019 BANKAM | -0.01% |
| RU20INTR P USL1M R 12/15/20 GS | -0.92% |
Portfolio composition as of 12/31/19
| Common stock | 96.23% |
|---|---|
| Cash and net other assets | 3.77% |
Equity statistics as of 12/31/19
| Median market cap | $52.92B |
|---|---|
| Weighted average market cap | $269.03B |
| Price to book | 3.20 |
| Price to earnings | 18.19 |
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. You can lose money by investing in the fund.
Top industry sectors as of 12/31/19
| Information technology | 19.89% |
|---|---|
| Financials | 13.77% |
| Health care | 13.10% |
| Communication services | 10.97% |
| Consumer discretionary | 10.52% |
| Industrials | 9.06% |
| Consumer staples | 6.94% |
| Energy | 4.31% |
| Cash and net other assets | 3.77% |
| Other | 7.67% |
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 | 1.10% | 1.85% | 1.85% | 1.35% | 0.70% | 0.85% |
| What you pay | 1.10% | 1.85% | 1.85% | 1.35% | 0.70% | 0.85% |
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. You can lose money by investing in the fund.