Active Allocation

Dynamic Asset Allocation Conservative Fund (Class Y)  (PACYX)

A globally diversified fund for preserving wealth

Dynamic Asset Allocation Conservative Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

The fund seeks total return consistent with preservation of capital.

Strategy and process

  • Global benchmark: The fund starts with a globally diversified benchmark with more efficient exposures relative to a typical 30/70 benchmark.
  • Tactical flexibility: The managers have the ability to tilt overall equity and fixed-income allocations +/-15% and shift exposures within each asset class.
  • Active implementation: Managers proactively research and determine the most efficient implementation for each asset class.

Fund price

Net asset value
(yesterday’s close)
$11.09
-0.54% | $-0.06
52-week high $11.54 (09/02/20)
52-week low $9.79 (03/20/20)
(Optional)

Yield

Distribution rate before sales charge
as of 10/29/20
1.72%
Distribution rate after sales charge
as of 10/29/20
1.72%
30-day SEC yield as of 09/30/20 1.08%

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

12.85%

Best 5-year annualized return

(for period ending 03/31/14)


-1.45%

Worst 5-year annualized return

(for period ending 03/31/09)


5.78%

Average 5-year annualized return


Fund facts as of 07/31/20

Total net assets
$1,099.63M
Turnover (fiscal year end)
173%
Dividend frequency (view rate)
Monthly
Number of holdings
1969
Fiscal year-end
September
CUSIP / Fund code
746444801 / 1842
Inception date
07/14/94
Category
Asset Allocation
Open to new investors
Ticker
PACYX

Management team

Chief Investment Officer, Global Asset Allocation
Co-Head of Global Asset Allocation
Co-Head of Global Asset Allocation
Portfolio Manager


Manager commentary | Q3 2020

K-shaped recovery to show in Q3 earnings

The post-pandemic recovery is likely to lift profits in some sectors more than others, says Jason Vaillancourt, CFA, Co-Head of Global Asset Allocation.



Performance

  • Total return (%) as of 09/30/20

  • Annual performance as of 09/30/20

Annualized Total return (%) as of 09/30/20

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 7.02% 4.86% 5.64% 6.12%
After sales charge N/A N/A N/A N/A
Bloomberg Barclays U.S. Aggregate Bond Index 6.98%5.24%4.18%3.64%
Putnam Conservative Blended Benchmark 8.96%6.87%6.94%6.46%

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, R6, 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 09/30/20 -1.26% -
YTD as of 10/29/20 4.15% -

Yield

Distribution rate before sales charge
as of 10/29/20
1.72%
Distribution rate after sales charge
as of 10/29/20
1.72%
30-day SEC yield as of 09/30/20 1.08%

Risk-adjusted performance as of 07/31/20

Sharpe ratio (3 yrs.) 0.61

Volatility as of 07/31/20

Standard deviation (3 yrs.) 6.08%

Fixed income statistics as of 07/31/20

Average effective duration 3.68 yrs.

Lipper rankings as of 07/31/20

Time period Rank/Funds in category Percentile ranking
1 yr. 53/310 18%
3 yrs. 69/297 24%
5 yrs. 63/265 24%
10 yrs. 26/188 14%
Lipper category: Mixed-Asset Trgt Alloc Con Fds

Morningstar Ratings as of 07/31/20

Time period Funds in category Morningstar Rating
Overall 510
3 yrs. 510
5 yrs. 431
10 yrs. 282
Morningstar category: Allocation--30% to 50% Equity

Distributions

Record/Ex dividend date 10/16/20
Payable date 10/20/20
Income $0.016
Extra income --
Short-term cap. gain --
Long-term cap. gain --

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.


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Holdings

Gnma Gii30 Tba 03.5000 08/01/2050 5.26%
Fnma Fn30 Tba Umbs 02.5000 09/01/2050 3.82%
Fnma Fn30 Tba Umbs 03.5000 09/01/2050 3.45%
Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.32%
Apple Inc Sedol 2046251 2.16%
Fnma Fn15 Tba Umbs 02.5000 09/01/2035 2.10%
Amazon.Com Inc Sedol 2000019 1.95%
Microsoft Corp Sedol 2588173 1.80%
Fnma Fn30 Fm1741 Umbs 04.0000 04/01/2049 1.10%
Fnma Fn30 Ma3563 Umbs 04.0000 01/01/2049 1.09%
Top 10 holdings, percent of portfolio 25.05%



Portfolio composition as of 07/31/20

U.S. Investment-grade bonds 61.78%
U.S. large-cap equity 20.19%
U.S. High-yield bonds 6.57%
International equity 5.78%
U.S. small- and mid-cap equity 3.20%
U.S. money markets 2.48%

Fixed income statistics as of 07/31/20

Average effective maturity 9.55 yrs.
Average effective duration 3.68 yrs.

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.