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.
Always Active
Putnam PanAgora Risk Parity Fund (Class Y) (PPRYX)
Pursuing total return with strategies for a range of economic environments
Highlights
Objective
The fund seeks total return, a combination of capital appreciation and income.
Strategy and process
- Balanced for all markets The fund pursues total return with strategic diversification across asset classes for changing market environments.
- A strategy pioneer PanAgora has more than two decades of investment experience, including actively managing risk parity strategies for institutional investors since 2006.
- Active risk management The fund seeks to balance risk across and within asset classes using proprietary risk-budgeting techniques, including dynamic risk allocation.
Fund price and assets |
Yesterday’s close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$7.82
0.77% | $0.06 |
$11.07
09/02/21 |
$7.72
06/17/22 |
Download CSV |
Fund facts as of 02/28/22
$35.93M
--
Annually
August
74680L386 / 1889
09/20/17
Putnam PanAgora
PPRYX
Management team
Literature
Fund documents |
| Prospectuses/SAI |
| Semiannual Fund Report (PDF) |
| Annual Report (PDF) |
| Fact sheet (Y share) (PDF) |
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. | Life (inception: 09/20/17 ) |
|---|---|---|---|---|
| Before sales charge | -0.03% | 4.91% | -- | 4.60% |
| After sales charge | N/A | N/A | N/A | N/A |
| Putnam PanAgora Risk Parity Blended Benchmark | 10.40% | 9.73% | 8.46% | -- |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 05/31/22 | 0.00% | - | |
| YTD as of 06/23/22 | -18.23% | - | |
Lipper rankings as of 02/28/22
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 111/195 | 57% |
| 3 yrs. | 80/186 | 43% |
| 5 yrs. | -- | |
| 10 yrs. | -- |
Morningstar Ratings™ as of 05/31/22
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 241 | |
| 3 yrs. | 241 |
Distributions
| Record/Ex dividend date | 12/23/21 |
|---|---|
| Payable date | 12/28/21 |
| Income | $0.339 |
| Extra income | -- |
| Short-term cap. gain | $0.506 |
| Long-term cap. gain | $0.339 |
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
| TREASURY BILL 00.0000 09/15/2022 | 55.70% |
|---|---|
| STATE ST INST TR PL MM-INV | 30.83% |
| US 2YR NOTE (CBT) JUN22 TUM2 | 28.45% |
| JPN 10Y BOND(OSE) JUN22 JBM2 | 24.08% |
| BCOM COMDTY IND JUN22 DNM2 | 20.01% |
| S&P500 EMINI FUT JUN22 ESM2 | 18.37% |
| US 5YR NOTE (CBT) JUN22 FVM2 | 16.04% |
| US 10YR NOTE (CBT)JUN22 TYM2 | 15.12% |
| AUST 10Y BOND FUT JUN22 XMM2 | 10.08% |
| LONG GILT FUTURE JUN22 G M2 | 9.35% |
| CAN 10YR BOND FUT JUN22 CNM2 | 9.35% |
| EURO-BOBL FUTURE JUN22 OEM2 | 8.37% |
| US LONG BOND(CBT) JUN22 USM2 | 7.97% |
| E-MINI RUSS 2000 JUN22 RTYM2 | 6.36% |
| MSCI EMGMKT JUN22 MESM2 | 5.98% |
| EURO-BUND FUTURE JUN22 RXM2 | 4.42% |
| EURO-BTP FUTURE JUN22 IKM2 | 3.42% |
| S&P/TSX 60 IX FUT JUN22 PTM2 | 2.95% |
| FTSE 100 IDX FUT JUN22 Z M2 | 2.75% |
| HANG SENG IDX FUT APR22 HIJ2 | 2.75% |
| SPI 200 FUTURES JUN22 XPM2 | 2.74% |
| TOPIX INDX FUTR JUN22 TPM2 | 2.24% |
| AMSTERDAM IDX FUT APR22 EOJ2 | 1.79% |
| EURO-BUXL 30Y BND JUN22 UBM2 | 1.73% |
| OMXS30 IND FUTURE APR22 QCJ2 | 1.43% |
| IBEX 35 INDX FUTR APR22 IBJ2 | 1.30% |
| DAX INDEX FUTURE JUN22 GXM2 | 1.12% |
| TREASURY BILL 00.0000 03/17/2022 | 69.18% |
|---|---|
| US 2YR NOTE (CBT) MAR22 TUH2 | 61.92% |
| JPN 10Y BOND(OSE) MAR22 JBH2 | 58.88% |
| US 5YR NOTE (CBT) MAR22 FVH2 | 35.61% |
| US 10YR NOTE (CBT)MAR22 TYH2 | 33.60% |
| S&P500 EMINI FUT MAR22 ESH2 | 25.01% |
| AUST 10Y BOND FUT MAR22 XMH2 | 22.88% |
| STATE ST INST TR PL MM-INV | 22.28% |
| CAN 10YR BOND FUT MAR22 CNH2 | 21.33% |
| LONG GILT FUTURE MAR22 G H2 | 20.88% |
| BCOM COMDTY IND MAR22 DNH2 | 19.49% |
| EURO-BOBL FUTURE MAR22 OEH2 | 18.74% |
| US LONG BOND(CBT) MAR22 USH2 | 17.71% |
| EURO-BUND FUTURE MAR22 RXH2 | 9.74% |
| E-MINI RUSS 2000 MAR22 RTYH2 | 8.84% |
| EURO-BTP FUTURE MAR22 IKH2 | 7.48% |
| EURO-BUXL 30Y BND MAR22 UBH2 | 4.33% |
| S&P/TSX 60 IX FUT MAR22 PTH2 | 4.26% |
| MSCI EMGMKT MAR22 MESH2 | 4.19% |
| FTSE 100 IDX FUT MAR22 Z H2 | 3.91% |
| SPI 200 FUTURES MAR22 XPH2 | 3.86% |
| HANG SENG IDX FUT JAN22 HIF2 | 3.56% |
| TOPIX INDX FUTR MAR22 TPH2 | 3.19% |
| AMSTERDAM IDX FUT JAN22 EOF2 | 2.39% |
| DAX INDEX FUTURE MAR22 GXH2 | 2.37% |
| IBEX 35 INDX FUTR JAN22 IBF2 | 2.08% |
| OMXS30 IND FUTURE JAN22 QCF2 | 2.04% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
The fund's full holdings reflect the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations) relative to its net assets.
Consider these risks before investing: There can be no assurance that a “risk parity” approach will achieve any particular level of return or will, in fact, reduce volatility or potential loss. The fund’s allocation of assets may hurt performance, and efforts to diversify risk through the use of leverage may be unsuccessful. Quantitative models or data may be incorrect or incomplete, and reliance on those models or data may not produce the desired results.
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, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments in which the fund invests (or has exposure to) are subject to interest-rate risk and credit risk. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. The value of inflation-protected securities generally declines during periods of rising real interest rates, and, when real interest rates rise faster than nominal interest rates, inflation-indexed bonds to which the fund is exposed may experience greater losses than other fixed income securities with similar durations. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Risks associated with derivatives (including “short” derivatives) include losses caused by unexpected market movements (which are potentially unlimited), imperfect correlation between the price of the derivative and the price of the underlying asset, increased investment exposure (which may be considered leverage), the potential inability to terminate or sell derivatives positions, the potential need to sell securities at disadvantageous times to meet margin or segregation requirements, the potential inability to recover margin or other amounts deposited from a counterparty, and the potential failure of the other party to the instrument to meet its obligations. Leveraging can result in volatility in the fund’s performance and losses in excess of the amounts invested. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments.
The fund invests in (or provides exposure to) fewer issuers or makes large investments in (or provides large amounts of exposure to) a small number of issuers and involves more risk than a fund that invests more broadly. By investing in open-end or closed-end investment companies and ETFs, the fund is indirectly exposed to the risks associated with direct ownership of the securities held by those investment companies or ETFs. By investing in a subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments.
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 | 1.62% | 2.37% | 2.37% | 1.87% | 1.38% | 1.37% |
| What you pay† | 1.38% | 2.13% | 2.13% | 1.63% | 1.14% | 1.13% |
† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 12/30/22
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% | 0.00% | 0.00% | -- | -- | -- |
| $50,000-$99,999 | 4.50% | 0.00% | 0.00% | -- | -- | -- |
| $100,000-$249,999 | 3.50% | -- | 0.00% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | -- | -- | -- |
| $500,000-$999,999 | 0.00% | -- | 0.00% | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $500,000+) | 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% | -- | -- | -- |
The Putnam PanAgora Risk Parity Blended Benchmark is comprised of 35% MSCI ACWI (ND), 50% Bloomberg U.S. Long Treasury Index, and 15% S&P GSCI®. The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The Bloomberg U.S. Long Treasury Index is an unmanaged index of U.S. Treasury securities with maturities of 10 years or greater. The S&P GSCI® is a composite index of commodity sector returns that represents a broadly diversified, unleveraged, long-only position in commodity futures. You cannot invest directly in an index.
The fund's full holdings reflect the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations) relative to its net assets.
Consider these risks before investing: There can be no assurance that a “risk parity” approach will achieve any particular level of return or will, in fact, reduce volatility or potential loss. The fund’s allocation of assets may hurt performance, and efforts to diversify risk through the use of leverage may be unsuccessful. Quantitative models or data may be incorrect or incomplete, and reliance on those models or data may not produce the desired results.
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, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments in which the fund invests (or has exposure to) are subject to interest-rate risk and credit risk. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. The value of inflation-protected securities generally declines during periods of rising real interest rates, and, when real interest rates rise faster than nominal interest rates, inflation-indexed bonds to which the fund is exposed may experience greater losses than other fixed income securities with similar durations. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Risks associated with derivatives (including “short” derivatives) include losses caused by unexpected market movements (which are potentially unlimited), imperfect correlation between the price of the derivative and the price of the underlying asset, increased investment exposure (which may be considered leverage), the potential inability to terminate or sell derivatives positions, the potential need to sell securities at disadvantageous times to meet margin or segregation requirements, the potential inability to recover margin or other amounts deposited from a counterparty, and the potential failure of the other party to the instrument to meet its obligations. Leveraging can result in volatility in the fund’s performance and losses in excess of the amounts invested. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments.
The fund invests in (or provides exposure to) fewer issuers or makes large investments in (or provides large amounts of exposure to) a small number of issuers and involves more risk than a fund that invests more broadly. By investing in open-end or closed-end investment companies and ETFs, the fund is indirectly exposed to the risks associated with direct ownership of the securities held by those investment companies or ETFs. By investing in a subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments.
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.