Finding value in U.S. stocks

Investing in stocks is ultimately a balance between earnings and what you pay for them. We believe today’s combination of record profits and market volatility has created compelling value for long-term investors. Our team of veteran portfolio managers and analysts is focused on uncovering it for shareholders in our funds.

Explore Putnam U.S. equity funds:

Today's opportunity in U.S. stocks.

Source: S&P, as of 12/31/11. The S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index. Past performance is not a guarantee of future results. Performance for the Putnam funds will differ.

Current price-to-earnings ratio is S&P 500 Index value on 12/31/11 divided by 12 months’ trailing earnings.

Forward price-to-earnings ratio is S&P 500 Index value on 12/31/11 divided by consensus estimates for 2012 earnings of $106.25 per share.

Consider these risks before investing: Certain Putnam U.S. equity funds invest some or all of their assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Growth investing targets companies with above-average earnings growth that may be subject to price volatility if earnings expectations are not met.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing.