Overall Morningstar Rating™
out of 686 funds in the Moderate Allocation category based on total return as of 08/31/23.
A consistent balance of 60% stocks and 40% bonds over time
This classic balanced fund invests in stocks that represent Putnam's high-conviction research ideas and high-quality bonds to generate income and reduce volatility. The fund has pursued a classic balanced strategy since 1937 and continues to be managed by an experienced team.
A record of solid long-term rankings
5-star Morningstar Ratings™ as of 08/31/23
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 686 | |
| 3 yrs. | 686 | |
| 5 yrs. | 653 | |
| 10 yrs. | 487 |
Lipper rankings as of 08/31/23
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 6/422 | 2% |
| 3 yrs. | 71/393 | 19% |
| 5 yrs. | 9/374 | 3% |
| 10 yrs. | 7/290 | 3% |
Experienced managers pursue a broad range of opportunities
“The fund's diversification and balanced approach are designed to moderate volatility for investors.”
—Kathryn B. Lakin, Director of Equity Research
In managing the stock portion of the portfolio, Kate Lakin works with a team of equity research analysts. The team pursues a risk-aware strategy and invests in stocks across all sectors that may have value or growth characteristics.
For the fund's fixed-income investments, Andrew Benson assemble a mix of government and investment-grade bonds. Historically, government bonds have shown relatively low correlation with stocks, which can help to dampen the impact of stock market downturns on fund performance.
Kathryn B. Lakin
Portfolio Manager
Director of Equity Research
Andrew Benson
Portfolio Manager
Insights from our equity team
Made in Mexico: Nearshoring is accelerating growth
Reshoring and nearshoring are key trends that could drive meaningful growth, with Mexico as one of the biggest beneficiaries.
Debt troubles at Country Garden threaten global blight
China's largest property developer faces a liquidity crisis amid a broader slowdown in its property market. Watch for effects across other sectors and markets.
Fed's quantitative tightening (QT) will face constraints
The Fed is pursuing QT while being careful to avoid market disruption. Compare scenarios for QT and markets in Putnam's Macro Report.
The Morningstar Rating™ 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 3-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 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.