Growth Opportunities Fund:
Blending investment themes with deep fundamental research

A thematic approach is a distinctive feature of the fund. The team analyzes global trends, as well as problems and potential solutions, to identify which themes could drive sustained growth for businesses over a multi-year time horizon. See fund details.

Putnam Growth Opportunities Fund

Durable growth themes and companies that benefit from them

Explore 12 themes that the Growth Opportunities Fund team believes could drive sustained growth for businesses over a multi-year time horizon.

Humanization of pets
Pets increasingly receive the same level of attention, care, and health maintenance as human family members do. See which company has spent more on R&D over the past five years than all of its competitors combined.
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A healthier tomorrow
People around the globe are prioritizing exercise, diet, and environmental health, and they are seeking greater access to and control over their personal health data. See which leading retailer we believe will benefit from this trend.
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Digital marketing
More companies are recognizing the importance of digital marketing in driving business growth. Learn about one that is in a unique position to deliver effective marketing campaigns to targeted audiences.
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Personalized medicine
The genetic makeup of patients will become increasingly important in the therapy and treatment they receive. See which company opened the world’s largest dedicated cell and gene therapy facility in 2018.
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Cloud infrastructure and software
Businesses are increasingly shifting their information technology systems to cloud storage. See which business we believe can achieve an annual growth rate of more than 30% by 2023.
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Increased screen time
In 2019, for the first time, U.S. consumers spent more time with on mobile devices than watching TV. See which company with high free cash flow margins could grow EPS by 20% annually over the next three-plus years.
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Autonomous and electric vehicles
The revenue opportunity for semiconductor companies that supply these markets is growing at above-market rates. See which company already has decades of experience providing hardware and software for automakers.
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5G connectivity and the Internet of things
The rapid growth in connected devices and systems will drive carriers to invest rapidly in 5G networks. See one business we believe will benefit as companies make this transition.
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E-commerce and payment processing
The U.S. e-commerce market has grown 16% annually since 2001, and peer-to-peer electronic money transfers have rapidly become more common. See which company we believe has a distinct advantage with its near-universal merchant acceptance and large consumer base.
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Viral effects
Many businesses that were resilient and strong through the pandemic lockdowns have become even stronger, taking market share and further cementing their competitive moats. Learn more about one of them, a developer of leading-edge diagnostic tools.
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The experience economy
The appeal of experiences has become more widespread after the pandemic lockdowns in 2020. This demand, combined with higher levels of personal savings, should help a number of businesses grow at above-market rates for an extended period of time.
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Controlled distribution
How companies sell and distribute their products and services can offer a distinct advantage. See which company gained its leadership position by building customer relationships.
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A five-star Overall rating from Morningstar

Portfolio snapshot as of 08/31/22

Number of holdings 53
Beta 0.98
Price to earnings 27.99
Up-market (3 yrs.) 95.56
Down-market (3 yrs.) 102.29

Five-star Morningstar Ratings as of

Time period Funds in category Morningstar Rating
Overall 1140
3 yrs. 1140
5 yrs. 1052
10 yrs. 788
Morningstar category: Large Growth

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 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 ten-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36 to 59 months of total returns, 60% five-year rating/40% three-year rating for 60 to 119 months of total returns, and 50% ten-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the ten-year overall star rating formula seems to give the most weight to the ten-year period, the most recent three-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.

Meet the managers: A commitment to deep fundamental research

Learn more about the fund's theme-based strategy and the experiences that shaped the managers' investing approach.

Richard E. Bodzy

Portfolio Manager

16 years in the industry

13 years at Putnam Investments

Gregory D. McCullough, CFA

Portfolio Manager, Analyst

14 years in the industry

3 years at Putnam Investments

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Equity Insights  |  September 1, 2022