Putnam Voyager Fund merged into Putnam Growth Opportunities Fund on October 21, 2016.

Growth Opportunities Fund  (PGOYX)

Seeking to harness the growth potential of large U.S. companies


Track this fund

Objective

The fund seeks capital appreciation.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $31.02
0.03% | $0.01
$31.12
09/12/17
$24.23
11/04/16
Historical fund price

Fund facts as of 08/31/17

Total net assets
$4,295.64M
Turnover (fiscal year end)
70%
Dividend frequency
Annually
Number of holdings
95
Fiscal year end
July
CUSIP / Fund code
746802586 / 1848
Inception Date
07/01/99
Category
Growth
Open to new investors
Ticker
PGOYX

Management team


Portfolio Manager

Portfolio Manager, Analyst

Strategy and process

  • Seeks above-average growth: The fund invests in large U.S. companies with a competitive edge and strong earnings and cash flows that can lead to better growth potential.
  • A thematic approach: The portfolio manager combines top-down investment themes with bottom-up research to select securities that can benefit from growth trends.
  • Rigorous analysis: Backed by fundamental research, the portfolio manager seeks to take advantage of market opportunities and differentiated views.

Manager commentary | Q2 2017

Navigating health-care stocks

Portfolio Manager Rob Brookby discusses sector opportunities and challenges for health-care stocks.


Literature

Fund documents

Fact Sheet (A share) (PDF)
Fact Sheet (Y share) (PDF)
Fact Sheet (VT share) (PDF)
Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Proxy voting results (Form N-PX) (PDF)
Quarterly Commentary (PDF)
Equity Outlook (PDF)
Comparing Putnam's U.S. equity funds (PDF)

Using and enhancing ESG investment data
ESG data is having investment impact but is still evolving, and stands to benefit from feedback offered by fundamental analysts.
Why there's nothing wrong with a "just right" market
When assessing the markets and economy the media often looks for drama, but headlines are our least-used investment tool.
Value benefits from an expanding economy
Value stocks have lagged the market in 2017, but if the economy continues to expand, rates rise, and the yield curve steepens, this trend could reverse.

Performance

  • Total return (%) as of 06/30/17

  • Annual performance as of 06/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 24.66% 9.80% 16.09% 9.29%
After sales charge N/A N/A N/A N/A
Russell 1000 Growth Index 20.42% 11.11% 15.30% 8.91%

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. To obtain the most recent month-end performance, visit putnam.com. 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 Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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 Absolute Return 100 Fund and 300 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, R, T1, 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). 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, M, and T1 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 08/31/17 2.22 % -
YTD as of 09/22/17 22.32 % -

Risk-adjusted performance as of 08/31/17

Alpha (3 yrs.) -1.71
Sharpe ratio (3 yrs.) 0.91
Treynor ratio (3 yrs.) 9.83
Information ratio (3 yrs.) -0.44

Volatility as of 08/31/17

Standard deviation (3 yrs.) 11.50%
Beta 1.06
R-squared 0.96

Capture ratio as of 08/31/17

Up-market (3 yrs.) 103.75
Down-market (3 yrs.) 118.23

Lipper rankings as of 08/31/17

Large-Cap Growth Funds Percentile ranking Rank/Funds in category
1 yr. 20% 125/654
3 yrs. 39% 229/591
5 yrs. 14% 70/531
10 yrs. 9% 31/383

Morningstar ratings as of 08/31/17

Large Growth Rating Funds in category
Overall (498)
3 yrs. (498)
5 yrs. (471)
10 yrs. (399)

Distributions

Record/Ex dividend date 12/07/16
Payable date 12/09/16
Income $0.005
Extra income $0.0
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

Top 10 holdings as of 08/31/17

Alphabet 6.16%
Amazon.Com 5.31%
Visa 5.19%
Apple 4.98%
Microsoft Corp 4.75%
Facebook 4.41%
Becton Dickinson And 2.78%
Alibaba Group Holding 2.35%
Norfolk Southern Corp 2.35%
Northrop Grumman Corp 2.32%
Top 10 holdings, percent of portfolio 40.60%

Full portfolio holdings as of 06/30/17

ALPHABET INC-CL C 6.19%
AMAZON.COM INC 5.45%
VISA INC-CLASS A SHARES 4.89%
APPLE INC 4.77%
MICROSOFT CORP 4.55%
FACEBOOK INC-A 3.58%
NORFOLK SOUTHERN CORP 2.79%
BECTON DICKINSON AND CO 2.65%
NORTHROP GRUMMAN CORP 2.39%
HOME DEPOT INC 2.36%
ALIBABA GROUP HOLDING-SP ADR 2.00%
DANAHER CORP 2.00%
BANK OF AMERICA CORP 1.77%
WALGREENS BOOTS ALLIANCE INC 1.74%
ADOBE SYSTEMS INC 1.62%
UNITEDHEALTH GROUP INC 1.55%
CELGENE CORP 1.54%
BROADCOM LTD 1.47%
AGILENT TECHNOLOGIES INC 1.45%
SALESFORCE.COM INC 1.43%
JOHNSON CONTROLS INTERNATION 1.35%
PRICELINE GROUP INC/THE 1.33%
BIOGEN INC 1.32%
INTUITIVE SURGICAL INC 1.24%
BOSTON SCIENTIFIC CORP 1.18%
UNITED TECHNOLOGIES CORP 1.17%
COMCAST CORP-CLASS A 1.15%
CHARTER COMMUNICATIONS INC-A 1.08%
PEPSICO INC 1.07%
SCHWAB (CHARLES) CORP 1.02%
SHERWIN-WILLIAMS CO/THE 1.00%
CONSTELLATION BRANDS INC-A 0.99%
SYMRISE AG 0.95%
HUMANA INC 0.93%
LIVE NATION ENTERTAINMENT IN 0.90%
ALBEMARLE CORP 0.87%
HILTON WORLDWIDE HOLDINGS IN 0.87%
APPLIED MATERIALS INC 0.80%
SYNCHRONY FINANCIAL 0.77%
FIDELITY NATIONAL INFO SERV 0.76%
HALLIBURTON CO 0.73%
INVESCO LTD 0.71%
JAZZ PHARMACEUTICALS PLC 0.71%
WALT DISNEY CO/THE 0.71%
FORTUNE BRANDS HOME & SECURI 0.70%
SEALED AIR CORP 0.70%
PULTEGROUP INC 0.66%
TENCENT HOLDINGS LTD 0.65%
AIRBUS SE 0.64%
EXPEDIA INC 0.63%
GAMING AND LEISURE PROPERTIE 0.63%
ADIDAS AG 0.62%
IHS MARKIT LTD 0.61%
CUMMINS INC 0.60%
LAS VEGAS SANDS CORP 0.60%
UBER TECH INC P/P CV PFD 0.60%
REGENERON PHARMACEUTICALS 0.59%
DOVER CORP 0.58%
PRUDENTIAL PLC 0.56%
MONSTER BEVERAGE CORP 0.55%
WASTE CONNECTIONS INC 0.53%
DAVE & BUSTER'S ENTERTAINMEN 0.47%
DXC TECHNOLOGY CO 0.47%
EOG RESOURCES INC 0.47%
NVIDIA CORP 0.47%
PLAINS GP HOLDINGS LP-CL A 0.47%
SUNCOR ENERGY INC 0.47%
SUMMIT MATERIALS INC -CL A 0.43%
ULTA BEAUTY INC 0.43%
MICRON TECHNOLOGY INC 0.41%
YUM CHINA HOLDINGS INC 0.40%
COLGATE-PALMOLIVE CO 0.39%
KLA-TENCOR CORP 0.38%
HAMILTON LANE INC-CLASS A 0.33%
ROCKWELL AUTOMATION INC 0.31%
DISH NETWORK CORP-A 0.30%
BIOVERATIV INC 0.28%
BIO-RAD LABORATORIES-A 0.26%
CAVIUM INC 0.26%
DELIVERY HERO HOLDIN P/P 0.21%
T-MOBILE US INC 0.20%
BECTON DICKINSON AND CO 06.1250 CV PFD 0.18%
SELECT ENERGY SVCS 0.18%
OPORTUN FIN CORP P/P SERIES H PFD 0.15%
PEGASYSTEMS INC 0.15%
ENVEN ENERGY CORP - P/P 144A 0.10%
GLOBAL FASHION GRP P/P 0.05%
OPORTUN FIN CORP P/P 0.05%
OPORTUN FIN G-1 PFD CV P/P 0.05%
OPORTUN FIN F-1 PFD CV P/P 0.04%
OPORTUN FIN C-1 PFD CV P/P 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
CANADIAN DOLLAR ACCOUNT 0.00%
ENVEN ENERGY CORP-CW P/P 144A 0.00%
ENVEN ENERGY CORP-CW P/P 144A 0.00%
EUR/USD 09/20/2017 SSBT 0.00%
EUR/USD 09/20/2017 UBS 0.00%
FABFURNISH GMBH P/P 0.00%
GBP/USD 09/20/2017 BANKAM 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
NEW BIGFOOT OTHER AS P/P 0.00%
NEW MIDDLE EAST OTHE P/P 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
S&P500 EMINI FUT SEP17 ESU7 0.00%
EUR/USD 09/20/2017 JPMCB -0.01%
NASDAQ 100 E-MINI SEP17 NQU7 -0.01%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
Alphabet
Amazon.Com
Visa
Apple
Microsoft Corp
Facebook
Becton Dickinson And
Alibaba Group Holding
Norfolk Southern Corp
Northrop Grumman Corp
Holdings represent 40.60% of portfolio
Top 10 holdings as of 07/31/17
Alphabet
Amazon.Com
Visa
Microsoft Corp
Apple
Facebook
Becton Dickinson And
Norfolk Southern Corp
Northrop Grumman Corp
Home Depot The
Holdings represent 40.44% of portfolio
Top 10 holdings as of 06/30/17
Alphabet
Amazon.Com
Visa
Apple
Microsoft Corp
Facebook
Becton Dickinson And
Norfolk Southern Corp
Northrop Grumman Corp
Home Depot The
Holdings represent 39.80% of portfolio
Top 10 holdings as of 05/31/17
Alphabet
Amazon.Com
Apple
Visa
Microsoft Corp
Facebook
Norfolk Southern Corp
Becton Dickinson And
Northrop Grumman Corp
Home Depot The
Holdings represent 40.36% of portfolio

Portfolio composition as of 08/31/17

Common stock 97.26%
Cash and net other assets 1.76%
Convertible preferred stock 0.98%

Equity statistics as of 08/31/17

Median market cap $34.73B
Weighted average market cap $228.58B
Price to book 4.74
Price to earnings 21.87

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.

Top Industry Sectors as of 08/31/17

Information technology 38.67%
Consumer discretionary 17.58%
Health care 16.32%
Industrials 10.78%
Financials 4.96%
Consumer staples 3.93%
Materials 3.78%
Cash and net other assets 1.76%
Energy 1.59%
 
Other
0.63%
Real estate 0.63%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
Total expense ratio 1.02% 1.77% 1.77% 1.52% 1.27% 0.67% 0.57% 0.77%
What you pay 1.02% 1.77% 1.77% 1.52% 1.27% 0.67% 0.57% 0.77%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- -- -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- -- -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- -- -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class R5 Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- -- -- -- --
2 yrs. -- 4.00% 0.00% -- -- -- -- --
3 yrs. -- 3.00% 0.00% -- -- -- -- --
4 yrs. -- 3.00% 0.00% -- -- -- -- --
5 yrs. -- 2.00% 0.00% -- -- -- -- --
6 yrs. -- 1.00% 0.00% -- -- -- -- --
7+ yrs. -- 0.00% 0.00% -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
  0.25% 0.20% 1 1.00% 0.65% 0.50% 0.00% 0.00% 0.00%
  NA 0.25% 2 NA NA NA NA NA NA
  NA NA NA NA NA NA NA NA
  1. Through 03/31/90
  2. After 03/31/90

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation. You cannot invest directly in an index.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.