Research Fund  (PNRAX)

Seeking to capitalize on the expertise of Putnam's research organization


Track this fund

Objective

The fund seeks capital appreciation.

Strategy and process

  • A best-ideas fund: The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.
  • Sector neutral: The fund is managed with a sector-neutral approach, with the flexibility to own both growth and value stocks.
  • Differentiated research: The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $33.72
-0.41% | $-0.14
$35.52
01/26/18
$28.86
03/21/17
Historical fund price

Fund facts as of 01/31/18

Total net assets
$321.88M
Turnover (fiscal year end)
98%
Dividend frequency
Annually
Number of holdings
174
Fiscal year-end
July
CUSIP / Fund code
746802883 / 0049
Inception date
10/02/95
Category
Blend
Open to new investors
Ticker
PNRAX

Management team

Chief Investment Officer, Equities
Co-Director of Equity Research
Co-Director of Equity Research
Portfolio Manager, Analyst
Portfolio Manager, Analyst
Portfolio Manager, Analyst


Literature

Fund documents

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)
Equity Outlook (PDF)
Comparing Putnam's U.S. equity funds (PDF)

The U.S. takes the policy road less traveled
The difference between U.S. and European economic growth trajectories may come down to policy paths taken or not taken.

Performance

  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 23.19% 10.12% 15.25% 8.53%
After sales charge 16.11% 7.97% 13.90% 7.89%
S&P 500 Index 21.83% 11.41% 15.79% 8.50%

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. Recent performance benefited from a settlement from Household International, a unit of HSBC Holdings Plc. 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 01/31/18 5.68 % -0.40 %
YTD as of 02/20/18 2.33 % -3.56 %

Risk-adjusted performance as of 01/31/18

Alpha (3 yrs.) -1.92
Sharpe ratio (3 yrs.) 1.22
Treynor ratio (3 yrs.) 12.42
Information ratio (3 yrs.) -0.69

Volatility as of 01/31/18

Standard deviation (3 yrs.) 10.55%
Beta 1.03
R-squared 0.96

Capture ratio as of 01/31/18

Up-market (3 yrs.) 98.66
Down-market (3 yrs.) 114.73

Lipper rankings as of 01/31/18

Large-Cap Core Funds Percentile ranking Rank/Funds in category
1 yr. 36% 287/805
3 yrs. 53% 368/698
5 yrs. 27% 166/636
10 yrs. 15% 69/476

Morningstar ratings as of 01/31/18

Large Blend Rating Funds in category
Overall (1211)
3 yrs. (1211)
5 yrs. (1073)
10 yrs. (796)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income --
Extra income --
Short-term cap. gain --
Long-term cap. gain $0.52

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 01/31/18

Microsoft 3.32%
Apple 3.18%
Alphabet 3.02%
Amazon 2.70%
Bank of America 2.38%
Facebook 1.84%
Home Depot 1.64%
UnitedHealth Group 1.61%
Citigroup 1.41%
Nxp Semiconductors Nv 1.27%
Top 10 holdings, percent of portfolio 22.37%

Full portfolio holdings as of 12/31/17

APPLE INC 3.37%
MICROSOFT CORP 3.14%
ALPHABET INC-CL A 2.92%
AMAZON.COM INC 2.36%
BANK OF AMERICA CORP 2.36%
FACEBOOK INC-A 1.89%
CITIGROUP INC 1.81%
UNITEDHEALTH GROUP INC 1.81%
HOME DEPOT INC 1.78%
PEPSICO INC 1.21%
BROADCOM LTD 1.19%
JPMORGAN CHASE & CO 1.15%
JOHNSON & JOHNSON 1.14%
DOWDUPONT INC 1.12%
VISA INC-CLASS A SHARES 1.12%
BOEING CO/THE 1.10%
EXXON MOBIL CORP 1.10%
NXP SEMICONDUCTORS NV 1.10%
AMGEN INC 1.07%
CHUBB LTD 1.06%
KRAFT HEINZ CO/THE 1.04%
GOLDMAN SACHS GROUP INC 1.03%
BECTON DICKINSON AND CO 1.01%
E*TRADE FINANCIAL CORPORATION 0.99%
CATERPILLAR INC 0.97%
DANAHER CORP 0.95%
TEXAS INSTRUMENTS INC 0.95%
HONEYWELL INTERNATIONAL INC 0.93%
PRUDENTIAL PLC 0.89%
AT&T INC 0.86%
NCSOFT CORP 0.84%
QORVO INC 0.84%
RAYTHEON COMPANY 0.84%
BLACKROCK INC 0.83%
VERTEX PHARMACEUTICALS INC 0.82%
AMERICAN INTERNATIONAL GROUP 0.79%
JAZZ PHARMACEUTICALS PLC 0.79%
PRICELINE GROUP INC/THE 0.79%
SHERWIN-WILLIAMS CO/THE 0.79%
CHARTER COMMUNICATIONS INC-A 0.78%
AMERICAN TOWER CORP 0.77%
BIOGEN INC 0.76%
REALPAGE INC 0.76%
MCCORMICK & CO-NON VTG SHRS 0.75%
GILEAD SCIENCES INC 0.73%
PHILIP MORRIS INTERNATIONAL 0.73%
COMCAST CORP-CLASS A 0.72%
NORFOLK SOUTHERN CORP 0.71%
NORTHROP GRUMMAN CORP 0.70%
SUNTRUST BANKS INC 0.70%
APPLIED MATERIALS INC 0.68%
COSTCO WHOLESALE CORP 0.68%
DENTSPLY SIRONA INC 0.68%
DXC TECHNOLOGY CO 0.68%
KKR & CO LP 0.68%
KROGER CO 0.65%
BOSTON SCIENTIFIC CORP 0.64%
CONOCOPHILLIPS 0.64%
ROPER TECHNOLOGIES INC 0.63%
ADOBE SYSTEMS INC 0.62%
DOVER CORP 0.60%
FORTIVE CORP 0.60%
ASSURED GUARANTY LTD 0.59%
MASTERCARD INC - A 0.59%
HILTON WORLDWIDE HOLDINGS IN 0.58%
MOLSON COORS BREWING CO -B 0.58%
ALIBABA GROUP HOLDING-SP ADR 0.56%
TOTAL SA 0.56%
TJX COMPANIES INC 0.55%
WYNN RESORTS LTD 0.53%
CONSTELLATION BRANDS INC-A 0.52%
PINNACLE FOODS INC 0.52%
PIONEER NAT RES CO 0.52%
FORTUNE BRANDS HOME & SECURI 0.51%
INVESCO LTD 0.51%
TENCENT HOLDINGS LTD 0.51%
WAL-MART STORES INC 0.51%
AMERICAN ELECTRIC POWER 0.50%
L3 TECHNOLOGIES INC 0.50%
ABBVIE INC 0.49%
INTERCONTINENTAL EXCHANGE IN 0.49%
ROCKWELL AUTOMATION INC 0.49%
W.R. GRACE & CO 0.49%
NEXTERA ENERGY INC 0.48%
ACTIVISION BLIZZARD INC 0.47%
KION GROUP AG 0.46%
CVS HEALTH CORP 0.45%
KOMATSU LTD 0.45%
ALCOA CORP 0.44%
KIMBERLY-CLARK CORP 0.44%
CF INDUSTRIES HOLDINGS INC 0.43%
CHURCH & DWIGHT CO INC 0.43%
EXPEDIA INC 0.43%
MONDELEZ INTERNATIONAL INC-A 0.43%
ORACLE CORP 0.43%
SUNCOR ENERGY INC 0.43%
PFIZER INC 0.42%
EXELON CORP 0.41%
MICRO FOCUS INTL-SPN ADR 0.40%
YUM CHINA HOLDINGS INC 0.40%
BAXTER INTERNATIONAL INC 0.39%
O'REILLY AUTOMOTIVE INC 0.39%
CHIPOTLE MEXICAN GRILL INC 0.38%
INTUITIVE SURGICAL INC 0.38%
KINDER MORGAN INC 0.38%
MERCK & CO. INC. 0.38%
WASTE CONNECTIONS INC 0.38%
INVESTMENT TECHNOLOGY GROUP 0.37%
GAMING AND LEISURE PROPERTIE 0.36%
NIKE INC -CL B 0.36%
EOG RESOURCES INC 0.35%
FIDELITY NATIONAL INFO SERV 0.35%
PAYPAL HOLDINGS INC 0.35%
LIVE NATION ENTERTAINMENT IN 0.34%
AGILENT TECHNOLOGIES INC 0.31%
RESTAURANT BRANDS INTERN 0.31%
VERIZON COMMUNICATIONS INC 0.31%
ANADARKO PETROLEUM CORP 0.30%
HANESBRANDS INC 0.29%
ILUKA RESOURCES LTD 0.29%
SALESFORCE.COM INC 0.29%
SOUTHERN CO/THE 0.29%
BRISTOL-MYERS SQUIBB CO 0.28%
CENOVUS ENERGY INC 0.28%
DOMINION ENERGY INC 0.28%
ORBOTECH LTD 0.28%
ALBEMARLE CORP 0.27%
AMEREN CORPORATION 0.27%
ENI SPA 0.26%
LIMITED BRANDS INC 0.26%
EVERBRIDGE INC 0.25%
GODADDY INC - CLASS A 0.24%
NOBLE ENERGY INC 0.22%
WALT DISNEY CO/THE 0.22%
DISH NETWORK CORP-A 0.20%
SEVEN GENERATIONS ENERGY - A 0.20%
INSTRUCTURE INC 0.19%
AMERICAN WATER WORKS CO INC 0.18%
NRG ENERGY INC 0.18%
TOTAL SYSTEM SERVICES INC 0.18%
EQT CORP 0.17%
ENCANA CORP 0.16%
MARATHON OIL CORP 0.15%
SELECT ENERGY SERVICES INC-A 0.15%
EDISON INTERNATIONAL 0.12%
MCKESSON CORP 0.12%
SOGOU INC-ADR 0.11%
AXALTA COATING SYSTEMS LTD 0.10%
EXPRESS SCRIPTS HOLDING CO 0.10%
P G & E CORP 0.09%
DELIVERY HERO AG 0.08%
CALYXT INC 0.07%
WILLIAMS COS INC 0.07%
BRASKEM SA-SPON ADR 0.06%
OPORTUN FIN CORP P/P SERIES H PFD 0.06%
MYLAN NV 0.05%
TRONOX LTD-CL A 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.03%
GBP/USD 03/21/2018 BANKAM 0.01%
GE 20180615 C 22.00CSI 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
AUD/USD 01/17/2018 UBS 0.00%
CAD/USD 01/17/2018 BANKAM 0.00%
CAD/USD 01/17/2018 BCAP-FX 0.00%
CAD/USD 01/17/2018 JPMCB 0.00%
CAD/USD 01/17/2018 SSBT 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
EUR/USD 03/21/2018 CITI 0.00%
EUR/USD 03/21/2018 JPMCB 0.00%
GBP/USD 03/21/2018 BCAP-FX 0.00%
GBP/USD 03/21/2018 GSFX 0.00%
ILS/USD 01/17/2018 SSBT 0.00%
JPY/USD 02/22/2018 GSFX 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
GE 20180615 C 24.00CSI -0.01%
RU20INTR P USL1M R 12/15/20 GS -1.96%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Microsoft
Apple
Alphabet
Amazon
Bank of America
Facebook
Home Depot
UnitedHealth Group
Citigroup
Nxp Semiconductors Nv
Holdings represent 22.37% of portfolio
Top 10 holdings as of 12/31/17
Apple
Microsoft Corp
Alphabet
Bank Of America Corp
Amazon.Com
Facebook
Citigroup
UnitedHealth Group
Home Depot The
Pepsico
Holdings represent 22.65% of portfolio
Top 10 holdings as of 11/30/17
Apple
Microsoft Corp
Alphabet
Amazon.Com
Bank Of America Corp
Facebook
UnitedHealth Group
Home Depot The
Citigroup
Johnson & Johnson
Holdings represent 23.03% of portfolio
Top 10 holdings as of 10/31/17
Apple
Microsoft Corp
Alphabet
Amazon.Com
Bank Of America Corp
Facebook
Johnson & Johnson
Home Depot The
Citigroup
Kraft Heinz The
Holdings represent 22.58% of portfolio

Portfolio composition as of 01/31/18

Common stock 96.66%
Cash and net other assets 3.19%
Convertible preferred stock 0.15%

Equity statistics as of 01/31/18

Median market cap $34.69B
Weighted average market cap $199.37B
Price to book 3.30
Price to earnings 19.32

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 value stocks may fail to rebound. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. You can lose money by investing in the fund.

Top Industry Sectors as of 01/31/18

Information technology 24.87%
Financials 14.42%
Health care 13.20%
Consumer discretionary 11.66%
Industrials 9.86%
Consumer staples 8.25%
Energy 6.04%
Materials 3.72%
Cash and net other assets 3.19%
 
Other
4.79%
Utilities 2.37%
Telecommunication services 1.36%
Real estate 1.06%

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

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.15% 1.90% 1.90% 1.65% 1.40% 0.72% 0.90%
What you pay 1.15% 1.90% 1.90% 1.65% 1.40% 0.72% 0.90%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R 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 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 R6 Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00% 0.00%
  NA NA NA NA NA NA NA
  NA NA NA NA NA NA NA

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 S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. You can lose money by investing in the fund.