Research Fund  (PURYX)

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


Track this fund

Objective

The fund seeks capital appreciation.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $31.89
0.06% | $0.02
$31.97
09/20/17
$25.93
11/04/16
Historical fund price

Fund facts as of 08/31/17

Total net assets
$295.27M
Turnover (fiscal year end)
98%
Dividend frequency
Annually
Number of holdings
186
Fiscal year end
July
CUSIP / Fund code
746802487 / 1849
Inception Date
04/04/00
Category
Blend
Open to new investors
Ticker
PURYX

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

Strategy and process

  • A best-ideas fund: The fund invests in stocks that represent the highest conviction ideas from Putnam's Global 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.

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)

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 20.59% 8.60% 14.94% 6.98%
After sales charge N/A N/A N/A N/A
S&P 500 Index 17.90% 9.61% 14.63% 7.18%

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 08/31/17 0.70 % -
YTD as of 09/22/17 16.17 % -

Risk-adjusted performance as of 08/31/17

Alpha (3 yrs.) -1.03
Sharpe ratio (3 yrs.) 0.82
Treynor ratio (3 yrs.) 8.31
Information ratio (3 yrs.) -0.36

Volatility as of 08/31/17

Standard deviation (3 yrs.) 10.50%
Beta 1.03
R-squared 0.96

Capture ratio as of 08/31/17

Up-market (3 yrs.) 101.40
Down-market (3 yrs.) 110.87

Lipper rankings as of 08/31/17

Large-Cap Core Funds Percentile ranking Rank/Funds in category
1 yr. 10% 74/815
3 yrs. 33% 236/736
5 yrs. 10% 65/663
10 yrs. 18% 92/512

Morningstar ratings as of 08/31/17

Large Blend Rating Funds in category
Overall (1231)
3 yrs. (1231)
5 yrs. (441)
10 yrs. (342)

Distributions

Record/Ex dividend date 12/07/16
Payable date 12/09/16
Income $0.354
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

Apple 3.50%
Alphabet 3.10%
Microsoft Corp 3.03%
Amazon.Com 2.31%
Facebook 2.11%
Bank Of America Corp 1.85%
Johnson & Johnson 1.75%
Home Depot 1.72%
Citigroup 1.40%
Pepsico 1.37%
Top 10 holdings, percent of portfolio 22.14%

Full portfolio holdings as of 06/30/17

APPLE INC 3.43%
ALPHABET INC-CL A 3.05%
MICROSOFT CORP 2.83%
AMAZON.COM INC 2.31%
JPMORGAN CHASE & CO 1.96%
FACEBOOK INC-A 1.88%
JOHNSON & JOHNSON 1.77%
SPDR S&P REGIONAL BANKING 1.76%
HOME DEPOT INC 1.64%
PEPSICO INC 1.63%
INVESCO LTD 1.44%
BANK OF AMERICA CORP 1.32%
COMCAST CORP-CLASS A 1.24%
AT&T INC 1.17%
VISA INC-CLASS A SHARES 1.09%
CHUBB LTD 1.02%
ALTRIA GROUP INC 1.01%
AMGEN INC 0.95%
BROADCOM LTD 0.93%
MERCK & CO. INC. 0.93%
INTERCONTINENTAL EXCHANGE IN 0.88%
CONOCOPHILLIPS 0.84%
KRAFT HEINZ CO/THE 0.83%
PRICELINE GROUP INC/THE 0.83%
UNITED TECHNOLOGIES CORP 0.83%
BECTON DICKINSON AND CO 0.82%
RAYTHEON COMPANY 0.82%
SHERWIN-WILLIAMS CO/THE 0.82%
WALGREENS BOOTS ALLIANCE INC 0.80%
NORTHROP GRUMMAN CORP 0.79%
ASSURED GUARANTY LTD 0.76%
CHARTER COMMUNICATIONS INC-A 0.76%
TEXAS INSTRUMENTS INC 0.76%
AMERICAN INTERNATIONAL GROUP 0.74%
JAZZ PHARMACEUTICALS PLC 0.73%
NORFOLK SOUTHERN CORP 0.73%
BIOGEN INC 0.72%
DOW CHEMICAL CO/THE 0.72%
GILEAD SCIENCES INC 0.72%
GOLDMAN SACHS GROUP INC 0.71%
DANAHER CORP 0.68%
DR PEPPER SNAPPLE GROUP INC 0.68%
QUALCOMM INC 0.68%
FORTIVE CORP 0.67%
DXC TECHNOLOGY CO 0.65%
CELGENE CORP 0.62%
SIEMENS AG 0.62%
ADOBE SYSTEMS INC 0.61%
COSTCO WHOLESALE CORP 0.61%
DOVER CORP 0.61%
APPLIED MATERIALS INC 0.60%
FORTUNE BRANDS HOME & SECURI 0.60%
JOHNSON CONTROLS INTERNATION 0.60%
ROCKWELL AUTOMATION INC 0.58%
EOG RESOURCES INC 0.57%
EXELON CORP 0.57%
BOSTON SCIENTIFIC CORP 0.56%
CUMMINS INC 0.56%
MASTERCARD INC - A 0.56%
NCSOFT CORP 0.56%
CONSTELLATION BRANDS INC-A 0.55%
ALIBABA GROUP HOLDING-SP ADR 0.54%
WASTE CONNECTIONS INC 0.54%
HILTON WORLDWIDE HOLDINGS IN 0.53%
PINNACLE FOODS INC 0.53%
PRUDENTIAL PLC 0.53%
TJX COMPANIES INC 0.52%
KOMATSU LTD 0.51%
W.R. GRACE & CO 0.51%
EXPEDIA INC 0.50%
CIGNA CORP 0.49%
COLGATE-PALMOLIVE CO 0.49%
HALLIBURTON CO 0.49%
MONDELEZ INTERNATIONAL INC-A 0.49%
AMERICAN AIRLINES GROUP INC 0.48%
AMERICAN ELECTRIC POWER 0.48%
DENTSPLY SIRONA INC 0.48%
KION GROUP AG 0.48%
WALT DISNEY CO/THE 0.48%
P G & E CORP 0.47%
UNITEDHEALTH GROUP INC 0.47%
WYNN RESORTS LTD 0.46%
KROGER CO 0.45%
REALPAGE INC 0.44%
ROYAL DUTCH SHELL PLC-A SHS 0.44%
FIDELITY NATIONAL INFO SERV 0.43%
KKR & CO LP 0.43%
YUM CHINA HOLDINGS INC 0.43%
AMERICAN TOWER CORP 0.42%
NRG ENERGY INC 0.42%
QORVO INC 0.41%
TENCENT HOLDINGS LTD 0.41%
BLACKROCK INC 0.40%
GAMING AND LEISURE PROPERTIE 0.40%
INVESTMENT TECHNOLOGY GROUP 0.40%
SUNCOR ENERGY INC 0.40%
AIRBUS SE 0.39%
CHENIERE ENERGY INC 0.39%
CVS HEALTH CORP 0.39%
HANESBRANDS INC 0.39%
INTUITIVE SURGICAL INC 0.39%
RESTAURANT BRANDS INTERN 0.38%
UBI SOFT ENTERTA 0.38%
VERIZON COMMUNICATIONS INC 0.38%
CAVIUM INC 0.37%
NIKE INC -CL B 0.37%
PENN NATIONAL GAMING INC 0.37%
CISCO SYSTEMS INC 0.35%
HUMANA INC 0.34%
IHS MARKIT LTD 0.33%
METLIFE INC 0.33%
O'REILLY AUTOMOTIVE INC 0.33%
REGENERON PHARMACEUTICALS 0.33%
AGILENT TECHNOLOGIES INC 0.32%
LIVE NATION ENTERTAINMENT IN 0.32%
NEXTERA ENERGY INC 0.32%
PIONEER NAT RES CO 0.32%
WAL-MART STORES INC 0.32%
PFIZER INC 0.31%
ANADARKO PETROLEUM CORP 0.30%
MOLSON COORS BREWING CO -B 0.30%
SCHWAB (CHARLES) CORP 0.30%
ALCOA CORP 0.29%
CENOVUS ENERGY INC 0.29%
NOBLE ENERGY INC 0.28%
SEALED AIR CORP 0.28%
T-MOBILE US INC 0.28%
DISH NETWORK CORP-A 0.27%
HAMILTON LANE INC-CLASS A 0.27%
NXP SEMICONDUCTORS NV 0.27%
EDGEWELL PERSONAL CARE CO 0.26%
ORACLE CORP 0.26%
AMEREN CORPORATION 0.25%
AMERICAN WATER WORKS CO INC 0.25%
CR BARD INC 0.25%
E*TRADE FINANCIAL CORPORATION 0.25%
LIMITED BRANDS INC 0.25%
BIOVERATIV INC 0.24%
EVERBRIDGE INC 0.24%
EXXON MOBIL CORP 0.24%
GODADDY INC - CLASS A 0.24%
MONSTER BEVERAGE CORP 0.24%
SALESFORCE.COM INC 0.24%
BRISTOL-MYERS SQUIBB CO 0.23%
HARTFORD FINANCIAL SVCS GRP 0.22%
HP INC 0.22%
STERICYCLE INC 0.22%
EDISON INTERNATIONAL 0.21%
MCKESSON CORP 0.21%
CF INDUSTRIES HOLDINGS INC 0.20%
INSTRUCTURE INC 0.20%
SELECT ENERGY SERVICES INC-A 0.20%
SYNCHRONY FINANCIAL 0.20%
VULCAN MATERIALS CO 0.20%
CAMPBELL SOUP CO 0.19%
QEP RESOURCES INC 0.19%
SCHLUMBERGER LTD 0.19%
ALBEMARLE CORP 0.18%
SEVEN GENERATIONS ENERGY - A 0.18%
ILUKA RESOURCES LTD 0.17%
CARDINAL HEALTH INC 0.16%
CALPINE CORP 0.15%
EXPRESS SCRIPTS HOLDING CO 0.15%
PLAINS ALL AMER PIPELINE LP 0.14%
ENCANA CORP 0.12%
EVONIK INDUSTRIES AG 0.12%
LYONDELLBASELL INDU-CL A 0.12%
MARATHON OIL CORP 0.12%
TWENTY-FIRST CENTURY FOX-A 0.11%
WESTERN DIGITAL CORP 0.11%
AETNA INC 0.10%
COCA-COLA CO/THE 0.10%
CONYERS PARK ACQUISIT - UNIT 0.08%
KINDER MORGAN INC 0.08%
GORES HOLDINGS II INC 0.07%
KOREAN WON CALL ACCOUNT 0.07%
OPORTUN FIN CORP P/P SERIES H PFD 0.07%
DELIVERY HERO HOLDIN P/P 0.06%
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%
CAD/USD 07/19/2017 BANKAM 0.00%
CAD/USD 07/19/2017 BCAP-FX 0.00%
CAD/USD 07/19/2017 JPMCB 0.00%
CAD/USD 07/19/2017 SSBT 0.00%
CHF/USD 09/20/2017 JPMCB 0.00%
GBP/USD 09/20/2017 HSBCB 0.00%
GBP/USD 09/20/2017 SSBT 0.00%
ILS/USD 07/19/2017 SSBT 0.00%
JPY/USD 08/16/2017 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 E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
GBP/USD 09/20/2017 BANKAM -0.01%
RU20INTR P USL1M R 12/15/20 GS -0.01%
EUR/USD 09/20/2017 CITI -0.02%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
Apple
Alphabet
Microsoft Corp
Amazon.Com
Facebook
Bank Of America Corp
Johnson & Johnson
Home Depot
Citigroup
Pepsico
Holdings represent 22.14% of portfolio
Top 10 holdings as of 07/31/17
Apple
Alphabet
Microsoft
Amazon
Facebook
Bank of America
Johnson & Johnson
Home Depot
Pepsico
Comcast
Holdings represent 21.58% of portfolio
Top 10 holdings as of 06/30/17
Apple
Alphabet
Microsoft
Amazon
JPMorgan Chase
Facebook
Johnson & Johnson
Home Depot
Pepsico
Invesco
Holdings represent 21.94% of portfolio
Top 10 holdings as of 05/31/17
Apple
Alphabet
Microsoft
Amazon
Pepsico
Facebook
JPMorgan Chase
Home Depot
Johnson & Johnson
Comcast
Holdings represent 22.02% of portfolio

Portfolio composition as of 08/31/17

Common stock 98.62%
Cash and net other assets 1.22%
Convertible preferred stock 0.16%

Equity statistics as of 08/31/17

Median market cap $26.72B
Weighted average market cap $164.63B
Price to book 3.08
Price to earnings 18.91

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 08/31/17

Information technology 25.46%
Financials 14.10%
Health care 13.74%
Consumer discretionary 12.36%
Industrials 9.58%
Consumer staples 8.62%
Energy 5.22%
Materials 3.88%
Utilities 3.35%
 
Other
3.69%
Telecommunication services 1.60%
Cash and net other assets 1.22%
Real estate 0.87%

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 R6 Class Y
Total expense ratio 1.17% 1.92% 1.92% 1.67% 1.42% 0.72% 0.92%
What you pay 1.17% 1.92% 1.92% 1.67% 1.42% 0.72% 0.92%

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.