Capital Opportunities Fund (Class Y)  (PYCOX)

Seeking opportunities in small and midsize companies


Track this fund

Highlights

Objective

The fund seeks long-term growth of capital.

Strategy and process

  • Smaller companies: Often overlooked by Wall Street analysts, the stocks of smaller companies can represent attractive opportunities.
  • A flexible strategy: A core investment approach enables the fund to invest in 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 $14.36
-0.49% | $-0.07
$16.81
10/02/17
$13.58
12/06/17
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

26.53%

Best 5-year annualized return

(for period ending 03/31/14)


-4.98%

Worst 5-year annualized return

(for period ending 03/31/09)


8.54%

Average 5-year annualized return


Fund facts as of 03/31/18

Total net assets
$296.85M
Turnover (fiscal year end)
167%
Dividend frequency
Annually
Number of holdings
103
Fiscal year-end
April
CUSIP / Fund code
746802354 / 1854
Inception date
10/02/00
Category
Blend
Open to new investors
Ticker
PYCOX

Management team

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)
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)

Performance

  • Total return (%) as of 03/31/18

  • Annual performance as of 03/31/18

Annualized Total return (%) as of 03/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 6.30% 4.56% 8.50% 9.33%
After sales charge N/A N/A N/A N/A
Russell 2500 Index 12.31% 8.15% 11.55% 10.28%

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 03/31/18 -0.28 % -
YTD as of 04/20/18 2.50 % -

Risk-adjusted performance as of 03/31/18

Alpha (3 yrs.) -3.29
Sharpe ratio (3 yrs.) 0.34
Treynor ratio (3 yrs.) 4.27
Information ratio (3 yrs.) -0.96

Volatility as of 03/31/18

Standard deviation (3 yrs.) 12.17%
Beta 0.96
R-squared 0.91

Capture ratio as of 03/31/18

Up-market (3 yrs.) 85.17
Down-market (3 yrs.) 103.64

Lipper rankings as of 03/31/18

Small-Cap Core Funds Percentile ranking Rank/Funds in category
1 yr. 81% 802/991
3 yrs. 89% 722/812
5 yrs. 86% 595/697
10 yrs. 49% 249/512

Morningstar ratings as of 03/31/18

Small Blend Rating Funds in category
Overall (627)
3 yrs. (627)
5 yrs. (542)
10 yrs. (400)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income --
Extra income --
Short-term cap. gain $1.804
Long-term cap. gain $0.967

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 03/31/18

Summit Materials 2.96%
Everbridge 2.36%
Dxc Technology 2.26%
Godaddy 2.26%
Instructure 2.08%
Orion Engineered Carbons 2.07%
John Bean Technologies Corp 1.99%
Radian Group 1.97%
Logmein 1.97%
Burlington Stores 1.84%
Top 10 holdings, percent of portfolio 21.76%

Full portfolio holdings as of 12/31/17

SUMMIT MATERIALS INC -CL A 2.94%
RADIAN GROUP INC 2.27%
BRUNSWICK CORP 2.12%
DXC TECHNOLOGY CO 2.11%
LOGMEIN INC 1.93%
EVERBRIDGE INC 1.89%
GODADDY INC - CLASS A 1.83%
HAMILTON LANE INC-CLASS A 1.78%
GAMING AND LEISURE PROPERTIE 1.75%
OSHKOSH CORP 1.74%
EASTERLY GOVERNMENT PROPERTI 1.72%
JELD-WEN HOLDING INC 1.69%
BURLINGTON STORES INC 1.66%
ORION ENGINEERED CARBONS SA 1.63%
INSTRUCTURE INC 1.62%
OWENS CORNING 1.58%
ALCOA CORP 1.51%
QAD INC-A 1.43%
INVESTMENT TECHNOLOGY GROUP 1.42%
RPC GROUP PLC 1.42%
L3 TECHNOLOGIES INC 1.41%
COLONY NORTHSTAR INC-CLASS A 1.40%
CLOVIS ONCOLOGY INC 1.38%
SBA COMMUNICATIONS CORP 1.38%
WYNDHAM WORLDWIDE CORP 1.36%
PEOPLES BANCORP INC 1.34%
W.R. GRACE & CO 1.34%
EAST WEST BANCORP INC 1.30%
BALL CORP 1.29%
SIMPLY GOOD FOODS CO/THE 1.25%
WP CAREY INC 1.22%
ELLIE MAE INC 1.18%
CAVIUM INC 1.16%
GRAPHIC PACKAGING HOLDING CO 1.16%
UMPQUA HOLDINGS CORP 1.15%
MEDICINES COMPANY 1.13%
EMPLOYERS HOLDINGS INC 1.09%
MIRATI THERAPEUTICS INC 1.09%
SERVICE CORP INTERNATIONAL 1.08%
JAZZ PHARMACEUTICALS PLC 1.07%
GTT COMMUNICATIONS INC 1.04%
VALMONT INDUSTRIES 1.04%
MALIBU BOATS INC - A 1.02%
DAVE & BUSTER'S ENTERTAINMEN 0.94%
ONE GAS INC 0.91%
RIGHTMOVE PLC 0.91%
SMITH (A.O.) CORP 0.89%
CSRA INC 0.84%
GOODYEAR TIRE & RUBBER CO 0.84%
ACLARIS THERAPEUTICS INC 0.83%
SIGNET JEWELERS LTD 0.81%
ASSURED GUARANTY LTD 0.79%
KION GROUP AG 0.77%
EPLUS INC 0.74%
PACIRA PHARMACEUTICALS INC 0.74%
LIVE NATION ENTERTAINMENT IN 0.73%
BROOKS AUTOMATION INC 0.71%
J. JILL INC 0.70%
FIRST REPUBLIC BANK/CA 0.68%
ST JAMES'S PLACE PLC 0.67%
ARRAY BIOPHARMA INC 0.66%
ENCANA CORP 0.66%
PARSLEY ENERGY INC-CLASS A 0.66%
PENUMBRA INC 0.64%
BIO-RAD LABORATORIES-A 0.63%
SEVEN GENERATIONS ENERGY - A 0.63%
OLD NATIONAL BANCORP 0.62%
QORVO INC 0.60%
DISCOVERY COMMUNICATIONS-A 0.59%
SANDERSON FARMS INC 0.59%
PATTERSON-UTI ENERGY INC 0.58%
TEXAS CAPITAL BANCSHARES INC 0.57%
OGE ENERGY CORP 0.55%
BIOVERATIV INC 0.54%
PARTY CITY HOLDCO INC 0.53%
ALLETE INC 0.52%
PACWEST BANCORP 0.50%
WPX ENERGY INC 0.49%
NUVISTA ENERGY LTD 0.47%
PJT PARTNERS INC - A 0.47%
POPULAR INC 0.47%
AT HOME GROUP INC 0.44%
BIOSCRIP INC 0.44%
EVERCORE INC - A 0.44%
NEKTAR THERAPEUTICS 0.43%
EDGEWELL PERSONAL CARE CO 0.42%
TARGA RESOURCES CORP 0.39%
BANDWIDTH INC-CLASS A 0.38%
SELECT ENERGY SERVICES INC-A 0.36%
CYMABAY THERAPEUTICS INC 0.35%
H AND E EQUIPMENT SERVICES INC 0.33%
HANNON ARMSTRONG SUSTAINABLE 0.33%
JOHN BEAN TECHNOLOGIES CORP 0.32%
AGIOS PHARMACEUTICALS INC 0.31%
NRG ENERGY INC 0.29%
CALIFORNIA WATER SERVICE GRP 0.26%
GENMARK DIAGNOSTICS INC 0.26%
AVEXIS INC 0.23%
HAWAIIAN ELECTRIC INDS 0.23%
IDACORP INC 0.23%
MYOKARDIA INC 0.22%
PROTO LABS INC 0.22%
CALLAWAY GOLF COMPANY 0.20%
HOLLYFRONTIER CORP 0.19%
OCEANEERING INTL INC 0.14%
EMIN RUSSELL 2000 MAR18 RTYH8 0.00%
S&P MID 400 EMINI MAR18 FAH8 0.00%
S&P500 EMINI FUT MAR18 ESH8 0.00%
CANADIAN DOLLAR ACCOUNT -0.03%

Prior top 10 holdings

Top 10 holdings as of 03/31/18
Summit Materials
Everbridge
Dxc Technology
Godaddy
Instructure
Orion Engineered Carbons
John Bean Technologies Corp
Radian Group
Logmein
Burlington Stores
Holdings represent 21.76% of portfolio
Top 10 holdings as of 02/28/18
Summit Materials
Dxc Technology
Godaddy
Instructure
Orion Engineered Carbons
Everbridge
Radian Group
Logmein
John Bean Technologies Corp
Hamilton Lane
Holdings represent 21.66% of portfolio
Top 10 holdings as of 01/31/18
Summit Materials
Dxc Technology
Brunswick Corp/De
Orion Engineered Carbons
Radian Group
Logmein
Everbridge
Godaddy
Oshkosh Corp
Hamilton Lane
Holdings represent 21.15% of portfolio
Top 10 holdings as of 12/31/17
Summit Materials
Radian Group
Brunswick Corp/De
Dxc Technology
Logmein
Everbridge
Godaddy
Hamilton Lane
Gaming And Leisure Properties
Oshkosh Corp
Holdings represent 21.00% of portfolio

Portfolio composition as of 03/31/18

Common stock 97.73%
Cash and net other assets 2.27%

Equity statistics as of 03/31/18

Median market cap $3.95B
Weighted average market cap $6.07B
Price to book 2.88
Price to earnings 23.56

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. 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 03/31/18

Information technology 19.13%
Financials 16.19%
Consumer discretionary 13.36%
Materials 11.34%
Health care 11.21%
Industrials 10.57%
Real estate 5.92%
Energy 4.04%
Utilities 3.40%
 
Other
4.84%
Consumer staples 2.57%
Cash and net other assets 2.27%

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 R5 Class R6 Class Y
Total expense ratio 1.37% 2.12% 2.12% 1.87% 1.62% 1.05% 0.95% 1.12%
What you pay 1.37% 2.12% 2.12% 1.87% 1.62% 1.05% 0.95% 1.12%

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. 1.00% 5.00% 1.00% -- -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00% 0.00% 0.00%
  NA NA 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 Russell 2500 Index is an unmanaged index of 2,500 small and midsize companies in the Russell 3000 Index. The Russell 2000 Index is an unmanaged list of common stocks that is frequently used as a general performance measure of U.S. stocks of small and/or midsize companies. You cannot invest directly in an index.

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. 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.