Multi-Cap Value Fund  (PMVYX)

Pursuing capital appreciation through undervalued companies


Track this fund

Objective

The fund seeks capital appreciation and, as a secondary objective, current income.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $20.51
0.64% | $0.13
$20.51
10/20/17
$17.64
11/03/16
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.

26.06%

Best 5-year annualized return

(for period ending 03/31/14)


-5.20%

Worst 5-year annualized return

(for period ending 03/31/09)


9.54%

Average 5-year annualized return


Fund facts as of 09/30/17

Total net assets
$457.05M
Turnover (fiscal year end)
78%
Dividend frequency
Annually
Number of holdings
80
Fiscal year end
April
CUSIP / Fund code
746802198 / 1856
Inception Date
04/02/02
Category
Value
Open to new investors
Ticker
PMVYX

Management team


Portfolio Manager

Strategy and process

  • Market cap flexibility: The fund invests in companies of all sizes across the value universe, seeking attractively valued stocks with strong long-term earnings growth potential.
  • A value strategy: The portfolio manager builds a portfolio of stocks at varying points in their business cycle, whose improving fundamentals are not reflected in their current valuation.
  • Research focus: Backed by an Equity Research team, the portfolio manager uses his stock-picking expertise to identify opportunities and manage risk.

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)

Why a meaningful near-term market correction is unlikely
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Avoiding retirement savings shortfalls requires a team effort
Plan features, employer match, deferral rates, and investor education all work together to help participants avoid retirement savings shortfalls.

Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 12.61% 7.82% 13.76% 6.98%
After sales charge N/A N/A N/A N/A
Russell 3000 Value Index 15.53% 8.79% 13.20% 6.01%

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 09/30/17 3.15 % -
YTD as of 10/20/17 8.92 % -

Risk-adjusted performance as of 09/30/17

Alpha (3 yrs.) -0.20
Sharpe ratio (3 yrs.) 0.74
Treynor ratio (3 yrs.) 8.31
Information ratio (3 yrs.) -0.23

Volatility as of 09/30/17

Standard deviation (3 yrs.) 10.25%
Beta 0.91
R-squared 0.84

Capture ratio as of 09/30/17

Up-market (3 yrs.) 92.41
Down-market (3 yrs.) 94.95

Lipper rankings as of 09/30/17

Multi-Cap Value Funds Percentile ranking Rank/Funds in category
1 yr. 87% 322/370
3 yrs. 49% 157/320
5 yrs. 24% 68/286
10 yrs. 19% 42/231

Morningstar ratings as of 09/30/17

Mid-Cap Value Rating Funds in category
Overall (363)
3 yrs. (363)
5 yrs. (319)
10 yrs. (226)

Distributions

Record/Ex dividend date 12/07/16
Payable date 12/09/16
Income $0.223
Extra income $0.0
Short-term cap. gain $0.18
Long-term cap. gain $0.066

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 09/30/17

Union Pacific Corp 3.71%
Dxc Technology 3.48%
Allergan 3.47%
First Republic Bank/Ca 3.41%
Jazz Pharmaceuticals 3.20%
Nrg Energy 2.41%
Boston Scientific Corp 2.39%
Ball Corp 2.36%
Snap-On 2.21%
Bank Of America Corp 2.19%
Top 10 holdings, percent of portfolio 28.83%

Full portfolio holdings as of 06/30/17

UNION PACIFIC CORP 3.44%
JAZZ PHARMACEUTICALS PLC 3.36%
FIRST REPUBLIC BANK/CA 3.23%
EOG RESOURCES INC 3.10%
DXC TECHNOLOGY CO 3.07%
SNAP-ON INC 2.98%
AMETEK INC 2.73%
BALL CORP 2.68%
ALLERGAN PLC 2.66%
MALLINCKRODT PLC 2.46%
KEYCORP 2.37%
BOSTON SCIENTIFIC CORP 2.34%
BANK OF AMERICA CORP 2.07%
SEALED AIR CORP 2.06%
FIDELITY NATIONAL INFO SERV 1.76%
AGILENT TECHNOLOGIES INC 1.70%
NORTHROP GRUMMAN CORP 1.70%
E*TRADE FINANCIAL CORPORATION 1.63%
PACWEST BANCORP 1.63%
EXELON CORP 1.62%
CHUBB LTD 1.54%
HARRIS CORP 1.53%
AMEREN CORPORATION 1.50%
JPMORGAN CHASE & CO 1.50%
LAM RESEARCH CORP 1.45%
BECTON DICKINSON AND CO 1.44%
ALLERGAN PLC 05.5000 CV PFD 1.40%
WYNN RESORTS LTD 1.40%
INVESCO LTD 1.37%
JOHNSON CONTROLS INTERNATION 1.33%
ARAMARK 1.28%
W.R. GRACE & CO 1.28%
NRG ENERGY INC 1.26%
JM SMUCKER CO/THE 1.24%
XEROX CORP 1.20%
PINNACLE FOODS INC 1.15%
EAST WEST BANCORP INC 1.12%
HARTFORD FINANCIAL SVCS GRP 1.10%
OLIN CORP 1.10%
GOODYEAR TIRE & RUBBER CO 1.06%
CELANESE CORP-SERIES A 1.04%
HANESBRANDS INC 1.00%
EDISON INTERNATIONAL 0.99%
TJX COMPANIES INC 0.98%
HOST HOTELS & RESORTS INC 0.93%
AMERICAN INTERNATIONAL GROUP 0.90%
BRUNSWICK CORP 0.89%
PENN NATIONAL GAMING INC 0.87%
HCP INC 0.85%
WESTERN DIGITAL CORP 0.85%
CMS ENERGY CORP 0.84%
GRAPHIC PACKAGING HOLDING CO 0.82%
GAP INC/THE 0.78%
L3 TECHNOLOGIES INC 0.76%
APACHE CORP 0.70%
ENCANA CORP 0.70%
OLD NATIONAL BANCORP 0.70%
MARATHON OIL CORP 0.68%
HANOVER INSURANCE GROUP INC/ 0.67%
LIMITED BRANDS INC 0.63%
ALCOA CORP 0.57%
EDGEWELL PERSONAL CARE CO 0.55%
ASSURED GUARANTY LTD 0.51%
PULTEGROUP INC 0.48%
AMERICAN AIRLINES GROUP INC 0.47%
HILTON WORLDWIDE HOLDINGS IN 0.47%
AVON PRODUCTS INC 0.46%
CLIFFS NATURAL RESOURCES INC 0.42%
J. JILL INC 0.42%
QEP RESOURCES INC 0.39%
MATTEL INC 0.30%
UNITED STATES STEEL CORP 0.28%
RE/MAX HOLDINGS INC-CL A 0.01%

Prior top 10 holdings

Top 10 holdings as of 09/30/17
Union Pacific Corp
Dxc Technology
Allergan
First Republic Bank/Ca
Jazz Pharmaceuticals
Nrg Energy
Boston Scientific Corp
Ball Corp
Snap-On
Bank Of America Corp
Holdings represent 28.83% of portfolio
Top 10 holdings as of 08/31/17
Allergan
Dxc Technology
Union Pacific Corp
Jazz Pharmaceuticals
First Republic Bank/Ca
Mallinckrodt
Boston Scientific Corp
Nrg Energy
Ball Corp
Ametek
Holdings represent 29.40% of portfolio
Top 10 holdings as of 07/31/17
Allergan
Jazz Pharmaceuticals
EOG Resources
Union Pacific Corp
First Republic Bank/Ca
Dxc Technology
Ball Corp
Mallinckrodt
Ametek
Nrg Energy
Holdings represent 30.80% of portfolio
Top 10 holdings as of 06/30/17
Allergan
Union Pacific Corp
Jazz Pharmaceuticals
First Republic Bank/Ca
EOG Resources
Dxc Technology
Snap-On
Ametek
Ball Corp
Mallinckrodt
Holdings represent 31.11% of portfolio

Portfolio composition as of 09/30/17

Common stock 95.70%
Cash and net other assets 3.10%
Convertible preferred stock 1.20%

Equity statistics as of 09/30/17

Median market cap $13.81B
Weighted average market cap $34.87B
Price to book 2.26
Price to earnings 15.40

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. Value stocks may fail to rebound, and the market may not favor value-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 09/30/17

Financials 18.66%
Health care 15.57%
Industrials 14.90%
Information technology 11.18%
Consumer discretionary 10.02%
Materials 9.19%
Energy 6.76%
Utilities 6.58%
Cash and net other assets 3.10%
 
Other
4.04%
Consumer staples 3.09%
Real estate 0.95%

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 Y
Total expense ratio 1.08% 1.83% 1.83% 1.58% 1.33% 0.83%
What you pay 1.08% 1.83% 1.83% 1.58% 1.33% 0.83%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R 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 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 Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00%
  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 3000 Value Index is an unmanaged index of those companies in the broad-market Russell 3000 Index chosen for their value orientation. 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. Value stocks may fail to rebound, and the market may not favor value-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.