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. 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 Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (2.25% and 0.75% for Putnam Short Duration Bond Fund and 1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Fixed Income Absolute Return 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 Short Duration Bond Fund, Putnam Fixed Income Absolute Return 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, 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. 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.
Global Health Care Fund (Class Y) (PHSYX)
Investing in the health-care sector since 1982
Highlights
Objective
The fund seeks capital appreciation.
Strategy and process
- A dynamic sector: From biotech and drugs to devices and hospitals, the fund invests in industries that can profit from the global demand for health care products and services.
- A global approach: To seek the best opportunities, the fund's managers have the flexibility to invest in stocks from around the world.
- Active management: The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$55.46
-0.73% | $-0.41 |
$62.90
10/23/17 |
$51.68
04/02/18 |
Consistency of positive performance over five years
Performance shown does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.
26.48%
Best 5-year annualized return
(for period ending 03/31/99)
-2.09%
Worst 5-year annualized return
(for period ending 09/30/05)
12.07%
Average 5-year annualized return
Fund facts as of 09/30/18
$1,406.97M
49%
Annually
51
August
746778505 / 1813
04/04/00
Global Sector
PHSYX
Management team
Literature
Fund documents |
|
| Fact Sheet (Y share) (PDF) |
|
| Fact Sheet (VT share) (PDF) | |
| Prospectus (PDF) |
|
| Statement of Additional Information (SAI) (PDF) | |
| Annual Report (PDF) |
|
| Semiannual Report (PDF) |
|
| Proxy voting results (Form N-PX) (PDF) | |
| Equity Outlook (PDF) |
|
Performance
Total return (%) as of 09/30/18
Annual performance as of 09/30/18
Annualized Total return (%) as of 09/30/18
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 8.75% | 7.10% | 11.56% | 11.29% |
| After sales charge | N/A | N/A | N/A | N/A |
| MSCI World Health Care Index (ND) | 14.17% | 10.57% | 11.62% | 11.70% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 09/30/18 | 1.36 % | - | |
| YTD as of 10/22/18 | 4.88 % | - | |
Risk-adjusted performance as of 09/30/18
| Alpha (3 yrs.) | -4.08 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.53 |
| Treynor ratio (3 yrs.) | 5.97 |
| Information ratio (3 yrs.) | -1.04 |
Volatility as of 09/30/18
| Standard deviation (3 yrs.) | 12.01% |
|---|---|
| Beta | 1.06 |
| R-squared | 0.93 |
Capture ratio as of 09/30/18
| Up-market (3 yrs.) | 93.13 |
|---|---|
| Down-market (3 yrs.) | 117.75 |
Morningstar Ratings™ as of 09/30/18
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 129 | |
| 3 yrs. | 129 | |
| 5 yrs. | 120 | |
| 10 yrs. | 97 |
Distributions
| Record/Ex dividend date | 12/21/17 |
|---|---|
| Payable date | 12/26/17 |
| Income | $0.466 |
| Extra income | -- |
| Short-term cap. gain | $0.36 |
| Long-term cap. gain | $7.861 |
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 09/30/18
| UnitedHealth Group | 7.48% |
|---|---|
| Becton Dickinson And | 7.17% |
| Danaher Corp | 6.72% |
| Astrazeneca | 4.94% |
| Novartis Ag | 4.52% |
| Boston Scientific Corp | 4.38% |
| Vertex Pharmaceuticals | 4.12% |
| Jazz Pharmaceuticals | 4.07% |
| Merck | 3.80% |
| Bayer Ag | 3.64% |
| Top 10 holdings, percent of portfolio | 50.84% |
Portfolio composition as of 09/30/18
| Common stock | 98.26% |
|---|---|
| Cash and net other assets | 1.74% |
Equity statistics as of 09/30/18
| Median market cap | $22.67B |
|---|---|
| Weighted average market cap | $100.52B |
| Price to book | 4.44 |
| Price to earnings | 21.03 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The health care industries may be affected by technological obsolescence; changes in regulatory approval policies for drugs, medical devices, or procedures; and changes in governmental and private payment systems. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in financial markets, and factors related to a specific issuer or industry. You can lose money by investing in the fund.
Top industry sectors as of 09/30/18
| Pharmaceuticals | 36.78% |
|---|---|
| Health Care Equipment & Supplies | 27.74% |
| Biotechnology | 17.81% |
| Health Care Providers & Services | 10.62% |
| Life Sciences Tools & Services | 3.12% |
| Cash and net other assets | 1.74% |
| Food & Staples Retailing | 0.69% |
| Diversified Consumer Services | 0.64% |
| Diversified Financial Services | 0.52% |
| Other | 0.34% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time.
Country allocation as of 09/30/18
| United States | 71.99% |
|---|---|
| Switzerland | 7.49% |
| United Kingdom | 7.31% |
| Germany | 5.52% |
| Japan | 3.98% |
| Cash and net other assets | 1.74% |
| Spain | 0.75% |
| China | 0.63% |
| Denmark | 0.39% |
| Other | 0.20% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.10% | 1.85% | 1.85% | 1.60% | 1.35% | 0.85% |
| What you pay | 1.10% | 1.85% | 1.85% | 1.60% | 1.35% | 0.85% |
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. | 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 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 MSCI World Health Care Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health care sector. You cannot invest directly in an index.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The health care industries may be affected by technological obsolescence; changes in regulatory approval policies for drugs, medical devices, or procedures; and changes in governmental and private payment systems. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in financial markets, and factors related to a specific issuer or industry. You can lose money by investing in the fund.