Active Equities
Small Cap Growth Fund (Class Y) (PSYGX)
Seeking to capitalize on growing small companies
Highlights
Objective
The fund seeks capital appreciation.
Strategy and process
- Small companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities.
- A focus on growth: Small companies tend to be flexible and innovative, and can often expand their earnings at faster rates than larger companies.
- A disciplined process: The portfolio manager uses a disciplined bottom-up fundamental investment process that focuses on quality and growth.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$49.29
0.43% | $0.21 |
$50.95
07/26/19 |
$34.47
12/24/18 |
Fund facts as of 10/31/19
$483.49M
37%
Annually
81
June
746763499 / 1852
11/03/03
Growth
PSYGX
Manager commentary | Q3 2019
Fundamental research unearths growth
Portfolio Manager Bill Monroe explains why he pays careful attention to stock valuations.
Literature
Fund documents |
|
| Fact Sheet (R6 share) (PDF) | |
| Fact Sheet (Y share) (PDF) | |
| Summary Prospectus (PDF) |
|
| Statutory Prospectus (PDF) |
|
| Statement of Additional Information (SAI) (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 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 1.27% | 16.32% | 11.62% | 13.58% |
| After sales charge | N/A | N/A | N/A | N/A |
| Russell 2000 Growth Index | -9.63% | 9.79% | 9.08% | 12.25% |
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, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining to 1% in the fourth 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, N, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. 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 and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense 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 10/31/19 | 1.44% | - | |
| YTD as of 11/12/19 | 31.16% | - | |
Risk-adjusted performance as of 09/30/19
| Alpha (3 yrs.) | 6.90 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.87 |
| Treynor ratio (3 yrs.) | 15.53 |
| Information ratio (3 yrs.) | 1.42 |
Volatility as of 09/30/19
| Standard deviation (3 yrs.) | 17.07% |
|---|---|
| Beta | 0.96 |
| R-squared | 0.93 |
Capture ratio as of 09/30/19
| Up-market (3 yrs.) | 110.94 |
|---|---|
| Down-market (3 yrs.) | 83.83 |
Lipper rankings as of 09/30/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 52/623 | 9% |
| 3 yrs. | 84/549 | 16% |
| 5 yrs. | 111/479 | 24% |
| 10 yrs. | 110/370 | 30% |
Morningstar Ratings™ as of 09/30/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 584 | |
| 3 yrs. | 584 | |
| 5 yrs. | 519 | |
| 10 yrs. | 399 |
Distributions
| Record/Ex dividend date | 08/22/18 |
|---|---|
| Payable date | 08/24/18 |
| Income | -- |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | $0.68 |
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.
Compare
See how this fund stacks up against its peers with FundVisualizer®
New to FundVisualizer? Watch tutorials on how to get started.
For more tutorials, please visit Advisor Tech Tips
** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
| Wingstop | 3.40% |
|---|---|
| Five Below | 3.27% |
| Mercury Systems | 3.17% |
| Bright Horizons Family Solutions | 2.95% |
| Trex | 2.56% |
| Cable One | 2.49% |
| Realpage | 2.46% |
| Heico Corp | 2.38% |
| Novanta | 2.37% |
| Hamilton Lane | 2.35% |
| Top 10 holdings, percent of portfolio | 27.40% |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Wingstop | |
| Five Below | |
| Mercury Systems | |
| Bright Horizons Family Solutions | |
| Trex | |
| Cable One | |
| Realpage | |
| Heico Corp | |
| Novanta | |
| Hamilton Lane | |
| Holdings represent 27.40% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Wingstop | |
| Mercury Systems | |
| Bright Horizons Family Solutions | |
| Five Below | |
| Heico Corp | |
| Hamilton Lane | |
| Cable One | |
| Realpage | |
| Everbridge | |
| Trex | |
| Holdings represent 28.24% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Wingstop | |
| Mercury Systems | |
| Heico Corp | |
| Five Below | |
| Everbridge | |
| Bright Horizons Family Solutions | |
| Planet Fitness | |
| Hamilton Lane | |
| Realpage | |
| Novanta | |
| Holdings represent 27.29% of portfolio | |
| Top 10 holdings as of 06/30/19 | |
|---|---|
| Wingstop | |
| Five Below | |
| Heico Corp | |
| Bright Horizons Family Solutions | |
| Mercury Systems | |
| Novanta | |
| Everbridge | |
| Planet Fitness | |
| Hamilton Lane | |
| Cable One | |
| Holdings represent 26.95% of portfolio | |
| WINGSTOP INC SEDOL BYYXHN4 | 3.40% |
|---|---|
| FIVE BELOW SEDOL B85KFY9 | 3.26% |
| MERCURY SYSTEMS INC SEDOL 2144047 | 3.17% |
| BRIGHT HORIZONS FAMILY SOLUT SEDOL B7MJWP2 | 2.95% |
| TREX COMPANY INC SEDOL 2483074 | 2.56% |
| CABLE ONE INC SEDOL BZ07DS4 | 2.49% |
| REALPAGE INC SEDOL B4W2S29 | 2.46% |
| HEICO CORP-CLASS A SEDOL 2237561 | 2.38% |
| NOVANTA INC SEDOL BD8S5H8 | 2.37% |
| HAMILTON LANE INC-CLASS A SEDOL BF0SR29 | 2.35% |
| PLANET FITNESS INC - CL A SEDOL BYSFJV8 | 1.97% |
| ALBANY INTL CORP-CL A SEDOL 2012757 | 1.95% |
| VERRA MOBILITY CORP SEDOL BFXX5X8 | 1.88% |
| MEDPACE HOLDINGS INC SEDOL BDCBC61 | 1.82% |
| GRAND CANYON EDUCATION INC SEDOL B3F1XM1 | 1.81% |
| KINSALE CAPITAL GROUP INC SEDOL BD1MGQ3 | 1.80% |
| BRINK'S CO/THE SEDOL 2691305 | 1.80% |
| QUIDEL CORP SEDOL 2717591 | 1.77% |
| EVERBRIDGE INC SEDOL BYY5ZB4 | 1.73% |
| RBC BEARINGS INC SEDOL B0GLYB5 | 1.72% |
| ENTEGRIS INC SEDOL 2599700 | 1.66% |
| CONMED CORP SEDOL 2216010 | 1.66% |
| PAYLOCITY HOLDING CORP SEDOL BKM4N88 | 1.63% |
| SITEONE LANDSCAPE SUPPLY INC SEDOL BYQ7X81 | 1.60% |
| INSULET CORP SEDOL B1XGNW4 | 1.56% |
| EVO PAYMENTS INC-CLASS A SEDOL BG5NSM3 | 1.55% |
| EVERCORE INC - A SEDOL B1BHXZ2 | 1.53% |
| LIVE NATION ENTERTAINMENT IN SEDOL B0T7YX2 | 1.47% |
| EMERGENT BIOSOLUTIONS INC SEDOL B1HJLW5 | 1.45% |
| SAIA INC SEDOL 2982399 | 1.40% |
| REPLIGEN CORP SEDOL 2731654 | 1.39% |
| PALOMAR HOLDINGS INC SEDOL BJYLZK6 | 1.32% |
| COLLIERS INTERNATIONAL GROUP SEDOL BYL7SB4 | 1.24% |
| PROS HOLDINGS INC SEDOL B1YWQK0 | 1.19% |
| ENVESTNET INC SEDOL B474ZK7 | 1.13% |
| TERRENO REALTY CORP SEDOL B3N4753 | 1.10% |
| INGEVITY CORP SEDOL BD4LHG4 | 1.07% |
| AMEDISYS INC SEDOL 2024332 | 1.04% |
| CHURCHILL DOWNS INC SEDOL 2194105 | 1.03% |
| U.S. PHYSICAL THERAPY INC SEDOL 2911166 | 1.03% |
| HAEMONETICS CORP/MASS SEDOL 2401195 | 1.01% |
| Q2 HOLDINGS INC SEDOL BKM4KV0 | 1.00% |
| SPS COMMERCE INC SEDOL B57VWJ3 | 0.99% |
| HARSCO CORP SEDOL 2412700 | 0.99% |
| LIVEPERSON INC SEDOL 2577052 | 0.99% |
| BOOT BARN HOLDINGS INC SEDOL BRS6600 | 0.89% |
| J2 GLOBAL INC SEDOL B75DGJ3 | 0.86% |
| QAD INC-A SEDOL B542255 | 0.84% |
| ASCENDIS PHARMA A/S - ADR SEDOL BV9G6B8 | 0.81% |
| MARCUS CORPORATION SEDOL 2564827 | 0.81% |
| BROOKS AUTOMATION INC | 0.80% |
| CHEGG INC SEDOL BG6N6K6 | 0.73% |
| LIGAND PHARMACEUTICALS SEDOL 2501578 | 0.73% |
| FIVE9 INC SEDOL BKY7X18 | 0.72% |
| TABULA RASA HEALTHCARE INC SEDOL BYQBFS7 | 0.71% |
| TACTILE SYSTEMS TECHNOLOGY I SEDOL BZB1XF2 | 0.70% |
| MIRATI THERAPEUTICS INC SEDOL BBPK0J0 | 0.68% |
| PING IDENTITY HOLDING CORP SEDOL BKT6B49 | 0.67% |
| MEDICINES COMPANY SEDOL 2616773 | 0.66% |
| NOVA MEASURING INSTRUMENTS SEDOL 2577740 | 0.64% |
| MIMECAST LTD SEDOL BYT5JK6 | 0.63% |
| TELADOC HEALTH INC SEDOL BYQRFY1 | 0.60% |
| TANDEM DIABETES CARE INC SEDOL BF3W461 | 0.59% |
| GLOBAL BLOOD THERAPEUTICS IN SEDOL BZ05388 | 0.58% |
| MERIT MEDICAL SYSTEMS INC SEDOL 2580555 | 0.58% |
| CODEXIS INC SEDOL B5LL2C2 | 0.57% |
| HEALTHEQUITY INC SEDOL BP8XZL1 | 0.56% |
| ACCELERON PHARMA INC SEDOL BDGTXQ8 | 0.54% |
| PENUMBRA INC SEDOL BZ0V201 | 0.53% |
| PHREESIA INC SEDOL BKF9DQ8 | 0.51% |
| VERACYTE INC SEDOL BFTWZY0 | 0.46% |
| PLURALSIGHT INC - A SEDOL BFZCT75 | 0.45% |
| LUCKIN COFFEE INC - ADR SEDOL BK57TY2 | 0.45% |
| DYNATRACE INC SEDOL BJV2RD9 | 0.44% |
| VERICEL CORP SEDOL BSBMN89 | 0.42% |
| BLUEPRINT MEDICINES CORP SEDOL BWY52P3 | 0.42% |
| CSW INDUSTRIALS INC SEDOL BYQD1J6 | 0.41% |
| ANTARES PHARMA INC SEDOL 2383163 | 0.37% |
| MESA LABORATORIES INC SEDOL 2553814 | 0.32% |
| ORCHARD THERAPEUTICS PLC SEDOL BGT3960 | 0.32% |
Portfolio composition as of 09/30/19
| Common stock | 98.64% |
|---|---|
| Cash and net other assets | 1.36% |
Equity statistics as of 09/30/19
| Median market cap | $2.97B |
|---|---|
| Weighted average market cap | $4.17B |
| Price to book | 6.81 |
| Price to earnings | 35.42 |
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 the market may not favor growth-style investing. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. You can lose money by investing in the fund.
Top industry sectors as of 09/30/19
| Information technology | 24.61% |
|---|---|
| Health care | 24.37% |
| Industrials | 17.97% |
| Consumer discretionary | 16.50% |
| Financials | 7.00% |
| Communication services | 4.77% |
| Real estate | 2.35% |
| Cash and net other assets | 1.36% |
| Materials | 1.07% |
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.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.20% | 1.95% | 1.95% | 1.70% | 1.45% | 0.79% | 0.95% |
| What you pay | 1.20% | 1.95% | 1.95% | 1.70% | 1.45% | 0.79% | 0.95% |
Sales charge
| 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. | 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 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 Russell 2000 Growth Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their growth 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. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. You can lose money by investing in the fund.