Global Financials Fund (Class Y)  (PGFYX)

Pursuing investment opportunities in financial-related companies worldwide


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Highlights

Objective

The fund seeks capital appreciation.

Strategy and process

  • A dynamic sector: From banking and insurance to real estate, the fund invests in industries that can profit from the global demand for financial services.
  • A global approach: To seek the best opportunities, the fund's manager has the flexibility to invest in stocks from around the world.
  • Active management: The manager, supported by experienced research analysts, combines 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 $12.13
-0.16% | $-0.02
$14.61
01/26/18
$11.70
10/24/18
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.

18.67%

Best 5-year annualized return

(for period ending 03/31/14)


2.86%

Worst 5-year annualized return

(for period ending 06/30/16)


8.81%

Average 5-year annualized return


Fund facts as of 10/31/18

Total net assets
$24.37M
Turnover (fiscal year end)
51%
Dividend frequency
Annually
Number of holdings
58
Fiscal year-end
August
CUSIP / Fund code
746764653 / 1867
Inception date
12/18/08
Category
Global Sector
Open to new investors
Ticker
PGFYX

Management team

Portfolio Manager, Analyst

Literature

Fund documents

Fact Sheet (Y 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. Life (inception: 12/18/08 )
Before sales charge 2.51% 8.25% 5.77% 8.87%
After sales charge N/A N/A N/A N/A
MSCI World Financials & Real Estate Index (ND) 1.96% 10.10% 6.58% --

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, N, 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). 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, 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 10/31/18 -9.30 % -
YTD as of 11/16/18 -10.74 % -

Risk-adjusted performance as of 10/31/18

Alpha (3 yrs.) -2.80
Sharpe ratio (3 yrs.) 0.18
Treynor ratio (3 yrs.) 2.25
Information ratio (3 yrs.) -0.74

Volatility as of 10/31/18

Standard deviation (3 yrs.) 14.04%
Beta 1.09
R-squared 0.96

Capture ratio as of 10/31/18

Up-market (3 yrs.) 97.95
Down-market (3 yrs.) 112.41

Morningstar Ratings as of 10/31/18

Time period Funds in category Morningstar Rating
Overall 96
3 yrs. 96
5 yrs. 92
Morningstar category: Financial

Distributions

Record/Ex dividend date 12/21/17
Payable date 12/26/17
Income $0.225
Extra income --
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 10/31/18

Bank Of America Corp 5.37%
Citigroup 5.24%
Assured Guaranty 4.85%
Prudential 4.21%
Aia Group 4.06%
Goldman Sachs Group The 3.95%
Kkr 3.79%
Radian Group 3.32%
Cigna Corp 3.28%
Charles Schwab Corp/The 3.25%
Top 10 holdings, percent of portfolio 41.32%

Full portfolio holdings as of 09/30/18

ASSURED GUARANTY LTD 4.91%
BANK OF AMERICA CORP 4.91%
CITIGROUP INC 4.90%
PRUDENTIAL PLC 4.10%
AIA GROUP LTD 4.09%
KKR & CO INC -A 4.01%
GOLDMAN SACHS GROUP INC 3.38%
RADIAN GROUP INC 3.05%
CIGNA CORP 2.97%
E*TRADE FINANCIAL CORPORATION 2.95%
CHALLENGER LTD 2.67%
RAYMOND JAMES FINANCIAL INC 2.44%
WIRECARD AG 2.41%
BLACKROCK INC 2.33%
EURAZEO SE 2.03%
SCHWAB (CHARLES) CORP 2.00%
SUMITOMO MITSUI FINANCIAL GR 2.00%
VISA INC-CLASS A SHARES 1.92%
ORIX CORP 1.91%
KYUDENKO CORP 1.90%
AMERICAN INTERNATIONAL GROUP 1.85%
QUILTER PLC 1.85%
ST JAMES'S PLACE PLC 1.71%
FAIRFAX FINANCIAL HLDGS LTD 1.69%
DALATA HOTEL GROUP PLC 1.66%
CHUBB LTD 1.58%
CAIXABANK S.A 1.56%
AMUNDI SA 1.52%
INVESCO LTD 1.52%
APOLLO GLOBAL MANAGEMENT - A 1.50%
KENNEDY-WILSON HOLDINGS INC 1.48%
DBS GROUP HOLDINGS LTD 1.45%
BURFORD CAPITAL LTD 1.40%
BANK OF IRELAND GROUP PLC 1.33%
INSURANCE AUSTRALIA GROUP LTD 1.29%
SOCIETE GENERALE SA 1.25%
INTACT FINANCIAL CORP 1.23%
HDFC BANK LTD-ADR 1.18%
NATIXIS 1.14%
SUMITOMO WAREHOUSE CO LTD 1.14%
ING GROEP NV-CVA 1.12%
BIG YELLOW GROUP PLC 1.09%
PUBLIC STORAGE 0.98%
BOSTON PROPERTIES INC 0.78%
ROYAL BANK OF CANADA 0.77%
HIBERNIA REIT PLC 0.75%
WISDOMTREE INVESTMENTS INC 0.72%
ADMIRAL GROUP PLC 0.61%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
CHF/USD 12/19/2018 JPMCB 0.02%
OPORTUN FIN CORP P/P 0.02%
OPORTUN FIN G-1 PFD CV P/P 0.02%
SEK/USD 12/19/2018 CSI-FX 0.02%
CHF/USD 12/19/2018 BCAP-FX 0.01%
OPORTUN FIN F-1 PFD CV P/P 0.01%
AUD/USD 10/17/2018 HSBCB 0.00%
AUD/USD 10/17/2018 JPMCB 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
BGP HOLDINGS PLC 0.00%
BRAZILIAN REAL CALL ACCOUNT 0.00%
CAD/USD 10/17/2018 BCAP-FX 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
DKK/USD 12/19/2018 JPMCB 0.00%
EUR/USD 12/19/2018 HSBCB 0.00%
EUR/USD 12/19/2018 SSBT 0.00%
GBP/USD 12/19/2018 BCAP-FX 0.00%
GBP/USD 12/19/2018 WPAC 0.00%
HKD/USD 11/19/2018 BCAP-FX 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
JPY/USD 11/19/2018 JPMCB 0.00%
JPY/USD 11/19/2018 SSBT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
NOK/USD 12/19/2018 CSI-FX 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
OPORTUN FIN F PFD CV P/P 0.00%
SEK/USD 12/19/2018 JPMCB 0.00%
SEK/USD 12/19/2018 SSBT 0.00%
SGD/USD 11/19/2018 SSBT 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
CAD/USD 10/17/2018 JPMCB -0.01%
CAD/USD 10/17/2018 SSBT -0.01%
CAD/USD 10/17/2018 WPAC -0.01%
EUR/USD 12/19/2018 BCAP-FX -0.01%
GBP/USD 12/19/2018 GSFX -0.01%
EUR/USD 12/19/2018 JPMCB -0.02%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
Bank Of America Corp
Citigroup
Assured Guaranty
Prudential
Aia Group
Goldman Sachs Group The
Kkr
Radian Group
Cigna Corp
Charles Schwab Corp/The
Holdings represent 41.32% of portfolio
Top 10 holdings as of 09/30/18
Assured Guaranty
Bank Of America Corp
Citigroup
Prudential
Aia Group
Kkr
Goldman Sachs Group The
Radian Group
Cigna Corp
E*Trade Financial Corp
Holdings represent 39.27% of portfolio
Top 10 holdings as of 08/31/18
Bank Of America Corp
Citigroup
Assured Guaranty
Prudential
Kkr
Aia Group
Goldman Sachs Group The
E*Trade Financial Corp
Radian Group
Raymond James Financial
Holdings represent 38.65% of portfolio
Top 10 holdings as of 07/31/18
Bank of America
Citigroup
Assured Guaranty
Kkr
Prudential
Aia Group
Goldman Sachs Group The
Challenger Financial Service
Insurance Australia Group
E*Trade Financial Corp
Holdings represent 38.37% of portfolio

Portfolio composition as of 10/31/18

Common stock 101.58%
Convertible preferred stock 0.10%
Cash and net other assets -1.68%

Equity statistics as of 10/31/18

Median market cap $11.60B
Weighted average market cap $58.15B
Price to book 1.32
Price to earnings 11.51

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. Financial services companies may be affected by the availability and cost of capital; changes in interest rates, insurance claims activity, industry consolidation, and general economic conditions; and reduced profitability from limitations on loans, proprietary trading, and interest rates and fees charged as a result of extensive government regulations. The fund’s policy of concentrating on a limited group of industries can increase the fund’s vulnerability to adverse developments affecting a single industry or issuer, which 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 the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.

Top industry sectors as of 10/31/18

Capital Markets 27.30%
Banks 23.35%
Insurance 22.74%
Diversified Financial Services 7.35%
IT Services 4.84%
Thrifts & Mortgage Finance 3.32%
Health Care Providers & Services 3.28%
Equity Real Estate Investment Trusts (REITs) 3.06%
Construction & Engineering 2.07%
 
Other
2.69%
Real Estate Management & Development 1.53%
Hotels, Restaurants & Leisure 1.52%
Transportation Infrastructure 1.20%
Consumer Finance 0.12%
Cash and net other assets -1.68%

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 10/31/18

United States 53.81%
United Kingdom 9.52%
Japan 7.67%
France 5.94%
Australia 5.33%
Canada 4.23%
Hong Kong 4.06%
Ireland 2.88%
Germany 2.80%
 
Other
3.76%
Spain 1.62%
Singapore 1.53%
Netherlands 1.22%
India 1.07%
Cash and net other assets -1.68%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class Y
Total expense ratio 2.05% 2.80% 2.80% 2.55% 2.30% 1.80%
What you pay† 1.30% 2.05% 2.05% 1.80% 1.55% 1.05%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 12/30/18

Sales charge

 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 Financials & Real Estate Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the financial and real estate sectors. 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. Financial services companies may be affected by the availability and cost of capital; changes in interest rates, insurance claims activity, industry consolidation, and general economic conditions; and reduced profitability from limitations on loans, proprietary trading, and interest rates and fees charged as a result of extensive government regulations. The fund’s policy of concentrating on a limited group of industries can increase the fund’s vulnerability to adverse developments affecting a single industry or issuer, which 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 the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.