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. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, Strategic Intermediate Municipal Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects 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 by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are 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 R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be 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. Had these limits not been in place, performance would be lower.
Active Equities
Focused Equity Fund (Class Y) (PGILX)
A concentrated portfolio of stocks believed to offer upside potential that exceeds risk
Highlights
Objective
The fund seeks capital appreciation.
Strategy and process
- Focused on best ideasWith a concentrated approach, the fund can build relatively large positions in the highest-conviction ideas of each portfolio manager.
- Intensive research processEach manager chooses stocks in a process that includes sector-based research, talking with a company's distributors, and deep financial analysis that considers multiple business scenarios.
- Careful constructionMultiskilled managers apply decades of experience and intensive sector expertise to build a concentrated portfolio in which each holding has meaningful performance impact.
Fund price and assets |
Yesterday’s close | 52-week high | 52-week low | Net assets and outstanding shares |
---|---|---|---|---|
Net asset value |
$25.33
1.24% | $0.31 |
$32.94
11/18/21 |
$24.34
06/16/22 |
Download CSV |
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.
26.08%
Best 5-year annualized return
(for period ending 03/31/14)
4.64%
Worst 5-year annualized return
(for period ending 03/31/20)
13.66%
Average 5-year annualized return
Fund facts as of 05/31/22
$643.44M
77%
Annually
40
August
746764588 / 1868
12/18/08
Blend
PGILX
Literature
Fund documents |
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Fact Sheet (YA share) (PDF) |
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Summary Prospectus (PDF) |
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Statutory Prospectus (PDF) |
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Statement of Additional Information (SAI) (PDF) | |
Annual Report (PDF) |
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Semiannual Report (PDF) |
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Proxy voting results (Form N-PX) (PDF) | |
White Paper: Integrated Insights (PDF) |
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Why a repeat of the “stagnant ‘70s” is unlikely
Inflation is a challenge, but for many reasons we don't believe financial markets will experience a repeat of the stagnant 1970s.Look beyond dividends for income from value investing
To build a value investment strategy, consider dividends in the context of overall income.War and inflation put bull market in hibernation
Investors may be underestimating the immense range of potential outcomes for the Russia-Ukraine War.Performance
Total return (%) as of 06/30/22
Annual performance as of 06/30/22
Annualized Total return (%) as of 06/30/22
Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
---|---|---|---|---|
Before sales charge | -11.06% | 7.83% | 9.06% | 12.86% |
After sales charge | N/A | N/A | N/A | N/A |
S&P 500 Index | -10.62% | 10.60% | 11.31% | 12.96% |
Putnam Focused Equity Linked Benchmark | -10.62% | 10.60% | 8.82% | 10.85% |
Performance snapshot
Before sales charge | After sales charge | ||
---|---|---|---|
1 mt. as of 06/30/22 | -8.62% | - | |
YTD as of 07/01/22 | -15.20% | - | |
Lipper rankings as of 05/31/22
Time period | Rank/Funds in category | Percentile ranking |
---|---|---|
1 yr. | 140/656 | 22% |
3 yrs. | 386/594 | 65% |
5 yrs. | 286/521 | 55% |
10 yrs. | 49/350 | 14% |
Morningstar Ratings™ as of 05/31/22
Time period | Funds in category | Morningstar Rating™ |
---|---|---|
Overall | 1142 | |
3 yrs. | 1142 | |
5 yrs. | 1054 | |
10 yrs. | 777 |
Distributions
Record/Ex dividend date | 12/06/21 |
---|---|
Payable date | 12/08/21 |
Income | -- |
Extra income | -- |
Short-term cap. gain | $2.441 |
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.
Compare
See how this fund stacks up against its peers with FundVisualizer®
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
Microsoft Corp | 8.37% |
---|---|
Apple | 6.63% |
Amazon.Com | 6.26% |
Exxon Mobil Corp | 4.88% |
Cigna Corp | 3.42% |
Charter Communications | 3.33% |
Home Depot | 3.29% |
Cenovus Energy | 3.26% |
Enterprise Products Partn | 2.87% |
Constellation Brands | 2.69% |
Top 10 holdings, percent of portfolio | 45.00% |
Top 10 holdings as of 05/31/22 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
Exxon Mobil Corp | |
Cigna Corp | |
Charter Communications | |
Home Depot | |
Cenovus Energy | |
Enterprise Products Partn | |
Constellation Brands | |
Holdings represent 45.00% of portfolio |
Top 10 holdings as of 04/30/22 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
AbbVie | |
Exxon Mobil Corp | |
Home Depot | |
Cigna Corp | |
Charter Communications | |
Enterprise Products Partn | |
Constellation Brands | |
Holdings represent 45.50% of portfolio |
Top 10 holdings as of 03/31/22 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
AbbVie | |
Exxon Mobil Corp | |
Walmart | |
Union Pacific Corp | |
Home Depot | |
Charter Communications | |
Hilton Worldwide Holdings | |
Holdings represent 46.06% of portfolio |
Top 10 holdings as of 02/28/22 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
AbbVie | |
Exxon Mobil Corp | |
Charter Communications | |
Home Depot | |
Walmart | |
Cigna Corp | |
Hilton Worldwide Holdings | |
Holdings represent 45.21% of portfolio |
MICROSOFT CORP SEDOL 2588173 | 8.46% |
---|---|
APPLE INC SEDOL 2046251 | 7.84% |
AMAZON.COM INC SEDOL 2000019 | 7.27% |
ABBVIE INC SEDOL B92SR70 | 4.58% |
EXXON MOBIL CORP SEDOL 2326618 | 3.74% |
WALMART INC SEDOL 2936921 | 2.98% |
UNION PACIFIC CORP SEDOL 2914734 | 2.90% |
HOME DEPOT INC SEDOL 2434209 | 2.85% |
CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 2.73% |
HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 2.71% |
CIGNA CORP SEDOL BHJ0775 | 2.69% |
CENOVUS ENERGY INC SEDOL B57FG04 | 2.58% |
SIRIUS XM HOLDINGS INC SEDOL BGLDK10 | 2.54% |
DANAHER CORP SEDOL 2250870 | 2.51% |
ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 2.49% |
CONSTELLATION BRANDS INC-A SEDOL 2170473 | 2.47% |
VORNADO REALTY TRUST SEDOL 2933632 | 2.34% |
RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 2.28% |
CITIGROUP INC SEDOL 2297907 | 2.20% |
AIA GROUP LTD SEDOL B4TX8S1 | 2.15% |
APOLLO GLOBAL MANAGEMENT INC SEDOL BN44JF6 | 2.10% |
INTUIT INC SEDOL 2459020 | 1.93% |
JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 1.90% |
FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.89% |
ADOBE INC SEDOL 2008154 | 1.89% |
APPLIED MATERIALS INC SEDOL 2046552 | 1.84% |
RYANAIR HOLDINGS PLC-SP ADR SEDOL BYYN585 | 1.68% |
ASTRAZENECA PLC-SPONS ADR SEDOL 2989044 | 1.66% |
OTIS WORLDWIDE CORP SEDOL BK531S8 | 1.60% |
AXA SA SEDOL 7088429 | 1.52% |
TPG INC SEDOL BNKBB55 | 1.48% |
ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.42% |
CORTEVA INC SEDOL BK73B42 | 1.28% |
VONTIER CORP SEDOL BH4GV32 | 1.16% |
SILVERGATE CAPITAL CORP-CL A SEDOL BJ1DBR4 | 1.15% |
PELOTON INTERACTIVE INC-A SEDOL BJ7WJS2 | 1.05% |
ASCENDIS PHARMA A/S - ADR SEDOL BV9G6B8 | 0.87% |
ALTISOURCE ASSET MANAGEMENT SEDOL B7GYFQ5 | 0.58% |
SCHWAB (CHARLES) CORP SEDOL 2779397 | 0.55% |
TREASURY BILL 00.0000 05/03/2022 | 0.07% |
TREASURY BILL 00.0000 04/21/2022 | 0.03% |
GBP/USD 06/15/2022 SSBT | 0.03% |
TREASURY BILL 00.0000 05/19/2022 | 0.01% |
CAD/USD 04/20/2022 MSCIL | 0.01% |
EUR/USD 06/15/2022 CITI | 0.01% |
HKD/USD 05/18/2022 HSBCB | 0.01% |
CAD/USD 04/20/2022 JPMCB | 0.00% |
CAD/USD 04/20/2022 SSBT | 0.00% |
EUR/USD 06/15/2022 UBS | 0.00% |
DKK/USD 06/15/2022 CITI | 0.00% |
EUR/USD 06/15/2022 SSBT | 0.00% |
EUR/USD 06/15/2022 TDBK | 0.00% |
EUR/USD 06/15/2022 WPAC | 0.00% |
EUR/USD 06/15/2022 MSCIL | 0.00% |
HKD/USD 05/18/2022 MSCIL | 0.00% |
EUR/USD 06/15/2022 HSBCB | 0.00% |
HKD/USD 05/18/2022 SSBT | -0.00% |
CAD/USD 04/20/2022 CITI | -0.01% |
CAD/USD 04/20/2022 UBS | -0.05% |
MICROSOFT CORP SEDOL 2588173 | 8.78% |
---|---|
APPLE INC SEDOL 2046251 | 7.58% |
AMAZON.COM INC SEDOL 2000019 | 6.57% |
ABBVIE INC SEDOL B92SR70 | 3.81% |
HOME DEPOT INC SEDOL 2434209 | 3.74% |
WALMART INC SEDOL 2936921 | 3.20% |
CONSTELLATION BRANDS INC-A SEDOL 2170473 | 3.12% |
APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 3.09% |
HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 2.89% |
DANAHER CORP SEDOL 2250870 | 2.85% |
CENOVUS ENERGY INC SEDOL B57FG04 | 2.68% |
EXXON MOBIL CORP SEDOL 2326618 | 2.64% |
SIRIUS XM HOLDINGS INC SEDOL BGLDK10 | 2.63% |
CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 2.61% |
UNION PACIFIC CORP SEDOL 2914734 | 2.54% |
CIGNA CORP SEDOL BHJ0775 | 2.50% |
INTUIT INC SEDOL 2459020 | 2.46% |
CITIGROUP INC SEDOL 2297907 | 2.44% |
VORNADO REALTY TRUST SEDOL 2933632 | 2.34% |
ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 2.29% |
JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 2.24% |
ADOBE INC SEDOL 2008154 | 2.24% |
AIA GROUP LTD SEDOL B4TX8S1 | 2.14% |
APPLIED MATERIALS INC SEDOL 2046552 | 2.08% |
FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 2.00% |
RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 1.88% |
RYANAIR HOLDINGS PLC-SP ADR SEDOL BYYN585 | 1.88% |
AXA SA SEDOL 7088429 | 1.87% |
CORTEVA INC SEDOL BK73B42 | 1.75% |
OTIS WORLDWIDE CORP SEDOL BK531S8 | 1.72% |
ASTRAZENECA PLC-SPONS ADR SEDOL 2989044 | 1.44% |
VONTIER CORP SEDOL BH4GV32 | 1.34% |
SILVERGATE CAPITAL CORP-CL A SEDOL BJ1DBR4 | 1.08% |
ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.07% |
SEA LTD-ADR SEDOL BYWD7L4 | 0.98% |
ASCENDIS PHARMA A/S - ADR SEDOL BV9G6B8 | 0.95% |
PELOTON INTERACTIVE INC-A SEDOL BJ7WJS2 | 0.55% |
ALTISOURCE ASSET MANAGEMENT SEDOL B7GYFQ5 | 0.52% |
ALTISOURCE ASSET ESC P/P 00.0000 CV PFD | 0.13% |
GBP/USD 03/16/2022 HSBCB | 0.04% |
TREASURY BILL 00.0000 04/21/2022 | 0.03% |
CAD/USD 01/19/2022 CITI | 0.03% |
CAD/USD 01/19/2022 MSCIL | 0.02% |
CAD/USD 01/19/2022 UBS | 0.02% |
TREASURY BILL 00.0000 03/03/2022 | 0.01% |
TREASURY BILL 00.0000 05/19/2022 | 0.01% |
SGD/USD 02/16/2022 JPMCB | 0.00% |
HKD/USD 02/16/2022 HSBCB | 0.00% |
GBP/USD 03/16/2022 BCAP-FX | 0.00% |
HKD/USD 02/16/2022 MSCIL | 0.00% |
EUR/USD 03/16/2022 BANKAM | 0.00% |
EUR/USD 03/16/2022 HSBCB | 0.00% |
EUR/USD 03/16/2022 MSCIL | 0.00% |
GBP/USD 03/16/2022 MSCIL | 0.00% |
HC BRILLANT SERVICES GMBH P/P | 0.00% |
HKD/USD 02/16/2022 CITI | 0.00% |
HKD/USD 02/16/2022 UBS | 0.00% |
EUR/USD 03/16/2022 GSFX | -0.00% |
EUR/USD 03/16/2022 TDBK | -0.00% |
DKK/USD 03/16/2022 CITI | -0.00% |
EUR/USD 03/16/2022 UBS | -0.00% |
GBP/USD 03/16/2022 CITI | -0.00% |
EUR/USD 03/16/2022 CITI | -0.01% |
GBP/USD 03/16/2022 BANKAM | -0.01% |
GBP/USD 03/16/2022 RBSF | -0.02% |
GBP/USD 03/16/2022 SSBT | -0.03% |
Portfolio composition as of 05/31/22
Common stock | 97.26% |
---|---|
Cash and net other assets | 2.74% |
Equity statistics as of 05/31/22
Median market cap | $74.47B |
---|---|
Weighted average market cap | $543.00B |
Price to book | 3.43 |
Price to earnings | 13.84 |
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 fund concentrates on a limited number of issuers or sectors and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, 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. 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.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Top industry sectors as of 05/31/22
Information technology | 24.15% |
---|---|
Consumer discretionary | 12.74% |
Financials | 12.70% |
Energy | 11.01% |
Industrials | 10.57% |
Health care | 10.07% |
Communication services | 7.22% |
Consumer staples | 4.81% |
Cash and net other assets | 2.74% |
Other | 3.99% |
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 R | Class R6 | Class Y |
---|---|---|---|---|---|---|
Total expense ratio | 1.15% | 1.90% | 1.90% | 1.40% | 0.75% | 0.90% |
What you pay† | 1.15% | 1.90% | 1.90% | 1.40% | 0.75% | 0.90% |
† 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 12/30/21
Sales charge
Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
$0-$49,999 | 5.75% / 5.00% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- |
$50,000-$99,999 | 4.50% / 3.75% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- |
$100,000-$249,999 | 3.50% / 2.75% | -- | 0.00% / 1.00% | -- | -- | -- |
$250,000-$499,999 | 2.50% / 2.00% | -- | 0.00% / 1.00% | -- | -- | -- |
$500,000-$999,999 | 2.00% / 1.75% | -- | 0.00% / 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 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% | 0.50% | -- | -- | -- |
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 R | Class R6 | Class Y | |
---|---|---|---|---|---|---|
0.25% | 0.25% | 1.00% | 0.50% | 0.00% | 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 S&P 500® Index is an unmanaged index of common stock performance. The MSCI World Industrials Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the industrial sector. The Putnam Focused Equity Linked Benchmark represents the performance of the MSCI World Industrials Index (ND) through June 23, 2019, and the performance of the S&P 500 Index thereafter. 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 fund concentrates on a limited number of issuers or sectors and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, 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. 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.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.