Capital Spectrum Fund  (PVSYX)

Investing in the total return opportunities across the capital spectrum


Track this fund

Objective

The fund seeks total return.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $35.52
0.00% | $0.00
$38.21
07/20/17
$31.98
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.

24.57%

Best 5-year annualized return

(for period ending 06/30/14)


8.92%

Worst 5-year annualized return

(for period ending 06/30/16)


15.45%

Average 5-year annualized return


Fund facts as of 08/31/17

Total net assets
$3,675.09M
Turnover (fiscal year end)
--
Dividend frequency
Annually
Number of holdings
43
Fiscal year end
April
CUSIP / Fund code
74676P151 / 1872
Inception Date
05/18/09
Category
Blend
Open to new investors
Ticker
PVSYX

Management team


Portfolio Manager

Strategy and process

  • Broad flexibility: The portfolio manager can select the most attractive securities across a company's capital structure.
  • Opportunity set: The fund can hold large positions in high-conviction ideas, but may also short sell securities and maintain a significant cash position.
  • Seasoned manager: Portfolio manager David Glancy has specialized in leveraged companies since 1987, building a successful record over nearly three decades.

Literature

Fund documents

Fact Sheet (A share) (PDF)
Fact Sheet (Y share) (PDF)
Combined Spectrum Fact Sheet (PDF)
Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Proxy voting results (Form N-PX) (PDF)
Quarterly commentary (PDF)
Equity Outlook (PDF)

Using and enhancing ESG investment data
ESG data is having investment impact but is still evolving, and stands to benefit from feedback offered by fundamental analysts.
Why there's nothing wrong with a "just right" market
When assessing the markets and economy the media often looks for drama, but headlines are our least-used investment tool.
Value benefits from an expanding economy
Value stocks have lagged the market in 2017, but if the economy continues to expand, rates rise, and the yield curve steepens, this trend could reverse.

Performance

  • Total return (%) as of 06/30/17

  • Annual performance as of 06/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 05/18/09 )
Before sales charge 21.74% 3.82% 12.70% 16.17%
After sales charge N/A N/A N/A N/A
50% S&P 500/50% JP Morgan Developed High Yld Index 15.69% 7.24% 11.00% --

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 08/31/17 -3.97 % -
YTD as of 09/21/17 7.38 % -

Risk-adjusted performance as of 08/31/17

Alpha (3 yrs.) -6.12
Sharpe ratio (3 yrs.) 0.19
Treynor ratio (3 yrs.) 1.85
Information ratio (3 yrs.) -0.66

Volatility as of 08/31/17

Standard deviation (3 yrs.) 11.26%
Beta 1.16
R-squared 0.56

Capture ratio as of 08/31/17

Up-market (3 yrs.) 89.71
Down-market (3 yrs.) 148.81

Morningstar ratings as of 08/31/17

Allocation--70% to 85% Equity Rating Funds in category
Overall (328)
3 yrs. (328)
5 yrs. (285)

Distributions

Record/Ex dividend date 12/07/16
Payable date 12/09/16
Income --
Extra income --
Short-term cap. gain $0.0
Long-term cap. gain $1.246

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 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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See how this fund compares:

  • Putnam Capital Spectrum Fund vs.
  • JHancock Multimanager Lifestyle Gr**

Trailing 5 year performance

** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.

** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 08/31/17

Jazz Pharmaceuticals 21.52%
Dish Network Corp 19.28%
Echostar Corp 14.28%
The Priceline Group 4.96%
Northrop Grumman 4.92%
Uber Technologies 3.68%
American Airlines Group 3.04%
United Continental Holdings 2.37%
Wr Grace 1.93%
Pioneer Natural Resources 1.87%
Top 10 holdings, percent of portfolio 77.85%

Full portfolio holdings as of 06/30/17

JAZZ PHARMACEUTICALS PLC 20.96%
DISH NETWORK CORP-A 19.76%
ECHOSTAR CORP-A 13.45%
PRICELINE GROUP INC/THE 4.68%
NORTHROP GRUMMAN CORP 4.34%
UBER TECH INC P/P CV PFD 3.44%
AMERICAN AIRLINES GROUP INC 3.20%
UNITED CONTINENTAL HOLDINGS 2.70%
PIONEER NAT RES CO 2.15%
W.R. GRACE & CO 1.82%
ALTISOURCE RESIDENTIAL CORP 1.75%
JOHNSON CONTROLS INTERNATION 1.21%
DELIVERY HERO HOLDIN P/P 0.94%
AGILENT TECHNOLOGIES INC 0.90%
GENERAL DYNAMICS CORP 0.86%
VANECK VECTORS GOLD MINERS E 0.77%
LIGHTSQUARED 2NDL L+1250 13.7200 12/07/2020 0.75%
LIGADO NETWORKS LLC 16.625% SR EXCH SER A-2 PFD 0.70%
ALTISOURCE PORTFOLIO SOL 0.52%
SPDR S&P OIL & GAS EXP & PR 0.52%
OCWEN FINANCIAL CORP 0.49%
GLOBAL EAGLE ENTERTAINMENT I 0.43%
CHENIERE ENERGY INC 0.38%
CF INDUSTRIES HOLDINGS INC 0.35%
MEDICINES COMPANY 0.35%
ALCOA CORP 0.30%
ALLERGAN PLC 05.5000 CV PFD 0.29%
ALTISOURCE ASSET MAN P/P 00.0000 CV PFD 0.29%
STONE ENERGY CORP 0.27%
STAAR SURGICAL CO 0.26%
WHITING PETRO CV 01.2500 04/01/2020 0.24%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.23%
EQT CORP 0.21%
DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 0.18%
STONE ENERGY CORP 07.5000 05/31/2022 0.17%
DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 0.13%
GLOBAL FASHION GRP P/P 0.10%
CAESARS ENT OPER TLB6B L+775 11.5000 03/01/2018 0.08%
FABFURNISH GMBH P/P 0.00%
GLOBAL EAGLE ENTERTAINMENT I 0.00%
NEW BIGFOOT OTHER AS P/P 0.00%
NEW MIDDLE EAST OTHE P/P 0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
Jazz Pharmaceuticals
Dish Network Corp
Echostar Corp
The Priceline Group
Northrop Grumman
Uber Technologies
American Airlines Group
United Continental Holdings
Wr Grace
Pioneer Natural Resources
Holdings represent 77.85% of portfolio
Top 10 holdings as of 07/31/17
Jazz Pharmaceuticals
Dish Network Corp
Echostar Corp
The Priceline Group
Northrop Grumman
Uber Technologies
American Airlines Group
United Continental Holdings
Pioneer Natural Resources
Altisource Residential Corp
Holdings represent 77.31% of portfolio
Top 10 holdings as of 06/30/17
Jazz Pharmaceuticals
Dish Network Corp
Echostar Corp
The Priceline Group
Northrop Grumman
Uber Technologies
American Airlines Group
United Continental Holdings
Pioneer Natural Resources
Wr Grace
Holdings represent 76.50% of portfolio
Top 10 holdings as of 05/31/17
Dish Network Corp
Jazz Pharmaceuticals
Echostar Corp
The Priceline Group
Northrop Grumman
American Airlines Group
Uber Technologies
United Continental Holdings
Pioneer Natural Resources
Altisource Residential Corp
Holdings represent 76.13% of portfolio

Portfolio composition as of 08/31/17

Common stock 85.41%
Cash and net other assets 7.67%
Convertible preferred stock 4.28%
Bank loans 0.87%
High-yield corporate bonds 0.77%
Preferred stock 0.75%
Convertible bonds and notes 0.25%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of stocks in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions and factors related to a specific issuer, industry or sector. These and other factors may also lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater or small and midsize companies. The fund will be more susceptible to these risks than other funds because it may concentrate its investments in a limited number of issuers and currently focuses its investments in particular sectors. Because the fund currently invests significantly in the communications services and health-care sectors, the fund may perform poorly as a result of adverse developments affecting those companies or sectors. The fund may focus its investments in other sectors in the future, in which case it would be exposed to risks relating to those sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. The fund's investments in leveraged companies and the fund's "non-diversified" status, which means the fund may invest a greater percentage of its assets in fewer issuers than a "diversified" fund, and the fund's use of short selling can increase the risks of investing in the fund. The risks associated with bond investments include interest rate risk, which means the prices of the fund's investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Mortgage- and other asset-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top Industry Sectors as of 08/31/17

Consumer discretionary 28.45%
Health care 23.00%
Information technology 15.41%
Industrials 12.45%
Cash and net other assets 7.67%
Materials 3.89%
Energy 3.80%
Real estate 2.65%
Telecommunication services 1.68%
 
Other
1.00%
Financials 1.00%

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 0.95% 1.70% 1.70% 1.45% 1.20% 0.70%
What you pay 0.95% 1.70% 1.70% 1.45% 1.20% 0.70%

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 S&P 500 Index is an unmanaged index of common stock performance. The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index.

Consider these risks before investing: The value of stocks in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions and factors related to a specific issuer, industry or sector. These and other factors may also lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater or small and midsize companies. The fund will be more susceptible to these risks than other funds because it may concentrate its investments in a limited number of issuers and currently focuses its investments in particular sectors. Because the fund currently invests significantly in the communications services and health-care sectors, the fund may perform poorly as a result of adverse developments affecting those companies or sectors. The fund may focus its investments in other sectors in the future, in which case it would be exposed to risks relating to those sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. The fund's investments in leveraged companies and the fund's "non-diversified" status, which means the fund may invest a greater percentage of its assets in fewer issuers than a "diversified" fund, and the fund's use of short selling can increase the risks of investing in the fund. The risks associated with bond investments include interest rate risk, which means the prices of the fund's investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Mortgage- and other asset-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.