Always Inspired. Always Active.

Equity Spectrum Fund (Class Y)  (PYSYX)

Pursuing aggressive growth and mispriced opportunities

Highlights

Objective

The fund seeks capital appreciation.

Strategy and process

  • Strategic research: The fund can pursue mispriced stocks or those that attract little research coverage, with the potential to outperform market averages.
  • Unconventional approach: The fund can hold large positions in high-conviction ideas, but may also short sell securities and maintain a significant cash position.
  • Veteran manager: With 30 years of experience, David Glancy has managed mutual funds and a hedge fund while building expertise across a wide range of security types.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $37.67
0.32% | $0.12
$42.43
08/29/18
$31.28
12/24/18
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.

28.28%

Best 5-year annualized return

(for period ending 06/30/14)


-3.08%

Worst 5-year annualized return

(for period ending 12/31/18)


10.87%

Average 5-year annualized return


Fund facts as of 06/30/19

Total net assets
$419.12M
Turnover (fiscal year end)
34%
Dividend frequency
Annually
Number of holdings
62
Fiscal year-end
April
CUSIP / Fund code
74676P219 / 1873
Inception date
05/18/09
Category
Blend
Open to new investors
Ticker
PYSYX

Management team

Portfolio Manager
Portfolio Manager, Analyst



Performance

  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -5.61% 4.63% -1.29% 12.52%
After sales charge N/A N/A N/A N/A
S&P 500 Index 10.42%14.19%10.71%14.70%

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 06/30/19 7.06% -
YTD as of 07/22/19 16.66% -

Risk-adjusted performance as of 06/30/19

Alpha (3 yrs.) -9.42
Sharpe ratio (3 yrs.) 0.22
Treynor ratio (3 yrs.) 3.35
Information ratio (3 yrs.) -1.06

Volatility as of 06/30/19

Standard deviation (3 yrs.) 14.95%
Beta 0.99
R-squared 0.63

Capture ratio as of 06/30/19

Up-market (3 yrs.) 70.42
Down-market (3 yrs.) 116.34

Morningstar Ratings as of 06/30/19

Time period Funds in category Morningstar Rating
Overall 362
3 yrs. 362
5 yrs. 312
10 yrs. 228
Morningstar category: Mid-Cap Blend

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


Holdings

Top 10 holdings as of 06/30/19

Dish Network Corp 14.89%
Jazz Pharmaceuticals 12.66%
Echostar Corp 10.32%
Uber Technologies 5.33%
Market Vectors Gold Miners Etf 4.81%
Wr Grace 4.17%
Pioneer Natural Resources 3.05%
Altisource Asset Management Corp 2.47%
Alphabet 2.07%
Medicines Company 1.82%
Top 10 holdings, percent of portfolio 61.59%

Full portfolio holdings as of 03/31/19

DISH NETWORK CORP-A 15.32%
JAZZ PHARMACEUTICALS PLC 12.55%
ECHOSTAR CORP-A 7.96%
UBER TECH INC P/P CV PFD 5.84%
W.R. GRACE & CO 4.01%
VANECK VECTORS GOLD MINERS ETF 3.96%
PIONEER NAT RES CO 2.73%
AMAZON.COM INC 2.19%
ALTISOURCE ASSET MAN P/P 00.0000 CV PFD 2.01%
ALPHABET INC-CL C 2.00%
ALTISOURCE ASSET MANAGEMENT 1.16%
MEDICINES COMPANY 1.07%
NORTHROP GRUMMAN CORP 1.01%
CORREVIO PHARMA CORP 0.99%
MERCK & CO. INC. 0.93%
STAAR SURGICAL CO 0.92%
MICROSOFT CORP 0.90%
APPLE INC 0.83%
COCA-COLA CO/THE 0.81%
ENERGY SELECT SECTOR SPDR 0.80%
ALTISOURCE PORTFOLIO SOL 0.76%
GENERAL DYNAMICS CORP 0.75%
JOHNSON & JOHNSON 0.71%
PFIZER INC 0.69%
WALMART INC 0.69%
WELLS FARGO & CO 0.66%
CENOVUS ENERGY INC 0.56%
ACTIVISION BLIZZARD INC 0.55%
GLENCORE PLC 0.55%
CAPITAL ONE FINANCIAL CORP 0.52%
APPLIED MATERIALS INC 0.51%
CLOVIS ONCOLOGY INC 0.51%
BANK OF AMERICA CORP 0.50%
FREEPORT-MCMORAN INC 0.50%
JPMORGAN CHASE & CO 0.48%
MICRON TECHNOLOGY INC 0.44%
ROPER TECHNOLOGIES INC 0.42%
SCHLUMBERGER LTD 0.42%
GODADDY INC - CLASS A 0.41%
ELECTRONIC ARTS INC 0.40%
SUNTRUST BANKS INC 0.40%
GLOBAL FASHION GRP P/P 0.36%
INTELSAT SA 0.36%
OKTA INC 0.31%
ALTICE USA INC- A 0.30%
KINDER MORGAN INC 0.30%
DXC TECHNOLOGY CO 0.27%
HONEYWELL INTERNATIONAL INC 0.27%
BRISTOL-MYERS SQUIBB CO 0.26%
CORNING INC 0.26%
SUMMIT MATERIALS INC -CL A 0.21%
AIRBUS SE 0.20%
VANECK VECTORS OIL SERVICES ETF 0.11%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
PLANET FITNESS INC - CL A -0.25%
ROLLINS INC -0.26%
GENERAL ELECTRIC CO -0.29%
GARTNER INC -0.33%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
Dish Network Corp
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Market Vectors Gold Miners Etf
Wr Grace
Pioneer Natural Resources
Altisource Asset Management Corp
Alphabet
Medicines Company
Holdings represent 61.59% of portfolio
Top 10 holdings as of 05/31/19
Dish Network Corp
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Market Vectors Gold Miners Etf
Wr Grace
Pioneer Natural Resources
Altisource Asset Management Corp
Alphabet
Medicines The
Holdings represent 59.88% of portfolio
Top 10 holdings as of 04/30/19
Dish Network Corp
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Wr Grace
Market Vectors Gold Miners Etf
Altisource Asset Management Corp
Pioneer Natural Resources
Alphabet
Medicines Comp
Holdings represent 59.41% of portfolio
Top 10 holdings as of 03/31/19
Dish Network Corp
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Wr Grace
Market Vectors Gold Miners Etf
Altisource Asset Management Corp
Pioneer Natural Resources
Amazon
Alphabet
Holdings represent 59.74% of portfolio

Portfolio composition as of 06/30/19

Common stock 78.06%
Cash and net other assets 14.46%
Convertible preferred stock 7.48%

Equity statistics as of 06/30/19

Median market cap $25.91B
Weighted average market cap $88.90B
Price to book 3.48
Price to earnings 22.09

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before 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, particularly for larger investments. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. The fund will be more susceptible to these risks than other funds because it concentrates 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. You can lose money by investing in the fund.

Top industry sectors as of 06/30/19

Communication services 19.07%
Health care 17.81%
Cash and net other assets 14.46%
Information technology 13.75%
Materials 11.27%
Industrials 9.03%
Energy 5.65%
Real estate 3.27%
Financials 2.19%
 
Other
3.50%
Consumer staples 1.78%
Consumer discretionary 1.21%
Unclassified 0.51%

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 Y
Total expense ratio 0.39% 1.14% 1.14% 0.89% 0.64% 0.14%
What you pay 0.39% 1.14% 1.14% 0.89% 0.64% 0.14%

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 S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index.

Consider these risks before 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, particularly for larger investments. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. The fund will be more susceptible to these risks than other funds because it concentrates 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. You can lose money by investing in the fund.