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 4.00% and 3.25% for income funds (2.25% for class A of 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, 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, 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 Strategic Intermediate Municipal Fund, which are 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 have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such 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 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.
Always Active
Putnam PanAgora Managed Futures Strategy (Class Y) (PPFYX)
Pursuing absolute return with low correlation to traditional asset classes
Highlights
Objective
The fund seeks absolute return (i.e., positive total return in diverse market environments over time).
Strategy and process
- Targets trends: The fund's investment strategy seeks to identify and profit from price trends in global equity, fixed income, commodity, and currency markets.
- Low market correlation: The fund pursues absolute return over time with low correlation to traditional asset classes and may perform well during prolonged equity market drawdowns.
- Risk-based construction: PanAgora Asset Management, the fund's sub-advisor, has two decades of investment experience and is a pioneering thought leader in risk-based portfolio construction.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
---|---|---|---|
Net asset value |
$7.67
0.79% | $0.06 |
$9.56
03/18/20 |
$7.17
11/11/20 |
Fund facts as of 12/31/20
$9.33M
--
Annually
August
74680L568 / 1888
09/21/17
Putnam PanAgora
PPFYX
Management team
Literature
Fund documents |
|
Brochure (PDF) |
|
Summary Prospectus (PDF) |
|
Statutory Prospectus (PDF) |
|
Fact sheet (Y share) (PDF) | |
Statement of Additional Information (SAI) (PDF) | |
Semiannual Report (PDF) |
|
Annual Report (PDF) |
|
Performance
Total return (%) as of 12/31/20
Annual performance as of 12/31/20
Annualized Total return (%) as of 12/31/20
Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | Life (inception: 09/21/17 ) |
---|---|---|---|---|
Before sales charge | -10.81% | -7.52% | -- | -6.45% |
After sales charge | N/A | N/A | N/A | N/A |
ICE BofA U.S. Treasury Bill Index | 0.74% | 1.65% | 1.23% | -- |
Performance snapshot
Before sales charge | After sales charge | ||
---|---|---|---|
1 mt. as of 12/31/20 | 2.74% | - | |
YTD as of 01/14/21 | 2.13% | - | |
Lipper rankings as of 11/30/20
Time period | Rank/Funds in category | Percentile ranking |
---|---|---|
1 yr. | 84/96 | 87% |
3 yrs. | 83/87 | 95% |
5 yrs. | -- | |
10 yrs. | -- |
Morningstar Ratings™ as of 11/30/20
Time period | Funds in category | Morningstar Rating™ |
---|---|---|
Overall | 90 | |
3 yrs. | 90 |
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
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Holdings
CASH MGMT BILL 00.0000 12/22/2020 | 81.09% |
---|---|
EURO-SCHATZ FUT DEC20 DUZ0 | 75.38% |
US 10YR NOTE (CBT)DEC20 TYZ0 | 59.17% |
AUST 10Y BOND FUT DEC20 XMZ0 | 58.99% |
LONG GILT FUTURE DEC20 G Z0 | 57.72% |
EUR/USD 10/20/2020 PBNY | 21.67% |
CHF/USD 10/20/2020 PSBS | 20.00% |
GBP/USD 10/20/2020 BBHC | 19.90% |
EURO-BUXL 30Y BND DEC20 UBZ0 | 19.38% |
CAD/USD 10/20/2020 PSBS | 18.98% |
JPY/USD 10/20/2020 PBNY | 18.75% |
HUF/USD 10/20/2020 BBHC | 17.95% |
MSCI SING IX ETS OCT20 QZV0 | 13.39% |
CZK/USD 10/20/2020 PSBS | 11.89% |
SEK/USD 10/20/2020 BBHC | 11.54% |
EUR/USD 10/20/2020 BBHC | 11.50% |
FTSE 100 IDX FUT DEC20 Z Z0 | 11.19% |
S&P/TSX 60 IX FUT DEC20 PTZ0 | 10.72% |
SEK/USD 10/20/2020 PBNY | 10.53% |
ZAR/USD 10/20/2020 PSBS | 10.30% |
US LONG BOND(CBT) DEC20 USZ0 | 9.34% |
NOK/USD 10/20/2020 PBNY | 8.18% |
AUD/USD 10/20/2020 PBNY | 7.08% |
FTSE/MIB IDX FUT DEC20 STZ0 | 5.89% |
IBEX 35 INDX FUTR OCT20 IBV0 | 5.02% |
STATE ST INST US GOV MM-INV | 4.12% |
NZD/USD 10/20/2020 SSBT | 4.05% |
NZD/USD 10/20/2020 PBNY | 3.02% |
STATE ST INST TR PL MM-INV | 2.97% |
SILVER FUTURE DEC20 SIZ0 | 2.49% |
TRY/USD 10/20/2020 BBHC | 2.41% |
SOYBEAN OIL FUTR DEC20 BOZ0 | 1.90% |
LOW SU GASOIL G NOV20 QSX0 | 1.77% |
COCOA FUTURE DEC20 CCZ0 | 1.62% |
COPPER FUTURE DEC20 HGZ0 | 1.61% |
GASOLINE RBOB FUT DEC20 XBZ0 | 1.56% |
SOYBEAN FUTURE JAN21 S F1 | 1.09% |
NY HARB ULSD FUT DEC20 HOZ0 | 0.52% |
COTTON NO.2 FUTR DEC20 CTZ0 | 0.35% |
SOYBEAN MEAL FUTR DEC20 SMZ0 | -1.09% |
COFFEE 'C' FUTURE DEC20 KCZ0 | -1.32% |
BRENT CRUDE FUTR JAN21 COF1 | -1.36% |
LME PRI ALUM FUTR DEC20 LAZ20 | -1.40% |
SUGAR #11 (WORLD) MAR21 SBH1 | -1.60% |
CZK/USD 10/20/2020 PBNY | -1.63% |
PLN/USD 10/20/2020 PSBS | -1.63% |
NATURAL GAS FUTR DEC20 NGZ20 | -1.65% |
CORN FUTURE DEC20 C Z0 | -2.01% |
CAC40 10 EURO FUT OCT20 CFV0 | -2.39% |
CHF/USD 10/20/2020 PBNY | -4.43% |
AMSTERDAM IDX FUT OCT20 EOV0 | -5.44% |
TOPIX INDX FUTR DEC20 TPZ0 | -6.54% |
NZD/USD 10/20/2020 BBHC | -7.32% |
AUD/USD 10/20/2020 PSBS | -7.34% |
TRY/USD 10/20/2020 PBNY | -7.65% |
HANG SENG IDX FUT OCT20 HIV0 | -8.01% |
NOK/USD 10/20/2020 BBHC | -8.71% |
TRY/USD 10/20/2020 PSBS | -8.88% |
HUF/USD 10/20/2020 PSBS | -9.04% |
SEK/USD 10/20/2020 PSBS | -9.51% |
S&P500 EMINI FUT DEC20 ESZ0 | -10.66% |
MXN/USD 10/20/2020 PSBS | -11.07% |
OMXS30 IND FUTURE OCT20 QCV0 | -11.92% |
JPY/USD 10/20/2020 PSBS | -13.35% |
CAD/USD 10/20/2020 PBNY | -13.59% |
EUR/USD 10/20/2020 SSBT | -19.38% |
GBP/USD 10/20/2020 SSBT | -25.80% |
US 5YR NOTE (CBT) DEC20 FVZ0 | -30.73% |
EURO-BOBL FUTURE DEC20 OEZ0 | -33.60% |
CAN 10YR BOND FUT DEC20 CNZ0 | -45.93% |
EURO-BUND FUTURE DEC20 RXZ0 | -91.11% |
US 2YR NOTE (CBT) DEC20 TUZ0 | -128.85% |
US 5YR NOTE (CBT) SEP20 FVU0 | 160.47% |
---|---|
US 2YR NOTE (CBT) SEP20 TUU0 | 147.31% |
CASH MGMT BILL 00.0000 09/22/2020 | 73.94% |
EURO-BUXL 30Y BND SEP20 UBU0 | 38.23% |
CAN 10YR BOND FUT SEP20 CNU0 | 31.77% |
EURO-BUND FUTURE SEP20 RXU0 | 19.17% |
ZAR/USD 07/20/2020 PBNY | 17.28% |
GOLD 100 OZ FUTR AUG20 GCQ0 | 15.67% |
AUD/USD 07/20/2020 PSBS | 15.21% |
MSCI SING IX ETS JUL20 QZN0 | 13.55% |
FTSE/MIB IDX FUT SEP20 STU0 | 12.57% |
JPY/USD 07/20/2020 PBNY | 11.85% |
NZD/USD 07/20/2020 PBNY | 9.83% |
STATE ST INST TR PL MM-INV | 9.01% |
JPY/USD 07/20/2020 PSBS | 7.70% |
IBEX 35 INDX FUTR JUL20 IBN0 | 7.05% |
STATE ST INST US GOV MM-INV | 6.58% |
NZD/USD 07/20/2020 PSBS | 5.36% |
AUST 10Y BOND FUT SEP20 XMU0 | 4.96% |
CZK/USD 07/20/2020 BBHC | 4.20% |
TRY/USD 07/20/2020 PSBS | 3.68% |
LOW SU GASOIL G AUG20 QSQ0 | 3.44% |
S&P500 EMINI FUT SEP20 ESU0 | 2.99% |
COCOA FUTURE SEP20 CCU0 | 2.75% |
NOK/USD 07/20/2020 PSBS | 2.74% |
COPPER FUTURE SEP20 HGU0 | 2.64% |
CHF/USD 07/20/2020 PSBS | 2.61% |
OMXS30 IND FUTURE JUL20 QCN0 | 2.59% |
SOYBEAN OIL FUTR DEC20 BOZ0 | 2.51% |
WHEAT FUTURE(CBT) SEP20 W U0 | 2.14% |
PLN/USD 07/20/2020 PSBS | 1.66% |
NY HARB ULSD FUT DEC20 HOZ0 | 1.53% |
SEK/USD 07/20/2020 BBHC | 1.50% |
HUF/USD 07/20/2020 PSBS | 1.49% |
TRY/USD 07/20/2020 BBHC | 1.31% |
LME ZINC FUTURE SEP20 LXU0 | 0.50% |
GASOLINE RBOB FUT SEP20 XBU0 | 0.48% |
SUGAR #11 (WORLD) OCT20 SBV0 | -0.52% |
LME NICKEL FUTURE SEP20 LNU0 | -0.74% |
GBP/USD 07/20/2020 PSBS | -1.36% |
NOK/USD 07/20/2020 PBNY | -1.36% |
WTI CRUDE FUTURE SEP20 CLU0 | -1.52% |
SPI 200 FUTURES SEP20 XPU0 | -1.97% |
COTTON NO.2 FUTR DEC20 CTZ0 | -2.06% |
COFFEE 'C' FUTURE JUL20 KCN0 | -2.20% |
BRENT CRUDE FUTR DEC20 COZ0 | -2.42% |
CZK/USD 07/20/2020 PSBS | -2.54% |
S&P/TSX 60 IX FUT SEP20 PTU0 | -2.64% |
SILVER FUTURE SEP20 SIU0 | -2.70% |
FTSE 100 IDX FUT SEP20 Z U0 | -2.95% |
SOYBEAN FUTURE NOV20 S X0 | -2.98% |
DAX INDEX FUTURE SEP20 GXU0 | -3.35% |
CAC40 10 EURO FUT JUL20 CFN0 | -4.27% |
NATURAL GAS FUTR SEP20 NGU20 | -4.84% |
TOPIX INDX FUTR SEP20 TPU0 | -5.58% |
HANG SENG IDX FUT JUL20 HIN0 | -6.05% |
CAD/USD 07/20/2020 PSBS | -7.02% |
SEK/USD 07/20/2020 PSBS | -7.74% |
GBP/USD 07/20/2020 PBNY | -8.63% |
MXN/USD 07/20/2020 PSBS | -8.82% |
CORN FUTURE DEC20 C Z0 | -9.66% |
SOYBEAN MEAL FUTR DEC20 SMZ0 | -9.73% |
AMSTERDAM IDX FUT JUL20 EON0 | -12.16% |
LME PRI ALUM FUTR SEP20 LAU20 | -12.50% |
ZAR/USD 07/20/2020 PSBS | -18.70% |
LONG GILT FUTURE SEP20 G U0 | -24.73% |
EURO-SCHATZ FUT SEP20 DUU0 | -25.58% |
EUR/USD 07/20/2020 PSBS | -28.20% |
US LONG BOND(CBT) SEP20 USU0 | -36.25% |
EURO-BOBL FUTURE SEP20 OEU0 | -55.71% |
US 10YR NOTE (CBT)SEP20 TYU0 | -99.57% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
The fund's full holdings reflect the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations) relative to its net assets.
Consider these risks before investing: There can be no assurance that a trend following strategy will achieve any particular level of return. The fund’s allocation of assets may hurt performance, and efforts to balance risk exposures may be unsuccessful. Quantitative models or data may be incorrect or incomplete, and reliance on those models or data may not produce the desired results. 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments in which the fund invests (or has exposure to) are subject to interest-rate risk and credit risk. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Risks associated with derivatives (including “short” derivatives) include losses caused by unexpected market movements (which are potentially unlimited), imperfect correlation between the price of the derivative and the price of the underlying asset, increased investment exposure (which may be considered leverage), the potential inability to terminate or sell derivatives positions, the potential need to sell securities at disadvantageous times to meet margin or segregation requirements, the potential inability to recover margin or other amounts deposited from a counterparty, and the potential failure of the other party to the instrument to meet its obligations. Leveraging can result in volatility in the fund’s performance and losses in excess of the amounts invested. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. The fund invests in (or provides exposure to) fewer issuers or makes large investments in (or provides large amounts of exposure to) a small number of issuers, and involves more risk than a fund that invests more broadly. By investing in a subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments. 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.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
Total expense ratio | 2.95% | 3.70% | 3.70% | 3.20% | 2.71% | 2.70% |
What you pay† | 1.52% | 2.27% | 2.27% | 1.77% | 1.28% | 1.27% |
† 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 | 0.00% / 1.00% | -- | 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 $500,000+) | 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% | 0.00% | -- | -- | -- |
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 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 ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.
The fund's full holdings reflect the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations) relative to its net assets.
Consider these risks before investing: There can be no assurance that a trend following strategy will achieve any particular level of return. The fund’s allocation of assets may hurt performance, and efforts to balance risk exposures may be unsuccessful. Quantitative models or data may be incorrect or incomplete, and reliance on those models or data may not produce the desired results. 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments in which the fund invests (or has exposure to) are subject to interest-rate risk and credit risk. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Risks associated with derivatives (including “short” derivatives) include losses caused by unexpected market movements (which are potentially unlimited), imperfect correlation between the price of the derivative and the price of the underlying asset, increased investment exposure (which may be considered leverage), the potential inability to terminate or sell derivatives positions, the potential need to sell securities at disadvantageous times to meet margin or segregation requirements, the potential inability to recover margin or other amounts deposited from a counterparty, and the potential failure of the other party to the instrument to meet its obligations. Leveraging can result in volatility in the fund’s performance and losses in excess of the amounts invested. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. The fund invests in (or provides exposure to) fewer issuers or makes large investments in (or provides large amounts of exposure to) a small number of issuers, and involves more risk than a fund that invests more broadly. By investing in a subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments. 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.