Humanization of pets

Putting durable growth themes to work

A thematic approach is a distinctive feature of Large Cap Growth Fund. The team analyzes global trends, as well as problems and potential solutions, to identify which themes could drive sustained growth for businesses over a multi-year time horizon.

About our thematic approach Fund details

growth themes

THEME: Humanization of pets

Pets have become an increasingly important part of the typical household, receiving the same level of attention, care, and health maintenance as human family members do. Preventative-care treatments and testing for companion animals are growing, along with overall pet ownership levels. Consumer demand for these services is unwavering, and the diagnostic market outside the United States provides another long-term opportunity for growth.

With this theme, we seek to capitalize on the strong and rapidly growing demand for quality pet care.

STOCK: Idexx Laboratories (IDXX)

Idexx is an animal health care company specializing in diagnostic testing, including in-office testing kits for veterinarians.

  • The company has a 70% share of point-of-care facilities, and has been growing its earnings at double-digit rates.
  • Idexx’s testing kits, components, and supplies — many of which are disposable items — generate a healthy level of recurring revenue.
  • Idexx operates in a three-player oligopoly market, and the company has spent more on R&D over the past five years than its competitors combined.

See complete holdings

Putnam Large Cap Growth Fund

See how investing in companies with durable long-term growth prospects, high and/or improving capital returns, and a strong ownership culture drives 5-star performance as of 5/31/2020.

Morningstar performance

Get to know Putnam Large Cap Growth Fund

Learn more about the distinctive thematic approach and how the team analyzes global trends to identify which themes could drive sustained growth for Putnam Large Cap Growth Fund.

Fund details Launch fund comparison

The Morningstar Rating™ 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 ten-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36 to 59 months of total returns, 60% five-year rating/40% three-year rating for 60 to 119 months of total returns, and 50% ten-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the ten-year overall star rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.