Research Fund  (PURYX)

Seeking to capitalize on the expertise of Putnam's research organization

Objective

The fund seeks capital appreciation.

Strategy and process

  • A best-ideas fund: The fund invests in stocks that represent the highest conviction ideas from Putnam's Global Equity Research team.
  • Sector neutral: The fund is managed with a sector-neutral approach, with the flexibility to own both growth and value stocks.
  • Differentiated research: The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $33.35
0.82% | $0.27
$33.69
11/30/17
$27.45
12/30/16
Historical fund price

Fund facts as of 11/30/17

Total net assets
$307.05M
Turnover (fiscal year end)
98%
Dividend frequency
Annually
Number of holdings
166
Fiscal year-end
July
CUSIP / Fund code
746802487 / 1849
Inception date
04/04/00
Class Y  
Category
Blend
Open to new investors
Ticker
PURYX

Management team


Chief Investment Officer, Equities

Co-Director of Equity Research

Co-Director of Equity Research

Portfolio Manager, Analyst

Portfolio Manager, Analyst

Portfolio Manager, Analyst



Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 20.99% 10.05% 14.50% 7.50%
After sales charge N/A N/A N/A N/A
S&P 500 Index 18.61% 10.81% 14.22% 7.44%

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. Recent performance benefited from a settlement from Household International, a unit of HSBC Holdings Plc. 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 11/30/17 2.31 % -
YTD as of 12/15/17 23.42 % -

Risk-adjusted performance as of 11/30/17

Alpha (3 yrs.) -1.21
Sharpe ratio (3 yrs.) 0.93
Treynor ratio (3 yrs.) 9.43
Information ratio (3 yrs.) -0.43

Volatility as of 11/30/17

Standard deviation (3 yrs.) 10.43%
Beta 1.03
R-squared 0.96

Capture ratio as of 11/30/17

Up-market (3 yrs.) 100.47
Down-market (3 yrs.) 111.30

Lipper rankings as of 11/30/17

Large-Cap Core Funds Percentile ranking Rank/Funds in category
1 yr. 14% 107/794
3 yrs. 38% 267/705
5 yrs. 17% 104/639
10 yrs. 11% 52/486

Morningstar ratings as of 11/30/17

Large Blend Rating Funds in category
Overall (1219)
3 yrs. (1219)
5 yrs. (458)
10 yrs. (797)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income --
Extra income --
Short-term cap. gain $0.0
Long-term cap. gain $0.52

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.


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Holdings

Top 10 holdings as of 11/30/17

Apple 3.42%
Microsoft Corp 3.20%
Alphabet 2.87%
Amazon.Com 2.37%
Bank Of America Corp 2.21%
Facebook 1.89%
UnitedHealth Group 1.87%
Home Depot The 1.76%
Citigroup 1.75%
Johnson & Johnson 1.69%
Top 10 holdings, percent of portfolio 23.03%

Full portfolio holdings as of 09/30/17

APPLE INC 3.14%
ALPHABET INC-CL A 2.94%
MICROSOFT CORP 2.90%
AMAZON.COM INC 2.11%
BANK OF AMERICA CORP 2.02%
FACEBOOK INC-A 1.99%
HOME DEPOT INC 1.79%
JOHNSON & JOHNSON 1.70%
CITIGROUP INC 1.62%
COMCAST CORP-CLASS A 1.19%
KRAFT HEINZ CO/THE 1.17%
PEPSICO INC 1.15%
VISA INC-CLASS A SHARES 1.12%
JPMORGAN CHASE & CO 1.09%
UNITEDHEALTH GROUP INC 1.03%
BROADCOM LTD 1.01%
DOWDUPONT INC 1.01%
BECTON DICKINSON AND CO 1.00%
RAYTHEON COMPANY 1.00%
CHUBB LTD 0.98%
DANAHER CORP 0.94%
AT&T INC 0.92%
AMGEN INC 0.90%
PHILIP MORRIS INTERNATIONAL 0.90%
SPDR S&P REGIONAL BANKING 0.90%
CHARTER COMMUNICATIONS INC-A 0.87%
GOLDMAN SACHS GROUP INC 0.86%
GILEAD SCIENCES INC 0.84%
TEXAS INSTRUMENTS INC 0.84%
ACTIVISION BLIZZARD INC 0.82%
MCCORMICK & CO-NON VTG SHRS 0.80%
JAZZ PHARMACEUTICALS PLC 0.79%
SHERWIN-WILLIAMS CO/THE 0.79%
CATERPILLAR INC 0.77%
NCSOFT CORP 0.77%
CONSTELLATION BRANDS INC-A 0.74%
NORTHROP GRUMMAN CORP 0.73%
BLACKROCK INC 0.72%
APPLIED MATERIALS INC 0.71%
PRICELINE GROUP INC/THE 0.71%
QORVO INC 0.71%
BOSTON SCIENTIFIC CORP 0.70%
FORTIVE CORP 0.69%
BIOGEN INC 0.68%
CAVIUM INC 0.68%
CELGENE CORP 0.68%
JOHNSON CONTROLS INTERNATION 0.68%
DXC TECHNOLOGY CO 0.67%
AMERICAN INTERNATIONAL GROUP 0.66%
NORFOLK SOUTHERN CORP 0.66%
CONOCOPHILLIPS 0.65%
PRUDENTIAL PLC 0.65%
DENTSPLY SIRONA INC 0.63%
HILTON WORLDWIDE HOLDINGS IN 0.63%
MONDELEZ INTERNATIONAL INC-A 0.63%
ALIBABA GROUP HOLDING-SP ADR 0.61%
COSTCO WHOLESALE CORP 0.61%
ASSURED GUARANTY LTD 0.60%
INVESCO LTD 0.60%
MASTERCARD INC - A 0.60%
ORACLE CORP 0.59%
ADOBE SYSTEMS INC 0.57%
CUMMINS INC 0.57%
PIONEER NAT RES CO 0.57%
VERTEX PHARMACEUTICALS INC 0.57%
EOG RESOURCES INC 0.56%
DOVER CORP 0.55%
INTERCONTINENTAL EXCHANGE IN 0.55%
REALPAGE INC 0.55%
ROCKWELL AUTOMATION INC 0.55%
TOTAL SA 0.55%
MERCK & CO. INC. 0.54%
L3 TECHNOLOGIES INC 0.53%
NEXTERA ENERGY INC 0.53%
W.R. GRACE & CO 0.52%
TJX COMPANIES INC 0.51%
AMERICAN AIRLINES GROUP INC 0.50%
AMERICAN TOWER CORP 0.50%
KION GROUP AG 0.49%
KKR & CO LP 0.49%
WYNN RESORTS LTD 0.48%
SUNCOR ENERGY INC 0.47%
INTUITIVE SURGICAL INC 0.46%
TENCENT HOLDINGS LTD 0.46%
EXPEDIA INC 0.45%
HALLIBURTON CO 0.45%
BLUE BUFFALO PET PRODUCTS IN 0.44%
FORTUNE BRANDS HOME & SECURI 0.44%
AMERICAN ELECTRIC POWER 0.42%
KROGER CO 0.42%
LIVE NATION ENTERTAINMENT IN 0.42%
MICRO FOCUS INTL-SPN ADR 0.42%
PINNACLE FOODS INC 0.42%
ALCOA CORP 0.41%
EXELON CORP 0.41%
WAL-MART STORES INC 0.41%
YUM CHINA HOLDINGS INC 0.41%
AETNA INC 0.40%
ALBEMARLE CORP 0.40%
INVESTMENT TECHNOLOGY GROUP 0.40%
KOMATSU LTD 0.39%
P G & E CORP 0.39%
SOUTHERN CO/THE 0.39%
WASTE CONNECTIONS INC 0.39%
CENOVUS ENERGY INC 0.38%
CVS HEALTH CORP 0.38%
FIDELITY NATIONAL INFO SERV 0.38%
SIEMENS AG 0.38%
AGILENT TECHNOLOGIES INC 0.37%
GAMING AND LEISURE PROPERTIE 0.37%
HAMILTON LANE INC-CLASS A 0.37%
CF INDUSTRIES HOLDINGS INC 0.36%
MOLSON COORS BREWING CO -B 0.35%
O'REILLY AUTOMOTIVE INC 0.35%
E*TRADE FINANCIAL CORPORATION 0.33%
RESTAURANT BRANDS INTERN 0.33%
METLIFE INC 0.32%
PFIZER INC 0.32%
SCHWAB (CHARLES) CORP 0.32%
HANESBRANDS INC 0.31%
MCKESSON CORP 0.31%
NIKE INC -CL B 0.31%
ANADARKO PETROLEUM CORP 0.30%
CHENIERE ENERGY INC 0.30%
EXXON MOBIL CORP 0.30%
REGENERON PHARMACEUTICALS 0.30%
VERIZON COMMUNICATIONS INC 0.28%
BIOVERATIV INC 0.27%
MBIA INC 0.27%
NRG ENERGY INC 0.27%
NXP SEMICONDUCTORS NV 0.27%
WALT DISNEY CO/THE 0.27%
AMEREN CORPORATION 0.26%
ROPER TECHNOLOGIES INC 0.26%
EVERBRIDGE INC 0.24%
NOBLE ENERGY INC 0.24%
CLOVIS ONCOLOGY INC 0.23%
DISH NETWORK CORP-A 0.23%
EDGEWELL PERSONAL CARE CO 0.23%
SELECT ENERGY SERVICES INC-A 0.23%
SYNCHRONY FINANCIAL 0.23%
EDISON INTERNATIONAL 0.22%
EQT CORP 0.22%
GODADDY INC - CLASS A 0.22%
SALESFORCE.COM INC 0.22%
INSTRUCTURE INC 0.21%
AMERICAN WATER WORKS CO INC 0.20%
ENI SPA 0.20%
IHS MARKIT LTD 0.20%
ILUKA RESOURCES LTD 0.19%
LIMITED BRANDS INC 0.19%
BRISTOL-MYERS SQUIBB CO 0.17%
CHIPOTLE MEXICAN GRILL INC 0.16%
ENCANA CORP 0.16%
TOTAL SYSTEM SERVICES INC 0.16%
SEVEN GENERATIONS ENERGY - A 0.15%
EVONIK INDUSTRIES AG 0.14%
SEALED AIR CORP 0.13%
T-MOBILE US INC 0.13%
MARATHON OIL CORP 0.11%
PLAINS ALL AMER PIPELINE LP 0.11%
CALYXT INC 0.10%
DELIVERY HERO HOLDIN P/P 0.07%
OPORTUN FIN CORP P/P SERIES H PFD 0.06%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
DR PEPPER SNAPPLE GROUP INC 0.03%
OPORTUN FIN F-1 PFD CV P/P 0.03%
GE 20171215 C 26.00BCBP 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
CAD/USD 10/18/2017 BANKAM 0.00%
CAD/USD 10/18/2017 BCAP-FX 0.00%
CAD/USD 10/18/2017 JPMCB 0.00%
CAD/USD 10/18/2017 SSBT 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
EUR/USD 12/20/2017 JPMCB 0.00%
GBP/USD 12/20/2017 BCAP-FX 0.00%
GE 20171215 C 27.00BANKAM 0.00%
ILS/USD 10/18/2017 SSBT 0.00%
JPY/USD 11/15/2017 GSFX 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
S&P500 EMINI FUT DEC17 ESZ7 0.00%
GBP/USD 12/20/2017 BANKAM -0.01%
EUR/USD 12/20/2017 CITI -0.02%
RU20INTR P USL1M R 12/15/20 GS -0.08%

Prior top 10 holdings

Top 10 holdings as of 11/30/17
Apple
Microsoft Corp
Alphabet
Amazon.Com
Bank Of America Corp
Facebook
UnitedHealth Group
Home Depot The
Citigroup
Johnson & Johnson
Holdings represent 23.03% of portfolio
Top 10 holdings as of 10/31/17
Apple
Microsoft Corp
Alphabet
Amazon.Com
Bank Of America Corp
Facebook
Johnson & Johnson
Home Depot The
Citigroup
Kraft Heinz The
Holdings represent 22.58% of portfolio
Top 10 holdings as of 09/30/17
Apple
Alphabet
Microsoft Corp
Amazon.Com
Bank Of America Corp
Facebook
Home Depot The
Johnson & Johnson
Citigroup
Comcast Corp
Holdings represent 21.40% of portfolio
Top 10 holdings as of 08/31/17
Apple
Alphabet
Microsoft Corp
Amazon.Com
Facebook
Bank Of America Corp
Johnson & Johnson
Home Depot
Citigroup
Pepsico
Holdings represent 22.14% of portfolio

Portfolio composition as of 11/30/17

Common stock 97.85%
Cash and net other assets 1.99%
Convertible preferred stock 0.16%

Equity statistics as of 11/30/17

Median market cap $36.29B
Weighted average market cap $183.01B
Price to book 3.16
Price to earnings 19.39

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. You can lose money by investing in the fund.

Top Industry Sectors as of 11/30/17

Information technology 25.18%
Financials 14.43%
Health care 13.61%
Consumer discretionary 11.49%
Industrials 9.52%
Consumer staples 8.79%
Energy 5.50%
Materials 3.90%
Utilities 3.17%
 
Other
4.41%
Cash and net other assets 1.99%
Telecommunication services 1.29%
Real estate 1.13%

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 R6 Class Y
Total expense ratio 1.15% 1.90% 1.90% 1.65% 1.40% 0.72% 0.90%
What you pay 1.15% 1.90% 1.90% 1.65% 1.40% 0.72% 0.90%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class R6 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 R6 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 R6 Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00% 0.00%
  NA NA 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: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. You can lose money by investing in the fund.