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.
Small Cap Value Fund (PYSVX)
Pursuing capital appreciation through undervalued small companies
Objective
The fund seeks capital appreciation.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$18.45
0.27% | $0.05 |
$18.85
04/26/17 |
$15.31
11/02/16 |
Fund facts as of 08/31/17
$414.96M
63%
Annually
246
February
746802289 / 1853
01/03/01
Value
PYSVX
Management team
Strategy and process
- Small companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities.
- Active value strategy: The portfolio managers seeks attractively valued companies with improving fundamentals or catalysts that may unlock value.
- Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.
Literature
Fund documents |
||
| Prospectuses/SAI | ||
| Fund Profile (PDF) | ||
| Fact Sheet (Y share) (PDF) | ||
| Annual Report (PDF) | ||
| Semiannual Report (PDF) | ||
| Equity Outlook (PDF) | ||
| Comparing Putnam's U.S. equity funds (PDF) | ||
| Proxy voting results (Form N-PX) (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.What motivates millennials to save for retirement?
Recent surveys offer clues about retirement plan features and investment options that might motivate millennials to save more.Choosing an investing glide path to retirement
When it comes to saving for retirement, a target-date fund offers a convenient feature — a glide path that systematically manages diversification.Performance
Total return (%) as of 06/30/17
Annual performance as of 06/30/17
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 27.16% | 7.64% | 14.03% | 4.93% |
| After sales charge | N/A | N/A | N/A | N/A |
| Russell 2000 Value Index | 24.86% | 7.02% | 13.39% | 5.92% |
Performance snapshot
| Before sales charge | After sales charge | |
|---|---|---|
| 1 mt. as of 08/31/17 | -3.03 % | - |
| YTD as of 09/20/17 | 1.88 % | - |
Risk-adjusted performance as of 08/31/17
| Alpha (3 yrs.) | 0.57 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.50 |
| Treynor ratio (3 yrs.) | 7.48 |
| Information ratio (3 yrs.) | -0.05 |
Volatility as of 08/31/17
| Standard deviation (3 yrs.) | 13.32% |
|---|---|
| Beta | 0.89 |
| R-squared | 0.96 |
Capture ratio as of 08/31/17
| Up-market (3 yrs.) | 88.64 |
|---|---|
| Down-market (3 yrs.) | 85.21 |
Lipper rankings as of 08/31/17
| Small-Cap Value Funds | Percentile ranking | Rank/Funds in category |
|---|---|---|
| 1 yr. | 20% | 56/286 |
| 3 yrs. | 22% | 54/245 |
| 5 yrs. | 26% | 56/218 |
| 10 yrs. | 68% | 94/139 |
Morningstar ratings as of 08/31/17
| Small Value | Rating | Funds in category |
|---|---|---|
| Overall | (337) | |
| 3 yrs. | (337) | |
| 5 yrs. | (292) | |
| 10 yrs. | (196) |
Distributions
| Record/Ex dividend date | 12/07/16 |
|---|---|
| Payable date | 12/09/16 |
| Income | $0.152 |
| Extra income | $0.0 |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
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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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
Top 10 holdings as of 08/31/17
| Cision | 1.36% |
|---|---|
| Hyster-Yale Materials Handling | 1.36% |
| Hain Celestial Group The | 1.35% |
| Radian Group | 1.28% |
| New York Reit | 1.27% |
| Rlj Lodging Trust | 1.27% |
| Energen Corp | 1.25% |
| Store Capital Corp | 1.19% |
| Kennedy-Wilson Holdings | 1.15% |
| Calpine Corp | 1.00% |
| Top 10 holdings, percent of portfolio | 12.48% |
Portfolio composition as of 08/31/17
| Common stock | 90.17% |
|---|---|
| Cash and net other assets | 9.83% |
Equity statistics as of 08/31/17
| Median market cap | $1.32B |
|---|---|
| Weighted average market cap | $2.08B |
| Price to book | 1.74 |
| Price to earnings | 16.74 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. 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 08/31/17
| Financials | 21.08% |
|---|---|
| Industrials | 15.72% |
| Information technology | 12.57% |
| Consumer discretionary | 11.07% |
| Cash and net other assets | 9.83% |
| Real estate | 7.59% |
| Energy | 6.79% |
| Consumer staples | 6.77% |
| Materials | 4.50% |
| Other | 4.08% |
0
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 R5 | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.42% | 2.17% | 2.17% | 1.92% | 1.67% | 1.11% | 1.01% | 1.17% |
| What you pay | 1.42% | 2.17% | 2.17% | 1.92% | 1.67% | 1.11% | 1.01% | 1.17% |
Sales charge/Dealer allowance
| Breakpoint | Class A | Class B | Class C | Class M | Class R | Class R5 | 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 R5 | 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 R5 | Class R6 | Class Y | |
|---|---|---|---|---|---|---|---|---|
| 0.25% | 0.25% | 1.00% | 0.65% | 0.50% | 0.00% | 0.00% | 0.00% | |
| NA | NA | 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 Russell 2000 Value Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their value orientation. You cannot invest directly in an index.
Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. 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.‡ Eric Harthun will retire from Putnam effective 12/31/17.