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Multi-Cap Core Fund (Class Y)  (PMYYX)

Seeking opportunities across a wide range of stocks

Multi-Cap Core Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

The fund seeks capital appreciation.

Strategy and process

  • "Go anywhere" approach: The fund invests in stocks of U.S. companies of all sizes and has the flexibility to own both growth and value stocks.
  • A disciplined process: The portfolio managers use a disciplined, fundamental investment process with three buckets of idea generation: legacy companies, smart-money indicators, and special situations.
  • Research focus: Backed by an Equity Research team, the portfolio managers use their stock-picking expertise to identify opportunities and manage risk.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $23.30
-0.09% | $-0.02
$24.63
09/21/18
$19.39
12/24/18
Historical fund price

Fund facts as of 02/28/19

Total net assets
$2,494.60M
Turnover (fiscal year end)
80%
Dividend frequency
Annually
Number of holdings
128
Fiscal year-end
April
CUSIP / Fund code
74676P839 / 1876
Inception date
09/24/10
Class Y  
Category
Blend
Open to new investors
Ticker
PMYYX

Management team

Portfolio Manager
Portfolio Manager, Analyst


Manager commentary | Q4 2018

Value investors eye bank, energy stocks

Portfolio Manager Jerry Sullivan identifies opportunities following a recent market sell-off.



Performance

  • Total return (%) as of 12/31/18

  • Annual performance as of 12/31/18

Annualized Total return (%) as of 12/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 09/24/10 )
Before sales charge -7.91% 9.06% 7.47% 13.39%
After sales charge N/A N/A N/A N/A
Russell 3000 Index -5.24%8.97%7.91%--

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 02/28/19 2.81% -
YTD as of 03/19/19 12.78% -

Risk-adjusted performance as of 02/28/19

Alpha (3 yrs.) 0.37
Sharpe ratio (3 yrs.) 1.27
Treynor ratio (3 yrs.) 14.83
Information ratio (3 yrs.) 0.20

Volatility as of 02/28/19

Standard deviation (3 yrs.) 11.81%
Beta 1.01
R-squared 0.96

Capture ratio as of 02/28/19

Up-market (3 yrs.) 101.34
Down-market (3 yrs.) 97.98

Lipper rankings as of 02/28/19

Time period Rank/Funds in category Percentile ranking
1 yr. 533/754 71%
3 yrs. 37/645 6%
5 yrs. 126/556 23%
10 yrs. --  
Lipper category: Multi-Cap Core Funds

Morningstar Ratings as of 02/28/19

Time period Funds in category Morningstar Rating
Overall 1215
3 yrs. 1215
5 yrs. 1076
Morningstar category: Large Blend

Distributions

Record/Ex dividend date 12/06/18
Payable date 12/10/18
Income --
Extra income --
Short-term cap. gain $0.001
Long-term cap. gain $0.058

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 02/28/19

Microsoft Corp 5.56%
Apple 4.04%
JPMorgan Chase 2.80%
Bank Of America Corp 2.66%
Alphabet 2.57%
Cisco Systems 2.34%
Amazon.Com 2.11%
Boeing The 1.75%
Walmart 1.73%
Visa 1.66%
Top 10 holdings, percent of portfolio 27.22%

Full portfolio holdings as of 12/31/18

MICROSOFT CORP 5.33%
APPLE INC 3.84%
JPMORGAN CHASE & CO 3.11%
ALPHABET INC-CL C 2.48%
BANK OF AMERICA CORP 2.35%
CISCO SYSTEMS INC 2.04%
AMAZON.COM INC 1.78%
WALMART INC 1.70%
AMGEN INC 1.65%
PFIZER INC 1.64%
VISA INC-CLASS A SHARES 1.61%
BERKSHIRE HATHAWAY INC-CL B 1.56%
JOHNSON & JOHNSON 1.37%
CITIGROUP INC 1.36%
BOEING CO/THE 1.34%
GOLDMAN SACHS GROUP INC 1.29%
INTEL CORP 1.29%
COMCAST CORP-CLASS A 1.22%
NRG ENERGY INC 1.21%
HEALTH CARE SELECT SECTOR 1.17%
ROYAL DUTCH SHELL-SPON ADR-A 1.17%
FACEBOOK INC-CLASS A 1.15%
WALT DISNEY CO/THE 1.12%
CONOCOPHILLIPS 1.08%
INDUSTRIAL SELECT SECT SPDR 1.05%
BAXTER INTERNATIONAL INC 1.01%
PEPSICO INC 0.99%
ENTERGY CORP 0.98%
EXELON CORP 0.91%
HOME DEPOT INC 0.89%
PULTEGROUP INC 0.88%
AT&T INC 0.87%
BIOGEN INC 0.87%
HCA HEALTHCARE INC 0.87%
ORACLE CORP 0.84%
CAPITAL ONE FINANCIAL CORP 0.82%
GILEAD SCIENCES INC 0.82%
LOWES COMPANIES INC 0.80%
HUMANA INC 0.75%
NORFOLK SOUTHERN CORP 0.72%
CATERPILLAR INC 0.69%
CIGNA CORP 0.69%
TARGET CORP 0.69%
CVS HEALTH CORP 0.68%
BEST BUY CO INC 0.67%
CELANESE CORP 0.67%
KROGER CO 0.66%
RAYMOND JAMES FINANCIAL INC 0.66%
UNION PACIFIC CORP 0.66%
AIR CANADA 0.65%
KINDER MORGAN INC 0.65%
LIVE NATION ENTERTAINMENT IN 0.65%
DOWDUPONT INC 0.62%
HONEYWELL INTERNATIONAL INC 0.62%
JAZZ PHARMACEUTICALS PLC 0.62%
SPDR S&P HOMEBUILDERS ETF 0.61%
SOUTHWEST AIRLINES CO 0.60%
ENTERPRISE PRODUCTS PARTNERS 0.59%
HP INC 0.59%
LAM RESEARCH CORP 0.59%
WALGREENS BOOTS ALLIANCE INC 0.59%
MAGNA INTERNATIONAL INC 0.58%
AMERIPRISE FINANCIAL INC 0.57%
DXC TECHNOLOGY CO 0.56%
EQUITY COMMONWEALTH 0.56%
VALERO ENERGY CORP 0.56%
GENERAL MOTORS CO 0.55%
HYATT HOTELS CORP - CL A 0.55%
REPUBLIC SERVICES INC 0.55%
ADOBE INC 0.54%
INTL BUSINESS MACHINES CORP 0.54%
MGM RESORTS INTERNATIONAL 0.52%
LINCOLN NATIONAL CORP 0.51%
MCKESSON CORP 0.50%
CBRE GROUP INC - A 0.49%
COCA-COLA CO/THE 0.49%
EXXON MOBIL CORP 0.49%
EMERSON ELECTRIC CO 0.48%
MOLSON COORS BREWING CO -B 0.48%
PIRELLI & C SPA 0.48%
ASSURED GUARANTY LTD 0.47%
BANK OF NEW YORK MELLON CORP 0.47%
COSTCO WHOLESALE CORP 0.46%
EASTERLY GOVERNMENT PROPERTI 0.45%
KENNEDY-WILSON HOLDINGS INC 0.45%
ARMADA HOFFLER PROPERTIES IN 0.44%
ENERGIZER HOLDINGS INC 0.44%
SUNCOR ENERGY INC 0.43%
MARATHON OIL CORP 0.42%
QUALCOMM INC 0.40%
FREEPORT-MCMORAN INC 0.39%
TPG PACE HOLDINGS CORP 0.39%
KKR & CO INC -A 0.37%
STATE STREET CORP 0.34%
PENN NATIONAL GAMING INC 0.33%
APOLLO GLOBAL MANAGEMENT - A 0.32%
MICRON TECHNOLOGY INC 0.32%
SIRIUS INTERNATIONAL INSURAN 0.31%
MICHAELS COS INC/THE 0.29%
TENET HEALTHCARE CORP 0.29%
DELIVERY HERO AG 0.28%
DEUTSCHE BANK AG-REGISTERED 0.28%
J2 ACQUISITION LTD 0.27%
ORION ENGINEERED CARBONS SA 0.27%
DIAMONDBACK ENERGY INC 0.26%
FEDERAL STREET ACQUISIT-CL A 0.26%
LIBERTY GLOBAL PLC-A 0.22%
ALIGNVEST ACQUISITION II C-A 0.21%
AMERICAN INTERNATIONAL GROUP 0.21%
INVESCO LTD 0.21%
PLAINS GP HOLDINGS LP-CL A 0.21%
RADIAN GROUP INC 0.21%
BLOOMIN' BRANDS INC 0.18%
NOMAD FOODS LTD 0.18%
ENCANA CORP 0.16%
HAYMAKER ACQUISITION CORP 0.16%
DELL TECHNOLOGIES -C 0.15%
DISCOVERY INC - A 0.15%
HILLTOP HOLDINGS INC 0.14%
CAPITOL INVESTMENT CORP IV 0.13%
KIMBELL ROYALTY PARTNERS LP 0.12%
US XPRESS ENTERPRISES INC -A 0.12%
GREEN BRICK PARTNERS INC 0.10%
PRIORITY TECHNOLOGY HOLDINGS 0.09%
LARGO RESOURCES LTD 0.08%
BRIGHTVIEW HOLDINGS INC 0.07%
RA MEDICAL SYSTEMS INC 0.03%
SIRIUS INTERNATIONAL-CW23 0.02%
FEDERAL STREET ACQ - CW22 0.01%
GLOBAL FASHION GRP P/P 0.01%
J2 ACQUISITION LTD-CW20 0.01%
ALIGNVEST ACQUISITION - CW22 0.00%
BRKB 20190118 C 230.00CITI 0.00%
DISCA 20190118 C 32.50BCBP 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
ICU MEDICAL INC 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
VISTA OIL & GAS -CW22 0.00%
E-MINI RUSS 2000 MAR19 RTYH9 -0.03%
S&P500 EMINI FUT MAR19 ESH9 -0.14%

Prior top 10 holdings

Top 10 holdings as of 02/28/19
Microsoft Corp
Apple
JPMorgan Chase
Bank Of America Corp
Alphabet
Cisco Systems
Amazon.Com
Boeing The
Walmart
Visa
Holdings represent 27.22% of portfolio
Top 10 holdings as of 01/31/19
Microsoft Corp
Apple
JPMorgan Chase
Bank Of America Corp
Alphabet
Amazon.Com
Cisco Systems
Walmart
Citigroup
Visa
Holdings represent 26.00% of portfolio
Top 10 holdings as of 12/31/18
Microsoft Corp
Apple
JPMorgan Chase
Alphabet
Bank Of America Corp
Cisco Systems
Amazon.Com
Walmart
Amgen
Pfizer
Holdings represent 25.92% of portfolio
Top 10 holdings as of 11/30/18
Microsoft Corp
Apple
JPMorgan Chase
Bank Of America Corp
Alphabet
Cisco Systems
Amazon.Com
Walmart
Amgen
Pfizer
Holdings represent 25.60% of portfolio

Portfolio composition as of 02/28/19

Common stock 99.21%
Cash and net other assets 0.79%

Equity statistics as of 02/28/19

Median market cap $30.26B
Weighted average market cap $234.16B
Price to book 2.53
Price to earnings 13.69

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. 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, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.

Top industry sectors as of 02/28/19

Information technology 19.98%
Financials 17.94%
Health care 12.80%
Consumer discretionary 10.66%
Industrials 8.92%
Communication services 8.41%
Energy 6.65%
Consumer staples 6.04%
Utilities 3.02%
 
Other
5.58%
Real estate 2.62%
Materials 2.17%
Cash and net other assets 0.79%

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 1.02% 1.77% 1.77% 1.52% 1.27% 0.67% 0.77%
What you pay 1.02% 1.77% 1.77% 1.52% 1.27% 0.67% 0.77%

Sales charge

 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. 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 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 Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. 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. 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, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.