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.
ACTIVE EQUITY
Growth Opportunities Fund:
Blending investment themes with deep fundamental research
A thematic approach is a distinctive feature of the 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. See fund details.
Durable growth themes and companies that benefit from them
Explore 11 themes that the Growth Opportunities Fund team believes could drive sustained growth for businesses over a multi-year time horizon.
A five-star Overall rating from Morningstar™
The combination of deep fundamental research and a thematic approach has led to solid performance for the portfolio. Putnam Growth Opportunities Fund received a five-star Morningstar rating for 3-, 5-, and 10-year performance, as well as a five-star Overall rating.
Portfolio snapshot as of 05/31/20
| Number of holdings | 56 |
|---|---|
| Beta | 0.95 |
| Price to earnings | 34.25 |
| Up-market (3 yrs.) | 101.65 |
| Down-market (3 yrs.) | 90.51 |
Five-star Morningstar Ratings™ as of 05/31/20
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 1244 | |
| 3 yrs. | 1244 | |
| 5 yrs. | 1084 | |
| 10 yrs. | 814 |
Meet the managers: A commitment to deep fundamental research
Learn more about the fund's theme-based strategy and the experiences that shaped the managers' investing approach.
Portfolio Manager, Analyst
12 years in the industry
1 year at Putnam Investments
Insights from Putnam's equity team
Putnam's equity portfolio managers and analysts offer their perspectives on investing, the economy, and the financial markets.
Company diversity and social justice
Company diversity is a step toward equity and equity is a step toward inclusion, which is important to company success.
Disruptive change: A growth driver for small companies
Disruptive change is often the force that enables small companies to compete against their larger peers.
Mid-year insights: Assessing the risks
We discuss the potential impact of a second wave of the coronavirus and we offer insights on how businesses are faring as COVID-19 restrictions are eased.