Putnam Voyager Fund merged into Putnam Growth Opportunities Fund on October 21, 2016.

Growth Opportunities Fund  (POGAX)

Seeking to harness the growth potential of large U.S. companies

Objective

The fund seeks capital appreciation.

Strategy and process

  • Seeks above-average growth: The fund invests in large U.S. companies with a competitive edge and strong earnings and cash flows that can lead to better growth potential.
  • A thematic approach: The portfolio manager combines top-down investment themes with bottom-up research to select securities that can benefit from growth trends.
  • Rigorous analysis: Backed by fundamental research, the portfolio manager seeks to take advantage of market opportunities and differentiated views.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $31.76
1.11% | $0.35
$31.76
11/21/17
$24.00
12/01/16
Historical fund price

Fund facts as of 10/31/17

Total net assets
$4,531.51M
Turnover (fiscal year end)
70%
Dividend frequency
Annually
Number of holdings
96
Fiscal year-end
July
CUSIP / Fund code
746802800 / 0048
Inception date
10/02/95
Category
Growth
Open to new investors
Ticker
POGAX

Management team


Portfolio Manager

Portfolio Manager, Analyst


Manager commentary | Q3 2017

Why growth stocks have outperformed

Portfolio Manager Rob Brookby discusses the performance trends of growth stocks.


Literature


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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 22.88% 11.36% 15.62% 9.50%
After sales charge 15.81% 9.18% 14.26% 8.85%
Russell 1000 Growth Index 21.94% 12.69% 15.26% 9.08%

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.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 10/31/17 4.31 % -1.69 %
YTD as of 11/20/17 28.94 % 21.53 %

Risk-adjusted performance as of 10/31/17

Alpha (3 yrs.) -2.04
Sharpe ratio (3 yrs.) 1.01
Treynor ratio (3 yrs.) 10.96
Information ratio (3 yrs.) -0.50

Volatility as of 10/31/17

Standard deviation (3 yrs.) 11.56%
Beta 1.07
R-squared 0.97

Capture ratio as of 10/31/17

Up-market (3 yrs.) 103.78
Down-market (3 yrs.) 121.20

Lipper rankings as of 10/31/17

Large-Cap Growth Funds Percentile ranking Rank/Funds in category
1 yr. 14% 89/638
3 yrs. 39% 218/572
5 yrs. 15% 75/512
10 yrs. 9% 32/374

Morningstar ratings as of 10/31/17

Large Growth Rating Funds in category
Overall (1233)
3 yrs. (499)
5 yrs. (1107)
10 yrs. (405)

Distributions

Record/Ex dividend date 12/07/16
Payable date 12/09/16
Income $0.002
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.


Holdings

Top 10 holdings as of 10/31/17

Alphabet 6.32%
Amazon.Com 5.71%
Visa 5.23%
Microsoft Corp 5.01%
Apple 4.42%
Facebook 4.38%
Becton Dickinson And 2.58%
Alibaba Group Holding 2.47%
Northrop Grumman Corp 2.39%
Home Depot The 2.33%
Top 10 holdings, percent of portfolio 40.84%

Full portfolio holdings as of 09/30/17

ALPHABET INC-CL C 6.27%
VISA INC-CLASS A SHARES 5.27%
AMAZON.COM INC 5.19%
MICROSOFT CORP 4.72%
FACEBOOK INC-A 4.37%
APPLE INC 4.24%
BECTON DICKINSON AND CO 2.55%
NORTHROP GRUMMAN CORP 2.45%
HOME DEPOT INC 2.42%
ALIBABA GROUP HOLDING-SP ADR 2.36%
NORFOLK SOUTHERN CORP 2.36%
BANK OF AMERICA CORP 2.26%
DANAHER CORP 1.95%
UNITEDHEALTH GROUP INC 1.72%
ADOBE SYSTEMS INC 1.64%
CELGENE CORP 1.57%
HEINEKEN NV 1.50%
SALESFORCE.COM INC 1.48%
BROADCOM LTD 1.47%
CHARTER COMMUNICATIONS INC-A 1.38%
INTUITIVE SURGICAL INC 1.33%
JOHNSON CONTROLS INTERNATION 1.32%
PAYPAL HOLDINGS INC 1.30%
BIOGEN INC 1.25%
PRICELINE GROUP INC/THE 1.25%
BOSTON SCIENTIFIC CORP 1.20%
COMCAST CORP-CLASS A 1.10%
LIVE NATION ENTERTAINMENT IN 1.07%
UNITED TECHNOLOGIES CORP 1.07%
AGILENT TECHNOLOGIES INC 1.00%
SHERWIN-WILLIAMS CO/THE 0.98%
HILTON WORLDWIDE HOLDINGS IN 0.94%
HUMANA INC 0.90%
ALBEMARLE CORP 0.87%
SCHWAB (CHARLES) CORP 0.87%
CUMMINS INC 0.86%
INTERCONTINENTAL EXCHANGE IN 0.86%
BLACKROCK INC 0.85%
TENCENT HOLDINGS LTD 0.85%
DOVER CORP 0.78%
VERTEX PHARMACEUTICALS INC 0.78%
SYMRISE AG 0.76%
FIDELITY NATIONAL INFO SERV 0.75%
FORTUNE BRANDS HOME & SECURI 0.74%
AIRBUS SE 0.71%
ADIDAS AG 0.70%
PULTEGROUP INC 0.70%
ACTIVISION BLIZZARD INC 0.69%
MCCORMICK & CO-NON VTG SHRS 0.69%
CONSTELLATION BRANDS INC-A 0.68%
EXPEDIA INC 0.67%
JAZZ PHARMACEUTICALS PLC 0.64%
PRUDENTIAL PLC 0.64%
MICRON TECHNOLOGY INC 0.62%
YUM CHINA HOLDINGS INC 0.60%
GAMING AND LEISURE PROPERTIE 0.59%
KLA-TENCOR CORP 0.59%
UBER TECH INC P/P CV PFD 0.58%
LAS VEGAS SANDS CORP 0.57%
STMICROELECTRONICS NV-NY SHS 0.57%
NVIDIA CORP 0.56%
SUNCOR ENERGY INC 0.54%
REGENERON PHARMACEUTICALS 0.51%
EOG RESOURCES INC 0.49%
BIOVERATIV INC 0.46%
SUMMIT MATERIALS INC -CL A 0.46%
FMC CORP 0.44%
ROCKWELL AUTOMATION INC 0.43%
MONSTER BEVERAGE CORP 0.41%
PLAINS GP HOLDINGS LP-CL A 0.38%
CAVIUM INC 0.37%
IHS MARKIT LTD 0.36%
PEGASYSTEMS INC 0.36%
ULTA BEAUTY INC 0.33%
BIO-RAD LABORATORIES-A 0.27%
DELIVERY HERO HOLDIN P/P 0.25%
DISH NETWORK CORP-A 0.25%
SELECT ENERGY SVCS-A-1 0.22%
OPORTUN FIN CORP P/P SERIES H PFD 0.13%
ENVEN ENERGY CORP - P/P 144A 0.10%
PIRELLI & C. SPA 0.10%
GLOBAL FASHION GRP P/P 0.06%
TALEND SA - ADR 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.03%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
CANADIAN DOLLAR ACCOUNT 0.00%
ENVEN ENERGY CORP-CW P/P 144A 0.00%
ENVEN ENERGY CORP-CW P/P 144A 0.00%
EUR/USD 12/20/2017 SSBT 0.00%
FABFURNISH GMBH P/P 0.00%
KOREAN WON CALL ACCOUNT 0.00%
NASDAQ 100 E-MINI DEC17 NQZ7 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 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%
EUR/USD 12/20/2017 UBS -0.01%
GBP/USD 12/20/2017 BANKAM -0.01%
EUR/USD 12/20/2017 JPMCB -0.02%
HONG KONG DOLLAR CALL ACCOUNT -0.05%
THE EURO EUR CALL ACCOUNT -0.11%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
Alphabet
Amazon.Com
Visa
Microsoft Corp
Apple
Facebook
Becton Dickinson And
Alibaba Group Holding
Northrop Grumman Corp
Home Depot The
Holdings represent 40.84% of portfolio
Top 10 holdings as of 09/30/17
Alphabet
Visa
Amazon.Com
Microsoft Corp
Facebook
Apple
Becton Dickinson And
Northrop Grumman Corp
Home Depot The
Alibaba Group Holding
Holdings represent 39.84% of portfolio
Top 10 holdings as of 08/31/17
Alphabet
Amazon.Com
Visa
Apple
Microsoft Corp
Facebook
Becton Dickinson And
Alibaba Group Holding
Norfolk Southern Corp
Northrop Grumman Corp
Holdings represent 40.60% of portfolio
Top 10 holdings as of 07/31/17
Alphabet
Amazon.Com
Visa
Microsoft Corp
Apple
Facebook
Becton Dickinson And
Norfolk Southern Corp
Northrop Grumman Corp
Home Depot The
Holdings represent 40.44% of portfolio

Portfolio composition as of 10/31/17

Common stock 95.47%
Cash and net other assets 3.76%
Convertible preferred stock 0.77%

Equity statistics as of 10/31/17

Median market cap $31.87B
Weighted average market cap $249.46B
Price to book 4.88
Price to earnings 23.26

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 the market may not favor growth-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 issuer or industry. You can lose money by investing in the fund.

Top Industry Sectors as of 10/31/17

Information technology 40.27%
Consumer discretionary 15.85%
Health care 14.19%
Industrials 10.65%
Financials 6.57%
Cash and net other assets 3.76%
Consumer staples 3.31%
Materials 2.62%
Energy 1.72%
 
Other
1.06%
Real estate 1.06%

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 1.02% 1.77% 1.77% 1.52% 1.27% 0.67% 0.57% 0.77%
What you pay 1.02% 1.77% 1.77% 1.52% 1.27% 0.67% 0.57% 0.77%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% 0.00% 0.00% 3.50% -- -- -- --
$50,000-$99,999 4.50% 0.00% 0.00% 2.50% -- -- -- --
$100,000-$249,999 3.50% -- 0.00% 1.50% -- -- -- --
$250,000-$499,999 2.50% -- 0.00% 1.00% -- -- -- --
$500,000-$999,999 2.00% -- 0.00% 1.00% -- -- -- --
$1M-$4M 0.00% -- -- -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- -- -- --
$50M+ 0.00% -- -- -- -- -- -- --

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% -- -- -- -- --

The Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation. You cannot invest directly in an index.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-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 issuer or industry. You can lose money by investing in the fund.