Research Fund (Class A)  (PNRAX)

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

Highlights

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 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 $33.98
-0.23% | $-0.08
$35.52
01/26/18
$29.96
05/18/17
Historical fund price

Fund facts as of 04/30/18

Total net assets
$303.66M
Turnover (fiscal year end)
98%
Dividend frequency
Annually
Number of holdings
172
Fiscal year-end
July
CUSIP / Fund code
746802883 / 0049
Inception date
10/02/95
Category
Blend
Open to new investors
Ticker
PNRAX

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 03/31/18

  • Annual performance as of 03/31/18

Annualized Total return (%) as of 03/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 14.77% 9.28% 13.04% 10.02%
After sales charge 8.17% 7.14% 11.71% 9.37%
S&P 500 Index 13.99% 10.78% 13.31% 9.49%

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, 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, Putnam Fixed Income Absolute Return 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, Putnam Fixed Income Absolute Return 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, 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. 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 04/30/18 0.36 % -5.41 %
YTD as of 05/18/18 2.69 % -3.22 %

Risk-adjusted performance as of 04/30/18

Alpha (3 yrs.) -1.57
Sharpe ratio (3 yrs.) 0.83
Treynor ratio (3 yrs.) 8.54
Information ratio (3 yrs.) -0.64

Volatility as of 04/30/18

Standard deviation (3 yrs.) 10.57%
Beta 1.03
R-squared 0.96

Capture ratio as of 04/30/18

Up-market (3 yrs.) 99.04
Down-market (3 yrs.) 112.46

Lipper rankings as of 04/30/18

Large-Cap Core Funds Percentile ranking Rank/Funds in category
1 yr. 35% 278/807
3 yrs. 48% 333/696
5 yrs. 18% 113/629
10 yrs. 12% 56/475

Morningstar ratings as of 04/30/18

Large Blend Rating Funds in category
Overall (1177)
3 yrs. (1177)
5 yrs. (1056)
10 yrs. (781)

Distributions

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


Holdings

Top 10 holdings as of 04/30/18

Microsoft Corp 3.03%
Amazon.Com 2.80%
Alphabet 2.77%
Apple 2.69%
Bank Of America Corp 2.68%
Citigroup 1.78%
Home Depot The 1.70%
Facebook 1.62%
UnitedHealth Group 1.49%
Goldman Sachs Group The 1.33%
Top 10 holdings, percent of portfolio 21.89%

Full portfolio holdings as of 03/31/18

MICROSOFT CORP 3.38%
APPLE INC 3.32%
AMAZON.COM INC 2.85%
ALPHABET INC-CL A 2.80%
BANK OF AMERICA CORP 2.36%
FACEBOOK INC-A 1.67%
HOME DEPOT INC 1.57%
UNITEDHEALTH GROUP INC 1.54%
CITIGROUP INC 1.28%
JPMORGAN CHASE & CO 1.23%
BOOKING HOLDINGS INC 1.22%
VISA INC-CLASS A SHARES 1.14%
E*TRADE FINANCIAL CORPORATION 1.11%
GOLDMAN SACHS GROUP INC 1.11%
PEPSICO INC 1.11%
RAYTHEON COMPANY 1.11%
BECTON DICKINSON AND CO 1.06%
EXXON MOBIL CORP 1.04%
PRUDENTIAL PLC 1.03%
DANAHER CORP 0.97%
PROCTER & GAMBLE CO/THE 0.97%
EMERSON ELECTRIC CO 0.96%
ACTIVISION BLIZZARD INC 0.95%
CATERPILLAR INC 0.95%
JOHNSON & JOHNSON 0.95%
CENOVUS ENERGY INC 0.94%
BLACKROCK INC 0.93%
HONEYWELL INTERNATIONAL INC 0.93%
BOEING CO/THE 0.90%
FORTIVE CORP 0.89%
AMERICAN INTERNATIONAL GROUP 0.87%
SUNTRUST BANKS INC 0.80%
AMERICAN TOWER CORP 0.79%
CHARTER COMMUNICATIONS INC-A 0.79%
DOWDUPONT INC 0.79%
NCSOFT CORP 0.79%
ROPER TECHNOLOGIES INC 0.79%
ASSURED GUARANTY LTD 0.76%
QUALCOMM INC 0.76%
AT&T INC 0.75%
KRAFT HEINZ CO/THE 0.74%
MERCK & CO. INC. 0.74%
ON SEMICONDUCTOR CORP 0.74%
SHERWIN-WILLIAMS CO/THE 0.73%
ORBOTECH LTD 0.72%
TEXAS INSTRUMENTS INC 0.72%
BOSTON SCIENTIFIC CORP 0.71%
GILEAD SCIENCES INC 0.71%
CONOCOPHILLIPS 0.70%
DXC TECHNOLOGY CO 0.70%
CHUBB LTD 0.69%
ADOBE SYSTEMS INC 0.68%
BRISTOL-MYERS SQUIBB CO 0.68%
BROADCOM LTD 0.68%
MASTERCARD INC - A 0.67%
VERTEX PHARMACEUTICALS INC 0.67%
KKR & CO LP 0.66%
REALPAGE INC 0.66%
APPLIED MATERIALS INC 0.65%
MCCORMICK & CO-NON VTG SHRS 0.64%
COSTCO WHOLESALE CORP 0.63%
COMCAST CORP-CLASS A 0.62%
JAZZ PHARMACEUTICALS PLC 0.60%
MOLSON COORS BREWING CO -B 0.60%
NORTHROP GRUMMAN CORP 0.60%
PFIZER INC 0.59%
TOTAL SA 0.59%
ALIBABA GROUP HOLDING-SP ADR 0.58%
AMGEN INC 0.58%
VERIZON COMMUNICATIONS INC 0.58%
DENTSPLY SIRONA INC 0.55%
NORFOLK SOUTHERN CORP 0.54%
HILTON WORLDWIDE HOLDINGS IN 0.53%
WYNN RESORTS LTD 0.52%
TENCENT HOLDINGS LTD 0.51%
KION GROUP AG 0.50%
DR PEPPER SNAPPLE GROUP INC 0.49%
INTERCONTINENTAL EXCHANGE IN 0.49%
NEXTERA ENERGY INC 0.49%
TJX COMPANIES INC 0.49%
GAMING AND LEISURE PROPERTIE 0.48%
KROGER CO 0.46%
WALMART INC 0.46%
DOVER CORP 0.44%
FORTUNE BRANDS HOME & SECURI 0.44%
INVESCO LTD 0.44%
PIONEER NAT RES CO 0.43%
BAXTER INTERNATIONAL INC 0.42%
ILUKA RESOURCES LTD 0.42%
ORACLE CORP 0.42%
WALGREENS BOOTS ALLIANCE INC 0.42%
INTUITIVE SURGICAL INC 0.41%
AMERICAN ELECTRIC POWER 0.40%
ANADARKO PETROLEUM CORP 0.40%
KIMBERLY-CLARK CORP 0.40%
CHIPOTLE MEXICAN GRILL INC 0.39%
NXP SEMICONDUCTORS NV 0.39%
WASTE CONNECTIONS INC 0.38%
YUM CHINA HOLDINGS INC 0.38%
INVESTMENT TECHNOLOGY GROUP 0.36%
SUNCOR ENERGY INC 0.36%
ALEXION PHARMACEUTICALS INC 0.35%
EXELON CORP 0.35%
FIDELITY NATIONAL INFO SERV 0.35%
LIVE NATION ENTERTAINMENT IN 0.34%
O'REILLY AUTOMOTIVE INC 0.34%
SALESFORCE.COM INC 0.34%
SUMMIT MATERIALS INC -CL A 0.34%
KINDER MORGAN INC 0.33%
ABBVIE INC 0.32%
EOG RESOURCES INC 0.32%
CHURCH & DWIGHT CO INC 0.30%
EVERBRIDGE INC 0.30%
PAYPAL HOLDINGS INC 0.29%
BIOGEN INC 0.28%
ENI SPA 0.28%
GODADDY INC - CLASS A 0.28%
INSTRUCTURE INC 0.28%
NIKE INC -CL B 0.28%
SEVEN GENERATIONS ENERGY - A 0.28%
ADVANCE AUTO PARTS 0.27%
DEERE & CO 0.27%
L3 TECHNOLOGIES INC 0.27%
NOBLE ENERGY INC 0.27%
PINNACLE FOODS INC 0.26%
RESTAURANT BRANDS INTERN 0.26%
BURLINGTON STORES INC 0.24%
MONSTER BEVERAGE CORP 0.24%
METTLER-TOLEDO INTERNATIONAL 0.23%
NRG ENERGY INC 0.23%
BALL CORP 0.22%
DOMINION ENERGY INC 0.21%
CAIRN ENERGY PLC 0.20%
CONSTELLATION BRANDS INC-A 0.20%
ROCKWELL AUTOMATION INC 0.19%
TOTAL SYSTEM SERVICES INC 0.19%
PEARLABYSS CORP 0.18%
ALCOA CORP 0.17%
HCA HEALTHCARE INC 0.17%
WALT DISNEY CO/THE 0.17%
DISH NETWORK CORP-A 0.16%
XCEL ENERGY INC 0.16%
EDISON INTERNATIONAL 0.15%
AMEREN CORPORATION 0.14%
AUSTRALIAN DOLLAR ACCOUNT 0.14%
MONSANTO CO 0.14%
NEKTAR THERAPEUTICS 0.13%
P G & E CORP 0.12%
DUKE ENERGY CORP 0.11%
W.R. GRACE & CO 0.11%
CMS ENERGY CORP 0.10%
ELI LILLY & CO 0.10%
DELIVERY HERO AG 0.09%
FIRSTENERGY CORP 0.09%
SMITH (A.O.) CORP 0.09%
ECOLAB INC 0.08%
SOGOU INC-ADR 0.08%
FMC CORP 0.07%
SOUTHERN CO/THE 0.07%
INCYTE CORP 0.06%
RU20INTR P USL1M R 12/15/20 GS 0.06%
MCKESSON CORP 0.05%
ONEOK INC 0.05%
OPORTUN FIN CORP P/P SERIES H PFD 0.05%
PPG INDUSTRIES INC 0.05%
WILLIAMS COS INC 0.05%
CANADIAN DOLLAR ACCOUNT 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
ARCHER-DANIELS-MIDLAND CO 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN F-1 PFD CV P/P 0.03%
POUND STERLING CALL ACCOUNT 0.02%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
AUD/USD 04/18/2018 UBS 0.00%
CAD/USD 04/18/2018 BANKAM 0.00%
CAD/USD 04/18/2018 BCAP-FX 0.00%
CAD/USD 04/18/2018 JPMCB 0.00%
CAD/USD 04/18/2018 SSBT 0.00%
CF INDUSTRIES HOLDINGS INC 0.00%
EUR/USD 06/20/2018 JPMCB 0.00%
GBP/USD 06/20/2018 BANKAM 0.00%
GBP/USD 06/20/2018 BCAP-FX 0.00%
GBP/USD 06/20/2018 GSFX 0.00%
GE 20180615 C 21.00UBS 0.00%
GE 20180615 C 22.00CSI 0.00%
GE 20180615 C 22.00UBS 0.00%
GE 20180615 C 24.00CSI 0.00%
ILS/USD 04/18/2018 SSBT 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%
THE EURO EUR CALL ACCOUNT 0.00%
EUR/USD 06/20/2018 CITI -0.01%
S&P500 EMINI FUT JUN18 ESM8 -0.08%

Prior top 10 holdings

Top 10 holdings as of 04/30/18
Microsoft Corp
Amazon.Com
Alphabet
Apple
Bank Of America Corp
Citigroup
Home Depot The
Facebook
UnitedHealth Group
Goldman Sachs Group The
Holdings represent 21.89% of portfolio
Top 10 holdings as of 03/31/18
Microsoft Corp
Apple
Amazon.Com
Alphabet
Bank Of America Corp
Facebook
Home Depot The
UnitedHealth Group
Citigroup
JPMorgan Chase
Holdings represent 22.00% of portfolio
Top 10 holdings as of 02/28/18
Apple
Microsoft Corp
Alphabet
Amazon.Com
Bank Of America Corp
Facebook
UnitedHealth Group
Home Depot The
Citigroup
Booking Holdings
Holdings represent 22.59% of portfolio
Top 10 holdings as of 01/31/18
Microsoft
Apple
Alphabet
Amazon
Bank of America
Facebook
Home Depot
UnitedHealth Group
Citigroup
Nxp Semiconductors Nv
Holdings represent 22.37% of portfolio

Portfolio composition as of 04/30/18

Common stock 97.10%
Cash and net other assets 2.76%
Convertible preferred stock 0.14%

Equity statistics as of 04/30/18

Median market cap $37.83B
Weighted average market cap $183.00B
Price to book 2.89
Price to earnings 16.10

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 04/30/18

Information technology 23.12%
Financials 14.28%
Health care 13.28%
Consumer discretionary 12.93%
Industrials 9.29%
Consumer staples 7.60%
Energy 7.05%
Utilities 3.65%
Materials 3.56%
 
Other
5.24%
Cash and net other assets 2.76%
Telecommunication services 1.70%
Real estate 0.78%

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

Investment Breakpoint Class A Class B Class C Class M Class R 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 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% -- -- -- --

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.