Research Fund (Class Y)  (PURYX)

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

Research Fund received an  Overall Morningstar Rating  of  

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 $36.34
-0.60% | $-0.22
$36.66
08/29/18
$31.74
09/26/17
Historical fund price

Fund facts as of 08/31/18

Total net assets
$325.73M
Turnover (fiscal year end)
97%
Dividend frequency
Annually
Number of holdings
144
Fiscal year-end
July
CUSIP / Fund code
746802487 / 1849
Inception date
04/04/00
Category
Blend
Open to new investors
Ticker
PURYX

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 06/30/18

  • Annual performance as of 06/30/18

Annualized Total return (%) as of 06/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 14.33% 10.83% 13.56% 10.63%
After sales charge N/A N/A N/A N/A
S&P 500 Index 14.37% 11.93% 13.42% 10.17%

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 (2.25% and 0.75% for Putnam Short Duration Bond Fund and 1.00% and 0.75% for Putnam Floating Rate Income 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 Short Duration Bond 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 08/31/18 2.10 % -
YTD as of 09/17/18 8.87 % -

Risk-adjusted performance as of 08/31/18

Alpha (3 yrs.) -1.21
Sharpe ratio (3 yrs.) 1.49
Treynor ratio (3 yrs.) 14.21
Information ratio (3 yrs.) -0.54

Volatility as of 08/31/18

Standard deviation (3 yrs.) 9.58%
Beta 1.01
R-squared 0.95

Capture ratio as of 08/31/18

Up-market (3 yrs.) 98.62
Down-market (3 yrs.) 111.74

Lipper rankings as of 08/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 385/751 52%
3 yrs. 207/649 32%
5 yrs. 116/595 20%
10 yrs. 55/458 12%
Lipper category: Large-Cap Core Funds

Morningstar Ratings as of 08/31/18

Time period Funds in category Morningstar Rating
Overall 1184
3 yrs. 1184
5 yrs. 1059
10 yrs. 784
Morningstar category: Large Blend

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 08/31/18

Apple 3.46%
Microsoft Corp 3.39%
Amazon.Com 3.36%
Alphabet 3.33%
Bank Of America Corp 2.37%
Visa 1.93%
Facebook 1.89%
Citigroup 1.80%
Home Depot The 1.69%
Qualcomm 1.67%
Top 10 holdings, percent of portfolio 24.89%

Full portfolio holdings as of 06/30/18

MICROSOFT CORP 3.12%
ALPHABET INC-CL A 3.00%
AMAZON.COM INC 2.97%
APPLE INC 2.95%
BANK OF AMERICA CORP 2.47%
FACEBOOK INC-A 2.19%
VISA INC-CLASS A SHARES 1.83%
HOME DEPOT INC 1.72%
CITIGROUP INC 1.70%
COCA-COLA CO/THE 1.50%
HONEYWELL INTERNATIONAL INC 1.44%
QUALCOMM INC 1.43%
ACTIVISION BLIZZARD INC 1.36%
DANAHER CORP 1.25%
DOWDUPONT INC 1.24%
GOLDMAN SACHS GROUP INC 1.21%
KKR & CO LP 1.20%
JPMORGAN CHASE & CO 1.19%
BECTON DICKINSON AND CO 1.18%
AT&T INC 1.15%
UNITEDHEALTH GROUP INC 1.15%
EMERSON ELECTRIC CO 1.12%
BP PLC 1.10%
VERIZON COMMUNICATIONS INC 1.08%
BOEING CO/THE 1.07%
DXC TECHNOLOGY CO 1.07%
GENERAL MOTORS CO 1.06%
PRUDENTIAL PLC 1.04%
GILEAD SCIENCES INC 1.01%
MERCK & CO. INC. 0.98%
PROCTER & GAMBLE CO/THE 0.97%
EXXON MOBIL CORP 0.95%
E*TRADE FINANCIAL CORPORATION 0.94%
APPLIED MATERIALS INC 0.92%
KINDER MORGAN INC 0.90%
TOTAL SA 0.86%
PEPSICO INC 0.85%
RAYTHEON COMPANY 0.84%
FORTIVE CORP 0.83%
BOOKING HOLDINGS INC 0.82%
ON SEMICONDUCTOR CORP 0.82%
NORFOLK SOUTHERN CORP 0.79%
ROPER TECHNOLOGIES INC 0.79%
AMERICAN ELECTRIC POWER 0.77%
BLACKROCK INC 0.77%
CENOVUS ENERGY INC 0.77%
BRISTOL-MYERS SQUIBB CO 0.75%
JOHNSON & JOHNSON 0.74%
CIGNA CORP 0.73%
SHERWIN-WILLIAMS CO/THE 0.73%
BOSTON SCIENTIFIC CORP 0.69%
TEXTRON INC 0.69%
ASSURED GUARANTY LTD 0.68%
CHARTER COMMUNICATIONS INC-A 0.66%
EXELON CORP 0.66%
WASTE CONNECTIONS INC 0.66%
TEXAS INSTRUMENTS INC 0.64%
WALMART INC 0.64%
COSTCO WHOLESALE CORP 0.62%
ORACLE CORP 0.61%
NCSOFT CORP 0.60%
PFIZER INC 0.60%
MCCORMICK & CO-NON VTG SHRS 0.58%
RAYMOND JAMES FINANCIAL INC 0.57%
NRG ENERGY INC 0.56%
AMGEN INC 0.55%
INTEL CORP 0.55%
HILTON WORLDWIDE HOLDINGS IN 0.53%
NEXTERA ENERGY INC 0.53%
SALESFORCE.COM INC 0.53%
VERTEX PHARMACEUTICALS INC 0.53%
ALEXION PHARMACEUTICALS INC 0.52%
COMCAST CORP-CLASS A 0.52%
TJX COMPANIES INC 0.52%
AMERICAN INTERNATIONAL GROUP 0.50%
FMC CORP 0.49%
POUND STERLING CALL ACCOUNT 0.49%
CHUBB LTD 0.48%
TENCENT HOLDINGS LTD 0.48%
KELLOGG CO 0.47%
NETEASE INC-ADR 0.47%
INTERCONTINENTAL EXCHANGE IN 0.45%
YELLOW CAKE PLC 144A 0.45%
CHIPOTLE MEXICAN GRILL INC 0.44%
CONOCOPHILLIPS 0.43%
GAMING AND LEISURE PROPERTIE 0.43%
JAZZ PHARMACEUTICALS PLC 0.43%
ALIBABA GROUP HOLDING-SP ADR 0.42%
BAXTER INTERNATIONAL INC 0.42%
INTUITIVE SURGICAL INC 0.42%
NXP SEMICONDUCTORS NV 0.41%
ANADARKO PETROLEUM CORP 0.40%
DOVER CORP 0.40%
WYNN RESORTS LTD 0.40%
YUM CHINA HOLDINGS INC 0.40%
CAIRN ENERGY PLC 0.39%
FIDELITY NATIONAL INFO SERV 0.39%
KROGER CO 0.39%
WALGREENS BOOTS ALLIANCE INC 0.39%
AMERICAN TOWER CORP 0.37%
DISH NETWORK CORP-A 0.37%
DOMINION ENERGY INC 0.36%
NOBLE ENERGY INC 0.35%
EVERBRIDGE INC 0.34%
DUKE ENERGY CORP 0.33%
METTLER-TOLEDO INTERNATIONAL 0.33%
O'REILLY AUTOMOTIVE INC 0.33%
SEVEN GENERATIONS ENERGY - A 0.32%
CHURCH & DWIGHT CO INC 0.29%
NIKE INC -CL B 0.29%
BALL CORP 0.28%
DEERE & CO 0.28%
ADVANCE AUTO PARTS 0.27%
GODADDY INC - CLASS A 0.27%
INVESCO LTD 0.27%
SUMMIT MATERIALS INC -CL A 0.27%
MCKESSON CORP 0.25%
WALT DISNEY CO/THE 0.25%
ALCOA CORP 0.23%
BJ'S WHOLESALE CLUB HOLDINGS 0.23%
INVESTMENT TECHNOLOGY GROUP 0.23%
RESTAURANT BRANDS INTERN 0.23%
BIOGEN INC 0.21%
BURLINGTON STORES INC 0.21%
DENTSPLY SIRONA INC 0.20%
CONSTELLATION BRANDS INC-A 0.18%
AMEREN CORPORATION 0.17%
EDISON INTERNATIONAL 0.17%
KRAFT HEINZ CO/THE 0.15%
COOPER COS INC/THE 0.13%
SMITH (A.O.) CORP 0.12%
W.R. GRACE & CO 0.12%
ECOLAB INC 0.09%
P G & E CORP 0.06%
OPORTUN FIN CORP P/P SERIES H PFD 0.05%
RU20INTR P USL1M R 12/15/20 GS 0.05%
ARCHER-DANIELS-MIDLAND CO 0.04%
PPG INDUSTRIES INC 0.04%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN F-1 PFD CV P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
KION GROUP AG 0.02%
EUR/USD 09/19/2018 BANKAM 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
CAD/USD 07/18/2018 BANKAM 0.00%
CAD/USD 07/18/2018 BCAP-FX 0.00%
CAD/USD 07/18/2018 GSFX 0.00%
CAD/USD 07/18/2018 JPMCB 0.00%
CAD/USD 07/18/2018 SSBT 0.00%
EUR/USD 09/19/2018 GSFX 0.00%
GBP/USD 09/19/2018 BCAP-FX 0.00%
GBP/USD 09/19/2018 GSFX 0.00%
ILS/USD 07/18/2018 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%
GBP/USD 09/19/2018 BANKAM -0.01%
S&P500 EMINI FUT SEP18 ESU8 -0.01%
EUR/USD 09/19/2018 CITI -0.02%
CANADIAN DOLLAR ACCOUNT -0.15%
THE EURO EUR CALL ACCOUNT -0.32%

Prior top 10 holdings

Top 10 holdings as of 08/31/18
Apple
Microsoft Corp
Amazon.Com
Alphabet
Bank Of America Corp
Visa
Facebook
Citigroup
Home Depot The
Qualcomm
Holdings represent 24.89% of portfolio
Top 10 holdings as of 07/31/18
Alphabet
Microsoft Corp
Amazon.Com
Apple
Bank Of America Corp
Facebook
Citigroup
Visa
Home Depot The
Bp
Holdings represent 23.81% of portfolio
Top 10 holdings as of 06/30/18
Microsoft Corp
Alphabet
Amazon.Com
Apple
Bank Of America Corp
Facebook
Visa
Home Depot The
Citigroup
Coca-Cola The
Holdings represent 23.45% of portfolio
Top 10 holdings as of 05/31/18
Microsoft Corp
Apple
Alphabet
Amazon.Com
Bank Of America Corp
Facebook
Visa
Citigroup
Home Depot The
Coca-Cola The
Holdings represent 23.19% of portfolio

Portfolio composition as of 08/31/18

Common stock 97.98%
Cash and net other assets 1.89%
Convertible preferred stock 0.13%

Equity statistics as of 08/31/18

Median market cap $42.25B
Weighted average market cap $233.10B
Price to book 3.10
Price to earnings 16.78

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 08/31/18

Information technology 25.02%
Financials 14.03%
Health care 13.91%
Consumer discretionary 12.83%
Industrials 9.69%
Consumer staples 6.78%
Energy 5.78%
Utilities 3.61%
Materials 3.48%
 
Other
4.87%
Telecommunication services 2.20%
Cash and net other assets 1.89%
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.