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. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, Strategic Intermediate Municipal Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects 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 by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are 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 R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be 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. Had these limits not been in place, performance would be lower.
Active Equities
Small Cap Value Fund (Class Y) (PYSVX)
Pursuing capital appreciation through undervalued small companies
Small caps may broaden value opportunities in a portfolio
Portfolio Manager Michael Petro, CFA, explains how small-cap value stocks can complement large caps and broaden a value portfolio.
Highlights
Objective
The fund seeks capital appreciation.
Strategy and process
- Small companiesOften overlooked by Wall Street analysts, the stocks of small companies can be attractive opportunities.
- Active value strategyThe strategy seeks undervalued companies with improving fundamentals or catalysts that may unlock potential.
- Rigorous researchThe portfolio manager collaborates with strategy and sector analysts, combining the benefits of a focused boutique with the extensive resources of a global firm.
Fund price and assets |
Prior close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$14.08
-8.21% | $-1.26 |
$17.43
03/29/22 |
$13.56
09/30/22 |
Download CSV |
Fund facts as of 11/30/22
$293.73M
60%
Annually
107
February
746802289 / 1853
01/03/01
Value
PYSVX
Literature
Fund documents |
| Prospectuses/SAI |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (YA share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
| White Paper: Integrated Insights (PDF) |
Attention shoppers! Consumer stocks and other holiday bargains
Members of Putnam's equity team offer insights and outlook on the consumer sector.ESG: Hearing the signal above the noise
In our view, the best opportunities lie not at the extremes of ESG rhetoric, but at the heart of sustainability substance.Look beyond dividends for income from value investing
To build a value investment strategy, consider dividends in the context of overall income.Performance
Total return (%) as of 09/30/22
Annual performance as of 09/30/22
Annualized Total return (%) as of 09/30/22
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -15.58% | 8.49% | 3.72% | 8.66% |
| After sales charge | N/A | N/A | N/A | N/A |
| Russell 2000 Value Index | -17.69% | 4.72% | 2.87% | 7.94% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 11/30/22 | 0.71% | - | |
| YTD as of 12/06/22 or prior close | -10.11% | - | |
Risk-adjusted performance as of 10/31/22
| Alpha (3 yrs.) | 4.16 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.41 |
| Treynor ratio (3 yrs.) | 11.26 |
| Information ratio (3 yrs.) | 0.84 |
Volatility as of 10/31/22
| Standard deviation (3 yrs.) | 30.64% |
|---|---|
| Beta | 1.12 |
| R-squared | 0.97 |
Capture ratio as of 10/31/22
| Up-market (3 yrs.) | 115.64 |
|---|---|
| Down-market (3 yrs.) | 104.31 |
Lipper rankings as of 10/31/22
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 73/170 | 43% |
| 3 yrs. | 29/158 | 19% |
| 5 yrs. | 35/145 | 24% |
| 10 yrs. | 24/114 | 21% |
Morningstar Ratings™ as of 10/31/22
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 450 | |
| 3 yrs. | 450 | |
| 5 yrs. | 420 | |
| 10 yrs. | 317 |
Distributions
| Record/Ex dividend date | 12/06/22 |
|---|---|
| Payable date | 12/08/22 |
| Income | $0.079 |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | $1.023 |
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
| Aviat Networks | 1.55% |
|---|---|
| Chart Industries | 1.46% |
| Icf International | 1.45% |
| Brookdale Senior Living | 1.43% |
| Ladder Capital Corp | 1.42% |
| Oriental Finl Group Com | 1.37% |
| Bancorp The | 1.33% |
| Bank Of Nt Butterfield Son The | 1.31% |
| V2x | 1.31% |
| Ameris Bancorp | 1.27% |
| Top 10 holdings, percent of portfolio | 13.89% |
| Top 10 holdings as of 10/31/22 | |
|---|---|
| Aviat Networks | |
| Chart Industries | |
| Icf International | |
| Brookdale Senior Living | |
| Ladder Capital Corp | |
| Oriental Finl Group Com | |
| Bancorp The | |
| Bank Of Nt Butterfield Son The | |
| V2x | |
| Ameris Bancorp | |
| Holdings represent 13.89% of portfolio | |
| Top 10 holdings as of 09/30/22 | |
|---|---|
| Brookdale Senior Living | |
| Icf International | |
| Aviat Networks | |
| Scorpio Tankers | |
| Oriental Finl Group Com | |
| Bank Of Nt Butterfield Son The | |
| Titan Machinery | |
| Chart Industries | |
| Ladder Capital Corp | |
| Ameris Bancorp | |
| Holdings represent 14.37% of portfolio | |
| Top 10 holdings as of 08/31/22 | |
|---|---|
| Brookdale Senior Living | |
| Aviat Networks | |
| Scorpio Tankers | |
| Ladder Capital Corp | |
| Edgio | |
| Custom Truck One Source | |
| Titan Machinery | |
| Rlj Lodging Trust | |
| Chart Industries | |
| Bank Of Nt Butterfield Son The | |
| Holdings represent 13.87% of portfolio | |
| Top 10 holdings as of 07/31/22 | |
|---|---|
| Brookdale Senior Living | |
| Universal Technical Institute | |
| Scorpio Tankers | |
| Chart Industries | |
| Custom Truck One Source | |
| Rlj Lodging Trust | |
| Aviat Networks | |
| Ladder Capital Corp | |
| Bank Of Nt Butterfield Son The | |
| Acadia Healthcare | |
| Holdings represent 13.30% of portfolio | |
Portfolio composition as of 10/31/22
| Common stock | 99.10% |
|---|---|
| Cash and net other assets | 0.90% |
Equity statistics as of 10/31/22
| Median market cap | $1.35B |
|---|---|
| Weighted average market cap | $2.14B |
| Price to book | 1.50 |
| Price to earnings | 14.20 |
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. Value stocks may fail to rebound, and the market may not favor value-style investing.
The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Top industry sectors as of 10/31/22
| Financials | 28.10% |
|---|---|
| Industrials | 18.22% |
| Health care | 9.85% |
| Consumer discretionary | 9.80% |
| Information technology | 8.98% |
| Energy | 7.02% |
| Real estate | 6.67% |
| Materials | 4.82% |
| Consumer staples | 2.87% |
| Other | 3.67% |
0
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 R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.15% | 1.90% | 1.90% | 1.40% | 0.76% | 0.90% |
| What you pay | 1.15% | 1.90% | 1.90% | 1.40% | 0.76% | 0.90% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% | 0.00% | 0.00% | -- | -- | -- |
| $50,000-$99,999 | 4.50% | 0.00% | 0.00% | -- | -- | -- |
| $100,000-$249,999 | 3.50% | -- | 0.00% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | -- | -- | -- |
| $500,000-$999,999 | 2.00% | -- | 0.00% | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $1,000,000+) | Class B | Class C | Class 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 Russell 2000® Value Index is an unmanaged index of those companies in the small-cap Russell 2000® Index chosen for their value orientation. 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. Value stocks may fail to rebound, and the market may not favor value-style investing.
The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.