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 Floating Rate Income Fund, Short-Term Municipal Income Fund, Short Duration Bond Fund, and Strategic Intermediate Municipal 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 Floating Rate Income Fund and Short Duration Bond 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 - Tax-Free High Yield Fund and 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 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 Sustainable Retirement 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 Sustainable Retirement 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)
Identifying undiscovered earnings potential
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
- Uncovering the potential to expand earningsTakes a multipronged approach by applying fundamental, quantitative, and technical analysis to generate ideas and identify unique opportunities
- Companies poised for revaluationApplies bottom-up research process that considers valuation, catalyst, and quality indicators, with the goal of finding companies poised for revaluation
- Stock selection drives returnsSeeks to maximize stock-specific risk and minimize unintended factor risk through an active portfolio construction discipline
Fund price and assets |
Prior close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$13.13
-0.68% | $-0.09 |
$16.47
06/07/22 |
$12.73
05/04/23 |
Download CSV |
Fund facts as of 04/30/23
$238.73M
72%
Annually
97
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) |
Economic moats | Active investors seek wider moats
Economic moats, also called business moats, are competitive advantages that help a company maintain long-term profits and market share over competitors.You must be present to win: The outlook for large-cap growth stocks
Large-cap growth stocks delivered solid returns in the early months of 2023, and we remain optimistic about their prospects.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.Performance
Total return (%) as of 03/31/23
Annual performance as of 03/31/23
Annualized Total return (%) as of 03/31/23
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -14.54% | 28.01% | 5.35% | 7.72% |
| After sales charge | N/A | N/A | N/A | N/A |
| Russell 2000 Value Index | -12.96% | 21.01% | 4.55% | 7.22% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 04/30/23 | -2.08% | - | |
| YTD as of 05/30/23 or prior close | -3.53% | - | |
Risk-adjusted performance as of 04/30/23
| Alpha (3 yrs.) | 5.13 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.86 |
| Treynor ratio (3 yrs.) | 19.31 |
| Information ratio (3 yrs.) | 1.07 |
Volatility as of 04/30/23
| Standard deviation (3 yrs.) | 23.61% |
|---|---|
| Beta | 1.05 |
| R-squared | 0.95 |
Capture ratio as of 04/30/23
| Up-market (3 yrs.) | 109.31 |
|---|---|
| Down-market (3 yrs.) | 94.02 |
Lipper rankings as of 04/30/23
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 153/168 | 91% |
| 3 yrs. | 51/149 | 34% |
| 5 yrs. | 77/141 | 55% |
| 10 yrs. | 43/105 | 41% |
Morningstar Ratings™ as of 04/30/23
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 449 | |
| 3 yrs. | 449 | |
| 5 yrs. | 425 | |
| 10 yrs. | 324 |
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.
Morningstar Ratings for the specific share classes only; other classes may have different performance characteristics.
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 3-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 Morningstar Rating does not include any adjustment for sales loads. 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 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods.
Some of Morningstar's proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating that is based, in part, on adjusted historical (or "pre-inception") returns for periods prior to the inception of the share class of the fund shown herein ("Report Share Class").
The extended performance is calculated by creating a performance stream consisting of the Report Share Class and older share class(s). Morningstar adjusts the historical total returns of the older share class(es) of a fund to reflect higher expenses in the Report Share Class. Morningstar does not hypothetically adjust returns upwards for lower expenses.
The extended performance Morningstar Risk-Adjusted Return is then calculated for 3-, 5-, and 10-year time periods and used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share open-end funds will be either based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.
While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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 | 1.94% |
|---|---|
| Api Group Corp | 1.78% |
| Bancorp The | 1.72% |
| Immunogen | 1.60% |
| Oriental Finl Group Com | 1.59% |
| Vontier Corp | 1.57% |
| V2x | 1.50% |
| Graphic Packaging Holding | 1.50% |
| Brookdale Senior Living | 1.49% |
| Radnet | 1.45% |
| Top 10 holdings, percent of portfolio | 16.14% |
| Top 10 holdings as of 04/30/23 | |
|---|---|
| Aviat Networks | |
| Api Group Corp | |
| Bancorp The | |
| Immunogen | |
| Oriental Finl Group Com | |
| Vontier Corp | |
| V2x | |
| Graphic Packaging Holding | |
| Brookdale Senior Living | |
| Radnet | |
| Holdings represent 16.14% of portfolio | |
| Top 10 holdings as of 03/31/23 | |
|---|---|
| Aviat Networks | |
| Api Group Corp | |
| Ribbon Communications | |
| Vontier Corp | |
| Celestica | |
| Diamond Offshore Drilling | |
| Graphic Packaging Holding | |
| Rithm Capital Corp | |
| Bancorp The | |
| Oriental Finl Group Com | |
| Holdings represent 15.43% of portfolio | |
| Top 10 holdings as of 02/28/23 | |
|---|---|
| Aviat Networks | |
| Api Group Corp | |
| Oriental Finl Group Com | |
| Ribbon Communications | |
| V2x | |
| Vontier Corp | |
| Bancorp The | |
| Rithm Capital Corp | |
| Ibex Holdings | |
| Ladder Capital Corp | |
| Holdings represent 15.61% of portfolio | |
| Top 10 holdings as of 01/31/23 | |
|---|---|
| Aviat Networks | |
| Api Group Corp | |
| Mrc Global | |
| Ladder Capital Corp | |
| Oriental Finl Group Com | |
| Rithm Capital Corp | |
| Walker Dunlop | |
| V2x | |
| Ibex Holdings | |
| Bancorp The | |
| Holdings represent 15.35% of portfolio | |
Portfolio composition as of 04/30/23
| Common stock | 99.65% |
|---|---|
| Cash and net other assets | 0.35% |
Equity statistics as of 04/30/23
| Median market cap | $1.35B |
|---|---|
| Weighted average market cap | $2.39B |
| Price to book | 1.36 |
| Price to earnings | 12.95 |
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.
Sector weightings as of 04/30/23
| Financials | 22.82% |
|---|---|
| Industrials | 22.36% |
| Consumer discretionary | 11.28% |
| Health care | 11.22% |
| Information technology | 7.22% |
| Energy | 6.86% |
| Real estate | 5.51% |
| Materials | 5.08% |
| Utilities | 3.74% |
| Other | 3.90% |
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.