Effective March 30, 2021, the fund's name changed from Putnam Equity Income Fund.

Active Equities

Large Cap Value Fund (Class Y)  (PEIYX)

A multidimensional approach that defines value on a daily basis

Large Cap Value Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

The fund seeks capital growth and current income.

Strategy and process

  • A relative-value focus The fund focuses on large companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.
  • Dividend growth The fund places a distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.
  • A disciplined process The portfolio managers invest using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $31.22
-0.38% | $-0.12
$31.44
06/04/21
$23.30
10/28/20
(Optional)

Fund facts as of 06/30/21

Total net assets
$16,527.06M
Turnover (fiscal year end)
21%
Dividend frequency (view rate)
Quarterly
Number of holdings
80
Fiscal year-end
November
CUSIP / Fund code
746745405 / 1810
Inception date
10/01/98
Category
Value
Open to new investors
Ticker
PEIYX

Management team

Portfolio Manager
Assistant Portfolio Manager

Literature


The small-cap index changes, but our process stays the same
The makeup of the small-cap growth universe can change dramatically over time, but we focus on what drives stock prices over longer time periods.
Don't overlook international small caps
When focused on diversification one asset class that is often overlooked is non-U.S. small-caps.
Time-as-a-Service, anyone?
The evolution of time-as-a-service illustrates the changing nature of economic moats, competitive advantages that protect a company’s market share.

Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

21.69%

Best 5-year annualized return

(for period ending 06/30/99)


-2.12%

Worst 5-year annualized return

(for period ending 03/31/09)


10.49%

Average 5-year annualized return


  • Total return (%) as of 06/30/21

  • Annual performance as of 06/30/21

Annualized Total return (%) as of 06/30/21

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 42.89% 14.49% 14.50% 12.70%
After sales charge N/A N/A N/A N/A
Russell 1000 Value Index 43.68%12.42%11.87%11.61%

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, 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, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income 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.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 07/31/21 0.77% -
YTD as of 07/31/21 19.44% -

Yield

Distribution rate before sales charge
as of 07/30/21
1.47%
Distribution rate after sales charge
as of 07/30/21
1.47%
30-day SEC yield as of 06/30/21 1.22%

Risk-adjusted performance as of 06/30/21

Alpha (3 yrs.) 2.30
Sharpe ratio (3 yrs.) 0.68
Treynor ratio (3 yrs.) 13.54
Information ratio (3 yrs.) 0.83

Volatility as of 06/30/21

Standard deviation (3 yrs.) 19.55%
Beta 0.98
R-squared 0.98

Capture ratio as of 06/30/21

Up-market (3 yrs.) 101.68
Down-market (3 yrs.) 94.11

Lipper rankings as of 06/30/21

Time period Rank/Funds in category Percentile ranking
1 yr. 154/327 47%
3 yrs. 64/305 21%
5 yrs. 59/288 21%
10 yrs. 40/228 18%
Lipper category: Large-Cap Value Funds

Morningstar Ratings as of 06/30/21

Time period Funds in category Morningstar Rating
Overall 1141
3 yrs. 1141
5 yrs. 1012
10 yrs. 740
Morningstar category: Large Value

Distributions

Record/Ex dividend date 06/08/21
Payable date 06/10/21
Income $0.115
Extra income --
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

Bank of America 3.50%
JPMorgan Chase 3.25%
Microsoft 3.20%
Citigroup 2.87%
Walmart 2.46%
General Motors 2.10%
Regeneron Pharmaceuticals 1.87%
Johnson & Johnson 1.85%
T-Mobile Us 1.80%
AbbVie 1.77%
Top 10 holdings, percent of portfolio 24.67%



Portfolio composition as of 06/30/21

Common stock 94.31%
Cash and net other assets 4.15%
Convertible preferred stock 1.54%

Equity statistics as of 06/30/21

Median market cap $72.46B
Weighted average market cap $199.54B
Price to book 2.54
Price to earnings 15.39

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. 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. 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 06/30/21

Financials 19.35%
Health care 14.81%
Industrials 11.36%
Information technology 9.60%
Consumer discretionary 7.58%
Consumer staples 6.72%
Energy 6.52%
Materials 6.10%
Communication services 5.93%
 
Other
12.03%
Utilities 4.64%
Cash and net other assets 4.15%
Real estate 3.24%

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 R5 Class R6 Class Y
Total expense ratio 0.90% 1.65% 1.65% 1.15% 0.65% 0.55% 0.65%
What you pay 0.90% 1.65% 1.65% 1.15% 0.65% 0.55% 0.65%

Sales charge

Investment Breakpoint Class A Class B Class C Class R Class R5 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 R5 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 1000 Value Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their value orientation. You cannot invest directly in an index.

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. 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. 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.