Investors Fund  (PINVX)

Seeking great companies for investors since 1925

Objective

The fund seeks long-term growth of capital and any increased income that results from this growth.

Strategy and process

  • Style flexibility: The fund invests in stocks of large U.S. companies, with the flexibility to own both growth and value stocks.
  • A disciplined process: The portfolio manager uses a disciplined bottom-up fundamental investment process that focuses on three buckets of idea generation.
  • Research focus: Backed by an Equity Research team, the portfolio manager uses his stock-picking expertise to identify opportunities and manage risk.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $28.26
1.00% | $0.28
$28.26
12/15/17
$23.35
12/30/16
Historical fund price

Fund facts as of 11/30/17

Total net assets
$2,053.92M
Turnover (fiscal year end)
52%
Dividend frequency
Annually
Number of holdings
149
Fiscal year-end
July
CUSIP / Fund code
746809102 / 0001
Inception date
12/01/25
Category
Blend
Open to new investors
Ticker
PINVX

Management team


Portfolio Manager

Portfolio Manager, Analyst


Manager commentary | Q3 2017

Deregulation boosts business confidence

Portfolio Manager Jerry Sullivan said the economy is benefiting from deregulation.


Literature


Market sectors that might lead in 2018
Technology’s strength seems set to continue, but with the prospect of rising rates, financials may also be among the leading market sectors.
Just how cheap are European equities?
Our analysis finds that industry group weightings play a significant role in valuation discrepancies between U.S. and European equities.
What could disturb unprecedented calm in markets?
What’s most remarkable about 2017 is the market calm, but this is not a sign that the trend will revert to the mean.

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.

31.69%

Best 5-year annualized return

(for period ending 12/31/99)


-20.71%

Worst 5-year annualized return

(for period ending 09/30/34)


9.33%

Average 5-year annualized return


  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 22.05% 9.13% 13.98% 6.41%
After sales charge 15.03% 7.00% 12.64% 5.79%
S&P 500 Index 18.61% 10.81% 14.22% 7.44%

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. To obtain the most recent month-end performance, visit putnam.com. Recent performance benefited from a settlement from Household International, a unit of HSBC Holdings Plc. 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 Absolute Return 500 Fund and 700 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 and 300 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 and 300 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, T1, 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. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. 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 11/30/17 2.97 % -2.95 %
YTD as of 12/15/17 22.28 % 15.25 %

Risk-adjusted performance as of 11/30/17

Alpha (3 yrs.) -2.12
Sharpe ratio (3 yrs.) 0.85
Treynor ratio (3 yrs.) 8.60
Information ratio (3 yrs.) -0.67

Volatility as of 11/30/17

Standard deviation (3 yrs.) 10.74%
Beta 1.06
R-squared 0.96

Capture ratio as of 11/30/17

Up-market (3 yrs.) 99.07
Down-market (3 yrs.) 114.64

Lipper rankings as of 11/30/17

Large-Cap Core Funds Percentile ranking Rank/Funds in category
1 yr. 35% 274/794
3 yrs. 52% 361/705
5 yrs. 27% 168/639
10 yrs. 39% 187/486

Morningstar ratings as of 11/30/17

Large Blend Rating Funds in category
Overall (1219)
3 yrs. (1219)
5 yrs. (458)
10 yrs. (797)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income $0.285
Extra income $0.0
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


Top Industry Sectors as of 11/30/17

Information technology 24.74%
Financials 17.50%
Health care 13.26%
Consumer discretionary 13.22%
Industrials 8.78%
Consumer staples 6.54%
Energy 6.02%
Materials 2.86%
Utilities 2.19%
 
Other
4.89%
Real estate 1.95%
Telecommunication services 1.60%
Cash and net other assets 1.34%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.

Top 10 holdings as of 11/30/17

Microsoft Corp 4.28%
Apple 4.17%
JPMorgan Chase 3.12%
Alphabet 2.75%
Bank Of America Corp 2.20%
Citigroup 1.86%
Cisco Systems 1.75%
Johnson & Johnson 1.67%
Goldman Sachs Group The 1.63%
Wal-Mart Stores 1.62%
Top 10 holdings, percent of portfolio 25.05%

Full portfolio holdings as of 09/30/17

MICROSOFT CORP 3.96%
APPLE INC 3.95%
JPMORGAN CHASE & CO 3.42%
BANK OF AMERICA CORP 2.16%
CITIGROUP INC 1.87%
ALPHABET INC-CL C 1.75%
JOHNSON & JOHNSON 1.67%
CISCO SYSTEMS INC 1.64%
GOLDMAN SACHS GROUP INC 1.63%
FACEBOOK INC-A 1.59%
COMCAST CORP-CLASS A 1.52%
AMGEN INC 1.45%
WALGREENS BOOTS ALLIANCE INC 1.39%
WAL-MART STORES INC 1.36%
AT&T INC 1.25%
BOEING CO/THE 1.23%
HOME DEPOT INC 1.15%
AMAZON.COM INC 1.13%
ROYAL DUTCH SHELL-SPON ADR-A 1.11%
MORGAN STANLEY 1.10%
BECTON DICKINSON AND CO 1.01%
PEPSICO INC 1.01%
ALPHABET INC-CL A 0.95%
PFIZER INC 0.95%
APPLIED MATERIALS INC 0.94%
CELGENE CORP 0.94%
LAM RESEARCH CORP 0.92%
DOWDUPONT INC 0.91%
GILEAD SCIENCES INC 0.91%
CONOCOPHILLIPS 0.87%
INTEL CORP 0.85%
SOUTHWEST AIRLINES CO 0.84%
VISA INC-CLASS A SHARES 0.84%
ORACLE CORP 0.82%
BAXTER INTERNATIONAL INC 0.81%
CVS HEALTH CORP 0.80%
AMERIPRISE FINANCIAL INC 0.74%
MCKESSON CORP 0.73%
DELL TECHNOLOGIES INC-CL V 0.72%
EXXON MOBIL CORP 0.72%
LIVE NATION ENTERTAINMENT IN 0.71%
CAPITAL ONE FINANCIAL CORP 0.70%
LOWES COMPANIES INC 0.69%
MASTERCARD INC - A 0.69%
PULTEGROUP INC 0.69%
NORFOLK SOUTHERN CORP 0.68%
NORTHROP GRUMMAN CORP 0.68%
TEXAS INSTRUMENTS INC 0.67%
CATERPILLAR INC 0.65%
CF INDUSTRIES HOLDINGS INC 0.64%
NRG ENERGY INC 0.64%
BEST BUY CO INC 0.62%
FEDEX CORP 0.62%
HUMANA INC 0.61%
INTL BUSINESS MACHINES CORP 0.61%
STATE STREET CORP 0.61%
ANTHEM INC 0.60%
BIOGEN INC 0.60%
COCA-COLA CO/THE 0.60%
FREEPORT-MCMORAN INC 0.60%
LEAR CORP 0.60%
WYNDHAM WORLDWIDE CORP 0.60%
EXELON CORP 0.59%
REGIONS FINANCIAL CORP 0.59%
LINCOLN NATIONAL CORP 0.58%
EASTERLY GOVERNMENT PROPERTI 0.56%
GENERAL MOTORS CO 0.56%
CUMMINS INC 0.55%
DXC TECHNOLOGY CO 0.54%
EXPEDIA INC 0.54%
HP INC 0.54%
PHILIP MORRIS INTERNATIONAL 0.54%
UNITED RENTALS INC 0.54%
VALERO ENERGY CORP 0.54%
HANESBRANDS INC 0.53%
HONEYWELL INTERNATIONAL INC 0.53%
JAZZ PHARMACEUTICALS PLC 0.53%
LAS VEGAS SANDS CORP 0.53%
ROCKWELL AUTOMATION INC 0.53%
HCA HEALTHCARE INC 0.52%
ENTERGY CORP 0.51%
MERCK & CO. INC. 0.51%
ARCHER-DANIELS-MIDLAND CO 0.50%
ENTERPRISE PRODUCTS PARTNERS 0.50%
EXPRESS SCRIPTS HOLDING CO 0.49%
FIRST DATA CORP- CLASS A 0.49%
TARGET CORP 0.49%
VERTEX PHARMACEUTICALS INC 0.49%
ALCOA CORP 0.48%
SUNCOR ENERGY INC 0.48%
AMERICAN INTERNATIONAL GROUP 0.47%
GOODYEAR TIRE & RUBBER CO 0.47%
KKR & CO LP 0.47%
CF CORP FORWARD PURCHASE P/P 144A 0.45%
ROSS STORES INC 0.45%
ARMADA HOFFLER PROPERTIES IN 0.44%
SYNCHRONY FINANCIAL 0.44%
BIOVERATIV INC 0.43%
CHARTER COMMUNICATIONS INC-A 0.42%
MCCORMICK & CO-NON VTG SHRS 0.42%
VERIZON COMMUNICATIONS INC 0.42%
DELIVERY HERO AG 0.40%
PIRELLI & C. SPA 0.40%
RAYTHEON COMPANY 0.40%
THE EURO EUR CALL ACCOUNT 0.40%
CBRE GROUP INC - A 0.39%
ASSURED GUARANTY LTD 0.37%
EASTERLY ACQUISITION CORP 0.37%
GAP INC/THE 0.36%
TPG PACE HOLDINGS CORP 0.36%
BAKER HUGHES A GE CO 0.35%
KRAFT HEINZ CO/THE 0.34%
MICRO FOCUS INTL-SPN ADR 0.34%
ADOBE SYSTEMS INC 0.33%
MARATHON OIL CORP 0.33%
MANPOWERGROUP INC 0.32%
SELECT ENERGY SVCS-A-1 0.32%
UNITED CONTINENTAL HOLDINGS 0.32%
PENN NATIONAL GAMING INC 0.31%
XEROX CORP 0.31%
AMERICAN AIRLINES GROUP INC 0.30%
HANNON ARMSTRONG SUSTAINABLE 0.27%
KENNEDY-WILSON HOLDINGS INC 0.27%
KOMATSU LTD 0.27%
EDISON INTERNATIONAL 0.26%
EOG RESOURCES INC 0.26%
ACTIVISION BLIZZARD INC 0.25%
FEDERAL STREET ACQUISITION 0.25%
INVESCO LTD 0.25%
TOTAL SA-SPON ADR 0.25%
AMERICAN TOWER CORP 05.5000 CV PFD 0.23%
ALIGNVEST ACQUISITION II C-A 0.21%
HYATT HOTELS CORP - CL A 0.21%
PLAYA HOTELS & RESORTS NV 0.21%
PLAINS GP HOLDINGS LP-CL A 0.20%
BECTON DICKINSON AND CO 06.1250 CV PFD 0.17%
KIMBELL ROYALTY PARTNERS LP 0.17%
NCR CORPORATION 0.17%
CAPITOL INVESTMENT CORP IV 0.16%
DISH NETWORK CORP-A 0.15%
CISION LTD 0.12%
GORES HOLDINGS II INC 0.12%
FORTERRA INC 0.09%
EASTERLY ACQ CORP - CW20 0.02%
GLOBAL FASHION GRP P/P 0.02%
ALIGNVEST ACQUISITION - CW 0.01%
CISION LTD - CW22 0.01%
FABFURNISH GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%

Prior top 10 holdings

Top 10 holdings as of 11/30/17
Microsoft Corp
Apple
JPMorgan Chase
Alphabet
Bank Of America Corp
Citigroup
Cisco Systems
Johnson & Johnson
Goldman Sachs Group The
Wal-Mart Stores
Holdings represent 25.05% of portfolio
Top 10 holdings as of 10/31/17
Microsoft Corp
Apple
JPMorgan Chase
Alphabet
Bank Of America Corp
Citigroup
Johnson & Johnson
Facebook
Cisco Systems
Goldman Sachs Group The
Holdings represent 25.42% of portfolio
Top 10 holdings as of 09/30/17
Microsoft Corp
Apple
JPMorgan Chase
Alphabet
Bank Of America Corp
Citigroup
Johnson & Johnson
Cisco Systems
Goldman Sachs Group The
Facebook
Holdings represent 24.59% of portfolio
Top 10 holdings as of 08/31/17
Apple
Microsoft Corp
JPMorgan Chase
Alphabet
Bank Of America Corp
Johnson & Johnson
Citigroup
Comcast Corp
Facebook
Cisco Systems
Holdings represent 25.11% of portfolio

Portfolio composition as of 11/30/17

Common stock 98.24%
Cash and net other assets 1.34%
Convertible preferred stock 0.42%

Equity statistics as of 11/30/17

Median market cap $35.76B
Weighted average market cap $194.17B
Price to book 2.77
Price to earnings 16.52

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.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.04% 1.79% 1.79% 1.54% 1.29% 0.65% 0.79%
What you pay 1.04% 1.79% 1.79% 1.54% 1.29% 0.65% 0.79%

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. 0.00% 5.00% 1.00% -- -- -- --
2 yrs. -- 4.00% 0.00% -- -- -- --
3 yrs. -- 3.00% 0.00% -- -- -- --
4 yrs. -- 3.00% 0.00% -- -- -- --
5 yrs. -- 2.00% 0.00% -- -- -- --
6 yrs. -- 1.00% 0.00% -- -- -- --
7+ yrs. -- 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.