Always Inspired. Always Active.

Capital Spectrum Fund (Class A)  (PVSAX)

Investing in total return opportunities across the capital spectrum

Highlights

Objective

The fund seeks total return.

Strategy and process

  • Broad flexibility: The portfolio managers can select the most attractive securities across a company's capital structure.
  • Unconventional approach: The fund can hold large positions in high-conviction ideas, but may also short sell securities and maintain a significant cash position.
  • Veteran manager: With 30 years of experience, David Glancy has managed mutual funds and a hedge fund while building expertise across a wide range of security types.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $29.45
0.03% | $0.01
$34.82
08/09/18
$25.08
12/24/18
Historical fund price

Fund facts as of 03/31/19

Total net assets
$810.08M
Turnover (fiscal year end)
2%
Dividend frequency
Annually
Number of holdings
69
Fiscal year-end
April
CUSIP / Fund code
74676P102 / 0072
Inception date
05/18/09
Category
Blend
Open to new investors
Ticker
PVSAX

Management team

Portfolio Manager
Portfolio Manager, Analyst



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.

24.25%

Best 5-year annualized return

(for period ending 06/30/14)


-3.66%

Worst 5-year annualized return

(for period ending 12/31/18)


11.18%

Average 5-year annualized return


  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

Annualized Total return (%) as of 03/31/19

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 05/18/09 )
Before sales charge -12.59% -1.58% -2.46% 10.05%
After sales charge -17.62% -3.51% -3.61% 9.39%
50% S&P 500/50% JP Morgan Developed High Yld Index 7.82%11.42%7.98%--

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, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining to 1% in the fourth 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, N, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. 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 and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense 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 03/31/19 0.03% -5.72%
YTD as of 04/18/19 12.97% 6.47%

Risk-adjusted performance as of 03/31/19

Alpha (3 yrs.) -19.43
Sharpe ratio (3 yrs.) -0.20
Treynor ratio (3 yrs.) -1.67
Information ratio (3 yrs.) -1.52

Volatility as of 03/31/19

Standard deviation (3 yrs.) 13.46%
Beta 1.63
R-squared 0.70

Capture ratio as of 03/31/19

Up-market (3 yrs.) 50.00
Down-market (3 yrs.) 192.53

Morningstar Ratings as of 03/31/19

Time period Funds in category Morningstar Rating
Overall 326
3 yrs. 326
5 yrs. 285
Morningstar category: Allocation--70% to 85% Equity

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 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 03/31/19

DISH Network 15.27%
Jazz Pharmaceuticals 12.51%
Echostar Corp 8.96%
Uber Technologies 7.34%
Pioneer Natural Resources 4.43%
Wr Grace 4.03%
Market Vectors Gold Miners Etf 3.99%
Us Treasury 3.80%
Amazon 2.37%
Alphabet 2.13%
Top 10 holdings, percent of portfolio 64.83%

Full portfolio holdings as of 12/31/18

DISH NETWORK CORP-A 19.29%
JAZZ PHARMACEUTICALS PLC 19.13%
ECHOSTAR CORP-A 11.41%
UBER TECH INC P/P CV PFD 6.56%
W.R. GRACE & CO 6.48%
PIONEER NAT RES CO 4.98%
VANECK VECTORS GOLD MINERS E 4.38%
ALTISOURCE PORTFOLIO SOL 1.86%
US TREASURY N/B 02.8750 11/30/2023 1.13%
US TREASURY N/B 02.7500 11/30/2020 1.11%
MEDICINES COMPANY 0.76%
ALTISOURCE ASSET MAN P/P 00.0000 CV PFD 0.70%
EMERSON ELECTRIC CO 0.62%
CSX CORP 0.61%
ALPHABET INC-CL C 0.54%
LIGADO NETWORKS LLC 16.625% SR EXCH SER A-2 PFD 0.53%
MERCK & CO. INC. 0.49%
CISCO SYSTEMS INC 0.45%
GLOBAL FASHION GRP P/P 0.42%
ROPER TECHNOLOGIES INC 0.39%
INTELSAT SA 0.34%
MICRON TECHNOLOGY INC 0.32%
SPDR S&P OIL & GAS EXP & PR 0.32%
ISHARES MSCI EMERGING MARKET 0.30%
QUALCOMM INC 0.28%
LENNAR CORP-A 0.26%
KINDER MORGAN INC 0.25%
MATERIALS SELECT SECTOR SPDR 0.25%
FORTIVE CORP 0.24%
HONEYWELL INTERNATIONAL INC 0.24%
JPMORGAN CHASE & CO 0.24%
AMERICAN INTERNATIONAL GROUP 0.23%
BALL CORP 04.3750 12/15/2020 0.23%
SEVEN GENERATIONS ENERGY - A 0.23%
CENOVUS ENERGY INC 0.22%
FREEPORT-MCMORAN INC 03.1000 03/15/2020 0.22%
HCA INC 04.2500 10/15/2019 0.22%
ESTEE LAUDER COMPANIES-CL A 0.21%
PROCTER & GAMBLE CO/THE 0.21%
COCA-COLA CO/THE 0.20%
COLGATE-PALMOLIVE CO 0.20%
PHILIP MORRIS INTERNATIONAL 0.20%
NU SKIN ENTERPRISES INC - A 0.11%
TUPPERWARE BRANDS CORP 0.10%
VANECK VECTORS OIL SERVICES 0.10%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
ROLLINS INC -0.21%

Prior top 10 holdings

Top 10 holdings as of 03/31/19
DISH Network
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Pioneer Natural Resources
Wr Grace
Market Vectors Gold Miners Etf
Us Treasury
Amazon
Alphabet
Holdings represent 64.83% of portfolio
Top 10 holdings as of 02/28/19
DISH Network
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Wr Grace
Pioneer Natural Resources
Market Vectors Gold Miners Etf
Us Treasury
FNMA
Amazon.Com
Holdings represent 65.14% of portfolio
Top 10 holdings as of 01/31/19
DISH Network
Echostar Corp
Jazz Pharmaceuticals
Uber Technologies
Wr Grace
Pioneer Natural Resources
Market Vectors Gold Miners
Us Treasury
Amazon.Com
Altisource Portfolio Solutions
Holdings represent 64.78% of portfolio
Top 10 holdings as of 12/31/18
DISH Network
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Wr Grace
Pioneer Natural Resources
Market Vectors Gold Miners
Altisource Portfolio Solutions
Medicines Comp
Altisource Asset Management Corp
Holdings represent 75.55% of portfolio

Portfolio composition as of 03/31/19

Common stock 71.45%
Cash and net other assets 9.10%
Convertible preferred stock 8.05%
U.S. Treasury/agency 3.80%
Mortgage securities 3.68%
High-yield corporate bonds 2.56%
Preferred stock 0.60%
Investment-grade corporate bonds 0.51%
International Treasury/agency 0.26%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of securities in the fund's portfolio may fall or fail to rise over extended periods of time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry, or sector and, in the case of bonds, perceptions about the risk of default and expectations about changes in monetary policy or interest rates. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings, particularly for larger investments. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. The fund will be more susceptible to these risks than other funds because it may concentrate its investments in a limited number of issuers and currently focuses its investments in particular sectors. Because the fund currently invests significantly in the communications services and health-care sectors, the fund may perform poorly as a result of adverse developments affecting those companies or sectors. The fund may focus its investments in other sectors in the future, in which case it would be exposed to risks relating to those sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. The fund's investments in leveraged companies and the fund's non-diversified status, which means the fund may invest a greater percentage of its assets in fewer issuers than a "diversified fund," and the fund's use of short selling can increase the risks of investing in the fund. Furthermore, the fund has the flexibility to focus its investments in particular types of securities. From time to time, the fund may, without limit, emphasize investments in a particular type of security (i.e., in particular part of the capital structure) at various points during a credit cycle. This may mean that the fund may invest only modestly, or not at all, in fixed-income or equity securities at any given time. The risks associated with bond investments include interest rate risk, which means the prices of the fund's investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Mortgage- and other asset-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top industry sectors as of 03/31/19

Communication services 18.78%
Health care 15.90%
Information technology 12.29%
Consumer discretionary 10.42%
Materials 10.15%
Cash and net other assets 9.11%
Unclassified 7.48%
Energy 6.96%
Financials 2.72%
 
Other
6.19%
Industrials 2.32%
Real estate 2.01%
Consumer staples 1.86%

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 Y
Total expense ratio 0.66% 1.41% 1.41% 1.16% 0.91% 0.41%
What you pay 0.66% 1.41% 1.41% 1.16% 0.91% 0.41%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R 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 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. The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index.

Consider these risks before investing: The value of securities in the fund's portfolio may fall or fail to rise over extended periods of time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry, or sector and, in the case of bonds, perceptions about the risk of default and expectations about changes in monetary policy or interest rates. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings, particularly for larger investments. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. The fund will be more susceptible to these risks than other funds because it may concentrate its investments in a limited number of issuers and currently focuses its investments in particular sectors. Because the fund currently invests significantly in the communications services and health-care sectors, the fund may perform poorly as a result of adverse developments affecting those companies or sectors. The fund may focus its investments in other sectors in the future, in which case it would be exposed to risks relating to those sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. The fund's investments in leveraged companies and the fund's non-diversified status, which means the fund may invest a greater percentage of its assets in fewer issuers than a "diversified fund," and the fund's use of short selling can increase the risks of investing in the fund. Furthermore, the fund has the flexibility to focus its investments in particular types of securities. From time to time, the fund may, without limit, emphasize investments in a particular type of security (i.e., in particular part of the capital structure) at various points during a credit cycle. This may mean that the fund may invest only modestly, or not at all, in fixed-income or equity securities at any given time. The risks associated with bond investments include interest rate risk, which means the prices of the fund's investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Mortgage- and other asset-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.