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 $30.86
0.36% | $0.11
$34.82
08/09/18
$25.08
12/24/18
Historical fund price

Fund facts as of 06/30/19

Total net assets
$752.42M
Turnover (fiscal year end)
35%
Dividend frequency
Annually
Number of holdings
70
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)


10.56%

Average 5-year annualized return


  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -7.18% 0.04% -1.74% 10.49%
After sales charge -12.51% -1.91% -2.90% 9.84%
50% S&P 500/50% JP Morgan Developed High Yld Index 9.21%11.13%7.90%12.42%

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 06/30/19 7.20% 1.03%
YTD as of 07/22/19 18.37% 11.57%

Risk-adjusted performance as of 06/30/19

Alpha (3 yrs.) -16.24
Sharpe ratio (3 yrs.) -0.09
Treynor ratio (3 yrs.) -0.84
Information ratio (3 yrs.) -1.27

Volatility as of 06/30/19

Standard deviation (3 yrs.) 14.16%
Beta 1.53
R-squared 0.70

Capture ratio as of 06/30/19

Up-market (3 yrs.) 63.79
Down-market (3 yrs.) 170.50

Morningstar Ratings as of 06/30/19

Time period Funds in category Morningstar Rating
Overall 317
3 yrs. 317
5 yrs. 283
10 yrs. 200
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 06/30/19

DISH Network 14.87%
Jazz Pharmaceuticals 12.76%
Echostar Corp 11.73%
Uber Technologies 6.76%
Market Vectors Gold Miners Etf 4.90%
Wr Grace 4.23%
Us Treasury 4.12%
FNMA 3.94%
Pioneer Natural Resources 3.73%
Alphabet 2.21%
Top 10 holdings, percent of portfolio 69.25%

Full portfolio holdings as of 03/31/19

DISH NETWORK CORP-A 15.27%
JAZZ PHARMACEUTICALS PLC 12.51%
ECHOSTAR CORP-A 8.96%
UBER TECH INC P/P CV PFD 7.34%
PIONEER NAT RES CO 4.43%
W.R. GRACE & CO 4.03%
VANECK VECTORS GOLD MINERS ETF 3.99%
AMAZON.COM INC 2.37%
ALPHABET INC-CL C 2.13%
US TREASURY N/B 02.8750 11/30/2023 1.92%
US TREASURY N/B 02.7500 11/30/2020 1.88%
MERCK & CO. INC. 1.33%
FNMA FN30 BM5156 03.0000 03/01/2047 1.11%
ALTISOURCE PORTFOLIO SOL 1.03%
MEDICINES COMPANY 1.01%
NORTHROP GRUMMAN CORP 1.01%
MICROSOFT CORP 0.96%
APPLE INC 0.89%
ENERGY SELECT SECTOR SPDR 0.88%
COCA-COLA CO/THE 0.87%
GENERAL DYNAMICS CORP 0.80%
WALMART INC 0.73%
ALTISOURCE ASSET MAN P/P 00.0000 CV PFD 0.71%
WELLS FARGO & CO 0.70%
FNMA FN30 BM5477 04.5000 02/01/2049 0.66%
FNMA FN30 CA2031 04.0000 07/01/2048 0.65%
FNMA FN30 TBA 03.5000 04/01/2049 0.63%
FNMA FN30 TBA 04.0000 04/01/2049 0.63%
LIGADO NETWORKS LLC 16.625% SR EXCH SER A-2 PFD 0.60%
CENOVUS ENERGY INC 0.59%
GLENCORE PLC 0.58%
ROPER TECHNOLOGIES INC 0.57%
APPLIED MATERIALS INC 0.55%
CAPITAL ONE FINANCIAL CORP 0.55%
JPMORGAN CHASE & CO 0.54%
FREEPORT-MCMORAN INC 0.53%
BANK OF AMERICA CORP 0.52%
BALL CORP 04.3750 12/15/2020 0.51%
HCA INC 04.2500 10/15/2019 0.51%
KINDER MORGAN INC 0.48%
MICRON TECHNOLOGY INC 0.47%
GLOBAL FASHION GRP P/P 0.46%
SCHLUMBERGER LTD 0.44%
SUNTRUST BANKS INC 0.40%
HONEYWELL INTERNATIONAL INC 0.33%
DXC TECHNOLOGY CO 0.30%
BRISTOL-MYERS SQUIBB CO 0.28%
CORNING INC 0.28%
GAMING AND LEISURE PROPERTIE 0.28%
INTELSAT SA 0.28%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.26%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.26%
CINEMARK USA INC 04.8750 06/01/2023 0.26%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.26%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.26%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.26%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.26%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.26%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.25%
AIRBUS SE 0.20%
VANECK VECTORS OIL SERVICES ETF 0.14%
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%
PLANET FITNESS INC - CL A -0.26%
ROLLINS INC -0.27%
GENERAL ELECTRIC CO -0.31%
GARTNER INC -0.36%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
DISH Network
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Market Vectors Gold Miners Etf
Wr Grace
Us Treasury
FNMA
Pioneer Natural Resources
Alphabet
Holdings represent 69.25% of portfolio
Top 10 holdings as of 05/31/19
DISH Network
Echostar Corp
Jazz Pharmaceuticals
Uber Technologies
Market Vectors Gold Miners Etf
Us Treasury
FNMA
Wr Grace
Pioneer Natural Resources
Alphabet
Holdings represent 67.28% of portfolio
Top 10 holdings as of 04/30/19
DISH Network
Jazz Pharmaceuticals
Echostar Corp
Uber Technologies
Wr Grace
Us Treasury
Pioneer Natural Resources
Market Vectors Gold Miners Etf
FNMA
Google
Holdings represent 65.21% of portfolio
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

Portfolio composition as of 06/30/19

Common stock 75.91%
Convertible preferred stock 7.52%
Cash and net other assets 4.29%
U.S. Treasury/agency 4.12%
Mortgage securities 3.94%
High-yield corporate bonds 2.76%
Preferred stock 0.64%
Investment-grade corporate bonds 0.54%
International Treasury/agency 0.28%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before 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, 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 06/30/19

Communication services 18.62%
Health care 16.88%
Information technology 15.68%
Materials 11.90%
Industrials 9.66%
Unclassified 8.57%
Energy 6.39%
Cash and net other assets 4.29%
Financials 2.36%
 
Other
5.65%
Consumer staples 2.19%
Real estate 1.85%
Consumer discretionary 1.61%

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 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, 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.