Active Equities

Multi-Cap Core Fund (Class Y)  (PMYYX)

Seeking opportunities across a wide range of stocks

Multi-Cap Core Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

The fund seeks capital appreciation.

Strategy and process

  • "Go anywhere" approach: The fund invests in stocks of U.S. companies of all sizes and has the flexibility to own both growth and value stocks.
  • A disciplined process: The portfolio managers use a disciplined, fundamental investment process with three buckets of idea generation: legacy companies, smart-money indicators, and special situations.
  • Research focus: Backed by an Equity Research team, the portfolio managers use their stock-picking expertise to identify opportunities and manage risk.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $24.98
0.16% | $0.04
$24.98
09/13/19
$19.39
12/24/18
Historical fund price

Fund facts as of 08/31/19

Total net assets
$2,438.99M
Turnover (fiscal year end)
41%
Dividend frequency
Annually
Number of holdings
129
Fiscal year-end
April
CUSIP / Fund code
74676P839 / 1876
Inception date
09/24/10
Category
Blend
Open to new investors
Ticker
PMYYX

Management team

Portfolio Manager
Portfolio Manager, Analyst


Manager commentary | Q2 2019

Is it time to avoid cyclical stocks?

Portfolio Manager Jerry Sullivan highlights cyclical sectors that may outperform in spite of the economic cycle.



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.

17.25%

Best 5-year annualized return

(for period ending 09/30/16)


7.47%

Worst 5-year annualized return

(for period ending 12/31/18)


13.52%

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. Life (inception: 09/24/10 )
Before sales charge 6.15% 15.17% 9.04% 14.61%
After sales charge N/A N/A N/A N/A
Russell 3000 Index 8.98%14.02%10.19%--

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 08/31/19 -2.48% -
YTD as of 09/13/19 20.91% -

Risk-adjusted performance as of 07/31/19

Alpha (3 yrs.) 0.63
Sharpe ratio (3 yrs.) 0.99
Treynor ratio (3 yrs.) 12.34
Information ratio (3 yrs.) 0.40

Volatility as of 07/31/19

Standard deviation (3 yrs.) 12.82%
Beta 1.03
R-squared 0.96

Capture ratio as of 07/31/19

Up-market (3 yrs.) 103.86
Down-market (3 yrs.) 100.58

Lipper rankings as of 07/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 429/733 59%
3 yrs. 42/640 7%
5 yrs. 180/551 33%
10 yrs. --  
Lipper category: Multi-Cap Core Funds

Morningstar Ratings as of 07/31/19

Time period Funds in category Morningstar Rating
Overall 1207
3 yrs. 1207
5 yrs. 1074
Morningstar category: Large Blend

Distributions

Record/Ex dividend date 12/06/18
Payable date 12/10/18
Income --
Extra income --
Short-term cap. gain $0.001
Long-term cap. gain $0.058

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 10 holdings as of 07/31/19

Microsoft Corp 6.51%
Apple 4.90%
Bank Of America Corp 2.63%
JPMorgan Chase 2.61%
Alphabet 2.51%
Cisco Systems 2.47%
Amazon 2.37%
Walmart 1.91%
Visa 1.85%
Citigroup 1.76%
Top 10 holdings, percent of portfolio 29.52%

Full portfolio holdings as of 06/30/19

MICROSOFT CORP 6.50%
APPLE INC 4.59%
BANK OF AMERICA CORP 2.64%
JPMORGAN CHASE & CO 2.53%
CISCO SYSTEMS INC 2.45%
AMAZON.COM INC 2.42%
ALPHABET INC-CL C 2.24%
WALMART INC 1.92%
VISA INC-CLASS A SHARES 1.82%
CITIGROUP INC 1.75%
BERKSHIRE HATHAWAY INC-CL B 1.61%
FACEBOOK INC-CLASS A 1.56%
AMGEN INC 1.48%
COMCAST CORP-CLASS A 1.44%
INDUSTRIAL SELECT SECT SPDR 1.41%
UNITEDHEALTH GROUP INC 1.39%
WALT DISNEY CO/THE 1.36%
JOHNSON & JOHNSON 1.28%
INTEL CORP 1.26%
HEALTH CARE SELECT SECTOR 1.24%
ROYAL DUTCH SHELL-SPON ADR-A 1.21%
ORACLE CORP 1.20%
GOLDMAN SACHS GROUP INC 1.17%
PROCTER & GAMBLE CO/THE 1.10%
HONEYWELL INTERNATIONAL INC 1.05%
MERCK & CO. INC. 1.04%
PULTEGROUP INC 1.02%
CONOCOPHILLIPS 1.01%
UNION PACIFIC CORP 0.99%
AT&T INC 0.97%
CAPITAL ONE FINANCIAL CORP 0.94%
RAYMOND JAMES FINANCIAL INC 0.93%
BAXTER INTERNATIONAL INC 0.90%
HCA HEALTHCARE INC 0.90%
NRG ENERGY INC 0.89%
LOWES COMPANIES INC 0.88%
TARGET CORP 0.86%
PEPSICO INC 0.85%
KINDER MORGAN INC 0.84%
GILEAD SCIENCES INC 0.84%
LIVE NATION ENTERTAINMENT IN 0.83%
EXELON CORP 0.82%
BOEING CO/THE 0.81%
LAM RESEARCH CORP 0.77%
CELANESE CORP 0.77%
CATERPILLAR INC 0.76%
AMERIPRISE FINANCIAL INC 0.75%
NORFOLK SOUTHERN CORP 0.75%
SOUTHWEST AIRLINES CO 0.74%
SPDR S&P HOMEBUILDERS ETF 0.74%
ENTERGY CORP 0.74%
BEST BUY CO INC 0.74%
WELLS FARGO & CO 0.69%
ENTERPRISE PRODUCTS PARTNERS 0.67%
REPUBLIC SERVICES INC 0.66%
AIR CANADA 0.64%
BIOGEN INC 0.64%
LINCOLN NATIONAL CORP 0.64%
JAZZ PHARMACEUTICALS PLC 0.64%
HOME DEPOT INC 0.62%
INTL BUSINESS MACHINES CORP 0.62%
DXC TECHNOLOGY CO 0.62%
EQUITY COMMONWEALTH 0.61%
GENERAL MOTORS CO 0.61%
VALERO ENERGY CORP 0.61%
MAGNA INTERNATIONAL INC 0.60%
CBRE GROUP INC - A 0.60%
MCKESSON CORP 0.58%
MORGAN STANLEY 0.57%
ASSURED GUARANTY LTD 0.57%
BOOKING HOLDINGS INC 0.56%
NOVARTIS AG-REG 0.56%
DISCOVERY INC - A 0.55%
ADOBE INC 0.54%
ELI LILLY & CO 0.53%
MOLSON COORS BREWING CO -B 0.51%
APOLLO GLOBAL MANAGEMENT - A 0.50%
COCA-COLA CO/THE 0.50%
ARMADA HOFFLER PROPERTIES IN 0.50%
KROGER CO 0.50%
KENNEDY-WILSON HOLDINGS INC 0.49%
AMERICAN AIRLINES GROUP INC 0.48%
EASTERLY GOVERNMENT PROPERTI 0.46%
WALGREENS BOOTS ALLIANCE INC 0.45%
SUNCOR ENERGY INC 0.45%
UNITED RENTALS INC 0.45%
MICRON TECHNOLOGY INC 0.44%
PIRELLI & C SPA 0.42%
KKR & CO INC -A 0.41%
MARATHON OIL CORP 0.40%
TPG PACE HOLDINGS CORP 0.38%
NUCOR CORP 0.36%
FREEPORT-MCMORAN INC 0.34%
TENET HEALTHCARE CORP 0.34%
FASTLY INC - CLASS A 0.31%
LIBERTY GLOBAL PLC-A 0.31%
ON SEMICONDUCTOR CORP 0.31%
DIAMONDBACK ENERGY INC 0.30%
DUPONT DE NEMOURS INC 0.29%
RADIAN GROUP INC 0.28%
PLAINS GP HOLDINGS LP-CL A 0.28%
ENCANA CORP 0.27%
SIRIUS INTERNATIONAL INSURAN 0.26%
J2 ACQUISITION LTD 0.25%
CHANGE HEALTHCARE INC 0.24%
LARGO RESOURCES LTD 0.22%
BRIGHAM MINERALS INC-CL A 0.21%
MICHAELS COS INC/THE 0.21%
DELIVERY HERO AG 0.20%
DOW INC 0.19%
RATTLER MIDSTREAM LP 0.18%
BLOOMIN' BRANDS INC 0.18%
HILLTOP HOLDINGS INC 0.16%
BRIGHTVIEW HOLDINGS INC 0.13%
CAPITOL INVESTMENT CORP IV 0.13%
GREEN BRICK PARTNERS INC 0.11%
KIMBELL ROYALTY PARTNERS LP 0.10%
PRIORITY TECHNOLOGY HOLDINGS 0.08%
HYATT HOTELS CORP - CL A 0.08%
US XPRESS ENTERPRISES INC -A 0.06%
CAMPBELL SOUP CO 0.05%
ADAPTIVE BIOTECHNOLOGIES 0.01%
RA MEDICAL SYSTEMS INC 0.01%
SIRIUS INTERNATIONAL-CW23 0.01%
TREASURY BILL 00.0000 07/11/2019 0.01%
GLOBAL FASHION GRP P/P 0.01%
J2 ACQUISITION LTD-CW20 0.01%
ALIGNVEST ACQUISITION - CW22 0.00%
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%

Prior top 10 holdings

Top 10 holdings as of 07/31/19
Microsoft Corp
Apple
Bank Of America Corp
JPMorgan Chase
Alphabet
Cisco Systems
Amazon
Walmart
Visa
Citigroup
Holdings represent 29.52% of portfolio
Top 10 holdings as of 06/30/19
Microsoft Corp
Apple
Bank Of America Corp
JPMorgan Chase
Cisco Systems
Amazon
Alphabet
Walmart
Visa
Citigroup
Holdings represent 28.86% of portfolio
Top 10 holdings as of 05/31/19
Microsoft Corp
Apple
JPMorgan Chase
Bank Of America Corp
Cisco Systems
Alphabet
Amazon
Walmart
Visa
Citigroup
Holdings represent 28.56% of portfolio
Top 10 holdings as of 04/30/19
Microsoft Corp
Apple
Bank Of America Corp
JPMorgan Chase
Cisco Systems
Alphabet
Amazon.Com
Walmart
Citigroup
Visa
Holdings represent 28.53% of portfolio

Portfolio composition as of 07/31/19

Common stock 98.90%
Cash and net other assets 1.10%

Equity statistics as of 07/31/19

Median market cap $22.47B
Weighted average market cap $280.24B
Price to book 2.65
Price to earnings 13.88

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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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. You can lose money by investing in the fund.

Top industry sectors as of 07/31/19

Information technology 22.06%
Financials 17.33%
Health care 12.42%
Consumer discretionary 9.86%
Communication services 9.63%
Industrials 8.02%
Energy 6.32%
Consumer staples 5.98%
Real estate 2.73%
 
Other
5.65%
Utilities 2.38%
Materials 2.17%
Cash and net other assets 1.10%

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 R6 Class Y
Total expense ratio 1.02% 1.77% 1.77% 1.52% 1.27% 0.65% 0.77%
What you pay 1.02% 1.77% 1.77% 1.52% 1.27% 0.65% 0.77%

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. 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 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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. You can lose money by investing in the fund.