Multi-Cap Growth Fund  (PNOPX)

A flexible approach to seeking companies growing faster than the market

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • Multi-cap flexibility: The fund invests in U.S. companies of all sizes, targeting those with a competitive edge and strong earnings and cash flows that can lead to better growth potential.
  • A thematic approach: The portfolio manager combines top-down investment themes with bottom-up research to select securities that can benefit from growth trends.
  • Rigorous analysis: Backed by fundamental research, the portfolio manager seeks to take advantage of market opportunities and differentiated views.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $89.54
0.94% | $0.83
$94.17
11/28/17
$72.78
12/30/16
Historical fund price

Fund facts as of 11/30/17

Total net assets
$4,380.00M
Turnover (fiscal year end)
76%
Dividend frequency
Annually
Number of holdings
113
Fiscal year-end
June
CUSIP / Fund code
746916105 / 0031
Inception date
08/31/90
Category
Growth
Open to new investors
Ticker
PNOPX

Management team


Portfolio Manager

Portfolio Manager, Analyst


Literature


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Performance

  • 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 22.65% 11.08% 15.35% 7.78%
After sales charge 15.60% 8.91% 13.99% 7.14%
Russell 3000 Growth Index 21.87% 12.65% 15.18% 9.03%

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. 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 2.20 % -3.68 %
YTD as of 12/15/17 29.18 % 21.75 %

Risk-adjusted performance as of 11/30/17

Alpha (3 yrs.) -2.50
Sharpe ratio (3 yrs.) 0.94
Treynor ratio (3 yrs.) 10.28
Information ratio (3 yrs.) -0.74

Volatility as of 11/30/17

Standard deviation (3 yrs.) 11.54%
Beta 1.06
R-squared 0.96

Capture ratio as of 11/30/17

Up-market (3 yrs.) 100.34
Down-market (3 yrs.) 117.50

Lipper rankings as of 11/30/17

Multi-Cap Growth Funds Percentile ranking Rank/Funds in category
1 yr. 39% 197/510
3 yrs. 37% 169/458
5 yrs. 24% 93/399
10 yrs. 39% 110/288

Morningstar ratings as of 11/30/17

Large Growth Rating Funds in category
Overall (1226)
3 yrs. (1226)
5 yrs. (1110)
10 yrs. (786)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income $0.45
Extra income $0.0
Short-term cap. gain $0.0
Long-term cap. gain $3.94

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 11/30/17

Alphabet 5.43%
Amazon.Com 5.00%
Microsoft Corp 4.35%
Visa 3.66%
Apple 3.52%
Facebook 3.22%
Becton Dickinson And 2.95%
Home Depot The 2.60%
Alibaba Group Holding 2.46%
Northrop Grumman Corp 2.44%
Top 10 holdings, percent of portfolio 35.63%

Full portfolio holdings as of 09/30/17

ALPHABET INC-CL C 5.80%
MICROSOFT CORP 3.97%
AMAZON.COM INC 3.61%
FACEBOOK INC-A 3.52%
VISA INC-CLASS A SHARES 3.50%
APPLE INC 3.23%
NORTHROP GRUMMAN CORP 2.60%
BECTON DICKINSON AND CO 2.57%
HOME DEPOT INC 2.40%
ALIBABA GROUP HOLDING-SP ADR 2.37%
NORFOLK SOUTHERN CORP 2.34%
BANK OF AMERICA CORP 2.26%
DANAHER CORP 1.96%
UNITEDHEALTH GROUP INC 1.61%
BROADCOM LTD 1.48%
HEINEKEN NV 1.44%
CHARTER COMMUNICATIONS INC-A 1.38%
INTUITIVE SURGICAL INC 1.34%
ADOBE SYSTEMS INC 1.32%
JOHNSON CONTROLS INTERNATION 1.31%
BOSTON SCIENTIFIC CORP 1.20%
UNITED TECHNOLOGIES CORP 1.16%
PAYPAL HOLDINGS INC 1.09%
CELGENE CORP 1.08%
LIVE NATION ENTERTAINMENT IN 1.08%
SALESFORCE.COM INC 1.07%
PRICELINE GROUP INC/THE 1.01%
AGILENT TECHNOLOGIES INC 1.00%
SHERWIN-WILLIAMS CO/THE 0.99%
HUMANA INC 0.90%
SCHWAB (CHARLES) CORP 0.87%
ALBEMARLE CORP 0.86%
CUMMINS INC 0.86%
TENCENT HOLDINGS LTD 0.85%
BIOGEN INC 0.83%
COMCAST CORP-CLASS A 0.82%
MIDDLEBY CORP 0.81%
BLACKROCK INC 0.80%
DOVER CORP 0.78%
VERTEX PHARMACEUTICALS INC 0.78%
FIDELITY NATIONAL INFO SERV 0.77%
HILTON WORLDWIDE HOLDINGS IN 0.76%
SYMRISE AG 0.76%
INTERCONTINENTAL EXCHANGE IN 0.74%
ADIDAS AG 0.71%
FORTIVE CORP 0.71%
EXPEDIA INC 0.70%
PACWEST BANCORP 0.70%
ACTIVISION BLIZZARD INC 0.69%
MCCORMICK & CO-NON VTG SHRS 0.69%
CONSTELLATION BRANDS INC-A 0.67%
PULTEGROUP INC 0.65%
JAZZ PHARMACEUTICALS PLC 0.64%
FORTUNE BRANDS HOME & SECURI 0.63%
PRUDENTIAL PLC 0.62%
PRAXAIR INC 0.60%
YUM CHINA HOLDINGS INC 0.60%
GAMING AND LEISURE PROPERTIE 0.59%
KLA-TENCOR CORP 0.59%
LAS VEGAS SANDS CORP 0.58%
SERVICENOW INC 0.58%
STMICROELECTRONICS NV-NY SHS 0.57%
NVIDIA CORP 0.56%
REALPAGE INC 0.56%
AIRBUS SE 0.55%
SUNCOR ENERGY INC 0.55%
DENTSPLY SIRONA INC 0.53%
MICRON TECHNOLOGY INC 0.52%
REGENERON PHARMACEUTICALS 0.52%
SUMMIT MATERIALS INC -CL A 0.50%
EOG RESOURCES INC 0.49%
KION GROUP AG 0.49%
PROOFPOINT INC 0.48%
QORVO INC 0.48%
BIOVERATIV INC 0.46%
BWX TECHNOLOGIES INC 0.45%
CLOVIS ONCOLOGY INC 0.45%
FMC CORP 0.44%
ROCKWELL AUTOMATION INC 0.43%
LOGMEIN INC 0.41%
MONSTER BEVERAGE CORP 0.41%
CHENIERE ENERGY INC 0.39%
PLAINS GP HOLDINGS LP-CL A 0.38%
CAVIUM INC 0.37%
BLUE BUFFALO PET PRODUCTS IN 0.36%
DAVE & BUSTER'S ENTERTAINMEN 0.36%
RINGCENTRAL INC-CLASS A 0.36%
PEGASYSTEMS INC 0.35%
PENUMBRA INC 0.35%
ULTA BEAUTY INC 0.33%
LINDBLAD EXPEDITIONS HOLDING 0.29%
BIO-RAD LABORATORIES-A 0.27%
IHS MARKIT LTD 0.26%
CHALLENGER LTD 0.25%
DISH NETWORK CORP-A 0.25%
WISDOMTREE INVESTMENTS INC 0.24%
SELECT ENERGY SVCS-A-1 0.22%
DELIVERY HERO HOLDIN P/P 0.21%
GENMARK DIAGNOSTICS INC 0.19%
PROTHENA CORP PLC 0.19%
MEDICINES COMPANY 0.16%
OKTA INC 0.13%
OPORTUN FIN CORP P/P SERIES H PFD 0.12%
HAMILTON LANE INC-CLASS A 0.11%
PIRELLI & C. SPA 0.10%
OVID THERAPEUTICS INC - RESTRICTED 0.06%
TALEND SA - ADR 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.03%
GLOBAL FASHION GRP P/P 0.02%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
AUD/USD 10/18/2017 SSBT 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
EMIN RUSSELL 2000 DEC17 RTYZ7 0.00%
FABFURNISH GMBH P/P 0.00%
KOREAN WON CALL ACCOUNT 0.00%
NASDAQ 100 E-MINI DEC17 NQZ7 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
S&P MID 400 EMINI DEC17 FAZ7 0.00%
S&P500 EMINI FUT DEC17 ESZ7 0.00%
UNEXT.COM LLC CORP (PRIVATE) P/P 0.00%
EUR/USD 12/20/2017 UBS -0.01%
GBP/USD 12/20/2017 BANKAM -0.01%
EUR/USD 12/20/2017 JPMCB -0.02%
HONG KONG DOLLAR CALL ACCOUNT -0.05%
THE EURO EUR CALL ACCOUNT -0.11%

Prior top 10 holdings

Top 10 holdings as of 11/30/17
Alphabet
Amazon.Com
Microsoft Corp
Visa
Apple
Facebook
Becton Dickinson And
Home Depot The
Alibaba Group Holding
Northrop Grumman Corp
Holdings represent 35.63% of portfolio
Top 10 holdings as of 10/31/17
Alphabet
Microsoft Corp
Amazon.Com
Facebook
Visa
Apple
Becton Dickinson And
Northrop Grumman Corp
Alibaba Group Holding
Bank Of America Corp
Holdings represent 35.02% of portfolio
Top 10 holdings as of 09/30/17
Alphabet
Microsoft Corp
Amazon.Com
Visa
Facebook
Apple
Northrop Grumman Corp
Becton Dickinson And
Norfolk Southern Corp
Bank Of America Corp
Holdings represent 33.24% of portfolio
Top 10 holdings as of 08/31/17
Alphabet
Apple
Microsoft Corp
Amazon.Com
Visa
Facebook
Becton Dickinson And
Northrop Grumman Corp
Norfolk Southern Corp
Alibaba Group Holding
Holdings represent 34.16% of portfolio

Portfolio composition as of 11/30/17

Common stock 97.77%
Cash and net other assets 2.02%
Convertible preferred stock 0.21%

Equity statistics as of 11/30/17

Median market cap $21.77B
Weighted average market cap $214.82B
Price to book 4.65
Price to earnings 24.43

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Stock values may fall or fail to rise over time for a variety of reasons, including general financial market conditions and factors related to a specific issuer or industry. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Investments in small and/or midsize companies increase the risk of greater price fluctuations. You can lose money by investing in the fund.

Top Industry Sectors as of 11/30/17

Information technology 35.76%
Health care 16.47%
Consumer discretionary 15.45%
Industrials 11.82%
Financials 7.62%
Consumer staples 3.72%
Materials 3.54%
Cash and net other assets 2.02%
Energy 1.95%
 
Other
1.65%
Real estate 1.25%
Telecommunication services 0.40%

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 1.00% 1.75% 1.75% 1.50% 1.25% 0.75%
What you pay 1.00% 1.75% 1.75% 1.50% 1.25% 0.75%

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. 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 Russell 3000 Growth Index is an unmanaged index of those companies in the broad-market Russell 3000 Index chosen for their growth orientation. You cannot invest directly in an index.

Stock values may fall or fail to rise over time for a variety of reasons, including general financial market conditions and factors related to a specific issuer or industry. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Investments in small and/or midsize companies increase the risk of greater price fluctuations. You can lose money by investing in the fund.