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 managers combine 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 managers seek to take advantage of market opportunities and differentiated views.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $93.66
-0.09% | $-0.08
$98.28
01/26/18
$78.53
02/16/17
Historical fund price

Fund facts as of 01/31/18

Total net assets
$4,680.05M
Turnover (fiscal year end)
76%
Dividend frequency
Annually
Number of holdings
104
Fiscal year-end
June
CUSIP / Fund code
746916105 / 0031
Inception date
08/31/90
Category
Growth
Open to new investors
Ticker
PNOPX

Management team

Head of Sustainable Investing
Co-Head of Equities


Literature


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Performance

  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 29.05% 11.43% 16.40% 8.64%
After sales charge 21.63% 9.25% 15.03% 8.00%
Russell 3000 Growth Index 29.59% 13.51% 17.16% 9.93%

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 01/31/18 8.59 % 2.34 %
YTD as of 02/16/18 4.71 % -1.31 %

Risk-adjusted performance as of 01/31/18

Alpha (3 yrs.) -2.63
Sharpe ratio (3 yrs.) 1.24
Treynor ratio (3 yrs.) 13.85
Information ratio (3 yrs.) -0.49

Volatility as of 01/31/18

Standard deviation (3 yrs.) 12.15%
Beta 1.08
R-squared 0.96

Capture ratio as of 01/31/18

Up-market (3 yrs.) 101.35
Down-market (3 yrs.) 117.21

Lipper rankings as of 01/31/18

Multi-Cap Growth Funds Percentile ranking Rank/Funds in category
1 yr. 38% 186/489
3 yrs. 28% 123/441
5 yrs. 26% 97/386
10 yrs. 38% 103/276

Morningstar ratings as of 01/31/18

Large Growth Rating Funds in category
Overall (1215)
3 yrs. (1215)
5 yrs. (1112)
10 yrs. (791)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income $0.45
Extra income --
Short-term cap. gain --
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 01/31/18

Alphabet 5.82%
Amazon.Com 5.16%
Microsoft Corp 4.60%
Visa 3.78%
Apple 3.21%
Facebook 3.03%
Becton Dickinson And 2.94%
Norfolk Southern Corp 2.81%
Home Depot The 2.72%
Bank Of America Corp 2.35%
Top 10 holdings, percent of portfolio 36.42%

Full portfolio holdings as of 12/31/17

ALPHABET INC-CL C 5.61%
AMAZON.COM INC 4.48%
MICROSOFT CORP 4.46%
VISA INC-CLASS A SHARES 3.74%
APPLE INC 3.50%
FACEBOOK INC-A 3.09%
NORFOLK SOUTHERN CORP 2.91%
BECTON DICKINSON AND CO 2.79%
HOME DEPOT INC 2.76%
BANK OF AMERICA CORP 2.33%
DANAHER CORP 2.12%
HEINEKEN NV 1.91%
UNITEDHEALTH GROUP INC 1.91%
MCCORMICK & CO-NON VTG SHRS 1.66%
PAYPAL HOLDINGS INC 1.66%
ALIBABA GROUP HOLDING-SP ADR 1.61%
UNITED TECHNOLOGIES CORP 1.33%
ADOBE SYSTEMS INC 1.30%
BOSTON SCIENTIFIC CORP 1.28%
SALESFORCE.COM INC 1.23%
HILTON WORLDWIDE HOLDINGS IN 1.22%
NORTHROP GRUMMAN CORP 1.21%
BOEING CO/THE 1.19%
BLACKROCK INC 1.17%
DOVER CORP 1.17%
SHERWIN-WILLIAMS CO/THE 1.17%
LIVE NATION ENTERTAINMENT IN 1.10%
BROADCOM LTD 1.07%
CHARTER COMMUNICATIONS INC-A 1.04%
DENTSPLY SIRONA INC 1.00%
FMC CORP 1.00%
SCHWAB (CHARLES) CORP 1.00%
HUMANA INC 0.98%
BIOGEN INC 0.92%
VERTEX PHARMACEUTICALS INC 0.91%
DEVON ENERGY CORP 0.88%
FORTIVE CORP 0.87%
AMERICAN TOWER CORP 0.85%
CONSTELLATION BRANDS INC-A 0.85%
PRICELINE GROUP INC/THE 0.84%
PRAXAIR INC 0.82%
FORTUNE BRANDS HOME & SECURI 0.81%
SERVICENOW INC 0.79%
SUNCOR ENERGY INC 0.78%
REALPAGE INC 0.74%
ROPER TECHNOLOGIES INC 0.74%
ADIDAS AG 0.70%
INTERCONTINENTAL EXCHANGE IN 0.70%
INTUITIVE SURGICAL INC 0.69%
OSHKOSH CORP 0.67%
STMICROELECTRONICS NV-NY SHS 0.66%
PRUDENTIAL PLC 0.64%
LOGMEIN INC 0.61%
CELLNEX TELECOM SAU 0.60%
KION GROUP AG 0.59%
PULTEGROUP INC 0.58%
SUMMIT MATERIALS INC -CL A 0.58%
YUM CHINA HOLDINGS INC 0.58%
JAZZ PHARMACEUTICALS PLC 0.57%
NETFLIX INC 0.57%
ROCKWELL AUTOMATION INC 0.56%
ACTIVISION BLIZZARD INC 0.55%
CLOVIS ONCOLOGY INC 0.55%
PIRELLI & C SPA 0.54%
CHALLENGER LTD 0.52%
FINANCIAL SELECT SECTOR SPDR 0.52%
WISDOMTREE INVESTMENTS INC 0.52%
ABBVIE INC 0.51%
OKTA INC 0.51%
DAVE & BUSTER'S ENTERTAINMEN 0.50%
FIDELITY NATIONAL INFO SERV 0.50%
AGILENT TECHNOLOGIES INC 0.49%
EQUINIX INC 0.49%
PENUMBRA INC 0.49%
VAIL RESORTS INC 0.49%
NVIDIA CORP 0.48%
ALBEMARLE CORP 0.47%
TENCENT HOLDINGS LTD 0.47%
APPLIED MATERIALS INC 0.43%
BIOVERATIV INC 0.42%
PLAINS GP HOLDINGS LP-CL A 0.42%
BOOZ ALLEN HAMILTON HOLDINGS 0.40%
BIO-RAD LABORATORIES-A 0.39%
MICRON TECHNOLOGY INC 0.37%
BWX TECHNOLOGIES INC 0.29%
TALEND SA - ADR 0.27%
MEDICINES COMPANY 0.26%
BROOKS AUTOMATION INC 0.24%
SELECT ENERGY SVCS-A-1 0.24%
DELIVERY HERO AG 0.23%
AGIOS PHARMACEUTICALS INC 0.22%
YY INC-ADR 0.21%
MONSTER BEVERAGE CORP 0.19%
OPORTUN FIN CORP P/P SERIES H PFD 0.12%
OVID THERAPEUTICS INC 0.07%
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 01/17/2018 SSBT 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
EUR/USD 03/21/2018 JPMCB 0.00%
EUR/USD 03/21/2018 SSBT 0.00%
EUR/USD 03/21/2018 UBS 0.00%
FABFURNISH GMBH P/P 0.00%
GBP/USD 03/21/2018 BANKAM 0.00%
KOREAN WON CALL ACCOUNT 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%
THE EURO EUR CALL ACCOUNT 0.00%
UNEXT.COM LLC CORP (PRIVATE) P/P 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Alphabet
Amazon.Com
Microsoft Corp
Visa
Apple
Facebook
Becton Dickinson And
Norfolk Southern Corp
Home Depot The
Bank Of America Corp
Holdings represent 36.42% of portfolio
Top 10 holdings as of 12/31/17
Alphabet
Amazon.Com
Microsoft Corp
Visa
Apple
Facebook
Norfolk Southern Corp
BD Medical
Home Depot The
Bank Of America Corp
Holdings represent 35.67% of portfolio
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

Portfolio composition as of 01/31/18

Common stock 98.48%
Cash and net other assets 1.32%
Convertible preferred stock 0.20%

Equity statistics as of 01/31/18

Median market cap $22.77B
Weighted average market cap $239.10B
Price to book 4.93
Price to earnings 24.84

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 01/31/18

Information technology 34.89%
Health care 16.69%
Consumer discretionary 16.18%
Industrials 11.33%
Financials 7.30%
Consumer staples 4.31%
Materials 3.72%
Energy 1.97%
Cash and net other assets 1.32%
 
Other
2.29%
Real estate 1.27%
Telecommunication services 0.59%
Utilities 0.43%

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.