Data is historical. Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units. Performance assumes reinvestment of distributions at net asset value (NAV) and reflects fund operating expenses such as management fees but does not account for any taxes or sales charges. The payment of any sales charges will reduce performance. Performance for each class of Units is denominated in the currency of the respective class.
Putnam Global High Yield Bond Fund (Class I)
Seeking attractive bond investment across the world markets
Highlights
Objective
The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving higher current income.
Strategy and process
- Extensive capabilities The fund's long-tenured managers are backed by the deep experience of Putnam's U.S. and European high-yield team.
- Active approach The managers constantly evaluate changing global bond markets and uncover opportunities through a combination of fundamental and quantitative analysis.
- Diversified exposure The fund is diversified across countries, industries, sectors, companies and credit ratings within the global high-yield universe to help reduce volatility.
Fund price |
Prior close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$2.28
0.44% | $0.01 |
$2.30
02/02/2023 |
$2.16
20/10/2023 |
Fund facts as of 31/10/2023
Total net assets
$20.15M
$20.15M
Dividend frequency
Monthly
Monthly
Number of holdings
302
302
Fiscal year-end
June
June
CUSIP / Fund code
G73008446 / 2IK
G73008446 / 2IK
Inception date
08/06/2000
08/06/2000
Category
Fixed Income
Fixed Income
Open to new investors
The Fund does not currently intend to distribute net income to class E2 Unitholders.
Management team
Head of Corporate and Tax-Exempt Credit
Portfolio Manager
Portfolio Manager
Literature
Fund documents |
| Fact Sheet (PDF) |
| Fact Sheet (Spanish) (PDF) |
| UK Country Supplement (PDF) |
| Daily yields (PDF) |
Performance
Total return (%) as of 30/09/2023
Annual performance as of 30/09/2023
Annualized Total return (%) as of 30/09/2023
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 10.01% | 1.59% | 2.49% | 3.68% |
| ICE BofA Global High Yield IG Country Constrained Index (hedged to USD) | 11.25% | 0.77% | 2.36% | 3.98% |
Performance snapshot
| Before sales charge | ||
|---|---|---|
| 1 mt. as of 30/11/2023 | 4.59% | |
| YTD as of 01/12/2023 or prior close | 9.37% | |
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
| Ford Motor | 1.65% |
|---|---|
| Teva Pharmaceutical Industries | 1.39% |
| Techem Verwaltungsgesellschaft 674 MBH | 1.36% |
| Loxam SAS | 1.26% |
| Carnival | 1.26% |
| Charter Communications | 1.21% |
| Petsmart Inc | 1.16% |
| Electricite De France | 1.07% |
| Transdigm | 1.04% |
| Iliad Holding | 1.03% |
| Top 10 holdings, percent of portfolio | 12.43% |
| Top 10 holdings as of 31/10/2023 | |
|---|---|
| Ford Motor | |
| Teva Pharmaceutical Industries | |
| Techem Verwaltungsgesellschaft 674 MBH | |
| Loxam SAS | |
| Carnival | |
| Charter Communications | |
| Petsmart Inc | |
| Electricite De France | |
| Transdigm | |
| Iliad Holding | |
| Holdings represent 12.43% of portfolio | |
| Top 10 holdings as of 30/09/2023 | |
|---|---|
| Ford Motor | |
| Teva Pharmaceutical Industries | |
| Carnival | |
| Charter Communications | |
| Techem Verwaltungsgesellschaft 674 MBH | |
| Loxam SAS | |
| Petsmart Inc | |
| Electricite De France | |
| Transdigm | |
| Iliad Holding | |
| Holdings represent 12.76% of portfolio | |
| Top 10 holdings as of 31/08/2023 | |
|---|---|
| Ford Motor | |
| Carnival | |
| Teva Pharmaceutical Industries | |
| Charter Communications | |
| Techem Verwaltungsgesellschaft 674 MBH | |
| Loxam SAS | |
| Petsmart Inc | |
| Electricite De France | |
| Iliad Holding | |
| Transdigm | |
| Holdings represent 12.62% of portfolio | |
| Top 10 holdings as of 31/07/2023 | |
|---|---|
| Ford Motor | |
| Teva Pharmaceutical Industries | |
| Techem Verwaltungsgesellschaft 674 MBH | |
| Loxam SAS | |
| Petsmart Inc | |
| Carnival | |
| Electricite De France | |
| Iliad Holding | |
| Dufry | |
| Constellium | |
| Holdings represent 12.40% of portfolio | |
Unitholders may obtain more recent information about certain Funds' portfolio holdings from time to time by contacting the Manager. Portfolio holdings information will only be provided for legitimate purposes as determined by the Manager, and will be subject to a reasonable delay intended to protect the Funds.
Fixed income statistics as of 31/10/2023
| Average effective maturity | 4.61 yrs. |
|---|---|
| Average effective duration | 3.63 yrs. |
| Average yield to maturity | 8.19% |
| Average coupon | 5.44% |
Portfolio composition as of 31/10/2023
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 79.05% | 3.07 | 4.96% | 0.20 | 84.01% | 3.27 |
| Investment-grade corporate bonds | 8.05% | 0.36 | 0.00% | 0.00 | 8.05% | 0.36 |
| Convertible securities | 1.90% | 0.03 | 0.00% | 0.00 | 1.90% | 0.03 |
| Emerging-market bonds | 1.77% | 0.09 | 0.00% | 0.00 | 1.77% | 0.09 |
| Equity investments | 0.63% | 0.00 | 0.00% | 0.00 | 0.63% | 0.00 |
| Net cash | 8.59% | 0.00 | 0.00% | 0.00 | 8.59% | 0.00 |
Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Maturity detail as of 31/10/2023
| 0 - 1 yr. | 5.89% |
|---|---|
| 1 - 5 yrs. | 42.94% |
| 5 - 10 yrs. | 50.55% |
| 10 - 15 yrs. | 0.62% |
Quality rating as of 31/10/2023
| BBB | 8.61% |
|---|---|
| BB | 42.11% |
| B | 31.57% |
| CCC and Below | 6.44% |
| Not Rated | 2.68% |
| Net cash | 8.59% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses.
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.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.
Sector weightings as of 31/10/2023
| Consumer cyclicals | 27.63% |
|---|---|
| Energy | 10.53% |
| Basic materials | 9.19% |
| Capital goods | 9.13% |
| Financials | 8.90% |
| Net Cash | 8.59% |
| Communication services | 6.89% |
| Consumer staples | 6.25% |
| Health care | 5.25% |
| Other | 12.60% |
0
Allocations may not total 100% of net assets because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Sectors will vary over time.
Country allocation as of 31/10/2023
| United States | 73.77% |
|---|---|
| France | 7.30% |
| Germany | 4.58% |
| Canada | 4.11% |
| Spain | 1.97% |
| Israel | 1.54% |
| Netherlands | 1.35% |
| Sweden | 1.00% |
| United Kingdom | 0.94% |
| Other | 3.43% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class E | Class I | Class S | Class S3 |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 2.15% | 2.66% | 2.57% | 1.31% | 1.30% | 1.23% | 1.30% |
The ICE BofA Global High Yield Investment Grade Country Constrained Index is an unmanaged, USD-hedged index of high yield corporate bonds from those countries that issue investment-grade government bonds. It is not possible to invest directly in an index.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses.
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.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.