Multi-Asset

PCONX Putnam Convertible Securities Fund

  • Balanced profile. The fund seeks to achieve an equilibrium balancing much of the upside potential of equities, the lower downside risk of bonds, and an attractive current yield.
  • Effective diversification. The fund offers diversification potential for investor portfolios: Convertible securities may provide more attractive risk-adjusted returns than stocks and have near zero correlation with aggregate bond strategies.
  • Joint venture. Uniquely combining both dedicated fixed income and equity expertise to enhance the ability to fully exploit these hybrid securities.

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NAV 1 $0.28(1.01%)
$28.05
As of 11/26/2025
YTD Total Returns At NAV 2
11.77%
As of 11/26/2025
Total Net Assets
$531.71M
As of 10/31/2025 (Updated Monthly)
Morningstar Overall Rating™ 3
As of 10/31/2025

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Overview

Fund Facts

Fund description

The fund seeks, with equal emphasis, current income and capital appreciation. Its secondary objective is conservation of capital. The fund seeks to achieve an equilibrium balancing much of the upside potential of equities, the lower downside risk of bonds, and an attractive current yield.

Benchmark
ICE BofA U.S. Convertible Index
Dividend Frequency, if any
Quarterly
Fund Inception Date
06/29/1972
Distribution Rate at NAV4As of 11/26/2025 (Updated Daily)
1.19%
30-Day SEC Yield—With Waiver5,6,7As of 10/31/2025 (Updated Monthly)
0.73%
30-Day SEC Yield—Without Waiver5,7As of 10/31/2025 (Updated Monthly)
0.72%
Effective DurationAs of 10/31/2025 (Updated Monthly)
1.30 Years

Sales Charges, Expenses & Fees

As of 02/28/2025
Gross Expense Ratio8
1.03%
Net Expense Ratio8,9
1.03%
Maximum Initial Charge
5.75%
CDSC
1.00%
12b-1 Fee
0.25%

Identifiers

Ticker
PCONX
Fund Number
007
CUSIP Code
746476100

Average Annual Total Returns

View performance section for additional info As of 10/31/2025

Class A

  • 10.15%1 Year
  • 10.15%3 Years
  • 5.96%5 Years
  • 9.16%10 Years
  • 9.65%Since Inception
    06/29/1972

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

Information Technology34.45%
Industrials13.87%
Financials12.25%
Consumer Discretionary10.89%
Health Care7.69%

Additional Fund Info

Share Class Inception Date
06/29/1972
Investment Style
Convertibles
Lipper Classification
Convertible Securities Funds
Morningstar Category3
Convertibles

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Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Putnam Investments
[Robert L Salvins avatar]

Managed Fund Since 2006

[Anthony Daigles avatar]

Managed Fund Since 2017

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

November 18, 2025

Sector Views: Proceed with caution

November 12, 2025

Flash Insights: Rate cuts and returns—what past Fed cycles reveal

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

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Performance

Risk Measures

As of 10/31/2025

Class A - Without Sales Charge (NAV)
Measured against: ICE BofA U.S. Convertible Index
Statistics
Historical Tracking Error
Information Ratio
Standard Deviation (%)
Class A
Sharpe Ratio (%)
Class A

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized. 

See the risks and other important information.

Ratings 3

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 3 out of 5 stars  
As of 10/31/2025
3 Years
3 Years: 3 out of 5 stars  
72 Funds in category
5 Years
5 Years: 3 out of 5 stars  
69 Funds in category
10 Years
10 Years: 3 out of 5 stars  
61 Funds in category
Rating Category
Convertibles

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics. 

Morningstar Style Box
As of 10/31/2025
Current Historical
Large
Medium
Small
Value Blend Growth
Style
Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets
$531.71 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings
Fund
113

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Weighted Average Market Capitalization (USD)
Fund
$98.55 Billion
Effective Duration
Fund
1.30 Years
Price to Earnings (12-Month Forward)
Fund
29.94x
Price to Book
Fund
3.67x

Asset Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Holdings Fund
Convertible Bonds & Notes
89.19%
Mandatories
7.35%
Convertible Preferred Stock
1.85%
Equity
0.60%
Cash & Other Net Assets
1.00%

 

Bar chart with 5 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0.59907 to 89.19479.
End of interactive chart.

Holdings

As of 10/31/2025 (Updated Monthly)

SEAGATE HDD CAYMAN USD 03.5000 06/01/2028
BLOOM ENERGY CV 03.0000 06/01/2029
LUMENTUM HLDG P/P 144A CV 00.3750 03/15/2032
NEXTERA ENERG CV 03.0000 03/01/2027
STRATEGY INC P/P 144A CV 00.0000 03/01/2030
BOEING CO/THE 06.0000 CV PFD
BANK OF AMERICA CORP 07.2500 CV PFD
GUIDEWIRE SOF P/P 144A CV 01.2500 11/01/2029
WAYFAIR INC CV 03.2500 09/15/2027
SNOWFLAKE INC CV 00.0000 10/01/2027
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Distributions & Tax

Distribution Frequency
QuarterlyThis fund is an ex-Dividend fund
Capital Gain Distributions
December

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate 4

As of 11/28/2025 (Updated Daily)
At Net Asset Value (NAV) 1.18%

30-Day SEC Yield 5,6,7

As of 10/31/2025 (Updated Monthly)
w/ Waiver  0.73%
w/o Waiver 0.72%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/22/2025
10/20/2025
07/21/2025
03/06/2025
Skipped to Pricing Section Content

Pricing

Pricing History

As of 11/26/2025 (Updated Daily)

Chart

Line chart with 13451 data points.
The chart has 1 X axis displaying Time. Data ranges from 1972-06-29 00:00:00 to 2025-11-27 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 7.82 to 36.08.
End of interactive chart.

Daily Fund Prices

As of 11/26/2025

Share Prices

As of 11/26/2025

NAV  1(Net Asset Value)
$28.05
NAV Change  1
$0.28
NAV Change (%)  1
1.01%
POP  10(Public Offering Price)
$29.76

52-Week Range

Highest NAV As of 10/15/2025
$29.12
Lowest NAV As of 04/08/2025
$23.09

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Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Putnam Convertible Securities FundDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - Putnam Convertible Securities Fund - Class ADownload Document
Annual Financial Statements and Other Information - Putnam Convertible Securities FundDownload Document
Semi-Annual Report - Putnam Convertible Securities Fund Class ADownload Document
Semiannual Financial Statements and Other Information - Putnam Convertible Securities FundDownload Document
Prospectus - Putnam Convertible Securities FundDownload Document
Summary Prospectus - Putnam Convertible Securities FundDownload Document
Statement Of Additional Information - Putnam Convertible Securities FundMailed hardcopies unavailable.Download Document
Policy and Procedures - Putnam Convertible Securities FundMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Putnam Convertible Securities FundMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Putnam Convertible Securities FundMailed hardcopies unavailable.Download Document

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Risks

All investments involve risks, including possible loss of principal. Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price and debt securities when the underlying stock price is low relative to the conversion price. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.

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Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. 

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC. 

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. 

Footnotes

  1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. 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 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 return, 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 return. 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. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. 
    ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

  4. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.

  5. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  6. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  7. 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

  8. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  9. Net Expense Ratio represents the expense ratio applicable to investors. 

  10. Public Offering Price – the purchase price for each share of the fund on a given day.  It includes the maximum initial sales charge, if any.