Equity

PEIYX Putnam Large Cap Value Fund

  • Relative value approach. Defines the value universe daily with fundamental and quantitative tools to identify unique value opportunities.
  • Dividend growth focus. Focuses on future cash flows and puts distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.
  • Disciplined risk management. Utilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle.

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NAV 1 $-0.42(-1.05%)
$39.61
As of 11/13/2025
YTD Total Returns At NAV 2
16.10%
As of 11/13/2025
Total Net Assets
$42.89B
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 capital growth and current income by investing mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both.

Benchmark
Russell 1000 Value Index
Dividend Frequency, if any
Quarterly
30-Day SEC Yield—With Waiver 4,5,6As of 10/31/2025 (Updated Monthly)
1.29%
30-Day SEC Yield—Without Waiver 4,6As of 10/31/2025 (Updated Monthly)
1.29%
Fund Inception Date
06/15/1977

Sales Charges, Expenses & Fees

As of 02/28/2025
Gross Expense Ratio7
0.63%
Net Expense Ratio7,8
0.63%
Maximum Initial Charge
N/A
CDSC
N/A
12b-1 Fee
N/A

Identifiers

Ticker
PEIYX
Fund Number
1810
CUSIP Code
746745405

Average Annual Total Returns

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

Class Y

  • 13.19%1 Year
  • 17.09%3 Years
  • 18.18%5 Years
  • 12.60%10 Years
  • 10.79%Since Inception
    06/15/1977

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)

Financials20.30%
Health Care13.07%
Industrials11.58%
Information Technology10.23%
Consumer Staples9.40%

Additional Fund Info

Share Class Inception Date
10/01/1998
Investment Style
Value
Lipper Classification
Large-Cap Value Funds
Morningstar Category
Large Value

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Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Commentary Highlights

June 30, 2025
  • Markets: Broad US equity markets delivered strong gains for the second quarter, while value stocks posted a solid, yet more muted, gain.
  • Contributors: Stock selection in financials, utilities, information technology, and consumer staples
  • Detractors: Stock selection in health care, industrials, and communication services
  • Outlook: Although uncertainty remains, as value investors, we recognize that market disruptions can also present attractive investment opportunities.
Putnam Investments
[Darren Jarochs avatar]

Managed Fund Since 2012

[Lauren DeMores avatar]

Managed Fund Since 2019

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

August 14, 2025

US equities: Earnings growth is key for sustained market gains

June 3, 2025

Rethinking global allocation: Why the tide may be turning

May 20, 2025

Quick Thoughts: Can AI technology stocks rebound from 2025 volatility?

March 19, 2025

Why we look beyond dividends in our US value approach

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Performance

Risk Measures

As of 10/31/2025

Class Y - Without Sales Charge (NAV)
Measured against: Russell 1000 Value Index
Statistics
Beta
Historical Tracking Error
Information Ratio
Standard Deviation (%)
Class Y
Sharpe Ratio (%)
Class Y

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.

The fund began offering Class Y shares on 10/1/1998. Returns for periods prior to 10/1/1998 are based on the fund's Class A performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Ratings 3

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 5 out of 5 stars  
As of 10/31/2025
3 Years
3 Years: 5 out of 5 stars  
1084 Funds in category
5 Years
5 Years: 5 out of 5 stars  
1027 Funds in category
10 Years
10 Years: 5 out of 5 stars  
842 Funds in category
Rating Category
Large Value

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.

Skipped to Portfolio Section Content

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets
$42.89 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Issuers
Fund
69

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Price to Book
Fund
2.81x
Price to Earnings (12-Month Forward)
Fund
16.01x
Weighted Average Market Capitalization (USD)
Fund
$479.84 Billion

Market Capitalization Allocation

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

Market Capitalization Fund
$6.3B - $36.6B 11.33%
$36.6B - $155.9B 35.10%
Over $155.9B 50.01%
Cash and other assets 3.56%

Chart

Bar chart with 4 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 3.55716 to 50.01459.
End of interactive chart.

Holdings

As of 09/30/2025 (Updated Monthly)

CITIGROUP INC SEDOL 2297907
ALPHABET INC-CL A SEDOL BYVY8G0
MICROSOFT CORP SEDOL 2588173
PHILIP MORRIS INTERNATIONAL SEDOL B2PKRQ3
EXXON MOBIL CORP SEDOL 2326618
AMAZON.COM INC SEDOL 2000019
BANK OF AMERICA CORP SEDOL 2295677
WALMART INC SEDOL 2936921
CAPITAL ONE FINANCIAL CORP SEDOL 2654461
CISCO SYSTEMS INC SEDOL 2198163

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. 

Skipped to Distributions Section Content

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 9

As of 11/13/2025 (Updated Daily)
At Net Asset Value (NAV) 1.14%

30-Day SEC Yield 4,5,6

As of 10/31/2025 (Updated Monthly)
w/ Waiver  1.29%
w/o Waiver 1.29%

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
Distribution amounts may be estimates

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

Pricing

Pricing History

As of 11/13/2025 (Updated Daily)

Chart

Line chart with 6824 data points.
The chart has 1 X axis displaying Time. Data ranges from 1998-10-01 00:00:00 to 2025-11-13 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 8.31 to 40.03.
End of interactive chart.

Daily Fund Prices

As of 11/13/2025

Share Prices

As of 11/13/2025

NAV  1(Net Asset Value)
$39.61
NAV Change  1
$-0.42
NAV Change (%)  1
-1.05%
POP  10(Public Offering Price)
$39.61

52-Week Range

Highest NAV As of 11/12/2025
$40.03
Lowest NAV As of 04/08/2025
$31.19

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Documents

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

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Risks

All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. 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. 

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE. 

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

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

  6. 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.

  7. 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.

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

  9. 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.

  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.