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Managed Fund Since 2014
Equity
PURYX Putnam U.S. Research Fund
- A best-ideas fund. The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.
- Sector neutral. The fund is managed with a sector-neutral approach, with the flexibility to own both growth and value stocks.
- Differentiated research. The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.
Popular Documents
Total Net Assets
$667.79M
As of 10/31/2025 (Updated Monthly)
Fund name and other changes
Effective September 30, 2025, Putnam Research Fund was renamed Putnam U.S. Research Fund and there was an addition of a new 80% investment policy. Refer to the fund’s prospectus for more information on these and other changes.
Overview
Fund Facts
Fund description
The fund seeks capital appreciation. The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.
- Benchmark
- S&P 500 Index
- Fund Inception Date
- 10/02/1995
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 35%
Identifiers
- Ticker
- PURYX
- Fund Number
- 1849
- CUSIP Code
- 746802487
Average Annual Total Returns As of 10/31/2025
Class Y
- 21.00%1 Year
- 24.26%3 Years
- 18.06%5 Years
- 15.03%10 Years
- 10.58%Since Inception
10/02/1995
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
As of 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 04/04/2000
- Investment Style
- Large Cap
- Lipper Classification
- Large-Cap Core Funds
- Morningstar Category
- Large Blend
A Message from Kate Lakin, Portfolio Manager and Director of Research
Learn about Putnam’s U.S. research strategy and the disciplined team working to deliver performance excellence for investors.
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.
Putnam Investments
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Managed Fund Since 2014
![[Matt LaPlants avatar]](https://franklintempletonprod.widen.net/content/rwerbwue37/webp/LaPlant_Matt_500x500.png){kind=avatar}
Managed Fund Since 2023
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Managed Fund Since 2018
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Managed Fund Since 2019
Latest Insights
August 14, 2025
March 19, 2025
Performance
Risk Measures
As of 10/31/2025
Class Y - Without Sales Charge (NAV)
Measured against: S&P 500 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.
The fund began offering Class Y shares on 4/4/2000. Returns for periods prior to 4/4/2000 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
©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.
Portfolio
Assets
As of10/31/2025 (Updated Monthly)
- Total Net Assets
- $667.79 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 135
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Price to Book
- Fund
- 5.07x
- Fund
- 23.60x
- Fund
- $1,434.52 Billion
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Information Technology | 34.51% |
Financials | 12.08% |
Communication Services | 10.55% |
Health Care | 10.41% |
Consumer Discretionary | 9.40% |
Industrials | 7.03% |
Consumer Staples | 4.69% |
Energy | 3.17% |
Utilities | 2.41% |
Materials | 2.28% |
Real Estate | 1.93% |
Cash & Other Net Assets | 1.56% |
Holdings
As of 09/30/2025 (Updated Monthly)
MICROSOFT CORP SEDOL 2588173
NVIDIA CORP SEDOL 2379504
APPLE INC SEDOL 2046251
AMAZON.COM INC SEDOL 2000019
ALPHABET INC-CL A SEDOL BYVY8G0
BROADCOM INC SEDOL BDZ78H9
META PLATFORMS INC-CLASS A SEDOL B7TL820
TESLA INC SEDOL B616C79
CISCO SYSTEMS INC SEDOL 2198163
MASTERCARD INC - A SEDOL B121557
Distributions & Tax
Federal ID Number 04-3287245
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Dec 05
Supplemental Tax Information
- Foreign Source Income
- —
- Foreign Source Qualified Dividends
- —
- Direct U.S. Government Obligations
- 0.93%
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- 64.32%
- Section 163(j)
- —
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Putnam U.S. Research Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam U.S. Research Fund - Class Y | |||
| Annual Financial Statements and Other Information - Putnam U.S. Research Fund | |||
| Semi-Annual Report - Putnam U.S. Research Fund - Class Y | |||
| Semi-Annual Financial Statements and Other Information - Putnam U.S. Research Fund | |||
| Prospectus - Putnam U.S. Research Fund | |||
| Summary Prospectus - Putnam U.S. Research Fund | |||
| Statement Of Additional Information - Putnam U.S. Research Fund | |||
| Fiscal Q1 Holdings - Putnam Research Fund | |||
| Fiscal Q3 Holdings - Putnam Research Fund |
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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. 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.
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.
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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.