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PGVRX Putnam Mortgage Securities R

  • Fund
  • PGVRX
  • Price as of: May 24, 2019
  • $12.44 - $0.02 - 0.16%
  • Category
  • Government Bonds

PGVRX - Profile

Vitals

  • YTD Return 3.2%
  • 3 Yr Annualized Return -1.4%
  • 5 Yr Annualized Return -1.7%
  • Net Assets $917 M
  • Holdings in Top 10 72.2%

52 WEEK LOW AND HIGH

$12.44
$11.92
$12.55

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.09%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 1403.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

Government Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Intermediate Core-Plus Bond

Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return -1.4%
  • 5 Yr Annualized Total Return -1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.20%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Putnam Mortgage Securities Fund
  • Fund Family Name Putnam
  • Inception Date Jan 21, 2003
  • Shares Outstanding N/A
  • Share Class Retirement
  • Currency USD
  • Domiciled Country United States
  • Manager Michael V. Salm

PGVRX - Performance

Return Ranking - Trailing

Period PGVRX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -0.5% 7.9% 7.45%
1 Yr 0.6% -80.0% 8.0% 72.26%
3 Yr -1.4%* -41.5% 2.1% 70.80%
5 Yr -1.7%* -34.8% 2.3% 89.74%
10 Yr -0.8%* -14.9% 5.0% 80.73%

* Annualized


Return Ranking - Calendar

Period PGVRX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.6% -80.0% 0.1% 90.15%
2017 -2.2% -2.9% 10.1% 94.53%
2016 -2.3% -9.3% 2.5% 90.88%
2015 -2.7% -46.1% 0.2% 85.77%
2014 3.5% -88.9% 41.3% 22.76%

Total Return Ranking - Trailing

Period PGVRX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -0.5% 7.9% 7.45%
1 Yr 0.6% -80.0% 8.0% 76.28%
3 Yr -1.4%* -41.5% 4.2% 77.01%
5 Yr -1.7%* -34.0% 4.4% 94.87%
10 Yr -0.8%* -14.9% 8.8% 88.53%

* Annualized


Total Return Ranking - Calendar

Period PGVRX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.6% -80.0% 3.0% 92.70%
2017 -2.2% -2.2% 10.1% 97.08%
2016 -2.3% -9.3% 5.1% 93.07%
2015 -2.7% -46.1% 3.9% 89.42%
2014 3.5% -88.9% 41.3% 41.42%

NAV & Total Return History

PGVRX - Holdings

Concentration Analysis

PGVRX Category Low Category High PGVRX % Rank
Net Assets 917 M 1.23 M 21.8 B 34.28%
Number of Holdings 693 7 15908 14.89%
Net Assets in Top 10 664 M -147 M 4.93 B 18.09%
Weighting of Top 10 72.16% 8.3% 263.1% 24.82%

Top 10 Holdings

  1. Federal National Mortgage Association 3% 12.20%

  2. Government National Mortgage Association 3% 9.60%

  3. Government National Mortgage Association 4.5% 8.01%

  4. Government National Mortgage Association 3.5% 7.88%

  5. Government National Mortgage Association 4% 7.40%

  6. Government National Mortgage Association 5% 6.41%

  7. Federal National Mortgage Association 5.5% 6.03%

  8. Fncl 2.50 2013 5.89%

  9. Government National Mortgage Association 3.5% 4.79%

  10. Federal National Mortgage Association 4.5% 3.96%


Asset Allocation

Weighting Return Low Return High PGVRX % Rank
Bonds
156.49% 0.00% 156.43% 1.42%
Stocks
0.00% -0.03% 92.50% 84.04%
Preferred Stocks
0.00% 0.00% 3.11% 88.30%
Other
0.00% -45.97% 3.32% 13.12%
Convertible Bonds
0.00% 0.00% 0.70% 88.30%
Cash
-56.49% -56.49% 74.13% 99.29%

Bond Sector Breakdown

Weighting Return Low Return High PGVRX % Rank
Securitized
159.61% 0.00% 159.58% 1.42%
Corporate
0.80% 0.00% 67.74% 22.70%
Municipal
0.00% 0.00% 63.01% 89.72%
Government
-0.47% -57.17% 100.00% 92.91%
Derivative
-3.45% -5.53% 6.08% 98.94%
Cash & Equivalents
-56.49% -56.49% 74.13% 99.29%

Bond Geographic Breakdown

Weighting Return Low Return High PGVRX % Rank
US
155.87% 0.00% 155.81% 1.42%
Non US
0.62% -2.84% 24.31% 29.43%

PGVRX - Expenses

Operational Fees

PGVRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.09% 0.00% 3.79% 28.93%
Management Fee 0.39% 0.00% 0.80% 44.88%
12b-1 Fee 0.50% 0.00% 1.00% 71.26%
Administrative Fee N/A 0.00% 0.45% N/A

Sales Fees

PGVRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.40% 4.75% N/A
Deferred Load N/A 0.50% 5.50% N/A

Trading Fees

PGVRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PGVRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 1403.00% 0.00% 1450.00% 97.49%

PGVRX - Distributions

Dividend Yield Analysis

PGVRX Category Low Category High PGVRX % Rank
Dividend Yield 0.04% 0.00% 0.87% 22.26%

Dividend Distribution Analysis

PGVRX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

PGVRX Category Low Category High PGVRX % Rank
Net Income Ratio 3.20% 0.05% 4.99% 3.57%

Capital Gain Distribution Analysis

PGVRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

PGVRX - Managers

Michael V. Salm

Manager

Start Date

Tenure

Tenure Rank

Sep 30, 2007

11.59

11.6%

Mr. Salm is a Co-Head of Fixed Income, specializing in liquid markets and securitized strategies. In this role, he oversees investment strategies related to mortgage and securitized products, interest-rate and volatility derivatives, and money markets. In addition, he manages trading operations and Putnam's Fixed Income quantitative teams. He is a portfolio manager of core global, core plus, global government, fixed income global alpha, and dedicated mortgage strategies, as well as fixed income hedge funds. Mr. Salm joined Putnam in 1997 and has been in the investment industry since 1989. Previously at Putnam, he served as a Portfolio Manager responsible for mortgage strategies in fixed income portfolios. Prior to joining Putnam, Mr. Salm was a Mortgage Specialist at BlackRock Financal Management from 1996 to 1997, a Vice President and Trader at Nomura Securities from 1994 to 1996, a Vice President and Structurer at Nikko Securities from 1993 to 1994, and an Analyst at Fitch Investor Services from 1991 to 1992. Mr. Salm earned a B.S. from Cornell University.


Jatin Misra

Manager

Start Date

Tenure

Tenure Rank

Feb 28, 2017

2.17

2.2%

Jatin Misra is Portfolio Manager. Previously served as Analyst and Quantitative Analyst. Joined Putnam Management since 2004.


Brett Kozlowski

Manager

Start Date

Tenure

Tenure Rank

Apr 19, 2018

1.03

1.0%

Mr. Kozlowski is a Portfolio Manager in the Fixed Income Structured Credit group. He is responsible for developing investment strategies within securitized sectors, including agency mortgage-backed securities (MBS); non-agency residential mortgage-backed securities (RMBS); commercial mortgage-backed securities (CMBS); and asset-backed securities. In addition, he is a Portfolio Manager of Putnam Income Fund and assists in the management of several institutional client portfolios. He joined Putnam in 2008 and has been in the investment industry since 1997. Prior to joining Putnam, Mr. Kozlowski held roles of increasing responsibility at Fidelity Investmentsincluding Portfolio Manager from 2008 to 2006; Research Analyst from 2006 to 2003; Trader from 2001 to 2003; Portfolio Analyst from 2000 to 2001; and Research Associate from 1997 to 2000. He earned a B.S. from Massachusetts Institute of Technology.


Tenure Analysis

Category Low

0.0

Category High

33.35

Category Average

7.54

Category Mode

0.17