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Trending ETFs

Name

As of 06/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.41

$11 M

1.89%

$0.21

2.98%

Vitals

YTD Return

14.9%

1 yr return

22.5%

3 Yr Avg Return

5.5%

5 Yr Avg Return

N/A

Net Assets

$11 M

Holdings in Top 10

100.0%

52 WEEK LOW AND HIGH

$11.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.98%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 44.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.41

$11 M

1.89%

$0.21

2.98%

PAFZX - Profile

Distributions

  • YTD Total Return 14.9%
  • 3 Yr Annualized Total Return 5.5%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.22%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Putnam Retirement Advantage 2045 Fund
  • Fund Family Name
    Putnam Family of Funds
  • Inception Date
    Dec 31, 2019
  • Shares Outstanding
    N/A
  • Share Class
    R
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brett Goldstein

Fund Description

Investments

The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2045 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds.

The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” Putnam Investment Management, LLC (“Putnam Management”) adjusts these allocations at the end of each calendar quarter based on the glide path.

The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on December 31, 2023.

The table also shows the approximate allocations of other Putnam Retirement Advantage Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.

Underlying Fund* Year 2065 2060 2055 2050 2045 (your fund) 2040 2035 2030 2025 Maturity Fund
Putnam Dynamic Asset Allocation Equity Fund 2023 78.0% 66.6% 44.0% 19.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2024 78.0% 62.8% 39.0% 15.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Putnam Dynamic Asset Allocation Growth Fund 2023 21.5% 32.9% 55.5% 80.1% 96.7% 60.8% 7.7% 0.0% 0.0% 0.0%
2024 21.5% 36.7% 60.5% 83.8% 92.7% 51.8% 0.0% 0.0% 0.0% 0.0%
Putnam Dynamic Asset Allocation Balanced Fund 2023 0.0% 0.0% 0.0% 0.0% 1.2% 36.0% 88.0% 43.8% 6.0% 0.0%
2024 0.0% 0.0% 0.0% 0.0% 4.8% 44.8% 92.9% 30.1% 2.5% 0.0%
Putnam Dynamic Asset Allocation Conservative Fund 2023 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 37.2% 22.0% 0.0%
2024 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.1% 47.9% 9.8% 0.0%
Putnam Short Term Investment Fund 2023 0.5% 0.5% 0.5% 0.7% 2.1% 3.2% 4.3% 5.5% 6.0% 6.0%
2024 0.5% 0.5% 0.5% 1.0% 2.5% 3.4% 4.5% 5.8% 6.0% 6.0%
Putnam Multi-Asset Income Fund 2023 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 13.5% 66.0% 94.0%
2024 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.5% 16.2% 81.7% 94.0%
Equity** 2023 95.2% 92.9% 88.4% 83.3% 78.1% 70.2% 59.0% 41.1% 28.0% 25.4%
2024 95.2% 92.2% 87.4% 82.2% 77.0% 68.3% 56.5% 36.8% 26.5% 25.4%
Fixed Income** 2023 4.8% 7.1% 11.6% 16.7% 21.9% 29.8% 41.0% 58.9% 72.0% 74.6%
2024 4.8% 7.8% 12.6% 17.8% 23.0% 31.7% 43.5% 63.2% 73.5% 74.6%
* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.
** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and, consequently, actual allocations will vary.

The fund’s target allocations may differ from the allocations shown in the table. We may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although we expect these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. We assume investors will begin gradual withdrawals from the

fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage Maturity Fund (Maturity Fund), a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund. More information about Maturity Fund is available in this prospectus beginning on page 74, and more information about the underlying funds (which are not offered by this prospectus) is included under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”.

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PAFZX - Performance

Return Ranking - Trailing

Period PAFZX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.9% 4.8% 15.0% 3.54%
1 Yr 22.5% 8.9% 23.0% 4.55%
3 Yr 5.5%* -3.0% 6.1% 6.70%
5 Yr N/A* 5.9% 11.1% N/A
10 Yr N/A* 5.0% 9.4% N/A

* Annualized

Return Ranking - Calendar

Period PAFZX Return Category Return Low Category Return High Rank in Category (%)
2023 17.9% 4.8% 21.3% 14.72%
2022 -25.6% -65.7% -14.5% 73.60%
2021 1.7% -4.7% 18.7% 84.57%
2020 N/A 2.3% 15.5% N/A
2019 N/A 8.2% 23.0% N/A

Total Return Ranking - Trailing

Period PAFZX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.9% 4.8% 15.0% 3.54%
1 Yr 22.5% 8.9% 23.0% 4.55%
3 Yr 5.5%* -3.0% 6.1% 6.70%
5 Yr N/A* 5.9% 11.1% N/A
10 Yr N/A* 5.0% 9.4% N/A

* Annualized

Total Return Ranking - Calendar

Period PAFZX Return Category Return Low Category Return High Rank in Category (%)
2023 34.1% 11.2% 37.0% 4.06%
2022 -4.9% -28.2% 0.1% 6.09%
2021 17.8% 4.2% 22.9% 34.04%
2020 N/A 7.8% 23.2% N/A
2019 N/A 21.3% 37.2% N/A

NAV & Total Return History


PAFZX - Holdings

Concentration Analysis

PAFZX Category Low Category High PAFZX % Rank
Net Assets 11 M 6.39 M 79.9 B 96.46%
Number of Holdings 4 2 577 96.97%
Net Assets in Top 10 12 M 6.84 M 82.6 B 95.96%
Weighting of Top 10 99.97% 42.8% 107.1% 21.05%

Top 10 Holdings

  1. MUTUAL FUND 96.75%
  2. MUTUAL FUND 2.03%
  3. MUTUAL FUND 1.19%
  4. MUTUAL FUND 0.00%

Asset Allocation

Weighting Return Low Return High PAFZX % Rank
Stocks
99.97% 0.00% 100.53% 24.75%
Convertible Bonds
0.28% 0.00% 1.09% 10.61%
Cash
0.03% 0.00% 20.94% 69.70%
Preferred Stocks
0.00% 0.00% 0.03% 78.28%
Other
0.00% -0.01% 11.52% 82.32%
Bonds
0.00% 0.00% 25.62% 83.33%

Stock Sector Breakdown

Weighting Return Low Return High PAFZX % Rank
Technology
22.27% 14.05% 23.99% 5.05%
Healthcare
13.68% 10.69% 14.59% 21.21%
Financial Services
13.52% 13.09% 18.83% 88.89%
Consumer Cyclical
10.83% 8.06% 13.31% 65.66%
Industrials
10.08% 9.12% 12.31% 63.13%
Consumer Defense
7.66% 4.68% 11.06% 4.04%
Communication Services
7.03% 5.69% 10.23% 59.09%
Energy
4.86% 2.33% 6.54% 26.26%
Basic Materials
4.27% 3.18% 6.86% 78.28%
Real Estate
3.37% 1.86% 10.17% 69.19%
Utilities
2.43% 1.89% 8.09% 74.75%

Stock Geographic Breakdown

Weighting Return Low Return High PAFZX % Rank
US
99.97% 0.00% 100.53% 24.75%
Non US
0.00% 0.00% 38.46% 81.31%

PAFZX - Expenses

Operational Fees

PAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.98% 0.01% 21.17% 2.53%
Management Fee 0.41% 0.00% 0.89% 75.81%
12b-1 Fee 0.50% 0.00% 1.00% 81.72%
Administrative Fee N/A 0.01% 0.29% N/A

Sales Fees

PAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

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.

PAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 44.00% 0.42% 115.00% 90.00%

PAFZX - Distributions

Dividend Yield Analysis

PAFZX Category Low Category High PAFZX % Rank
Dividend Yield 1.89% 0.00% 6.14% 38.38%

Dividend Distribution Analysis

PAFZX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Annual

Net Income Ratio Analysis

PAFZX Category Low Category High PAFZX % Rank
Net Income Ratio 0.22% -0.42% 3.87% 92.39%

Capital Gain Distribution Analysis

PAFZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Monthly Annually

Distributions History

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PAFZX - Fund Manager Analysis

Managers

Brett Goldstein


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Co-Chief Investment Officer, Global Asset Allocation. Previously, Portfolio Manager and Analyst.

James Fetch


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Mr. Fetch is a Co-Head of Global Asset Allocation (GAA). In partnership with the other GAA Co-Heads, he directs the overall strategy and positioning of Putnam’s GAA products. He is responsible for portfolio construction and risk management of GAA portfolios. His work also contributes to Putnam’s Capital Markets Outlook. Mr. Fetch is a portfolio manager of Putnam Dynamic Asset Allocation Funds (Balanced, Conservative, and Growth); Putnam Dynamic Risk Allocation Fund; Putnam Multi-Asset Absolute Return Fund; Putnam Multi-Asset Model Portfolios; Putnam Retirement Advantage Funds; Putnam RetirementReady Funds; Putnam Total Return Fund; and Putnam 529 for America. Mr. Fetch has been in the investment industry since he joined Putnam in 1994. After leaving in 1998 to complete his M.B.A., he rejoined the firm in 2000.

Robert Schoen


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Robert Schoen is Co-Head of the Global Asset Allocation (GAA) group at Putnam Investments. In partnership with other GAA co-heads, he is responsible for the overall strategy and positioning of Putnam's GAA products. Robert’s career in the investment industry began in 1990. He joined Putnam in 1997. Prior to joining Putnam (from 1992 to 1997), Robert was a self-employed Financial Consultant. He was Head of Research at an asset management company from 1990 to 1992. Robert has a BA from Tufts University and an MBA from New York University, Stern School of Business.

Adrian Chan


Start Date

Tenure

Tenure Rank

Jun 30, 2021

0.92

0.9%

Mr. Chan is a Portfolio Manager in the Global Asset Allocation group. He joined Putnam in 2003 and first served in the investment industry from 2003 to 2006. After leaving to complete his M.B.A., Mr. Chan rejoined the industry full-time in 2008. Previously at Putnam, Mr. Chan served as an Investment Associate from 2003 to 2006, a Summer Intern in 2007, and an Analyst from 2008 to 2015. Mr. Chan earned an M.B.A. from The Wharton School at the University of Pennsylvania and an A.B. from Harvard University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 17.59 5.69 2.41