Putnam PanAgora Managed Futures Strategy
Data updated: 2021-11-05
C000191131 — Putnam PanAgora Managed Futures Strategy. Commodity · $9.15M AUM · 1.28% expense ratio. Holdings, fees, performance and SEC filings.
C000191131 Fund Overview
Putnam PanAgora Managed Futures Strategy is a US mutual fund managed by Putnam Investment Funds, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Putnam Investment Funds
- Category: Commodity
- Assets under management: $9.15M
- 1-year return: -14.0%
- SEC CIK: 0000932101
- SEC series ID: S000058311
- Share class ID: C000191131
C000191131 Investment Objective and Strategy
Putnam PanAgora Managed Futures Strategy describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Putnam Investment Funds.
Investment objective
Putnam PanAgora Managed Futures Strategy seeks absolute return (i.e. positive total return in diverse market environments over time).
Principal investment strategy
The fund pursues its goal by investing primarily in futures and forward contracts that provide exposure to equities, fixed income securities, commodities, and developed and emerging market currencies. These asset classes offer different return potential and exposure to different investment risks. In allocating the funds assets among these different asset classes, PanAgora Asset Management, Inc. (PanAgora), the subadviser to the fund, uses its proprietary trend following strategy, which relies on quantitative models and information and data inputs to those models to seek to identify and profit from price trends in global equity, fixed income, commodity and currency markets. Following the identification of a trend, the fund may take either a long or short position in an asset class. The size of the position taken is based on PanAgoras systematic assessment of the trend and its likelihood of continuing, as well as PanAgoras estimate of the risk of the instrument through which the position is implemented.
Once a position has been added to the funds portfolio, PanAgora monitors for any indication of a reversal or loss of momentum in the price trend in order to determine when to exit the position. In constructing the funds portfolio, PanAgora uses a proprietary approach to balance the funds risk exposures in an effort to generate attractive returns, in diverse market conditions, that are generally uncorrelated with the returns of traditional asset classes. The fund expects to obtain exposure to developed market equity indexes, although it may have exposure to equity securities of any market capitalization throughout the world, including foreign and emerging markets. In the case of fixed income securities, the fund expects to seek exposure primarily to investment-grade securities, but may have exposure to fixed-income securities of any credit quality, duration or maturity.
The fund may obtain exposure to any commodity and to both developed and emerging market currencies. The fund primarily gains long and short exposure to an asset class by investing in exchanged-traded futures and over-the-counter forward contracts, but may also invest in an asset class through other derivatives (such as options and swap contracts) or directly. The fund is non-diversified, which means that it may invest a greater percentage of its assets in fewer issuers than a diversified fund. A significant portion of the assets of the fund will be invested in short-term instruments, including cash and cash equivalents generally with one year or less term to maturity. These investments serve as collateral for the derivative positions the fund takes and also may earn income for the fund. Although the fund normally does not engage in borrowing, because the fund typically uses long and short futures and forwards to a significant extent (and may also take other short derivatives positions), the fund will operate with potentially significant investment leverage, which magnifies investment exposure.
Instruments in the fund are generally liquid and exchange traded. The fund may invest directly or indirectly through its wholly-owned and controlled subsidiary, which like the fund, is sub-advised by PanAgora. The fund may invest no more than 25% of its assets in the subsidiary. The subsidiary will invest primarily in commodity futures but it may also invest in other commodity-related instruments (such as financial futures, option and swap contracts) or other asset classes (including through derivatives). Unlike the fund, the subsidiary may invest without limitation in commodity-related instruments. Unless indicated otherwise, references to the funds investments, investment exposures or risks include its indirect investments, investment exposures and risks through the subsidiary.
C000191131 Performance
Total returns for C000191131 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -14.0% |
C000191131 Risk Information
Risk metrics for C000191131, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.2%
C000191131 Costs and Fees
C000191131 costs about $128 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.28%
- Gross expense ratio: 2.71%
- Portfolio turnover: 0%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000191131 Cashflows
Over the 12 months to 2021-02, Putnam PanAgora Managed Futures Strategy had net inflows of $3.91M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-02 | $9.15K |
| 2021-01 | $11.16K |
| 2020-12 | $167.29K |
| 2020-11 | $5.50K |
| 2020-10 | $36.45K |
| 2020-09 | $19.30K |
C000191131 Debt Constituents
No individual debt constituents are reported in Putnam PanAgora Managed Futures Strategy's latest SEC N-PORT filing.
C000191131 Prospectus and SEC Filings
Official Putnam PanAgora Managed Futures Strategy filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-12-29
- Prospectus (485BPOS) — filed 2020-01-17
- Prospectus (485BPOS) — filed 2019-01-15
- Portfolio holdings (N-PORT) — filed 2021-04-28
- Portfolio holdings (N-PORT) — filed 2021-01-29
- Portfolio holdings (N-PORT) — filed 2020-10-28
- Annual census (N-CEN) — filed 2021-11-05
- Annual census (N-CEN) — filed 2020-11-10
Related Funds
Other Commodity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.