Putnam PanAgora Market Neutral Fund
Data updated: 2021-11-05
C000191135 — Putnam PanAgora Market Neutral Fund. Money Market · $8.86M AUM · 2.58% expense ratio. Holdings, fees, performance and SEC filings.
C000191135 Fund Overview
Putnam PanAgora Market Neutral Fund is a US mutual fund managed by Putnam Investment Funds, categorised as Money Market. 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: Money Market
- Assets under management: $8.86M
- 1-year return: 1.7%
- SEC CIK: 0000932101
- SEC series ID: S000058312
- Share class ID: C000191135
C000191135 Investment Objective and Strategy
Putnam PanAgora Market Neutral Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Putnam Investment Funds.
Investment objective
Putnam PanAgora Market Neutral Fund seeks absolute return (i.e. positive total return in diverse market environments over time).
Principal investment strategy
The fund pursues its goal by investing through a diversified set of long/short equity strategies that seek to identify and exploit multiple price inefficiencies that exist in global equity markets. PanAgora Asset Management, Inc. (PanAgora), the subadviser to the fund, believes that these inefficiencies create investment opportunities in different market segments, at different times, and for different reasons, before they are ultimately arbitraged away. By using a diversified set of strategies that PanAgora believes have low correlation to one another, the fund seeks to generate returns under different market conditions and over different time horizons that are more stable over time than the returns of any individual strategy. The funds strategies rely on quantitative models and information and data inputs to those models in an effort to capitalize on investment opportunities that exist when the prospects of a companys likely success or failure are not fully recognized by market participants.
PanAgora expects to implement the funds strategies primarily through investing in total return swap contracts. The funds strategies are managed within three distinct sleeves of the fund designed to capitalize on long-term, intermediate-term, and short-term price inefficiencies. PanAgora strategically allocates the funds investments among the various strategies, varying the allocations from time to time based upon its assessment of the attractiveness of the available opportunity set, to seek to increase the potential for higher returns. Although the fund may have net long or short exposure to the stock market at any time, PanAgora expects that, over time, the funds returns will not closely correlate with stock market movements. PanAgora may adjust the funds portfolio from time to time, and may use derivatives, to minimize exposure to stock market movements.
The funds portfolio is also adjusted on a regular basis in an effort to manage risk from systematic factors (such as market or interest rate movements), risk from sector, country and region exposure, as well as excessive risk from any one security, by using derivatives, exchange traded funds (ETFs) and other risk management and portfolio construction techniques. The fund expects to use total return swaps, and may also use other derivatives (such as futures contracts, options, currency swaps and other swap contracts), to take long or short positions in equity securities (principally common stocks, American Depositary Receipts (ADRs), and real estate investment trusts (REITs)), fixed income securities, and other investment companies (principally ETFs). The fund may have exposure to U.S. and non-U.S.
(including both developed and emerging market) companies, to companies of any market capitalization and to fixed income securities of any credit quality, duration or maturity (principally government-issued instruments, money market instruments, and investment-grade corporate instruments). At times, the fund may also hold these instruments directly. The fund may take short derivatives positions and may use derivatives to hedge and for speculative purposes. 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.
C000191135 Holdings
Top 10 holdings of Putnam PanAgora Market Neutral Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| State Street Institutional US Government Money Market Fund | 38.18% |
| Morgan Stanley And Co. International | 3.89% |
| Morgan Stanley And Co. International | 2.10% |
| Morgan Stanley And Co. International | 0.95% |
| Morgan Stanley And Co. International | 0.88% |
| Morgan Stanley And Co. International | 0.87% |
| Morgan Stanley And Co. International | 0.85% |
| Morgan Stanley And Co. International | 0.85% |
| Morgan Stanley And Co. International | 0.85% |
| Morgan Stanley And Co. International | 0.84% |
C000191135 Portfolio Allocation
Asset-class allocation of Putnam PanAgora Market Neutral Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Derivatives | 313.3% |
| Equity | 57.3% |
C000191135 Performance
Total returns for C000191135 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 1.7% |
C000191135 Risk Information
Risk metrics for C000191135, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.9%
C000191135 Costs and Fees
C000191135 costs about $258 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.58%
- Gross expense ratio: 4.52%
- Portfolio turnover: 84%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000191135 Cashflows
Over the 12 months to 2021-02, Putnam PanAgora Market Neutral Fund had net inflows of $1.27M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-02 | $4.51K |
| 2021-01 | $47.97K |
| 2020-12 | $24.27K |
| 2020-11 | $1.27K |
| 2020-10 | $2.21K |
| 2020-09 | $2.11K |
C000191135 Debt Constituents
No individual debt constituents are reported in Putnam PanAgora Market Neutral Fund's latest SEC N-PORT filing.
C000191135 Prospectus and SEC Filings
Official Putnam PanAgora Market Neutral Fund 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 2021-04-29
- Portfolio holdings (N-PORT) — filed 2021-02-01
- Portfolio holdings (N-PORT) — filed 2020-10-30
- Annual census (N-CEN) — filed 2021-11-05
- Annual census (N-CEN) — filed 2020-11-10
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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.