Putnam PanAgora Risk Parity Fund
Data updated: 2023-11-13
C000191144 — Putnam PanAgora Risk Parity Fund. Commodity · $31.36M AUM · 2.08% expense ratio. Holdings, fees, performance and SEC filings.
C000191144 Fund Overview
Putnam PanAgora Risk Parity Fund 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: $31.36M
- 1-year return: -19.8%
- SEC CIK: 0000932101
- SEC series ID: S000058313
- Share class ID: C000191144
C000191144 Investment Objective and Strategy
Putnam PanAgora Risk Parity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Putnam Investment Funds.
Investment objective
Putnam PanAgora Risk Parity Fund seeks total return. Total return is composed of capital appreciation and income.
Principal investment strategy
The fund pursues an investment strategy designed to generate returns from investing in a combination of asset classes with diversified risk characteristics. The fund strategically allocates its investments among equities, fixed-income instruments and commodities in an effort to participate in periods of economic growth, preserve capital during periods of economic contraction, and preserve real rates of return during periods of heightened inflation. In allocating the funds assets among the different asset classes, PanAgora Asset Management, Inc. (PanAgora), the subadviser to the fund, employs a proprietary risk parity approach, which relies on quantitative models and information and data inputs to those models to seek to diversify the funds portfolio risks across and within asset classes. When allocating investments across asset classes, the fund generally allocates a greater portion of its assets to asset classes PanAgora views as having lower risk, such as developed market bonds, than to asset classes PanAgora views as having higher risk, such as global equities.
In its neutral position, the funds assets are generally strategically allocated among the different asset classes so that the anticipated contribution of each asset class to the overall risk of the fund will be approximately as follows: 40% from equity risk; 40% from fixed income risk; and 20% from inflation risk. However, PanAgora may seek different risk contributions from time to time, including in response to market conditions. When allocating investments within each asset class, PanAgoras risk parity approach seeks to diversify the funds risk exposures across a variety of factors, including industry sectors, geographies, companies and commodity types. The fund will gain exposure to different areas of risk either through direct investment or through derivative instruments, primarily including forwards, futures, and swaps, but which may also include, but are not limited to, options.
The fund may invest without limit in equity securities, including, but not limited to, global developed markets large-cap equities, emerging markets equities, and U.S. small and mid-cap equities. The fund may additionally invest in fixed-income securities of any credit quality, duration or maturity (including, but not limited to, U.S and non-U.S. sovereign bonds, global inflation-linked government bonds (including Treasury Inflation Protected Securities), and investment-grade corporate bonds), commodities (including through, but not limited to, commodity-linked notes and commodity-related derivative instruments (primarily commodity futures and swaps on commodity futures)), exchange-traded funds (ETFs), exchange-traded notes, and emerging markets and other currencies (including through cash bonds and currency forwards).
These asset classes offer different return potential and exposure to different investment risks. While the fund normally does not engage in borrowing, the fund typically uses derivatives to a significant extent and may take short derivatives positions. 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. The fund is non-diversified, which means that it may invest a greater percentage of its assets in fewer issuers than a diversified fund. 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. Generally, the subsidiary will invest primarily in commodity futures and swaps on 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.
C000191144 Performance
Total returns for C000191144 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -19.8% |
| 3 years (annualised) | -3.7% |
C000191144 Risk Information
Risk metrics for C000191144, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.9%
C000191144 Costs and Fees
C000191144 costs about $208 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.08%
- Gross expense ratio: 2.56%
- Portfolio turnover: 0%
C000191144 Cashflows
Over the 12 months to 2022-11, Putnam PanAgora Risk Parity Fund had net inflows of $18.92M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-11 | $128.67K |
| 2022-10 | $353.74K |
| 2022-09 | $2.29M |
| 2022-08 | $168.76K |
| 2022-07 | $19.45K |
| 2022-06 | $5.73K |
C000191144 Debt Constituents
No individual debt constituents are reported in Putnam PanAgora Risk Parity Fund's latest SEC N-PORT filing.
C000191144 Prospectus and SEC Filings
Official Putnam PanAgora Risk Parity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-12-27
- Prospectus (485BPOS) — filed 2021-12-28
- Prospectus (485BPOS) — filed 2020-12-29
- Portfolio holdings (N-PORT) — filed 2023-01-26
- Portfolio holdings (N-PORT) — filed 2022-10-28
- Portfolio holdings (N-PORT) — filed 2022-07-27
- Annual census (N-CEN) — filed 2023-11-13
- Annual census (N-CEN) — filed 2022-11-14
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.