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Trending ETFs

PUTNAM MORTGAGE SECURITIES FUND

mutual fund
PGVCX
Payout Change
Pending
Price as of:
$7.52 -0.04 -0.53%
primary theme
U.S. Intermediate-Term Bond Duration
share class
C (PGVCX) Y (PUSYX) R (PGVRX) R6 (POLYX) A (PGSIX)
PGVCX (Mutual Fund)

PUTNAM MORTGAGE SECURITIES FUND

Payout Change
Pending
Price as of:
$7.52 -0.04 -0.53%
primary theme
U.S. Intermediate-Term Bond Duration
share class
C (PGVCX) Y (PUSYX) R (PGVRX) R6 (POLYX) A (PGSIX)
PGVCX (Mutual Fund)

PUTNAM MORTGAGE SECURITIES FUND

Payout Change
Pending
Price as of:
$7.52 -0.04 -0.53%
primary theme
U.S. Intermediate-Term Bond Duration
share class
C (PGVCX) Y (PUSYX) R (PGVRX) R6 (POLYX) A (PGSIX)

Name

As of 12/23/2024

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

PUTNAM MORTGAGE SECURITIES FUND

PGVCX | Fund

$7.52

$420 M

102.70%

$7.76

1.72%

Vitals

YTD Return

3.3%

1 yr return

3.9%

3 Yr Avg Return

-2.1%

5 Yr Avg Return

-2.5%

Net Assets

$420 M

Holdings in Top 10

169.4%

52 WEEK LOW AND HIGH

$7.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.72%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/23/2024

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

PUTNAM MORTGAGE SECURITIES FUND

PGVCX | Fund

$7.52

$420 M

102.70%

$7.76

1.72%

PGVCX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return -2.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.44%
DIVIDENDS
  • Dividend Yield 102.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PUTNAM MORTGAGE SECURITIES FUND
  • Fund Family Name
    Putnam Family of Funds
  • Inception Date
    Apr 03, 2002
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Salm

Fund Description

Investments

We invest mainly in mortgages, mortgage-related fixed income securities and related derivatives that are either investment-grade or below-investment-grade in quality (sometimes referred to as “junk bonds”). Under normal circumstances, we invest at least 80% of the fund’s net assets (plus any borrowings for investment purposes) in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities). The fund generally uses the net unrealized gain or loss, or market value, of mortgage-related derivatives for purposes of this policy, but may use the notional value of a derivative if that is determined to be a more appropriate measure of the fund’s investment exposure. This policy may be changed only after 60 days’ notice to shareholders.

We expect to invest in mortgage-backed investments that are obligations of U.S. government agencies and instrumentalities and accordingly are backed by the full faith and credit of the United States (e.g., Ginnie Mae mortgage-backed bonds) as well as in mortgage-backed investments that are backed by only the credit of a federal

agency or government-sponsored entity (e.g., Fannie Mae and Freddie Mac mortgage-backed bonds), and that have short- to long-term maturities.

We also expect to invest in lower-rated, higher-yielding mortgage-backed securities, including non-agency residential mortgage-backed securities (which may be backed by non-qualified or “sub-prime” mortgages), commercial mortgage-backed securities, and collateralized mortgage obligations (including interest only, principal only, and other prepayment derivatives). Non-agency (i.e., privately issued) securities typically are lower-rated and higher yielding than securities issued or backed by agencies such as Ginnie Mae, Fannie Mae or Freddie Mac. The fund currently has significant investment exposure to commercial mortgage-backed securities. While our emphasis will be on mortgage-backed securities, we may also invest to a lesser extent in other types of asset-backed securities.

We may consider, among other factors, credit, interest rate, prepayment and liquidity risks, as well as general market conditions, when deciding whether to buy or sell investments. We typically use to a significant extent derivatives, including credit default swaps, interest rate swaps, total return swaps, to-be-announced (TBA) commitments, futures, options and swaptions, including on mortgage-backed securities and indices, for both hedging and non-hedging purposes, including to obtain or adjust exposure to mortgage-backed investments.

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PGVCX - Performance

Return Ranking - Trailing

Period PGVCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -7.8% 11.6% 7.37%
1 Yr 3.9% -7.5% 11.7% 5.19%
3 Yr -2.1%* -11.0% 27.4% 29.21%
5 Yr -2.5%* -7.6% 58.4% 98.96%
10 Yr -0.4%* -3.0% 73.8% 99.15%

* Annualized

Return Ranking - Calendar

Period PGVCX Return Category Return Low Category Return High Rank in Category (%)
2023 -4.8% -16.2% 8.1% 99.69%
2022 -20.7% -34.7% 131.9% 98.30%
2021 -8.2% -11.6% 4.4% 99.11%
2020 -4.9% -9.9% 946.1% 99.08%
2019 7.3% -1.7% 16.9% 5.40%

Total Return Ranking - Trailing

Period PGVCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -7.8% 11.6% 7.37%
1 Yr 3.9% -7.5% 11.7% 5.19%
3 Yr -2.1%* -11.0% 27.4% 29.21%
5 Yr -2.5%* -7.6% 58.4% 98.96%
10 Yr -0.4%* -3.0% 73.8% 99.15%

* Annualized

Total Return Ranking - Calendar

Period PGVCX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -11.3% 11.9% 97.40%
2022 -11.4% -32.2% 131.9% 8.09%
2021 -5.1% -9.4% 9.2% 99.44%
2020 -1.4% -1.9% 1009.0% 99.88%
2019 11.6% 1.1% 21668.0% 3.36%

NAV & Total Return History

PGVCX - Holdings

Concentration Analysis

PGVCX Category Low Category High PGVCX % Rank
Net Assets 420 M 2.9 M 314 B 69.74%
Number of Holdings 440 1 17880 68.22%
Net Assets in Top 10 736 M 1.62 M 35.1 B 36.24%
Weighting of Top 10 169.39% 4.7% 3984.6% 1.04%

Top 10 Holdings

  1. FNMA TBA 23.77%
  2. FNMA TBA 22.33%
  3. FNMA TBA 19.61%
  4. GOVERNMENT FUTURES 18.37%
  5. GNMA TBA 16.84%
  6. FNMA TBA 16.71%
  7. FNMA TBA 15.65%
  8. SHORT TERM INV FUND 14.92%
  9. FNMA TBA 14.12%
  10. FNMA TBA 7.08%

Asset Allocation

Weighting Return Low Return High PGVCX % Rank
Bonds 		278.72% 0.00% 9231.88% 1.04%
Other 		23.55% -27.25% 1695.17% 5.40%
Cash 		15.23% -54.51% 237.69% 8.00%
Stocks 		0.00% 0.00% 99.98% 59.07%
Preferred Stocks 		0.00% 0.00% 72.34% 54.62%
Convertible Bonds 		0.00% 0.00% 7.93% 91.84%

Bond Sector Breakdown

Weighting Return Low Return High PGVCX % Rank
Securitized 		70.87% 0.00% 98.40% 5.13%
Derivative 		23.55% -6.56% 43.84% 0.93%
Cash & Equivalents 		15.23% 0.00% 237.69% 8.20%
Government 		5.48% 0.00% 86.23% 90.69%
Corporate 		0.67% 0.00% 100.00% 94.98%
Municipal 		0.00% 0.00% 100.00% 82.95%

Bond Geographic Breakdown

Weighting Return Low Return High PGVCX % Rank
US 		278.72% 0.00% 9042.62% 1.04%
Non US 		0.00% 0.00% 189.26% 61.16%

PGVCX - Expenses

Operational Fees

PGVCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.72% 0.01% 39.64% 5.75%
Management Fee 0.39% 0.00% 1.76% 57.61%
12b-1 Fee 1.00% 0.00% 1.00% 90.59%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

PGVCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load 1.00% 1.00% 4.00% 43.62%

Trading Fees

PGVCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

PGVCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% 90.48%

PGVCX - Distributions

Dividend Yield Analysis

PGVCX Category Low Category High PGVCX % Rank
Dividend Yield 102.70% 0.00% 10.11% 0.62%

Dividend Distribution Analysis

PGVCX Category Low Category High Category Mod
Dividend Distribution Frequency None SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

PGVCX Category Low Category High PGVCX % Rank
Net Income Ratio 3.44% -1.28% 4.79% 1.53%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PGVCX - Fund Manager Analysis

Managers

Michael Salm

Start Date

Tenure

Tenure Rank

Sep 30, 2007

14.68

14.7%

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

Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

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

Brett Kozlowski

Start Date

Tenure

Tenure Rank

Apr 19, 2018

4.12

4.1%

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 Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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