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Morningstar

Putnam Mortgage Securities B PGSBX

Morningstar Medalist Rating
Medalist Rating as of | See Putnam Investment Hub
  • NAV / 1-Day Return 8.44  /  0.24 %
  • Total Assets 419.2 Mil
  • Adj. Expense Ratio
    1.670%
  • Expense Ratio 1.670%
  • Distribution Fee Level Average
  • Share Class Type —
  • Category Intermediate Core-Plus Bond
  • Credit Quality / Interest Rate Sensitivity High / Moderate
  • Min. Initial Investment —
  • Status Closed
  • TTM Yield 13.23%
  • Effective Duration 6.08 years

USD | NAV as of Sep 20, 2023 | 1-Day Return as of Sep 20, 2023, 11:07 PM GMT+0

Morningstar’s Analysis PGSBX

Will PGSBX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PGSBX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the PGSBX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of PGSBX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Exceptional complexity and volatility.

Senior Analyst Peter Marchese

Peter Marchese

Senior Analyst

Summary

Putnam Mortgage Securities is not for the faint of heart. The experienced managers use an uncommon strategy that focuses on hedging or adding exposure to various risks and makes liberal use of derivatives to do so. However, the execution of this complex process has led to mediocre returns. Most of the share classes retain a Morningstar Analyst Rating of Neutral, while its most expensive B and C share classes stay at Negative.

by Peter Marchese
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings PGSBX

More PGSBX Holdings
  • Current Portfolio Date
  • Equity Holdings 1
  • Bond Holdings 439
  • Other Holdings 140
  • % Assets in Top 10 Holdings 73.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Federal National Mortgage Association 2.5%

23.54
101,112,270
Securitized

Federal National Mortgage Association 2%

21.50
92,343,482
Securitized

Federal National Mortgage Association 6%

12.93
55,549,320
Securitized

Federal National Mortgage Association 3%

11.83
50,829,881
Securitized

Federal National Mortgage Association 3.5%

10.82
46,464,844
Securitized

Federal National Mortgage Association 4%

6.45
27,693,750
Securitized

Federal National Mortgage Association 4.5%

5.74
24,655,311
Securitized

Government National Mortgage Association 2.5%

4.76
20,428,166
Securitized

Government National Mortgage Association 2%

4.42
18,975,009
Securitized

Federal National Mortgage Association 5%

4.29
18,423,320
Securitized