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Morningstar

Putnam Mortgage Securities Y PUSYX

Morningstar Medalist Rating
Medalist Rating as of | See Putnam Investment Hub
  • NAV / 1-Day Return 8.28  /  0.49 %
  • Total Assets 409.9 Mil
  • Adj. Expense Ratio
    0.670%
  • Expense Ratio 0.670%
  • Distribution Fee Level High
  • Share Class Type Institutional
  • Category Intermediate Core-Plus Bond
  • Credit Quality / Interest Rate Sensitivity High / Moderate
  • Min. Initial Investment —
  • Status Open
  • TTM Yield 15.71%
  • Effective Duration 6.46 years

USD | NAV as of Nov 28, 2023 | 1-Day Return as of Nov 28, 2023, 11:18 PM GMT+0

Morningstar’s Analysis PUSYX

Will PUSYX 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 PUSYX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the PUSYX 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 PUSYX’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 PUSYX

More PUSYX Holdings
  • Current Portfolio Date
  • Equity Holdings 0
  • Bond Holdings 409
  • Other Holdings 137
  • % Assets in Top 10 Holdings 65.7
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Federal National Mortgage Association 2%

20.25
80,741,287
Securitized

Federal National Mortgage Association 2.5%

19.41
77,395,199
Securitized

Federal National Mortgage Association 6%

18.64
74,334,816
Securitized

Federal National Mortgage Association 3.5%

9.39
37,453,712
Securitized

Federal National Mortgage Association 3%

7.01
27,968,556
Securitized

Federal National Mortgage Association 4%

6.50
25,919,532
Securitized

Federal National Mortgage Association 4.5%

5.83
23,229,375
Securitized

Government National Mortgage Association 2.5%

4.79
19,090,229
Securitized

Government National Mortgage Association 2%

4.44
17,716,840
Securitized

Federal National Mortgage Association 5%

3.93
15,671,210
Securitized