Fund Evaluator:
Putnam Retirement Advantage 2035 R3 (PAFWX)
Follow This Fund
Best Performing in Target-Date 2035 Over the Last Year
| 19.9% | Fidelity Advisor Freedom Blend 2035 Z (FHSDX) |
| 18.9% | Fidelity Advisor Sust Trgt Dt 2035 Z (FSXRX) |
| 18.4% | Fidelity Advisor Freedom 2035 Z (FIJOX) |
| 17.9% | T. Rowe Price Retirement 2035 (TRRJX) |
| 17.8% | Voya Index Solution 2035 Port Z (VSZDX) |
Fund Details
Putnam Retirement Advantage 2035 R3 Overview
Putnam Retirement Advantage 2035 R3 (PAFWX) is an actively managed Allocation Target-Date 2035 fund. Franklin Templeton Investments launched the fund in 2020.
The investment seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2035 (the target date). It is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds.
About Putnam Retirement Advantage 2035 R3 (PAFWX)
There are 5 members of the management team with an average tenure of 2.88 years: Thomas Nelson (2025), Adrian Chan (2021), Brett Goldstein (2019), Laura Green (2026), Jonathan Schreiber (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Putnam Retirement Advantage 2035 R3 has 5 securities in its portfolio. The top 10 holdings constitute 100.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Putnam Retirement Advantage 2035 R3 is part of the Allocation global asset class and is within the Allocation fund group. Putnam Retirement Advantage 2035 R3 has 18.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.7%. There is 9.8% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 40.6% (31.8% domestic bond, 8.7% foreign bond and 0.1% convertible bond). Putnam Retirement Advantage 2035 R3 has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $56 million in total assets, which is below the $1 billion average for the Target-Date 2035 category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PAFWX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Putnam Retirement Advantage 2035 R3 expense ratio is high compared to funds in the Target-Date 2035 category. Putnam Retirement Advantage 2035 R3 has an expense ratio of 0.95%, which is 44% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Putnam Retirement Advantage 2035 R3 has a portfolio turnover rate of 32%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 22% for the Target-Date 2035 category.
Recently, in the month of June 2026, Putnam Retirement Advantage 2035 R3 returned 0.6%, which earned it a grade of B, as the Target-Date 2035 category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Putnam Retirement Advantage 2035 R3 has a trailing yield of 7.47%, which is above the 2.30% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Putnam Retirement Advantage 2035 R3 Grades
Year to date, the fund has returned 6.7%, 1.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 14.5% over the past year (grade of F), 14.7% over the past three years (grade of B) and 7.7% per year over the past five years (grade of A).
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PAFWX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PAFWX Return (NAV) | 0.6% | 8.1% | 14.5% | 14.7% | 7.7% | na |
| PAFWX Grade | B | F | F | B | A | na |
| +/- Category | 0.3% | -1.2% | -1.6% | 0.8% | 0.8% | na |
| Target-Date 2035 Avg | 0.3% | 9.3% | 16.1% | 13.8% | 6.9% | 9.5% |
| PAFWX Tax Cost Ratio | na | na | 3.4% | 2.4% | 2.7% | na |
PAFWX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAFWX Return (NAV) | 6.7% | 14.0% | 15.7% | 17.5% | -15.5% | 14.2% | 13.0% | na | na | na | na |
| PAFWX Grade | F | F | A | A | A | C | D | na | na | na | na |
| +/- Category | -1.3% | -1.7% | 4.4% | 1.3% | 1.2% | 0.2% | -1.4% | na | na | na | na |
| Target-Date 2035 Avg | 8.1% | 15.7% | 11.2% | 16.2% | -16.7% | 13.9% | 14.4% | 22.5% | -7.3% | 18.9% | 7.6% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.69 - Below Average |
| Category Risk Index: | 0.87 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.85 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 7.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $55 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 32% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 6.5 years | |||
| Average Tenure: 2.9 years | |||
| Managers (Year): Goldstein Brett (2019), Chan Adrian (2021), Nelson Thomas (2025), Schreiber Jonathan (2025), Green Laura (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 18.6% |
Portfolio Allocation |
|
| Domestic Stock: | 43.7% |
| Foreign Stock: | 9.8% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 31.8% |
| Foreign Bond: | 8.7% |
| Convertible Bond: | 0.1% |
| Other: | 4.5% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnam.com |
| Status: | Open |
| Inception Date: | September 1, 2020 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Putnam Retirement Advantage 2035 R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
