Fund Evaluator:
Putnam Global Income R5 (PGGDX)
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Best Performing in Global Bond Over the Last Year
| 6.8% | Invesco International Bond Y (OIBYX) |
| 5.5% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 3.7% | Invesco Global Strategic Income Y (OSIYX) |
| 2.7% | Amana Participation Investor (AMAPX) |
| 2.6% | DoubleLine Global Bond N (DLGBX) |
Fund Details
Putnam Global Income R5 Overview
Putnam Global Income R5 (PGGDX) is an actively managed Taxable Bond Global Bond fund. Franklin Templeton Investments launched the fund in 2012.
The investment seeks high current income; preservation of capital and long-term total return are secondary objectives, but only to the extent consistent with the objective of seeking high current income. The fund invests mainly in bonds and securitized debt instruments (such as mortgage-backed investments) that are obligations of companies and governments worldwide; that are investment-grade in quality; and that have intermediate- to long-term maturities (three years or longer). It invests at least 80% of its net assets in investment-grade securities. The fund may also invest in bonds that are below investment-grade in quality. It is non-diversified.
About Putnam Global Income R5 (PGGDX)
There are 3 members of the management team with an average tenure of 7.59 years: Michael Salm (2007), Patrick Klein (2024), Sonal Desai (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Global Aggregate TR USD index with a weighting of 100%. Putnam Global Income R5 has 865 securities in its portfolio. The top 10 holdings constitute 22.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Putnam Global Income R5 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Putnam Global Income R5 has 39.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 105.3% (66.2% domestic bond, 39.1% foreign bond and 0.1% convertible bond). Putnam Global Income R5 has -10.9% of the portfolio in cash.
Assets Under Management
The fund has $68 million in total assets, which is below the $422 million average for the Global Bond 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.
PGGDX 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 Global Income R5 expense ratio is average compared to funds in the Global Bond category. Putnam Global Income R5 has an expense ratio of 0.55%, which is 43% lower than its category average, making the fund expense ratio grade a A. 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 Global Income R5 has a portfolio turnover rate of 241%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.
Recently, in the month of July 2026, Putnam Global Income R5 returned -0.9%, which earned it a grade of F, as the Global Bond 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 Global Income R5 has a trailing yield of 3.84%, which is below the 4.17% category average. The fund normally distributes its income monthly.
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 Global Income R5 Grades
Year to date, the fund has returned -0.0%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 2.4% over the past year (grade of C), 4.1% over the past three years (grade of B) and -1.3% per year over the past five years (grade of C) and 0.8% per year over the past 10 years (grade of C).
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PGGDX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PGGDX Return (NAV) | -0.9% | -0.3% | 2.4% | 4.1% | -1.3% | 0.8% |
| PGGDX Grade | F | C | C | B | C | C |
| +/- Category | -0.5% | -0.1% | -0.5% | 0.3% | -0.5% | -0.1% |
| Global Bond Avg | -0.3% | -0.2% | 2.9% | 3.8% | -0.7% | 0.9% |
| PGGDX Tax Cost Ratio | na | na | 1.5% | 1.6% | 1.2% | 1.1% |
PGGDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PGGDX Return (NAV) | -0.0% | 6.6% | 1.6% | 5.5% | -14.7% | -6.0% | 6.2% | 9.8% | -2.1% | 7.6% | 2.5% |
| PGGDX Grade | B | F | B | D | C | D | D | A | C | C | C |
| +/- Category | 0.2% | -2.9% | 2.6% | -1.1% | -0.9% | -1.5% | -1.6% | 2.6% | 0.1% | -0.3% | -1.1% |
| Global Bond Avg | -0.2% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 5.3% |
| Total Risk Index: | 0.44 - Low |
| Category Risk Index: | 0.77 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.91 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $219 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 241% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 19.1 years | |||
| Average Tenure: 7.6 years | |||
| Managers (Year): Salm Michael (2007), Klein Patrick (2024), Desai Sonal (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 865 |
| % in Top 10 Holdings: | 22.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 39.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.5% |
| Domestic Bond: | 66.2% |
| Foreign Bond: | 39.1% |
| Convertible Bond: | 0.1% |
| Other: | 5.0% |
| Cash: | -10.9% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnam.com |
| Status: | Open |
| Inception Date: | July 2, 2012 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.55% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Putnam Global Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
