Fund Evaluator:
Putnam Multi-Asset Income R (PMIRX)
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Best Performing in Conservative Allocation Over the Last Year
| 12.6% | Hussman Strategic Total Return (HSTRX) |
| 11.7% | Putnam Multi-Asset Income Y (PMIYX) |
| 10.7% | Columbia Income Builder Inst (CBUZX) |
| 9.6% | Thrivent Conservative Allocation S (THYFX) |
| 9.2% | Columbia Capital Allocation Cnsrv Inst (CBVZX) |
Fund Details
Putnam Multi-Asset Income R Overview
Putnam Multi-Asset Income R (PMIRX) is an actively managed Allocation Conservative Allocation fund. Franklin Templeton Investments launched the fund in 2023.
The investment seeks total return consistent with conservation of capital. The fund invests mainly in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments) of any credit quality. It also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size.
About Putnam Multi-Asset Income R (PMIRX)
There are 4 members of the management team with an average tenure of 3.12 years: Thomas Nelson (2025), Adrian Chan (2021), Brett Goldstein (2019), Laura Green (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 6 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, Bloomberg US Corporate High Yield TR USD index with a weighting of 18%, Bloomberg US Agg Bond TR USD index with a weighting of 43%, Russell 3000 TR USD index with a weighting of 21%, MSCI ACWI Ex USA NR USD index with a weighting of 5% and Bloomberg Gbl Agg Ex USD TR USD index with a weighting of 11%. Putnam Multi-Asset Income R has 2060 securities in its portfolio. The top 10 holdings constitute 136.7% 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 Multi-Asset Income R is part of the Allocation global asset class and is within the Allocation fund group. Putnam Multi-Asset Income R has 32.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 24.8%. There is 4.6% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 67.2% (39.3% domestic bond, 27.9% foreign bond and 0.3% convertible bond). Putnam Multi-Asset Income R has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $107 million average for the Conservative Allocation 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.
PMIRX 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 Multi-Asset Income R expense ratio is high compared to funds in the Conservative Allocation category. Putnam Multi-Asset Income R has an expense ratio of 1.09%, which is 8% lower than its category average, making the fund expense ratio grade a C. 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 Multi-Asset Income R has a portfolio turnover rate of 101%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 100% for the Conservative Allocation category.
Recently, in the month of June 2026, Putnam Multi-Asset Income R returned -0.1%, which earned it a grade of F, as the Conservative Allocation category had an average return of 0.2%. 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 Multi-Asset Income R has a trailing yield of 3.25%, which is below the 3.52% category average. The fund normally distributes its income monthly and its capital gains 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 Multi-Asset Income R Grades
Year to date, the fund has returned 4.5%, 1.0 percentage points better than the category, which translates into a grade of B. The fund has returned 11.1% over the past year (grade of A), 10.1% over the past three years (grade of A) and 4.3% per year over the past five years (grade of A).
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PMIRX 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 |
|
| PMIRX Return (NAV) | -0.1% | 4.7% | 11.1% | 10.1% | 4.3% | na |
| PMIRX Grade | F | B | A | A | A | na |
| +/- Category | -0.3% | 0.8% | 2.8% | 2.3% | 1.3% | na |
| Conservative Allocation Avg | 0.2% | 3.8% | 8.3% | 7.8% | 3.0% | 4.1% |
| PMIRX Tax Cost Ratio | na | na | 1.4% | 1.4% | na | na |
PMIRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMIRX Return (NAV) | 4.5% | 10.9% | 8.8% | 10.7% | -12.8% | 5.7% | 7.8% | na | na | na | na |
| PMIRX Grade | B | B | A | B | C | B | D | na | na | na | na |
| +/- Category | 1.0% | 1.6% | 2.9% | 2.0% | -0.9% | 1.2% | -0.3% | na | na | na | na |
| Conservative Allocation Avg | 3.6% | 9.2% | 5.9% | 8.7% | -11.9% | 4.5% | 8.0% | 11.5% | -3.3% | 7.1% | 5.9% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.66 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Monthly |
| Total Assets: | $886 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 101% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.5 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Goldstein Brett (2019), Chan Adrian (2021), Nelson Thomas (2025), Green Laura (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 2060 |
| % in Top 10 Holdings: | 136.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 32.5% |
Portfolio Allocation |
|
| Domestic Stock: | 24.8% |
| Foreign Stock: | 4.6% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 39.3% |
| Foreign Bond: | 27.9% |
| Convertible Bond: | 0.3% |
| Other: | 0.2% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnam.com |
| Status: | Open |
| Inception Date: | February 10, 2023 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | Putnam Multi-Asset Income P |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
