Fund Evaluator:
Putnam Mortgage Opportunities Y (PMOYX)
Follow This Fund
Best Performing in Securitized Bond - Diversified Over the Last Year
| 8.3% | Putnam Mortgage Securities Y (PUSYX) |
| 7.8% | Putnam Mortgage Opportunities Y (PMOYX) |
| 6.0% | Diamond Hill Securitized Total Return I (DHWIX) |
| 5.7% | Diamond Hill Securitized Total Ret Inv (DHWAX) |
| 5.5% | Medlst MBS Ttl Rtn Inv (SEMPX) |
Fund Details
Putnam Mortgage Opportunities Y Overview
Putnam Mortgage Opportunities Y (PMOYX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Franklin Templeton Investments launched the fund in 2019.
The investment seeks maximize total return consistent with what Franklin Advisers, Inc. (“Franklin Advisers”) believes to be prudent risk. Under normal circumstances, fund invests at least 80% of the fund’s net assets in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities).
About Putnam Mortgage Opportunities Y (PMOYX)
There are 3 members of the management team with an average tenure of 8.08 years: Michael Salm (2015), Jatin Misra (2015), Neil Dhruv (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US Treasury Bill TR USD index with a weighting of 100%. Putnam Mortgage Opportunities Y has 463 securities in its portfolio. The top 10 holdings constitute 55.8% 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 Mortgage Opportunities Y is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Putnam Mortgage Opportunities Y has 0.4% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 121.2% (120.8% domestic bond, 0.4% foreign bond and 0.0% convertible bond). Putnam Mortgage Opportunities Y has -21.3% of the portfolio in cash.
Assets Under Management
The fund has $387 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified 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.
PMOYX 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 Mortgage Opportunities Y expense ratio is above average compared to funds in the Securitized Bond - Diversified category. Putnam Mortgage Opportunities Y has an expense ratio of 0.60%, which is 39% lower than its category average, making the fund expense ratio grade a B. 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 Mortgage Opportunities Y has a portfolio turnover rate of 966%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 387% for the Securitized Bond - Diversified category.
Recently, in the month of June 2026, Putnam Mortgage Opportunities Y returned 1.1%, which earned it a grade of A, as the Securitized Bond - Diversified category had an average return of 0.4%. 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 Mortgage Opportunities Y has a trailing yield of 4.93%, which is below the 5.06% 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 Mortgage Opportunities Y Grades
Year to date, the fund has returned 5.4%, 3.6 percentage points better than the category, which translates into a grade of A. The fund has returned 7.8% over the past year (grade of A), 9.0% over the past three years (grade of A) and 6.8% per year over the past five years (grade of A) and 5.3% per year over the past 10 years (grade of A).
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PMOYX 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 |
|
| PMOYX Return (NAV) | 1.1% | 2.7% | 7.8% | 9.0% | 6.8% | 5.3% |
| PMOYX Grade | A | A | A | A | A | A |
| +/- Category | 0.7% | 1.7% | 2.5% | 2.4% | 4.4% | 2.7% |
| Securitized Bond - Diversified Avg | 0.4% | 1.0% | 5.3% | 6.6% | 2.3% | 2.7% |
| PMOYX Tax Cost Ratio | na | na | 2.0% | 2.7% | 2.7% | na |
PMOYX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMOYX Return (NAV) | 5.4% | 6.1% | 10.6% | 7.0% | 6.7% | -1.6% | -6.3% | 10.2% | 3.1% | 6.1% | 4.6% |
| PMOYX Grade | A | F | A | B | A | F | F | A | B | A | B |
| +/- Category | 3.6% | -2.0% | 4.8% | 0.4% | 16.0% | -3.4% | -7.6% | 3.0% | 1.3% | 1.9% | 1.6% |
| Securitized Bond - Diversified Avg | 1.8% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 1.9% |
| Total Risk Index: | 0.16 - Low |
| Category Risk Index: | 0.43 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | -0.02 |
| R-Squared: | 0% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $453 Mil |
| Fund Total Assets: | $ 387 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 966% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.2 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Salm Michael (2015), Misra Jatin (2015), Dhruv Neil (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 463 |
| % in Top 10 Holdings: | 55.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 120.8% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -21.3% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnam.com |
| Status: | Open |
| Inception Date: | July 1, 2019 |
| Min. Initial Purchase: | $ 500 |
| 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 (%): | 0.60% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Putnam Mortgage Opportunities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
