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Morningstar

Putnam Mortgage Securities B PGSBX Fund Analysis

Morningstar Analyst Rating
| Analyst rating as of

Morningstar’s Analysis PGSBX

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

People Pillar

The People Pillar is our evaluation of the PGSBX 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 PGSBX’s parent organization’s priorities and whether they’re in line with investors’ interests.

An aggressive and complex approach to mortgages.

Senior Analyst

Summary

| by Peter Marchese

Putnam Mortgage Securities continues to earn Morningstar Analyst Ratings of Neutral across most share classes and Negative for its more expensive B and C shares as its aggressive exposure to mortgage credit risk and complex portfolio has its vulnerabilities.

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