Putnam Dynamic Asset Allocation Balanced Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Putnam Dynamic Asset Allocation Balanced Fund held 2,343 positions with $3.17B in net assets. Its ten largest holdings made up 22.1% of the fund. The PABAX share class costs 0.9% a year. Over the 12 months to May 2026, PABAX returned 19.1%, with dividends reinvested. In 2026 Q2 it added 300 new positions and exited 186.
The fund seeks total return. Total return is composed of capital appreciation and income.
The fund maintains a strategic allocation of 60% equities and 40% fixed income, adjusting within stated ranges using qualitative analysis and quantitative techniques to optimize performance. It invests in equity securities of U.S. and foreign companies of any size, selected on factors including valuation, financial strength, growth potential, and projected earnings, alongside fixed-income investments including government and corporate obligations and securitized debt. The fund makes significant use of derivatives including futures, options, and swap contracts for both hedging and non-hedging purposes, and may obtain commodity exposure indirectly through a wholly-owned subsidiary that invests primarily in commodity futures and swaps, with up to 25% of fund assets permitted in the subsidiary.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp. | 4.24% | $134.67M | 673.0K | $200.09 |
AAPLApple, Inc. | 3.83% | $121.51M | 419.9K | $289.36 |
MSFTMicrosoft Corp. | 2.32% | $73.74M | 197.7K | $373.02 |
AMZNAmazon.com, Inc. | 2.09% | $66.43M | 278.7K | $238.34 |
Putnam Short Term Investment Fund | 2.08% | $66.02M | — | — |
GOOGLAlphabet, Inc. | 1.65% | $52.44M | 146.7K | $357.37 |
FNMA or FHLMC 5.00% · due 2056-08-25 | 1.63% | $51.57M | — | — |
FNMA or FHLMC 2.50% · due 2056-08-25 | 1.45% | $46.11M | — | — |
GOOGAlphabet, Inc. | 1.43% | $45.50M | 128.8K | $353.33 |
1.36% | $43.34M | 76.9K | $563.29 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 2,343 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 77.72% |
| Securitized | 11.29% |
| Bonds | 11.28% |
| Other | 2.08% |
| 3 smaller | 2.61% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 21.1%
- International
- 16.0%
- Securitized
- 10.9%
- Financials
- 9.3%
- 12 other sectors
- 42.8%
- Information Technology
- 21.1%
- International
- 16.0%
- Securitized
- 10.9%
- Financials
- 9.3%
- Industrials
- 6.5%
- Health Care
- 6.2%
- Other
- 6.2%
- Communication Services
- 6.0%
- Consumer Discretionary
- 5.3%
- Consumer Staples
- 3.0%
- Utilities
- 2.1%
- Energy
- 1.9%
- Cash
- 1.9%
- Materials
- 1.7%
- Real Estate
- 1.3%
- Government
- 0.7%
How it has done
PABAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.68%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.90% | +19.07% | +54.17% | +50.85% | -5.05% | |
| — | — | — | — | — | |
| 1.65% | +18.16% | +50.77% | +45.27% | -5.13% | |
| 1.15% | +18.74% | +53.10% | +48.90% | -4.99% | |
| 0.65% | +19.32% | +55.24% | +52.70% | -4.98% | |
| 0.69% | +19.29% | +55.24% | +52.57% | -5.01% | |
| 0.59% | +19.36% | +55.62% | +53.21% | -5.02% | |
| 0.55% | +19.45% | +55.87% | +53.45% | -4.95% |
Fees & fund details
Putnam Dynamic Asset Allocation Balanced Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.55% – 1.65%· PABAX 0.90%
- Portfolio turnover
- 158.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
300 new· the largest 5
186 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.2% |
| Floating rate | 14.7% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.4% |
| 1-3y | 12.8% |
| 3-5y | 15.9% |
| 5-10y | 18.6% |
| 10y+ | 50.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.04 yr |
| Investment grade | +0.49 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.16 yr | 8% |
| 5 yr | 0.54 yr | 26% |
| 10 yr | 0.72 yr | 35% |
| 30 yr | 0.62 yr | 30% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.16 yr | 6% |
| 5 yr | 0.99 yr | 39% |
| 10 yr | 0.75 yr | 30% |
| 30 yr | 0.63 yr | 25% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $1.2k | $33 |
| 1 yr | +0.16 | +0.05 | +0.12 | $15.0k | $37.2k |
| 5 yr | +0.54 | +0.12 | +0.86 | $39.6k | $273.9k |
| 10 yr | +0.72 | +0.14 | +0.61 | $44.3k | $193.5k |
| 30 yr | +0.62 | +0.18 | +0.45 | $56.9k | $142.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.05 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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