(MONEY Magazine) – Just so there's no doubt about it, Boston's Putnam Investments puts its credo on its website for all to see: "Putnam's disciplined investment philosophy is based on STYLE CONSISTENCY....Our truth-in-labeling approach ensures that we adhere to every fund's stated objective, style, and risk positioning." True to that corporate self-image, Putnam has a fund to fit every Morningstar style box, from large-cap growth to small-cap value, each of them team managed. It applies that dogma to its international funds as well, picking stocks on the basis of style rather than just a region or country. The subtext: If you are looking for star managers and bold sector bets, look elsewhere.

--Strength. Putnam managers change jobs fairly frequently, but the firm's adherence to specific styles--not to mention team management--tends to mitigate the effect on the funds. Good thing, since Voyager co-manager Charles Swanberg was one of the 256 employees dismissed in a recent wave of firings.

--Weaknesses. Retirement plan investors avoid the 5.75% sales load retail investors pay. Plus, plan shares generally have low expenses. Overall, however, Putnam charges above-average fees, which may contribute to the firm's subpar performance: According to Morningstar, 40% of Putnam's funds are below average for their categories. This year, growth funds have been massacred--the firm's formerly high-flying OTC & Emerging Growth fund is off a gruesome 75%--and value has blossomed. New Value fund is up 23% so far this year.

--Best bet. If Putnam is your sole retirement plan choice, the large-cap growth fund Voyager is the best core choice. Its five-year 13.4% average annual return puts it in about the middle of its peers.

--PETER CARBONARA