Answer: The low-expense fund employs a mix of quantitative and fundamental analysis to make its stock selections.

Sounds good, but the resulting choices haven't been all that great.

Its portfolio management team hasn't been on board very long, which has meant fluctuations in its investment strategy. Kevin Divney started in 2003, Brian DeChristopher in 2005 and Raymond Haddad in late 2007.

The $1.49 billion Putnam Vista Fund (PVISX) is down 11 percent in the past 12 months and has a three-year annualized return of 3 percent. Both results rank in the lowest 15 percent of mid-cap growth funds.

"We do not recommend Putnam Vista because management execution has been so uneven," said Wenli Tan, analyst with Morningstar Inc. in Chicago. "There are better, more proven funds with better records."

Fund managers screen the Russell Midcap index to find stocks with attractive earnings growth and free cash flow, then follow with fundamental work from five analysts. The goal is to provide consistency with a combination of growth, value and quality.

Gold company Yamana Gold Inc. was recently added to the portfolio as a hedge against global inflation, and the managers increased its energy stake as well.

There is no certainty that recent portfolio adjustments will pan out long term.

Largest portfolio concentrations in Putnam Vista Fund are industrial materials, health care, energy and technology hardware. Top holdings were recently Autodesk Inc., Cameron International Corp., Nvidia Corp., McDermott International Inc., Noble Corp., Precision Castparts Corp., BMC Software Inc., U.S. Steel Corp., L-3 Communications Holdings Inc. and Albemarle Corp.

This 5.75 percent "load" (sales charge) fund requires a $500 minimum initial investment and has an annual expense ratio of 1.11 percent.

In recent years, parent company Putnam has undergone significant management changes following regulatory problems. CEO Charles Haldeman is working to build a solid investment culture, rather than just a marketing machine.

The giant insurance firm Marsh & McLennan sold Putnam last year to a division of Canadian fund company Power Financial Corp. It remains to be seen just how patient Power Financial will be with Putnam's underperforming funds.

Question: I inherited stock from a family member, but some of the past financial statements appear to be lost. How do I figure out my cost basis? — S.B., via the Internet

Answer: You needn't worry at all about those lost statements.