diff --git a/lodash.js b/lodash.js
index c7cc41ac0..5362a9c00 100644
--- a/lodash.js
+++ b/lodash.js
@@ -4234,10 +4234,9 @@
 
       function wrapper() {
         var length = arguments.length,
-            index = length,
             args = Array(length),
-            fn = (this && this !== root && this instanceof wrapper) ? Ctor : func,
-            placeholder = lodash.placeholder || wrapper.placeholder;
+            index = length,
+            placeholder = getPlaceholder(wrapper);
 
         while (index--) {
           args[index] = arguments[index];
@@ -4247,9 +4246,11 @@
           : replaceHolders(args, placeholder);
 
         length -= holders.length;
-        return length < arity
-          ? createRecurryWrapper(func, bitmask, createHybridWrapper, placeholder, undefined, args, holders, undefined, undefined, arity - length)
-          : apply(fn, this, args);
+        if (length < arity) {
+          return createRecurryWrapper(func, bitmask, createHybridWrapper, placeholder, undefined, args, holders, undefined, undefined, arity - length);
+        }
+        var fn = (this && this !== root && this instanceof wrapper) ? Ctor : func;
+        return apply(fn, this, args);
       }
       return wrapper;
     }
@@ -4350,7 +4351,7 @@
           args[index] = arguments[index];
         }
         if (isCurried) {
-          var placeholder = lodash.placeholder || wrapper.placeholder,
+          var placeholder = getPlaceholder(wrapper),
               holdersCount = countHolders(args, placeholder);
         }
         if (partials) {
@@ -4959,6 +4960,18 @@
       return isNative(value) ? value : undefined;
     }
 
+    /**
+     * Gets the argument placeholder value for `func`.
+     *
+     * @private
+     * @param {Function} func The function to inspect.
+     * @returns {*} Returns the placeholder value.
+     */
+    function getPlaceholder(func) {
+      var object = hasOwnProperty.call(lodash, 'placeholder') ? lodash : func;
+      return object.placeholder;
+    }
+
     /**
      * Creates an array of the own symbol properties of `object`.
      *
@@ -8490,9 +8503,7 @@
     var bind = rest(function(func, thisArg, partials) {
       var bitmask = BIND_FLAG;
       if (partials.length) {
-        var placeholder = lodash.placeholder || bind.placeholder,
-            holders = replaceHolders(partials, placeholder);
-
+        var holders = replaceHolders(partials, getPlaceholder(bind));
         bitmask |= PARTIAL_FLAG;
       }
       return createWrapper(func, bitmask, thisArg, partials, holders);
@@ -8545,9 +8556,7 @@
     var bindKey = rest(function(object, key, partials) {
       var bitmask = BIND_FLAG | BIND_KEY_FLAG;
       if (partials.length) {
-        var placeholder = lodash.placeholder || bindKey.placeholder,
-            holders = replaceHolders(partials, placeholder);
-
+        var holders = replaceHolders(partials, getPlaceholder(bindKey));
         bitmask |= PARTIAL_FLAG;
       }
       return createWrapper(key, bitmask, object, partials, holders);
@@ -8596,7 +8605,7 @@
     function curry(func, arity, guard) {
       arity = guard ? undefined : arity;
       var result = createWrapper(func, CURRY_FLAG, undefined, undefined, undefined, undefined, undefined, arity);
-      result.placeholder = lodash.placeholder || curry.placeholder;
+      result.placeholder = getPlaceholder(curry);
       return result;
     }
 
@@ -8640,7 +8649,7 @@
     function curryRight(func, arity, guard) {
       arity = guard ? undefined : arity;
       var result = createWrapper(func, CURRY_RIGHT_FLAG, undefined, undefined, undefined, undefined, undefined, arity);
-      result.placeholder = lodash.placeholder || curryRight.placeholder;
+      result.placeholder = getPlaceholder(curryRight);
       return result;
     }
 
@@ -9064,9 +9073,7 @@
      * // => 'hi fred'
      */
     var partial = rest(function(func, partials) {
-      var placeholder = lodash.placeholder || partial.placeholder,
-          holders = replaceHolders(partials, placeholder);
-
+      var holders = replaceHolders(partials, getPlaceholder(partial));
       return createWrapper(func, PARTIAL_FLAG, undefined, partials, holders);
     });
 
@@ -9102,9 +9109,7 @@
      * // => 'hello fred'
      */
     var partialRight = rest(function(func, partials) {
-      var placeholder = lodash.placeholder || partialRight.placeholder,
-          holders = replaceHolders(partials, placeholder);
-
+      var holders = replaceHolders(partials, getPlaceholder(partialRight));
       return createWrapper(func, PARTIAL_RIGHT_FLAG, undefined, partials, holders);
     });