Let $R$ be a commutative ring, and $\left\{ M_{i}\right\} _{i\in{\cal I}}$ ,$N$ are $R$-modules. It is elementary that there is a natural module isomorphism $${\rm Hom}\left(\bigoplus_{i\in{\cal I}}M_{i},N\right)\cong\prod_{i\in{\cal I}}{\rm Hom}\left(M_{i},N\right).$$ Is the dual statement also true? That is, do we also have the following isomorphism? $${\rm Hom}\left(\prod_{i\in{\cal I}}M_{i},N\right)\cong\bigoplus_{i\in{\cal I}}{\rm Hom}\left(M_{i},N\right)?$$
It is worth mentioning the most famous example: in this question, a positive answer is given in the special case of $\prod_{n=1}^{\infty} \mathbb{Z}$. But it seems pretty ad-hoc, and I suspect that this is not generalizable.