Active Insights

In this episode, Chris speaks with legendary stock-picker Jerry Sullivan, portfolio manager of the Putnam Multi-Cap Core fund.  Jerry’s famed stock-picking and research talents have been in place since his early days as an analyst over 40 years ago.

During the conversation, they touch on many topics, including: 

• The many lessons learned through 40 years of investing
• The importance of multi-cap investing
• How to find opportunities in an ever-changing market
• The current investment landscape
• How to utilize volatility to generate Alpha
• The basics of the “Three Bucket Approach”
  •  Legacy Names 
  • Smart Money
  • Special Situations

For more from the Active Insights team, like and subscribe where you listen to your podcasts, and follow Chris Galipeau on LinkedIn by searching his name.

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. 

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.

 Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Putnam’s Capital Market Strategies Team, including Senior Market Strategist Rick Polsinello and veteran Portfolio Manager Jason Vaillancourt, Co-Head of Global Asset Allocation at Putnam.

During the discussion, the team provides Putnam’s 2022 investment framework for equities, fixed income and the market as a whole.  In doing so, many topics are discussed including: 

• Expectations for the equity market in 2022
• An overview of real GDP
• Inflation
• Sectors positioned well for the increased volatility expected
• Which investment styles could outperform
• How economic and earnings acceleration drive estimates
• Concerns on valuation
• The Treasury market 
• Credit spreads and the impact on the broader market
• The strength of the Dollar
• Rate hikes and the Fed

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

All investments involve risk, including the loss of principal. You can lose money by investing.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail ManagementAD20206262/22

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Seamus Young, CFA, a Senior Investment Director in the Global Investment Strategies group, specializing in Global Asset Allocation products. He is a portfolio manager of Putnam Multi-Asset Model Portfolios.  In addition, Seamus is responsible for gathering intelligence on trends in the global marketplace; communicating investment performance, positioning, and strategy as a member of the Portfolio Solutions group.

During the conversation, they touch on many topics, including: 

• The Portfolio Solutions Group
• How financial advisors can utilize the portfolio solutions group to improve outcomes and optimize portfolio efficiency
• Multi-Asset Portfolios
• Portfolio construction
• How to successfully balance risk and return
• The key factors that influence overall portfolio performance
• The crucial data points when analyzing target date and retirement savings plans

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

Investing involves risk, including the loss of principal. Risks apply to those underlying funds in the allocation of the models, there is no guarantee the funds’ investment objectives will be achieved. Carefully consider the funds within the model portfolios’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the funds’ prospectuses, which may be obtained by visiting the respective fund information page or fund family website. Our allocation of investments among the underlying funds may hurt performance. Therefore, the model portfolio’s performance is subject to the risks that may affect the performance of the underlying funds. In addition, investors will bear the fees and expenses of the underlying funds included in the models. 

 To view additional information, please visit the Putnam Multi-Asset Model Portfolios page found on putnam.com. 

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

 Putnam Retail Management                                                                                       AD1959875 12/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Joanne Driscoll, CFA, Head of Short Term Liquid Markets in the Fixed Income group at Putnam Investments. In this position, she is responsible for the oversight of the investment strategies and management of short duration products along with SEC Rule 2a-7 mandated portfolios and other cash assets. Joanne is a Portfolio Manager of Putnam Government Money Market Fund, Putnam Money Market Fund, Putnam Short Duration Bond Fund, and Putnam Ultra Short Duration Income Fund.

 During the conversation, they touch on many topics, including: 

• The current landscape on the front-end of the curve
• The Fed and QE
• Inflation
• The challenges involved with managing through the pandemic
• Rising rates and the impact on the short end of the curve
• The difficulties in ’08 and ’09 compared to 2020
• Fixed income spreads
• How Joanne manages risk in Putnam’s Ultrashort and Short Duration funds

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

 All investments involve risk, including the loss of principal. You can lose money by investing.

 To view additional information including performance and holdings, please visit the Putnam Ultra Short Duration Income Fund page found on putnam.com. 

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management                                                                                       AD1931413 11/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Bill Cass, CFP®, CPWA®.  Bill is the Director of Wealth Management Programs for Putnam Retail Management. He is responsible for developing and delivering wealth management-related content, educational programs, and marketing initiatives.  In addition, he speaks regularly throughout the country to groups of financial advisors and investors on a wide range of financial planning topics, focusing on areas such as sustainable retirement income strategies, tax legislation, personal risk management, and efficient wealth transfer.    

During the conversation, they touch on many topics, including: 

• The current situation in Washington
• Potential changes to tax law and capital gains
• The spending package
• SALT deductions
• How to approach tax code changes
• The importance of diversification in taxes
• Estate planning
• Traditional vs Roth IRAs

 This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

 Putnam Retail Management                                                                                       AD1867025 10/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Michael Petro, portfolio manager of the Putnam Small Cap Value Fund.  He is responsible for the overall strategy and positioning of Putnam's small-cap value products. Mr. Petro joined Putnam in 2002 and has been in the investment industry since 1999.

During the conversation, they touch on many topics, including: 

• The case for small cap value
• The process of harvesting ideas that generate Alpha within small caps
• How working with small companies is different than large companies
• Inflation and the impact on small caps
• The art of stock picking
• How risk can be controlled in small caps

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

All investments involve risk, including the loss of principal. You can lose money by investing.

The Russell 2000 Value Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their valueorientation. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. You cannot invest directly in an index.

To view additional information including performance and holdings, please visit the Putnam Small Cap Value Fund page found on putnam.com. 

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail ManagementAD1851850 9/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Brett Goldstein, Brett is Co-Chief Investment Officer of Global Asset Allocation (GAA) and a member of Putnam's Operating Committee. In this role, Bret oversees the strategy and positioning of Putnam's GAA products, including research, security selection, portfolio construction, and risk management. He also contributes extensively to retirement glide path research and GAA's target-date funds.

During the conversation, they touch on many topics, including: 

• What makes a target-date strategy successful
• The glide path’s role in retirement planning 
• Portfolio construction and risk mitigation
• The savings rate and other variables that affect target-date strategies
• Why volatility is so problematic for retirees
• Inflation, and how it shapes a retirement portfolio
• Behavioral finance

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

 All investments involve risk, including the loss of principal. You can lose money by investing.

 Each Retirement Advantage Fund and RetirementReady Fund has a different target date indicating when the fund’s investors expect to retire and begin withdrawing assets from their account. The dates range from 2025 to 2065 in five-year intervals. The funds are generally weighted more heavily toward more aggressive, higher-risk investments when the target date of the fund is far off, and more conservative, lower-risk investments when the target date of the fund is near. This means that both the risk of your investment and your potential return are reduced as the target date of the particular fund approaches, although there can be no assurance that any one fund will have less risk or more reward than any other fund. The principal value of the funds is not guaranteed at any time, including the target date.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

 Putnam Retail Management                                                                                       AD1832581 9/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Katherine Collins, CFA, MTS.  A recognized thought leader, Ms. Collins provides analysis on current and emerging trends in sustainable investing. She is the author of The Nature of Investing: Resilient Investment Strategies through Biomimicry.  

Katherine is Head of Sustainable Investing at Putnam. She is responsible for leading Putnam's investment research, strategy implementation, and thought leadership on environmental, social, and governance (ESG) issues.  Katherine collaborates with portfolio managers and analysts on ESG integration, assessing the fundamental relevance of ESG issues at a security level, and the potential for alpha generation and risk mitigation at a portfolio level. In addition, she is a portfolio manager of Putnam Sustainable Future Fund and Putnam Sustainable Leaders Fund. 

During the conversation, they touch on many topics, including: 

• The definition of sustainable investing
• How to incorporate sustainable investing in portfolio management
• A look back at ESG investing and how it has developed
• The opportunity for alpha generation
• New themes emerging in the ESG landscape 
• The future of ESG investing

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Onsel Emre, Ph.D.  Dr. Emre is an Analyst in the Global Fixed Income group.  She specializes in analyzing macroeconomic, political, financial, and other policy developments in global markets. Dr. Emre is responsible for making directional and relative-value interest-rate, inflation, and currency recommendations in major economies.  During the conversation, they touch on many topics, including: 

• The current labor market
• The pandemic’s effects on employment
• Rates
• The Fed, CPI and inflation
• Wage growth
• The peak rate of change in economic activity
• The growth of debt

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

 All funds involve risk, including the loss of principal. You can lose money by investing.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management                                                                           AD1714294 7/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Andrew O’Brien, Putnam’s Assistant Director of Equity Research, where he focuses on fundamental analysis and valuation of companies in the semiconductor, hardware, and software industries.  During the conversation, they touch on many topics, including: 

• The current semiconductor landscape
• Supply chain issues
• Geopolitical problems
• The average semiconductor cycle
• How to solve the capacity issues
• Pricing issues
• Potential long-term winners

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  

The S&P 500 Index is an unmanaged index of common stock performance.

All funds involve risk, including the loss of principal. You can lose money by investing.

To view additional information including performance and holdings, please visit the Putnam Research Fund page found on putnam.com. 

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management                                                                                       AD1715859 7/21

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.