In this episode, Chris speaks with Jackie Cavanaugh, Portfolio Manager and Analyst in the Equity Research group, focusing on the global financial and U.S. health-care sectors. Jackie is a Portfolio Manager of Putnam Focused Equity Fund and Putnam Research Fund.

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

• The current state of the US banking system
• How the current situation compares historically
• The opportunities that exist in the financial sector
• Financials and “the crisis of confidence” 
• The Fed and rates
• The debt ceiling

As of 03/31/23, Charles Schwab comprised 1.58% of the Putnam Focused Equity Fund and 0.79% of the Putnam Research Fund. Citigroup comprised 1.33% and Bank of America comprised 0.75% of the Putnam Research Fund and were not held in the Putnam Focused Equity Fund. J.P. Morgan was not held in either fund.

This material is for informational and educational purposes only and does not recommend any specific investment product, strategy, or decision. It is not intended to address the needs, circumstances, and objectives of any specific investor or provide tax or legal advice. Consult a professional advisor before making investment and financial decisions.

The Russell 1000® Growth Index is an unmanaged index of companies chosen for their growth orientation. The Russell 1000® Value Index is an unmanaged index of companies chosen for their value orientation. You cannot directly invest in an index. Frank Russell Company owns the trademarks, service marks, and copyrights related to the Russell Indexes.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. 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. Risks associated with derivatives include increased investment exposure and potential inability to terminate or sell derivatives positions. The value of investments in the fund's portfolio may fall or fail to rise over extended periods due to various factors. These factors may lead to increased volatility and reduced liquidity in the fund's holdings.

 Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnam at 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. 

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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.