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Posts From Putnam

Sustainability and impact report

Sustainability and impact report

🕔10:52, 2.Jun 2021

A dialogue with investors: At this time last year, we thought we were in the middle of the Covid-19 crisis. In retrospect, it was just beginning. During 2020, many investors and business leaders became amateur epidemiologists, intensely studying transmission curves

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Sustainability and impact report

Sustainability and impact report

🕔15:56, 28.May 2021

We are pleased to share our third annual assessment of sustainability and impact for Putnam Sustainable Leaders Fund and Putnam Sustainable Future Fund. Against the backdrop of the funds’ goals of long-term capital appreciation, we aim to generate excellent financial

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Markets wrestle with policy versus the pandemic

Markets wrestle with policy versus the pandemic

🕔14:37, 15.May 2020

Capital Markets Outlook – Q2 We have become accustomed to referring to financial and economic statistics in terms of where they stand “in the post-World War II period.” That changed abruptly as the COVID-19 pandemic swept across the world, disrupting

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Facing facts of a creeping contraction

Facing facts of a creeping contraction

🕔08:32, 8.Nov 2019

Putnam – Capital Markets Outlook As we enter the final quarter of the decade, the signals of late cycle behavior continue to grow louder. But, as the old trader adage says, “nobody rings a sell at the top.” We do not believe this

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Bond rally reflects economic uncertainty

Bond rally reflects economic uncertainty

🕔11:10, 4.Nov 2019

Putnam – Fixed Income Outlook Global growth has cooled in 2019 as trade conflicts have taken a toll on international manufacturing, investments, and financial markets. Despite multiple headwinds, the likelihood of a recession — while rising — remains relatively low

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Bond rally reflects economic uncertainty

Bond rally reflects economic uncertainty

🕔07:36, 31.Oct 2019

Q4 2019 | Fixed Income Outlook Global growth has cooled in 2019 as trade conflicts have taken a toll on international manufacturing, investments, and financial markets. Despite multiple headwinds, the likelihood of a recession — while rising — remains relatively

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The Macro Report – Trump, Johnson cloud outlook

The Macro Report – Trump, Johnson cloud outlook

🕔10:45, 4.Oct 2019

Global growth continues to cool under the weight of the ongoing trade dispute between the United States and China. Our central scenario is for growth to muddle along with risks pointed to the downside. Worries about a potential recession in

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Actively managed low beta: Accessing the benefits while managing potential risk

Actively managed low beta: Accessing the benefits while managing potential risk

🕔10:36, 4.Sep 2019

We believe low-beta equity opportunities can be found across all global markets and sectors. Investing in these opportunities with traditional low-beta strategies can incur unintended risks from significant country, sector, and duration exposures versus cap-weighted benchmarks. Actively managed strategies can

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Central banks keep economy afloat

Central banks keep economy afloat

🕔18:07, 2.Sep 2019

Putnam – The Macro Report Global growth is cooling as the trade war continues to erode business investment, manufacturing activity, and investor confidence. In July, the Federal Reserve cut interest rates for the first time since 2008; the preemptive move

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Central banks walk growth tightrope

Central banks walk growth tightrope

🕔09:02, 27.May 2019

The Macro Report | May 2019 Global economic growth in 2019 is showing signs of picking up amid recovery in the eurozone and China, the world’s second-largest economy. The prospect of a deeper slowdown in China has been one of

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Why securitized bonds can enhance fixed income diversification

Why securitized bonds can enhance fixed income diversification

🕔07:10, 10.May 2019

Securitized debt offers underlying fundamental diversification We believe investors should diversify their portfolios across the fixed income risk spectrum to seek to manage risk and optimize returns, and that securitized debt can play an important role in this framework. Within

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Fixed Income Outlook

Fixed Income Outlook

🕔11:02, 26.Apr 2019

Bonds rally as the Fed hits the pause button An inverted yield curve raises concerns about a U.S. downturn. The Federal Reserve’s dovish shift on interest rates has boosted Wall Street. China and the United States inch closer to finalizing

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Equity Outlook

Equity Outlook

🕔11:02, 26.Apr 2019

How resilient is the rebound? The start of 2019 brought a rebound for global equities. After a bruising fourth-quarter sell-off, stocks bounced back despite concerns over slowing economic growth and downward earnings revisions. The Federal Reserve’s decision to put rate

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Fixed Income Outlook

Fixed Income Outlook

🕔11:02, 26.Apr 2019

Bonds rally as the Fed hits the pause button An inverted yield curve raises concerns about a U.S. downturn. The Federal Reserve’s dovish shift on interest rates has boosted Wall Street. China and the United States inch closer to finalizing

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White Paper: The glide path less traveled

White Paper: The glide path less traveled

🕔06:19, 9.Mar 2019

A critical examination of assumptions, outcomes, and glide path specification This paper defines key assumptions, derived from empirical data, to deliver highly accurate and representative simulations of participant outcomes. The paper constructs an alternative glide path design that we believe

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The Macro Report – PGIM

The Macro Report – PGIM

🕔11:02, 15.Feb 2019

A delicate balance Forecasting 2019 means interpreting the interactions between economic growth, interest rates, and risky assets. Global growth is slowing. In the United States, waning fiscal stimulus measures and higher rates will trigger the pace of expansion to moderate

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Equity Outlook – PGIM

Equity Outlook – PGIM

🕔11:02, 15.Feb 2019

The upside of the downturn Equity investors worldwide greeted the new year with an array of heightened concerns. A difficult fourth quarter brought volatility and annual losses for many major indexes. Among the issues that contributed to the downturn were

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Fixed Income Outlook – PGIM

Fixed Income Outlook – PGIM

🕔11:02, 15.Feb 2019

Global growth outlook cools amid higher interest rates and market volatility  The outlook for global growth in 2019 has slipped because of rising real interest rates, trade tensions, and asset market volatility. The U.S. economy is likely to expand at

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We see a mid-cycle slowdown, but upside on the horizon

We see a mid-cycle slowdown, but upside on the horizon

🕔11:02, 10.Feb 2019

Q1 2019 | Capital Markets Outlook As the S&P 500 Index teetered on the verge of a bear market at year-end, we fielded numerous questions about the prospects for an impending recession. Our answer is that we do not expect

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The Macro Report

The Macro Report

🕔11:02, 14.Jan 2019

The U.S. economy’s slow fizzle  There are signs of weakness in major U.S. economic indicators, including home building and investments, raising concerns that one of the longest periods of economic growth in U.S. history may be coming to an end.

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Capital Markets Outlook Q4

Capital Markets Outlook Q4

🕔01:02, 30.Nov 2018

Equities face skepticism over rates and trade  Even before equities sold off in early October following the spike in the 10-year Treasury yield, clouds were on the horizon.

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Fixed Income Outlook

Fixed Income Outlook

🕔11:02, 10.Nov 2018

Trade war and rising rates create headwinds for global economy  The U.S. economy is poised to expand further this year, but growth will likely ease in 2019 China and the United States are locked in a spiraling trade war. We

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Trade war and rising rates create headwinds for global economy

Trade war and rising rates create headwinds for global economy

🕔11:02, 5.Nov 2018

Q4 2018 | Fixed Income Outlook The U.S. economy is poised to expand further this year, but growth will likely ease in 2019. China and the United States are locked in a spiraling trade war. We believe global yields will

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Seeking opportunity in uncertainty

Seeking opportunity in uncertainty

🕔15:02, 28.Oct 2018

Equity Outlook Q4 2018  While most world markets advanced in the third quarter, U.S. stocks saw their biggest quarterly gain in nearly five years, boosted by rising wages, low unemployment, continued economic growth, and positive investor sentiment despite an escalating

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Tweets and trade tensions

Tweets and trade tensions

🕔15:02, 28.Oct 2018

The Macro Report  The outlook for global economic growth is easing because of trade tariffs, weakness in emerging markets, and rising oil prices. In the United States, growth will remain steady this year but is expected to slow in 2019

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Seeking to enhance the stability of stable value with traditional GICs

Seeking to enhance the stability of stable value with traditional GICs

🕔13:03, 1.Oct 2018

Traditional guaranteed investment contracts (GICs) can enhance the diversification, liquidity, and flexibility of stable value portfolios. Stable value strategies can pursue greater diversification by balancing exposures to traditional GICs and the bonds underlying synthetic structures. Traditional GICs can help lower

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Revisiting “Thinking Outside the Index”

Revisiting “Thinking Outside the Index”

🕔13:02, 27.Aug 2018

August 2018 After a long-term downward trend, we believe that the upward turn taken by interest rates in the second half of 2016 may continue. Many investors are over-exposed to interestrate risk in the form of duration, the central risk

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Politics and protectionism may restrain economic momentum

Politics and protectionism may restrain economic momentum

🕔01:03, 12.Aug 2018

Capital Markets Outlook During the second quarter, relatively little has changed with regard to the path of the Trump administration’s trade policy. A 25% tariff on $34 billion of imports from China is planned for July 6, and China is

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Politics and protectionism may restrain economic momentum

Politics and protectionism may restrain economic momentum

🕔01:03, 12.Aug 2018

Capital Markets Outlook During the second quarter, relatively little has changed with regard to the path of the Trump administration’s trade policy. A 25% tariff on $34 billion of imports from China is planned for July 6, and China is

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Downside risks loom even larger

Downside risks loom even larger

🕔11:02, 29.Jul 2018

The Macro Report | July 2018 The outlook for global growth is favorable — albeit less synchronized — for the remainder of 2018. We are starting to see some convergence in growth rates — especially between the United States and

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The inflation conundrum

The inflation conundrum

🕔09:02, 4.Jun 2018

The Macro Report May 2018 Our outlook contains some small but noteworthy shifts. Rising oil prices are expected to lift slightly the trajectory of inflation in the United States because of the pass-through to consumer prices. A stable economy and

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Revisiting “Thinking Outside the Index”

Revisiting “Thinking Outside the Index”

🕔09:02, 4.Jun 2018

The primary bond-fund benchmark — the Bloomberg Barclays U.S. Aggregate Index — is overexposed to interest-rate risk. As rates go up, portfolios pegged to this benchmark will likely suffer.  After a long-term downward trend, we believe that the upward turn

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Growth remains steady amid higher rates, market swings

Growth remains steady amid higher rates, market swings

🕔17:03, 5.May 2018

Fixed Income Outlook The U.S. economy is poised to remain solid in 2018. The risk of a trade war between the U.S. and China is now elevated. Eurozone growth is easing to a more reasonable pace.

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World markets enjoy rising GDP but face distinct issues

World markets enjoy rising GDP but face distinct issues

🕔17:03, 5.May 2018

Equity Outlook The reduction in the U.S. corporate tax rate will clearly provide a boost to profitability, but there are many more ancillary benefits for businesses worldwide. Japan and China offer a complex mix of opportunity and headwinds for equity

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For the markets, trade trumps inflation

For the markets, trade trumps inflation

🕔19:03, 1.May 2018

Capital Markets Outlook At last, the first quarter delivered a 10% equity market correction — which commentators had feverishly awaited during 2017, as the market settled into a historic level of calm. The popular narrative of the recent correction focuses

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Trump’s trade bluff?

Trump’s trade bluff?

🕔11:02, 27.Apr 2018

The Macro Report President Trump in March proposed tariffs on an estimated $50 billion in imports from China, weeks after slapping tariffs on aluminum and steel. In April, China retaliated by imposing tariffs on U.S. imports. While there is low

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For the markets, trade trumps inflation

For the markets, trade trumps inflation

🕔19:02, 7.Apr 2018

Q2 2018 | Capital Markets Outlook At last, the first quarter delivered a 10% equity market correction — which commentators had feverishly awaited during 2017, as the market settled into a historic level of calm. The popular narrative of the

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Cross currents in global markets

Cross currents in global markets

🕔01:02, 4.Apr 2018

The Macro Report | March 2018 February saw a sharp reversal in risk appetite as investors shifted out of global equity and bond markets. Evidence of economic strength, including a tight labor market and rising wages in the United States,

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Cross currents in global markets

Cross currents in global markets

🕔01:02, 4.Apr 2018

The Macro Report | March 2018 February saw a sharp reversal in risk appetite as investors shifted out of global equity and bond markets. Evidence of economic strength, including a tight labor market and rising wages in the United States,

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The glide path less traveled

The glide path less traveled

🕔06:18, 27.Mar 2018

A critical examination of assumptions, outcomes, and glide path specification This paper defines key assumptions, derived from empirical data, to deliver highly accurate and representative simulations of participant outcomes. The paper constructs an alternative glide path design that we believe

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Sparking a U.S. trade war?

Sparking a U.S. trade war?

🕔17:02, 1.Mar 2018

We are seeing a return of the threat of protectionism in the United States. President Trump recently placed tariffs on imported solar panels and washing machines, sparking concern the country may prompt trade wars. This comes as the administration renegotiates

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The yield curve puzzle

The yield curve puzzle

🕔11:02, 2.Feb 2018

The macro report january 2018 The outlook for U.S. and global growth remains solid in 2018. However, the relationship between the improving U.S. economy, the Fed funds rate, and the benchmark 10-year Treasury yield is somewhat of an enigma. The

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Solid growth makes central bank policy the key question

Solid growth makes central bank policy the key question

🕔11:02, 2.Feb 2018

Fixed Income Outlook – Q1 2018 With global economic growth likely to continue, the response of central banks becomes a key question. New leadership at the Fed has signaled policy continuity, but markets may face adjustment to a new chair’s

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Fixed Income Outlook Q4

Fixed Income Outlook Q4

🕔11:02, 30.Oct 2017

Global growth quickens without inflation  The U.S. and global economy continue to grow in a synchronized fashion that has, in past cycles, helped foster faster growth, although an acceleration is not yet clear in the data. The U.S. Federal Reserve

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Europe plays catch up

Europe plays catch up

🕔11:02, 31.Jul 2017

Q3 2017 | Fixed Income Outlook In contrast to late-cycle economic conditions evident in the United States, we think Europe — which typically lags the U.S. cycle — may continue to build growth momentum. We think global interest-rate normalization will

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Positive fundamentals may be tested by policy uncertainty

Positive fundamentals may be tested by policy uncertainty

🕔07:02, 25.Jul 2017

Q3 2017 | Equity Outlook International markets may continue to attract investors in the second half of 2017, particularly in Europe, which lags the U.S. economic cycle. In the United States, a number of favorable trends remain in place and

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Capital Markets Outlook Q3 2017

Capital Markets Outlook Q3 2017

🕔07:02, 25.Jul 2017

The Fed may be ahead of the curve As short-term rates rise, inflation slips away The inflation expected by critics of quantitative easing and advocates of Phillips curve theory has failed to materialize. We believe that structural forces, including demographics

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Equities need more than optimism

Equities need more than optimism

🕔07:17, 13.Jun 2017

Q2 2017 | Equity Outlook We have found numerous undervalued opportunities among U.K. stocks, European cyclicals, and Japanese exporters. Widespread economic expansion may continue to drive non-U.S. markets, though U.S. policy developments are likely to pose global risks. Post-election enthusiasm

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Global reflation at a crossroads

Global reflation at a crossroads

🕔07:17, 13.Jun 2017

Q2 2017 | Fixed Income Outlook We expect global economic reflation will continue to set a positive backdrop for asset markets, including fixed income. We expect a somewhat faster pace of monetary policy change than markets currently anticipate, at both

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Revisiting Thinking Outside the Index

Revisiting Thinking Outside the Index

🕔01:02, 21.May 2017

After a long-term downward trend, we believe that the upward turn taken by interest rates in the second half of 2016 may continue. Many investors are over-exposed to interestrate risk in the form of duration, the central risk dominating the

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