Putnam Investments today announced that it will be launching a
suite of three U.S. multi-cap equity funds, available in its
entirety by late September 2010, to provide investors and their
advisors with an approach to investing by style — value,
core/blend, growth — regardless of the market capitalization of the
underlying securities. The multi-cap equity funds will join a
series of solutions-based product suites that have been launched or
expanded by Putnam in the past 18 months, including Putnam Absolute
Return Funds, Putnam Spectrum Funds and Putnam Global Sector
Funds.
Drawing on both new and reconstituted products, the Putnam
multi-cap suite will offer exposure to the full array of stocks
within the value, core/blend, and growth universes by utilizing the
firm’s stock-picking and fundamental research capabilities. Each
fund’s portfolio manager will have the ability to own a holding as
it changes in capitalization — if desired — without constraints
that would require him to sell if the company were to get too
large, or that would prevent him from taking advantage of an
attractively priced stock.
“As the equity market continues to rapidly evolve, with its
ever-changing set of dynamics, there are opportunities to be
realized — and potentially losses to be avoided — through more
flexible portfolio parameters,” said Putnam Investments President
and Chief Executive Officer Robert L. Reynolds. “Putnam’s multi-cap
suite will allow the funds’ experienced managers to select from all
companies within their style universes and essentially build a
portfolio of their best ideas, whatever the market cap of the
securities they choose.”
“In virtually all of Putnam’s new product offerings since the
start of 2009, the firm has sought to address investment needs and
capture opportunity through fund vehicles that enable greater
portfolio construction flexibility in a market environment that has
little use for rigidity and convention,” Reynolds explained.
In particular, he noted the ability of Putnam Absolute Return
Funds to invest in a range of securities in pursuit of a targeted
return above Treasury bills, Putnam Capital Spectrum Fund to invest
across a company’s entire capital structure, and Putnam Global
Sector Funds to provide world-wide, active investment exposure to
all sectors of the MSCI World Index.
The suite of Putnam multi-cap equity funds will consist of the
following:
Putnam Multi-Cap Value Fund will seek capital
appreciation by investing in value stocks of small, midsize, and
large companies. Currently Putnam Mid Cap Value Fund, the fund’s
name and investment strategy will change effective September 1,
2010. Its new investment strategy will give it the flexibility to
invest across all capitalization levels. The fund will continue to
be managed by James Polk, who has been Portfolio Manager since
2004. He joined Putnam in 1998 and is a CFA charterholder with 16
years of investment industry experience.
Putnam Multi-Cap Core Fund is a new fund that, subject to
SEC review, will be available in late September 2010, and will seek
capital appreciation by investing in growth and value stocks of
small, midsize, and large companies. The fund will be managed in
Putnam’s core/blend style by Gerard Sullivan, who currently manages
Putnam Investors Fund and has 28 years of investment
experience.
Putnam Multi-Cap Growth Fund will seek capital
appreciation by investing in growth stocks of small, midsize, and
large companies. Currently Putnam New Opportunities Fund, the
fund’s name will change effective September 1, 2010 to better
reflect the fund’s investment strategy. In addition, in late
September 2010, subject to the approval of shareholders of Putnam
Vista Fund (also a growth fund), Putnam Vista Fund will merge into
Putnam Multi-Cap Growth Fund. In July, Putnam Vista Fund’s
shareholders will receive proxy materials requesting their vote on
the merger, and Putnam Vista Fund will close to new accounts on or
about July 15, 2010.
The fund will be managed by Robert Brookby, who also manages
Putnam Growth Opportunities Fund and has 11 years of industry
experience. Prior to joining Putnam in 2008, Robert served as
Portfolio Manager of American Century Fundamental Equity Fund, a
large- and mid-cap portfolio.
All changes to existing funds will also take effect for
corresponding variable trust funds.
Putnam Investment Solutions
The new Putnam multi-cap equity suite represents the latest step
in the turnaround of the 70-year-old Boston-based company that
began when Putnam President and Chief Executive Officer Robert L.
Reynolds took the helm in July 2008. The company’s revival has been
driven by improved performance, innovative new products and
platforms and a renewed focus on the retirement market. Among the
steps that have been taken are:
- Developing Putnam Absolute Return Funds, the mutual
fund industry’s first suite of absolute return mutual funds,
designed to provide positive returns over time, with less
volatility than more traditional mutual funds, whether markets are
rising or falling;
- Introducing Putnam Spectrum
Funds, which invest in the securities of leveraged companies while
looking to generate returns through investments across their entire
capital structure.
- Expanding the scope of the
actively managed Putnam Global Sector Funds to target stocks in
dynamic sectors across global markets, covering nine sectors across
the entire MSCI World Index, and which can be combined to create a
highly customized portfolio. Additionally, Putnam recently launched
the first fund-of-sector-funds in the global equity space,
providing exposure to all sectors contained in the MSCI World Index
— in weighted proportions — by investing in eight Putnam global
sector funds.
- Becoming the first investment
manager to add target absolute return strategies to the mix of
underlying investments in Putnam RetirementReady® Funds, the firm’s
suite of 10 target-date/lifecycle retirement funds. Employed in
retirement portfolios, absolute return strategies are intended to
pursue positive returns in up and down markets, to protect against
the harmful effects of adverse investment returns, and to reduce
volatility, particularly for investors in or near retirement.
Putnam’s dramatic turnaround has been recognized recently by
Institutional Investor, which named Putnam Investments “Mutual
Funds Manager of the Year” and Reynolds as “Fund Leader of the
Year.” Earlier this year, Lipper/Barron’s Best Mutual-Fund Families
Survey, ranked Putnam #1 based on dramatic gains by individual
funds and advancements across the entire fund complex in 2009.
About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money
management firm with over 70 years of investment experience. The
firm was recently ranked #1 out of 61 fund families based on its
funds’ performance during 2009 in a Lipper/Barron’s Fund Families
Survey and named “Mutual Fund Manager of the Year” by Institutional
Investor. At the end of March 2010, Putnam had $118 billion in
assets under management. Putnam has offices in Boston, London,
Frankfurt, Amsterdam, Tokyo, Singapore, and Sydney. For more
information, visit putnam.com.
Putnam mutual funds are distributed by Putnam Retail
Management.
A registration statement relating to shares of Putnam Multi-Cap
Core Fund has been filed with the Securities and Exchange
Commission but has not yet become effective. The information in the
prospectus (or Statement of Additional Information) is not complete
and may be changed. The shares may not be sold until the
registration statement filed with the Securities and Exchange
Commission is effective. This is not an offer to sell the shares
and is not a solicitation to buy the shares in any state where the
offer or sale is not permitted. No offer to buy the shares can be
accepted and no part of the purchase price can be received until
the registration statement has become effective, and any such offer
may be withdrawn or revoked, without obligation or commitment of
any kind, at any time prior to notice of its acceptance given after
the effective date.
This document is not an offer to sell shares of any fund, nor is
it a solicitation of an offer to buy shares or of any proxy. For
more information relating to Putnam Investments, Putnam Vista Fund,
Putnam New Opportunities Fund (effective September 1, 2010, Putnam
Multi-Cap Growth Fund), the Trustees of the Putnam Funds, and their
shareholdings in the funds, or to receive a free copy of a
prospectus/proxy statement relating to the proposed merger of
Putnam Vista Fund into Putnam New Opportunities Fund (effective
September 1, 2010, Putnam Multi-Cap Growth Fund) once a
registration statement relating to the proposed merger has been
filed with the SEC and becomes effective, please call
1-800-225-1581. Free copies of such materials can also be found on
the SEC’s Web site (http://www.sec.gov). Please read the
prospectus/proxy statement when it becomes available because it
contains important information.
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