In 2009, we started with a new vision, and at Putnam, vision has proof points. With the goal of strong long-term performance squarely in mind, we added to our team of high achievers and refocused our commitment to active fundamental research. The sweeping strategic and structural redirection we implemented five years ago drove returns for our clients. It was a new way of thinking, and it was worth it.
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Putnam Lipper Rankings
1. Discover
New Ways of
Thinking.
It takes New Ways of Thinking
to change minds. And get results.
SM
putnam.com
In 2009, we started with a new vision, and at Putnam, vision has proof points. With the goal
of strong long-term performance squarely in mind, we added to our team of high achievers
and refocused our commitment to active fundamental research.
The sweeping strategic and structural redirection we implemented five years ago drove
returns for our clients. It was a new way of thinking, and it was worth it.
85%
89%
100%
of Putnam U.S. equity funds
of Putnam taxable fixed income funds
of Putnam global asset allocation funds
These funds beat their Lipper
category medians over five years
as of 12/31/13.
Robert L. Reynolds
President and
Chief Executive Officer
Source: Lipper. Eleven of 13 Putnam U.S. equity, 8 of 9 Putnam taxable income, and 3 of 3 Putnam global asset allocation class A funds.
Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results.
Investing involves risk, including loss of principal.
Pursuing great performance
in the stock market is a task for active
managers who think differently.
Our talented investors collaborate to sharpen their ideas and benefit from each
other’s experience. They share a passion for analyzing companies. For debating the
degrees of risk and the dimensions of opportunity. And for gaining insights on the
factors that matter most to performance.
85%
Robert D. Ewing, CFA®
Investing since 1990
of Putnam U.S. equity funds beat
their Lipper category medians
over five years as of 12/31/13.
Nick C. Thakore
Investing since 1993
Robert M. Brookby
Investing since 1999
Gerard P. Sullivan
Investing since 1982
Darren A. Jaroch, CFA®
Investing since 1996
James A. Polk, CFA®
Investing since 1994
Source: Lipper. Eleven of 13 Putnam U.S. equity class A funds. Based on total returns before sales charge. Rankings for other periods will
vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal.
In challenging times, the best
minds challenge themselves to
think in new ways.
Our long-tenured team of bond managers navigates a dramatically changing
fixed-income landscape. They have developed an independent view of four types
of risk. And they actively manage strategies in all four risk sources.
89%
of Putnam taxable
fixed income funds beat
their Lipper category
medians over five years
as of 12/31/13.
D. William Kohli
Investing since 1986
Michael V. Salm
Investing since 1989
Paul D. Scanlon, CFA®
Investing since 1986
Source: Lipper. Eight of nine Putnam taxable income class A funds. Based on total returns before sales charge. Rankings for other periods
will vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal.
Diversification never goes
out of style, but it’s no reason
for complacency.
Putnam’s global asset allocation group has leveraged decades of experience
to develop new ways of thinking about allocating risks, not just assets.
Innovation is never easy. Breaking new ground for investors is worth it.
100%
James A. Fetch
Investing since 1994
of Putnam asset allocation funds
beat their Lipper category medians
over five years as of 12/31/13.
Robert J. Kea, CFA®
Investing since 1988
Robert J. Schoen
Investing since 1990
Jason R. Vaillancourt, CFA®
Investing since 1993
Source: Lipper. Three of three Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other
periods will vary. Past performance does not guarantee future results. Investing involves risk including loss of principal.
Insight. Ideas. Opportunities.
We call it New Ways of Thinking.
SM
Fundamental research is a cornerstone of our success, promoting sound stock selection and a
thoughtful approach to risk. Our global research team scours industries worldwide to gain insights
on the companies, trends, and market conditions that are most relevant to investment performance.
We have created a culture that encourages the kind of debate, rigor, and creativity that helps
our clients capitalize on opportunities.
78%
Aaron M. Cooper, CFA®
Investing since 1999
of Putnam global sector funds
outperformed their benchmark indexes
over five years as of 12/31/13.
Kelsey Chen, Ph.D.
Investing since 1999
Vivek Gandhi, CFA®
Investing since 1994
Walter D. Scully, CPA®
Investing since 1996
Ferat Ongoren
Investing since 1997
Source: Lipper. Three of three Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other
periods will vary. Past performance does not guarantee future results. Investing involves risk including loss of principal.
Tax-Free Income Funds
A share
C share
Y share
Growth Funds
A share
C share
Y share
Putnam AMT-Free Municipal Fund
PPNAX
PAMTX
PAMYX
Putnam Growth Opportunities Fund
POGAX
POGCX
PGOYX
Putnam Intermediate-Term Municipal Income Fund
PIMEX
PIMFX
PIMYX
Putnam International Growth Fund
PINOX
PIOCX
PINYX
Putnam Short-Term Municipal Income Fund
PSMEX
PSMTX
PSMYX
Putnam Multi-Cap Growth Fund
PNOPX
PNOCX
PNOYX
Putnam Tax Exempt Income Fund
PTAEX
PTECX
PTEXY
Putnam Small Cap Growth Fund
PNSAX
PNSCX
PSYGX
Putnam Tax-Free High Yield Fund
PTHAX
PTCCX
PTFYX
Putnam Voyager Fund
PVOYX
PVFCX
PVYYX
Putnam AZ Tax Exempt Income Fund
PTAZX
PAZCX
PAZYX
Global Sector Funds
A share
C share
Y share
Putnam CA Tax Exempt Income Fund
PCTEX
PCTCX
PCIYX
Putnam Global Consumer Fund
PGCOX
PGCNX
PGCYX
Putnam MA Tax Exempt Income Fund
PXMAX
PMMCX
PMAYX
Putnam Global Energy Fund
PGEAX
PGECX
PGEIX
Putnam MI Tax Exempt Income Fund
PXMIX
PMGCX
PMIYX
Putnam Global Financials Fund
PGFFX
PGFDX
PGFYX
Putnam MN Tax Exempt Income Fund
PXMNX
PMOCX
PNMYX
Putnam Global Health Care Fund
PHSTX
PCHXS
PHSYX
Putnam NJ Tax Exempt Income Fund
PTNJX
PNJCX
PNJYX
Putnam Global Industrials Fund
PGIAX
PGIEX
PGILX
Putnam NY Tax Exempt Income Fund
PTEIX
PNNCX
PNYYX
Putnam Global Natural Resources Fund
EBERX
PGLCX
PGRYX
Putnam OH Tax Exempt Income Fund
PXOHX
POOCX
POTYX
Putnam Global Sector Fund
PPGAX
PPGCX
PPGYX
Putnam PA Tax Exempt Income Fund
PTEPX
PPNCX
PPTYX
Putnam Global Technology Fund
PGTAX
PGTDX
PGTYX
Putnam Tax Exempt Money Market Fund
PTXXX
—
—
Putnam Global Telecommunications Fund
PGBZX
PGBNX
PGBYX
PUGIX
PUTCX
PUTYX
Taxable Funds
A share
C share
Y share
Putnam Global Utilities Fund
Putnam American Government Income Fund
PAGVX
PAMIX
PATYX
Asset Allocation Funds
A share
C share
Y share
Putnam Diversified Income Trust
PDINX
PDVCX
PDVYX
Putnam Dynamic Asset Allocation Growth Fund
PAEAX
PAECX
PAGYX
Putnam Emerging Markets Income Fund
PEMWX
PEMJX
PEMOX
Putnam Dynamic Asset Allocation Balanced Fund
PABAX
AABCX
PABYX
Putnam Floating Rate Income Fund
PFLRX
PFICX
PFRYX
Putnam Dynamic Asset Allocation Conservative Fund
PACAX
PACCX
PACYX
Putnam Global Income Trust
PGGIX
PGGLX
PGGYX
Putnam Dynamic Risk Allocation Fund
PDREX
PDRFX
PDRYX
Putnam High Yield Advantage Fund
PHYIX
PHYLX
PHAYX
Putnam Retirement Income Fund Lifestyle 1
PRMAX
PRMCX
PRMYX
Putnam High Yield Trust
PHIGX
PCHYX
PHYYX
Putnam Retirement Income Fund Lifestyle 2
PRYAX
PRYCX
PRLYX
Putnam Income Fund
PINCX
PUICX
PNCYX
Putnam Retirement Income Fund Lifestyle 3
PISFX
PCIOX
PIIYX
Putnam Short Duration Income Fund
PSDTX
PSDLX
PSDYX
Blend Funds
A share
C share
Y share
Putnam U.S. Government Income Trust
PGSIX
PGVCX
PUSYX
Putnam Asia Pacific Equity Fund
PAPAX
PAPCX
PAPYX
Putnam Money Market Fund
PDDXX
PFCXX
PMMXX
Putnam Capital Opportunities Fund
PCOAX
PCOCX
PYCOX
Value Funds
A share
C share
Y share
Putnam Capital Spectrum Fund
PVSAX
PVSCX
PVSYX
Putnam Convertible Securities Fund
PCONX
PRCCX
PCGYX
Putnam Emerging Markets Equity Fund
PEMMX
PEMZX
PEMYX
Putnam Equity Income Fund
PEYAX
PEQCX
PEIYX
Putnam Equity Spectrum Fund
PYSAX
PYSCX
PYSYX
Putnam Global Dividend Fund
PGDEX
PGDHX
PGDYX
Putnam Europe Equity Fund
PEUGX
PEECX
PEUYX
George Putnam Balanced Fund
PGEOX
PGPCX
PGEYX
Putnam Global Equity Fund
PEQUX
PUGCX
PEQYX
Putnam International Value Fund
PNGAX
PIGRX
PNGYX
Putnam International Capital Opportunities Fund
PNVAX
PUVCX
PIVYX
Putnam Multi-Cap Value Fund
PMVAX
PMVBX
PMVYX
Putnam International Equity Fund
POVSX
PIGCX
POVYX
Putnam Small Cap Value Fund
PSLAX
PSLCX
PYSVX
Putnam Investors Fund
PINVX
PCINX
PNVYX
The Putnam Fund for Growth and Income
PGRWX
PGRIX
PGIYX
Putnam Low Volatility Equity Fund
PLVEX
PLVGX
PLVKX
Absolute Return Funds
A share
C share
Y share
Putnam Multi-Cap Core Fund
PMYAX
PMYCX
PMYYX
Putnam Absolute Return 100 Fund®
PARTX
PARQX
PARYX
Putnam Research Fund
PNRAX
PRACX
PURYX
Putnam Absolute Return 300 Fund®
PTRNX
PTRGX
PYTRX
Putnam Strategic Volatility Equity Fund
PSVEX
PSVHX
PSVYX
Putnam Absolute Return 500 Fund®
PJMDX
PJMCX
PJMYX
Putnam Absolute Return 700 Fund®
PDMAX
PDMCX
PDMYX
Request a prospectus or summary prospectus from your financial representative or by calling Putnam at 1-800-225-1581.
The prospectus includes investment objectives, risks, fees, expenses, and other information that you should read and
consider carefully before investing.
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