Putnam Investments Congratulates Jameson Baxter and Kate Lakin on Mutual Fund Industry Awards

BOSTON, March 31, 2017 — Putnam Investments today congratulated Jameson A. (Jamie) Baxter and Kate Lakin on being honored at last night’s 24th annual Mutual Fund Industry Awards in New York City. Baxter, Chair of the Board of Trustees of the Putnam Funds, received a Lifetime Achievement Award. Lakin, Putnam’s Co-Director of Equity Research, was named a “Rising Star of Mutual Funds.”

Commenting on the Lifetime Achievement Award presented to Putnam Funds Chair Jameson Baxter, Putnam Investments President and CEO Robert Reynolds said, “This is an extremely well-deserved recognition of Jamie’s impressive career and dedicated service to the mutual fund industry and fund board community. Jamie has demonstrated extraordinary leadership for many years in serving the Putnam Funds and as a respected voice for mutual fund governance. It has been an honor and pleasure to work closely with this outstanding professional — and gracious, dignified individual.”

Baxter, a Putnam Funds Trustee since 1994, Vice Chair from 2005 to 2011, and Chair since 2011, is president of Baxter Associates, Inc., a private investment firm she founded in 1986. Earlier, she served as Vice President of the First Boston Corporation and as a principal of the Regency Group.

Long active in corporate and community circles, Baxter also serves as Chair of the Mutual Fund Directors Forum, a director of the Adirondack Land Trust, and a trustee of the Nature Conservancy’s Adirondack Chapter. She has served on many corporate and nonprofit boards including ASHTA Chemicals, Inc.; Banta Corporation; Ryerson, Inc.; Intermatic Corporation; Good Shepherd Hospital; and Emma Willard School. She also is Chair Emerita of the Board of Trustees of Mount Holyoke College, of which she is an alumna, and is a recipient of the Mount Holyoke Alumnae Medal of Honor.

Rising Star

Also honored at the Mutual Fund Industry Awards was Putnam’s Co-Director of Equity Research, Kate Lakin, who was recognized as a Rising Star of Mutual Funds winner. “Kate is a talented leader who has quickly earned the respect of her colleagues, and we are pleased that she has been recognized with this industry award,” said Reynolds. “At this phase of her career, Kate has accomplished a tremendous amount professionally and in giving back to the community. We are very proud that she is a part of the Putnam family.”

In her role as Putnam’s Co-Director of Equity Research, Lakin oversees the work of 36 analysts who cover every major industry, providing fundamental research and analysis for the firm’s broader equity platform. In addition, Lakin serves as portfolio manager on Putnam Research Fund, Putnam Global Sector Fund, and Putnam Capital Opportunities Fund.

Lakin established and manages Putnam’s full-time Equity Associate Program, which recruits, trains, and develops undergraduates over a three-year period. She also leads Putnam’s MBA and undergraduate internship programs, helping to build the firm’s next generation of investment management talent. Formerly, she was responsible for Putnam’s on-campus recruiting at both the undergraduate and MBA levels.

Prior to joining Putnam in 2012, Lakin held positions in Equity Research at Fidelity Investments. She holds a B.A. degree from Wellesley College and is an MBA candidate in asset management at the Yale School of Management. Lakin is a co-founder of the Young Professionals Council of the Cambridge Family and Children’s Services and has been an individual fundraiser for Cycle for Survival, a national fundraising movement to beat rare cancers.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with nearly 80 years of investment experience. At the end of February 2017, Putnam had $160 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

Putnam Investments to Bolster Small Cap Equity Investment Capabilities

BOSTON, March 21, 2017Putnam Investments announced today that the firm will be taking a series of steps to reshape its global small cap equity team and product strategy, designed to seize opportunity in an area where the company believes active management will offer a competitive edge, both in today’s marketplace and in the years to come.

Putnam will be adding investment talent and expanding the research team in the small cap equity space, as well as pursuing a more concentrated focus on fundamental research to identify and capitalize on investment ideas across the small company universe.

Among the most significant developments, David Diamond, a well-respected value investor, has joined the firm and will become co-portfolio manager of Putnam Small Cap Value Fund, effective March 31, 2017. Diamond is best known for his small cap value approach as the founder of Boston-based High Rock Capital and as a senior portfolio manager with The Boston Company. In his new role at Putnam, Diamond will work closely with co-manager Eric Harthun, who will be retiring from Putnam at the end of 2017.

Aaron Cooper
Aaron Cooper

“The global small cap equity universe offers many interesting opportunities for an active manager who fully utilizes fundamental research,” said Aaron Cooper, Chief Investment Officer, Equities, Putnam Investments. “We are making a number of moves to further enhance Putnam’s investment capabilities in the small cap equity area, which we think has the potential to be a real bright spot for the firm and our clients.

“A key component in this effort is the addition of David Diamond, a talented investor with a strong value discipline in the small cap arena, who joins forces with Putnam’s existing portfolio management and equity research team, to drive results in this important market segment,” added Cooper. “Over the course of 2017, David will be working closely with Eric Harthun, who has helped to build a solid foundation for Putnam Small Cap Value Fund and has been a strong contributor in numerous ways since joining the firm in 2000.”

Other notable changes to the Putnam small cap equity line up include the following:

  • The firm will be expanding its small cap equity research team with the hiring of Bill Wiese as a small cap value analyst, bringing the small cap research team — which seeks to gain extensive on-the-ground, fundamental insight on small companies — to a total of eight analysts. Wiese brings deep small cap expertise, having worked closely with David Diamond at both The Boston Company and High Rock Capital.
  • While fundamental research has been an important driver of security selection for Putnam for many years, the firm believes that it takes on even greater importance in the small cap equity space and will play an increasingly significant role within these portfolios. In particular, Putnam Capital Opportunities Fund will be managed by members of the small cap research team, led by Co-Director of Equity Research Kate Lakin. The current portfolio manager, Pam Gao, will be leaving the firm at the end of March 2017.
  • Bill Monroe, a Putnam veteran with a background as a diversified analyst across sectors, will assume management of Putnam Small Cap Growth Fund effective March 31, 2017, replacing Pam Gao.
  • Putnam International Capital Opportunities Fund will be managed by Karan Sodhi, Spencer Morgan and Andrew Yoon, three experienced Putnam equity analysts, who will take the reins from members of the firm’s global asset allocation team, effective March 31, 2017.
  • It is anticipated that three of Putnam’s primary small cap equity mutual fund portfolios (Putnam Small Cap Growth Fund, Putnam Capital Opportunities Fund and Putnam International Capital Opportunities Fund) will be managed with a reduced number of overall holdings to enhance their exposure to securities identified as strong potential drivers of alpha.

“Putnam has great confidence in the team and approach that has been put in place in the small cap equity area to mine compelling long-term investment opportunities around the globe,” added Cooper.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with nearly 80 years of investment experience. At the end of February 2017, Putnam had $160 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.