Category: Press Release

BOSTON, May 23, 2022 – Putnam Investments today announced that it will launch three actively managed, transparent exchange-traded funds (ETFs) in the coming months, pending completion of the regulatory filing process.

The new ETFs will each have a distinct investment focus:

• Putnam BDC Income ETF – Business development companies (BDCs)
• Putnam BioRevolution^TM ETF – Companies operating at the intersection of technology and biology in the “biology revolution”
• Putnam Emerging Markets ex-China ETF – Emerging markets companies, excluding investments in China and Hong Kong

Building on the firm’s launch of its first four active ETFs last year, the new products will leverage existing investment expertise and capabilities within Putnam and are designed to provide the marketplace with access to three compelling strategies within an ETF format.

“Putnam continues to bolster its product lineup by bringing thoughtful, innovative strategies to the marketplace,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “We are excited to offer investors and advisors a dynamic set of investment opportunities, which will be meaningful additions to Putnam’s growing ETF roster.”

The ETF strategies expected to be launched by Putnam in the coming months include:

• Putnam BDC Income ETF – Seeks current income by investing mainly in exchange-traded BDCs based in the U.S. and registered with the SEC. BDCs generally invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies.
• Putnam BioRevolution^TM ETF – Seeks long-term capital appreciation by investing mainly in common stocks of companies of any size with a focus on those that Putnam believes offer the opportunity to capitalize on a convergence of technological developments in the life sciences sector. These include technology-enabling companies that provide the materials, equipment, and knowledge to enable biology innovations, biotechnology, or synthetic biology companies, as well as companies that operate in industries that are likely to be impacted by the biology revolution over time.
• Putnam Emerging Markets ex-China ETF – Seeks long term capital appreciation by investing mainly in common stocks of emerging market companies. Emerging markets include countries in the MSCI Emerging Markets ex China Index or those Putnam considers to be emerging markets based on an evaluation of their level of economic development or the size and experience of their securities markets. The ETF will exclude companies domiciled in, or whose stocks are listed for trading on an exchange in, China or in Hong Kong.

“We are enthused to bring these differentiated strategies to the marketplace, to give investors exposure to several important developing areas,” explained Carlo Forcione, Head of Product and Strategy at Putnam Investments.

“The new ETFs are an extension of Putnam’s equity investment capabilities that apply traditional fundamental research, currently employed in an array of products offered by our firm across retail mutual funds, ETFs, separately managed accounts, collective investment trusts, private funds and non-U.S. funds,” Forcione continued.

Putnam launched its first four active ETFs in May 2021: Putnam Focused Large Cap Growth ETF; Putnam Focused Large Cap Value ETF; Putnam Sustainable Future ETF; and Putnam Sustainable Leaders ETF.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of April 2022, Putnam had $180 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

NOTE: The registration statement relating to these securities has been filed with the SEC but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

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BOSTON, December 15, 2021 – Putnam Investments announced today that DALBAR, a leading independent market research and consulting firm for the financial services industry, has named Putnam the winner of two of its premier awards: Mutual Fund Service Award and Total Client Experience Award. These honors recognize the company’s commitment to providing superior service and outstanding support to clients.

Discussing the service awards received by the firm, Michael J. Woodall, Chief of Operations, said, “We are really pleased that DALBAR has honored Putnam for its relentless dedication to achieving the highest standards of quality service.

“Our firm is extremely proud of the industry-leading work done by our extraordinary service team that has now been recognized by DALBAR for 32 consecutive years. We are excited to continue delivering at a world-class level for our clients in the years to come,” Woodall explained.

The two DALBAR Awards won by Putnam are:

• Mutual Fund Service Award, for the highest levels of call center service to fund shareholders. The award is based on rigorous, objective and independent audits of call center interactions with shareholders to ensure an exceptional quality of service. Putnam has received this honor for 32 consecutive years.
• Total Client Experience Award, which is based on DALBAR’s measurement of the complete experience of the customer. DALBAR evaluates the level of professionalism demonstrated by a financial services firm’s personnel, including the accurate execution and processing of transactions and requests while ensuring thorough security protocols. Putnam has been the sole recipient of this award since it was launched in 2011.

In commenting on the awards, Karen L. Walsh, Head of Investor Services, noted, “Putnam’s service model is multidimensional, with our firm making a concerted effort to focus on quality, accuracy and the complete customer experience. We continue to evolve and enhance our approach through extensive training of our associates, ongoing monitoring and continuous feedback, and broad use of contemporary technology.”

About DALBAR

DALBAR, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, DALBAR has earned recognition for consistent and unbiased evaluations. DALBAR awards are recognized as marks of a superior standard of care in the financial community.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of November 2021, Putnam had nearly $200 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, November 17, 2021 – Putnam Investments today announced that Robert E. Alan has rejoined the firm as Head of Global Consultant Relations in the firm’s Institutional Management business. In this new role, Alan will oversee a team responsible for coordinating consultant activity worldwide for Putnam’s well-established institutional business. Based in Boston, Alan will report directly to Kaitlin M. May, Head of Putnam Institutional Management.

“Putnam has a long history of working closely with the consultant community in addressing the asset management needs of institutional investors around the globe,” said May. “As we continue to develop and deepen these critical consultant partnerships, we believe Putnam and its clients will benefit from Rob’s extensive experience, trusted relationships, and proven track record in successfully navigating the ever-evolving institutional marketplace.”

“I am thrilled to rejoin Putnam at a time when the firm’s institutional business has tremendous focus, energy, and momentum,” said Alan. “Putnam has built a world-class organization, spanning investment management, consultant relations, business development, and client service – and I look forward to collaborating with my outstanding colleagues in delivering strong results for our institutional clientele.”

Before rejoining Putnam, Alan founded New York-based North Broadway Capital Advisors in 2019, an independent consultant firm devoted to providing institutional distribution advisory support to the emerging manager and diverse-, woman- and disabled-owned asset management community. Prior, he led consultant relations efforts in North America for Insight North America (2015-2019) and global consultant relations efforts for Cutwater Asset Management (2011-2014).

Earlier, Alan held senior consultant relations leadership roles at Putnam Institutional Management (2006-2011). He began his career with similar positions at Babson Capital Management and Fidelity Management Trust Company.

Alan earned a B.S. in Finance from Bentley University and an M.B.A. with Finance and Leadership concentrations from New York University’s Leonard N. Stern School of Business.

About Putnam Institutional Management

Putnam Institutional Management serves the investment management needs of a wide array of institutions, including corporate pensions, sovereign wealth funds, insurance companies, endowments and foundations, and public and government plans. In total, Putnam managed $101 billion in worldwide institutional assets as of October 31, 2021.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of October 2021, Putnam had $201 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, October 11, 2021 – Putnam Investments announced today that Michael L. Huber has been named Director, Institutional Management DACH, serving investors and clients in Germany, Austria and Switzerland. Huber will be responsible for driving business development in this important region, working closely with local clients and prospects, including pension plans, insurance companies and industry consultants.

“Michael has a proven record of establishing and developing deep institutional relationships during his 15 years in the European asset management industry,” said Kaitlin M. May, Head of Global Institutional Management at Putnam Investments. “The DACH region represents a key growth market for Putnam and Michael will play a significant role in expanding the firm’s presence and visibility in this market.”

Huber succeeds longtime Putnam executive Peter P. Schepp, who recently retired after leading Putnam’s efforts in the region for two decades.

Prior to joining Putnam, Huber was Head of Institutional ETF Business Germany for Invesco Asset Management. Earlier, he worked at Assenagon, a boutique for actively managed strategies. He began his career in the private wealth management division of Goldman Sachs.

Huber holds a Master of Science degree in Finance and Information Management from the Universität Augsburg and the Technische Universität München. He also studied at the Indian Institute of Technology, Madras.

About Putnam Global Institutional Management

Putnam Global Institutional Management serves the investment management needs of a wide array of institutions, including corporate pensions, sovereign wealth funds, insurance companies, endowments and foundations, and public and government plans. In total, Putnam managed $103 billion in worldwide institutional assets as of August 31, 2021.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of August 2021, Putnam had $203 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, June 28, 2021 – In a move expected to provide long-term leadership continuity for its multi-asset investment group, Putnam Investments today announced that Brett S. Goldstein has been named Co-Chief Investment Officer, Global Asset Allocation (GAA), effective June 30. Goldstein, who will also serve on the firm’s Operating Committee, has been a member of Putnam’s GAA team for more than a decade and is a portfolio manager on a number of the firm’s multi-asset funds.

Goldstein and his Co-Chief Investment Officer, Robert J. Schoen, who was appointed to the senior investment role in November 2016, will be jointly responsible for the overall strategy and positioning of the firm’s GAA products. Together, they will oversee portfolio construction and risk management for GAA portfolios and the research that drives equity security selection strategies.

“Asset allocation is an increasingly dynamic area of investing, presenting an array of new opportunities for the marketplace,” said Aaron M. Cooper, Chief Operating Officer, Putnam Investments. “The broad expertise and deep experience of Rob Schoen in the multi-asset arena, combined with the portfolio construction acumen of Brett Goldstein, particularly in the target-date investment sphere, will provide strong and strategic leadership in guiding the firm’s GAA efforts for the exciting journey ahead.”

“Brett’s tremendous passion for capital markets, exceptional investing skills and commitment to innovation have contributed to his significant accomplishments as a portfolio manager in our GAA group,” said Schoen. “I am excited about partnering closely with Brett in the coming years to maximize opportunities for our clients and further build Putnam’s presence in the increasingly important multi-asset market.”

Schoen explained that the firm sees great potential for the development of new retirement offerings, multi-asset ESG products, custom indexes, model portfolios and other dynamic offerings that can address a host of marketplace needs. “Brett and I look forward to collaborating closely on investment strategies that produce meaningful outcomes for investors.”

In another development, Schoen indicated that Adrian H. Chan will become a named Portfolio Manager on all Putnam GAA products. Chan, who has been with the firm for 16 years, is considered one of Putnam’s foremost experts on volatility, a critical consideration in the GAA investment process. Additionally, he has been leading Putnam’s efforts in developing custom indexing for the insurance channel.

About Brett Goldstein

Goldstein began his career at Putnam Investments in 2010 as part of the Investment Associate program, subsequently serving as an Analyst. Currently, he is responsible for the research and implementation of risk and portfolio construction methods across GAA products and also works extensively with retirement glide path research and GAA target-date funds. He is a Portfolio Manager of Putnam Dynamic Asset Allocation Funds (Growth, Balanced, and Conservative); Putnam Dynamic Risk Allocation Fund; Putnam Multi-Asset Absolute Return Fund; Putnam Retirement Advantage Funds; Putnam RetirementReady Funds; and Putnam 529 for America.

Goldstein has a B.S. in Applied Economics & Management and in Biometry & Statistics, and a Master of Professional Studies degree in Statistics from Cornell University. He holds the Chartered Financial Analyst designation.

About Putnam Global Asset Allocation

Putnam’s Global Asset Allocation team is one of the industry’s longest-tenured groups of asset allocation specialists. The team manages approximately $17 billion in assets in portfolios that hold a variety of investments and positions them to benefit from a wide range of opportunities and market conditions.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of May 2021, Putnam had $198 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, June 21, 2021 – 37 Capital, the alternative investments business of Putnam Investments, today announced that it has bolstered its collateralized loan obligation (CLO) and broader leveraged loan capabilities with the hiring of three highly-experienced investment professionals.

Scott M. D’Orsi (Portfolio Manager), Eric C. Vander Mel (Analyst) and Stephen L. Newton (Analyst), who worked together at First Eagle Investment Management for more than six years prior to joining Putnam, bring dedicated focus to the active build-out of 37 Capital-branded CLO offerings. D’Orsi reports directly to Putnam’s Michael V. Salm (Co-Chief Investment Officer of Fixed Income) and Brett S. Kozlowski (Co-Head of Structured Credit) and will work closely with Kaitlin M. May, Chief Operating Officer of 37 Capital, on the launch of this business initiative.

“We believe that structured credit offers a complexity premium that can be harvested by sophisticated investment managers who are able to combine fundamental credit analysis of underlying collateral with a deep understanding of the various securitization vehicles utilized in this space,” said Salm.
May, who will also become Head of Global Institutional Management at the end of the month upon the retirement of Jeffrey L. Gould, added, “In bringing onboard three highly-skilled credit investment professionals in Scott, Eric and Steve, we are making a strong commitment to generating long-term value for institutional investors through new product opportunities that combine decades of corporate credit expertise with specific capabilities related to CLOs.”

Salm indicated that the three new hires, with deep backgrounds in leveraged loans, high yield bonds and fixed income trading, will join Putnam’s broader fixed income team with strong portfolio management and research expertise in non-investment grade credit markets. As a firm, Putnam has an extensive history of bringing structured product solutions to clients and currently manages approximately $30 billion in structured credit, including RMBS, CMBS, and various prepayment strategies as of May 28, 2021.

Prior to joining Putnam, D’Orsi was a Managing Director, CLO Portfolio Manager and Head of Liquid Loans at First Eagle Investment Management, where he launched the CLO business of its predecessor company and led the launch of a number of CLOs. Earlier, D’Orsi held positions at Spear Leeds & Kellogg, CIBC World Markets, BancBoston Securities, Bank of Boston and Fleet Financial Group. He earned a B.A. in Economics from Yale University and an MBA from Babson College’s Franklin W. Olin Graduate School of Business.

Vander Mel has more than 25 years of credit experience including syndicated loan CLO management. Before joining Putnam, he was a Managing Director, Senior Analyst, at First Eagle Private Credit Advisors, where he specialized in broadly syndicated loan CLOs. Earlier, he held positions with Knight Capital, FBR Capital, Morgan Stanley, Fleet Securities and Fleet National Bank. He holds a B.A. in Economics from Colby College.

Newton brings more than 15 years of experience in fixed income research, CLO structuring and portfolio management. Most recently, he was a Director, Senior Credit Analyst, at First Eagle Private Credit Advisors. He previously held positions with Citizens Financial Group, Social Finance, Eaton Vance Management and Banc of America Securities. He earned a B.S. in Finance from Boston College and an MBA from Northwestern University’s Kellogg School of Management.

About 37 Capital

37 Capital is the global alternative asset management business of Putnam Investments, providing investment solutions across equities and credit. Portfolio managers employ an opportunistic investment approach that combines intensive fundamental research with a consistent focus on downside protection.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of May 2021, Putnam had $198 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

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BOSTON, May 26, 2021 – Putnam Investments today announced the debut of its first actively managed exchange-traded funds (ETFs), which are based on four of the firm’s leading equity strategies. The new ETFs – Putnam Sustainable Leaders ETF (PLDR), Putnam Sustainable Future ETF (PFUT), Putnam Focused Large Cap Growth ETF (PGRO), and Putnam Focused Large Cap Value ETF (PVAL) – begin trading today on the New York Stock Exchange.

The new offerings represent the first ETF products from the company, which currently provides an array of retail mutual funds, separately managed accounts, collective investment trusts, private funds and non-U.S. funds.

“We are excited to enter the ETF marketplace today with the launch of active ETFs that employ Putnam’s time-tested, active management expertise,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “The introduction of these four ETFs delivers on our long-standing commitment to meet the evolving needs of investors by offering a broad range of vehicle options that access our deep, fundamentally-driven investment capabilities.”

The new active ETFs have underlying investment portfolios similar to existing Putnam mutual fund and separately managed account strategies, and utilize the same portfolio managers and research teams as those related products.

The Putnam ETFs employ the firm’s established active investment approach, characterized by rigorous fundamental research and advanced risk management techniques – in the ultimate pursuit of alpha generation for investors. At the same time, they have attractive features that have made ETFs popular, including intraday liquidity, tax efficiency and a competitive fee structure.

Explaining Putnam’s first foray into the ETF realm, Reynolds indicated, “We very deliberately chose four of our leading equity strategies, including two ESG-focused portfolios, to provide the marketplace with Putnam’s unique brand of active investing combined with the benefits of an ETF wrapper.”

The four active ETF strategies launched by Putnam today are:

• Putnam Sustainable Leaders ETF (Ticker: PLDR)
  • Leadership focus: Invests in companies that are established leaders in financially
  • material sustainability issues
  • Managed by Katherine Collins and Stephanie Dobson
  • Total expense ratio of 59 basis points

• Putnam Sustainable Future ETF (Ticker: PFUT)
  • Solutions focus: Invests in solutions-oriented companies that offer innovative ways to address key sustainability challenges
  • Managed by Katherine Collins and Stephanie Dobson
  • Total expense ratio of 64 basis points

• Putnam Focused Large Cap Growth ETF (Ticker: PGRO)
  • Durable growth themes: Focuses on businesses that exhibit both a high level of growth and an above-average duration of growth
  • Managed by Richard Bodzy and Gregory McCullough
  •  Total expense ratio of 55 basis points

• Putnam Focused Large Cap Value ETF (Ticker: PVAL)
  •  Disciplined process: Focuses on large companies whose stocks are priced below their long- term potential and where there may be a catalyst for positive change
  • Managed by Darren Jaroch and Lauren DeMore
  • Total expense ratio of 55 basis points

Putnam’s suite of ETFs will utilize the Fidelity tracking basket methodology for active equity ETFs. Fidelity’s tracking basket methodology and related features are designed to provide market makers with enough information to make effective markets in shares of the ETFs while also maintaining the confidentiality of portfolio holdings necessary for Putnam to execute these strategies for the benefit of investors.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of April 2021, Putnam had $197 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, May 10, 2021 – Today, Putnam Investments officially launched TargetDateVisualizer®, designed to help advisors better guide plan sponsors in selecting appropriate target-date mutual funds and collective investment trusts (CITs) for inclusion in workplace savings plans, based on specific risk-tolerance preferences and investment philosophy.

The dynamic evaluation tool seeks to provide greater clarity and insight into the underlying investment glide paths of over 100 different target-date strategies, as well as the portfolio risk levels and key performance characteristics of these popular retirement savings vehicles.

Utilizing a highly engaging and user-friendly interface, TargetDateVisualizer helps identify preferred target-date strategies based on how aggressive or conservative an advisor would like to be in the early and late stages of participants’ working lives – and also how they define success overall. TargetDateVisualizer takes these dynamics into account and allows advisors to better distill appropriate target-date options to consider for their clients.

In discussing Putnam’s new tool for the retirement marketplace, Steven P. McKay, Head of Defined Contribution Investment Only (DCIO) at Putnam said, “The journey and outcome of a target-date strategy is determined by a wide array of factors, including the underlying glide path and investment composition. Putnam TargetDateVisualizer was built to assist advisors and their clients in making greater sense of the numerous target-date strategies available — so they can more successfully identify those products that are best aligned with the needs of their plans’ objectives.”

TargetDateVisualizer: Adding a Strategic Lens to the Selection Process

TargetDateVisualizer works by analyzing the glide path of every target-date strategy, both mutual funds and CITs, with at least a three-year track record – 108 in total at present time. The tool employs an easy-to-use, interactive framework that asks a few key questions regarding investment philosophy and risk preferences, in both the early and late stages of a participant’s working life.

TargetDateVisualizer then frames how much equity sensitivity a target-date vintage has at critical points along the glide path. Subsequently, it plots the funds most aligned with the user’s risk-tolerance, resulting in a more focused set of options for consideration that can be compared head-to-head based on performance and other important risk factors. The final output provides detailed analysis that will allow advisors to document the entire review and/or selection process for their clients.

“Target-date strategies offered by different asset managers may have many features in common, but no two are exactly alike,” said McKay. “In some cases, the differences can be difficult to determine, making it hard to select strategies that are right for the goals of the plan and its participants. With its product-agnostic approach, TargetDateVisualizer should prove to be enormously helpful to advisors when embarking on the challenging, but critically important process of identifying the optimal target-date strategy for their clients.”

Growth of Target-Date Funds

First developed in the 1990s, target-date funds grew rapidly in popularity after 2006, when the Pension Protection Act authorized them as a qualified default investment alternative in defined contribution retirement plans. Total assets in target-date strategies reached $2.8 trillion by the end of 2020, according to Morningstar.

About Putnam Defined Contribution Investment Only

With more than 30 years of experience working with defined contribution plan sponsors, advisors and consultants, Putnam DCIO offers an array of investment-only products and industry-leading support and service for the retirement marketplace, to help participants invest for their future. Putnam DCIO had approximately $32 billion in assets under management at the end of March 2021. Putnam offers two target-date series in the marketplace: Putnam Retirement Advantage Funds and Putnam RetirementReady Funds. Putnam’s retirement strategies are managed by the firm’s Global Asset Allocation team.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of April 2021, Putnam had $197 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, April 21, 2021 – Putnam Investments today announced that Kaitlin M. May will assume the role of Head of Putnam Global Institutional Management (PGIM) effective July 1, upon the retirement of Jeffrey L. Gould.

May, who is Chief Operating Officer of 37 Capital, Putnam’s alternatives business, will be responsible for overseeing the firm’s institutional asset management business, which serves investors and clients in North America, Europe, Asia and Australia. Based in Boston, she will report directly to Putnam CEO Robert L. Reynolds and serve on the firm’s Operating Committee.

“Kaitlin is a talented, thoughtful leader with deep industry knowledge and experience serving global clients,” explained Reynolds. “As an organization, we see tremendous opportunity to build upon the meaningful progress and momentum that we have seen in our institutional business in recent years – and are excited about the vision and passion that Kaitlin will bring in addressing client needs around the globe.”

May will continue her responsibilities for 37 Capital and will additionally oversee Putnam’s Japan business and the firm’s Institutional Affiliates business.

In discussing Gould’s retirement, Reynolds noted, “Throughout his 23 years at Putnam, Jeff has been an outstanding leader and ambassador with all of the firm’s key stakeholders. One of the true hallmarks of his tenure has been always placing the client first. We wish him the very best in his future endeavors.”
Reynolds indicated that May will work closely with Gould in the coming weeks to ensure a seamless leadership transition.

About Kaitlin May

Before joining Putnam in September 2019, May held several roles spanning nine years with Apollo Global Management’s Global Client & Product Solutions Division, most recently as Managing Director, Head of Structuring and Product Creation from 2017-2019. She also served as a Product Specialist from 2011-2019 and as Chief Operating Officer from 2010-2017.

Previously, May served as Chief Operating Officer of Citi Property Investors, the real estate investment division within Citi Alternative Investments. Earlier, she worked at Citigroup, Inc. in the firm’s Strategy and Business Development Group. May began her career at Salomon Smith Barney as a financial analyst in the Financial Institutions Group of the Investment Banking Division, working in London and New York City. She earned a Bachelor of Arts degree in Genetics, Cell and Developmental Biology, cum laude, from Dartmouth College and an MBA from the Stanford Graduate School of Business.

About Putnam Global Institutional Management

Putnam Global Institutional Management serves the investment management needs of a wide array of institutions, including corporate pensions, sovereign wealth funds, insurance companies, endowments and foundations, and public and government plans. In total, Putnam manages approximately $98 billion in institutional assets as of March 31, 2021.

About 37 Capital

37 Capital is a global alternative asset management business, affiliated with Putnam Investments, providing investment solutions across equities and credit. Portfolio managers employ an opportunistic investment approach that combines intensive fundamental research with a consistent focus on downside protection.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of March 2021, Putnam had $193 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

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BOSTON, March 12, 2021 – Putnam Investments announced today that Putnam International Value Fund has received 2021 Refinitiv Lipper Fund Awards for Best International Large-Cap Value Fund in the five-year and 10-year performance categories, recognizing the fund’s superior risk-adjusted long-term investment results compared to its peers.

“We are pleased to be celebrated by Refinitiv Lipper with these prestigious honors acknowledging the strong, long-term performance of Putnam International Value Fund,” said Robert L. Reynolds, Putnam Investments President and CEO. “Receiving these highly sought-after awards is a testament to Putnam’s talented investment professionals, who are dedicated to delivering consistently outstanding performance on behalf of our clients and fund shareholders.”

Putnam International Value Fund R6 (PIGWX) received an award as the top performer for the five-year period within the International Large-Cap Value Fund category, out of 33 funds. Putnam International Value Fund Y (PNGYX) was honored as the leading performer out of 29 funds for the 10-year period in the category.

Managed by Darren A. Jaroch and Lauren B. DeMore, Putnam International Value Fund pursues its goal of capital growth by seeking to benefit from broad exposure to established large-cap non-U.S. companies.

In addition to its Refinitiv Lipper Fund awards, Putnam International Value Fund Y (PNGYX) outperformed its benchmark MSCI EAFE Value Index for the one-, three-, five- and 10-year periods ended December 31, 2020.

Putnam Investments has built a reputation for its strong long-term active management performance beyond Putnam International Value Fund. In February 2021, Barron’s Best Fund Families of 2020 ranked Putnam as the third-best fund family (out of 44) for its performance over the past 10 years.

About the Refinitiv Lipper Fund Awards

Since 2006, the Lipper Fund Awards have annually recognized funds and fund management firms for their consistently strong risk-adjusted three-, five- and 10-year performance relative to their peers based upon Lipper’s quantitative, proprietary methodology. The awards are sponsored by Refinitiv, formerly the Financial and Risk business of Thomson Reuters and now part of LSEG (London Stock Exchange Group) a leading global financial markets infrastructure and data provider. For more information, visit www.lipperfundawards.com.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of February 2021, Putnam had $193 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit www.putnam.com.

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