In this episode, Chris hosts a discussion with Global Macro Strategist Jason Vaillancourt regarding the key topics that are shaping the market for the second half of the year.

During the conversation, they touch on many topics, including: 

• Fed policy and inflation
• The likelihood, timing, and magnitude of a recession
• Adding duration to portfolios: what signals to look for and how to add duration most efficiently

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure.

Earnings per share (EPS) is found by taking the net income and dividing it by the basic or diluted number of shares outstanding, as reported. If you do this for each quarter and then add them up, you’ll get the trailing EPS.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period; changes in GDP are an indicator of a nation's overall economic health.

The Phillips curve represents the historical inverse relationship between the rate of inflation and the unemployment rate whereby periods of high unemployment showed low wage growth and periods with low unemployment showed rapidly rising wages.

Duration measures the sensitivity of bond prices to interest-rate changes. A negative duration indicates that a security or fund may be poised to increase in value when interest rates increase.

Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's return minus the risk-free rate (ICE BofA U.S. Treasury Bill Index) by the standard deviation of the fund's return. The higher the ratio, the better the fund's return per unit of risk.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management                                                                           AD2995377    7/23

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Jackie Cavanaugh, Portfolio Manager and Analyst in the Equity Research group, focusing on the global financial and U.S. health-care sectors. Jackie is a Portfolio Manager of Putnam Focused Equity Fund and Putnam Research Fund.

 During the conversation, they touch on many topics, including: 

• The current state of the US banking system
• How the current situation compares historically
• The opportunities that exist in the financial sector
• Financials and “the crisis of confidence” 
• The Fed and rates
• The debt ceiling

As of 03/31/23, Charles Schwab comprised 1.58% of the Putnam Focused Equity Fund and 0.79% of the Putnam Research Fund. Citigroup comprised 1.33% and Bank of America comprised 0.75% of the Putnam Research Fund and were not held in the Putnam Focused Equity Fund. J.P. Morgan was not held in either fund.

This material is for informational and educational purposes only and does not recommend any specific investment product, strategy, or decision. It is not intended to address the needs, circumstances, and objectives of any specific investor or provide tax or legal advice. Consult a professional advisor before making investment and financial decisions.

The Russell 1000® Growth Index is an unmanaged index of companies chosen for their growth orientation. The Russell 1000® Value Index is an unmanaged index of companies chosen for their value orientation. You cannot directly invest in an index. Frank Russell Company owns the trademarks, service marks, and copyrights related to the Russell Indexes.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Risks associated with derivatives include increased investment exposure and potential inability to terminate or sell derivatives positions. The value of investments in the fund's portfolio may fall or fail to rise over extended periods due to various factors. These factors may lead to increased volatility and reduced liquidity in the fund's holdings.

 Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnam at 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. 

Putnam Retail Management

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Vivek Gandhi, the Portfolio Manager of Putnam International Equity Fund. Based in London, he is responsible for conducting fundamental analysis and valuation of mid-sized and large companies in non- U.S. markets, including Europe, China, and Japan.

During the conversation, they touch on many topics, including: 

• Today’s international equity landscape
• The opportunities that exist internationally
• The importance of international exposure in portfolios
• How to analyze international stocks
• Stakeholder vs shareholder view
• Why active management is crucial when investing internationally

Click for full disclosure

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. 

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. Because the fund currently, and may in the future, invest significantly in European companies, the fund is particularly susceptible to economic, political, regulatory, or other events or conditions affecting issuers in Europe.
European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits, and unemployment. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector.These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the f

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.