Active Insights

Opportunities on the Short End of the Curve with Joanne Driscoll, CFA

November 22, 2021 Putnam Investments
Active Insights
Opportunities on the Short End of the Curve with Joanne Driscoll, CFA
Show Notes Transcript

In this episode, Chris speaks with Joanne Driscoll, CFA, Head of Short Term Liquid Markets in the Fixed Income group at Putnam Investments. In this position, she is responsible for the oversight of the investment strategies and management of short duration products along with SEC Rule 2a-7 mandated portfolios and other cash assets. Joanne is a Portfolio Manager of Putnam Government Money Market Fund, Putnam Money Market Fund, Putnam Short Duration Bond Fund, and Putnam Ultra Short Duration Income Fund.

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

  • The current landscape on the front-end of the curve
  • The Fed and QE
  • Inflation
  • The challenges involved with managing through the pandemic
  • Rising rates and the impact on the short end of the curve
  • The difficulties in ’08 and ’09 compared to 2020
  • Fixed income spreads
  • How Joanne manages risk in Putnam’s Ultrashort and Short Duration funds


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.

 All investments involve risk, including the loss of principal. You can lose money by investing.

 To view additional information including performance and holdings, please visit the Putnam Ultra Short Duration Income Fund page found on putnam.com. 

 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                                                                                       AD1931413 11/21

 

 

You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. This and other important information is contained in the fund’s prospectus available on Putnam.com or by calling 1-833-228-5577. Please read carefully before you invest.

Putnam ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Putnam Investments.

Putnam Retail Management AD2557752 11/22

Patrick Laffin: Welcome to Putnam Investments Active Insights, a podcast series hosted by Chris Galipeau. Chris is the Senior Market Strategist in the Capital Market Strategies Group at Putnam Investments. Each episode, Chris has an in-depth conversation with a different Putnam portfolio manager to share timely insights on the markets and global economy.

 

Chris Galipeau: Hi everyone, thanks for joining us today. This is Chris Galipeau, Senior Market Strategist at Putnam, and I’ll be your host for today’s podcast. And today, our focus is really going to be on short-term liquid markets i.e. the short end of the curve and we’re going to hit on the investment landscape, really, as defined by the short end of the curve. We’ll talk about QE, we’ll talk about the Fed’s path to raising rates potentially in the future and we’re lucky here because to help us with the conversation today, we’re really fortunate to have Joanne Driscoll here to provide her expertise and her insights here. And so Joanne, first of all, welcome to the podcast. It’s great to have you here with us and I want to talk to you about Joanne’s background here which is incredibly impressive. So, Joanne is the Head of Short Term Liquid Markets in Putnam’s Fixed Income Group. She’s responsible for the oversight of the investment strategies and management of short duration products. Joanne also oversees Putnam’s trading operations. She is a Portfolio Manager of the Putnam Government Money Market Fund, the Putnam Money Market Fund and the Putnam Short Duration Bond Fund which most of you know, and most of you certainly know, the Putnam Ultra Short Duration Income Fund. Joanne joined Putnam in 1995 and has been in the investment industry since 1992, so I’ll round that off and call that a 30-year investment career. Prior to getting in the business, Joanne earned her undergraduate degree from Westfield State College which is in the western part of Massachusetts and an MBA from Northeastern University which is right here in downtown. She also spent some time at Bay Bank in the investment division and, I thought this was interesting, a teaching assistant in Northeastern. So it’s a heck of a background, so thanks for spending some time with us today, Joanne. We’re happy to have you.

 

Joanne Driscoll: Thanks, Chris. Thank you for having me.

 

Chris Galipeau: Yeah. It’s funny before we get into talking about your career path, the consternation or the concern, I guess, from the financial advisor clients that invest in your funds or invest in general, the ratcheting up of concern, I don’t want to say rhetoric, but concern about where we are, Fed Policy, QE, potential lift off is top of mind but what you and I are going to discuss today we talk about all day long and so I think this is very timely. So, I would love hear about your journey from the Westfield State here to 30 years of Putnam and how you ended up, in this part you are and the part of the asset class that you’re in.

 

Joanne Driscoll: Sure. So, after college I was an investment associate, like you had mentioned, at Bay Bank and the portfolio manager I worked with, managed the bond portfolios and had really encouraged me about thinking about going back and getting my MBA. So like you mentioned, I graduated from Northeastern and after graduating from Northeastern, I joined Putnam as a Fixed Income Credit Analyst. And, during my first few years after college I passed my CFA and then for the last 20 or so years, I’ve been a portfolio manager. Again, first focusing on our capital preservation mandates like the money market funds and then 10 years ago launching our Ultra Short Duration Income Fund. So, I’m currently a member of the eight-person Fixed Income Leadership team and a few months ago I also expanded some of my roles as a portfolio manager a little bit further out the curve. So essentially, five years in within fixed income is what I’m responsible for at Putnam.

 

Chris Galipeau: Okay. That’s great! So,  maybe we can start just talking about Ultra Short Duration Income. Obviously, that’s very widely owned product for the firm and across the country and one of the things I was thinking about was it would be a good idea to talk about the primary objective of that fund, what you’re focused on there, how you see the Putnam Ultra Short Fund maybe in relation to some of the big competitor funds and maybe you can speak to that as broadly as you want or as limited as you want but I really want to, kind of, draw out how you think about running that fund, how you position it, how FA should think about using it properly.

 

Joanne Driscoll: Sure. It’s actually a really good timing because we launched the fund 10 years ago, so in October of 2011 and we if take a step back we really were looking at the first round of money market reform in 2010 and we recognized a new investment opportunity, the short end of the curve, and that resulted from the regulatory framework for money market funds that really change post great financial crisis. They were much more restrictive and it changed the supply and balance within that part of the market and that made the yield curve in the front end quite steep, so presented an opportunity for us. So, we also recognize, if you invest conservatively just outside of the money market limits, there was an opportunity to generate some incremental yield with limited downside. Again, what happened to the financial crisis there were products that had been launched that really didn’t achieve the objective that they had set out to do. We view ourselves position between a Money Market Fund and a typical Ultra Short. We believe our Ultra Short is one of the more conservative players within the universe and from a philosophy standpoint, we think our fund more as lengthening in a Money Market Fund versus shortening of bond fund. And that makes a difference when you think about liquidity. It’s an important distinction. It leads us to a more conservative mindset rather than stretching for yield, even in challenging environments like we’re seeing today. And how does that translate into our portfolio construction? We only buy investment grade securities, we only buy securities that U.S. dollar denominated, we do not use derivatives and we limit our exposure to sector such as mortgage-backed securities, CMBS and ABS. Again, some of our peers just see much heavier down in quality and in some of those spaces that we think creates too much volatility.

 

Chris Galipeau: And that’s—if there’s any yield discrepancy potentially between the product that you’re running and competitors [conceitedly] would come from that down in quality up buy us some yield. Got it, alright. So, maybe let me try and sum that up. If I’m off the mark, tell me.

 

Joanne Driscoll: Sure.

 

Chris Galipeau: But so, capital preservation mostly, right? Up in quality, short end of the curve, highly liquid. Okay. So you mentioned the fund it hit its 10-year anniversary and we were thinking about that and you’ve been at the controls from day one, right?

Joanne Driscoll: Yep.

 

Chris Galipeau: That’s great. If you were to describe just in broad terms, the objective of the fund and performance in the decade that you’ve been running it, how would you describe it. Do you feel you’ve hit the mark?

 

Joanne Driscoll: Sure. So, like I mentioned we think about the financial crisis and what happened and having managed money through that time period, we’re quite familiar with what went on in the front end of the curve and those significant positions and these enhanced cash with sub prime and mortgage securities and things that just didn’t behave. So, when we launched the fund 10 years ago we really were determined to manage a product that stayed true. Again, true to its conservative approach regardless of the market. And we’ve seen numerous market environments in the past 10 years. And if we look back in the last 10 years, we believe the fund has to live with exactly what was intended when it was launched. Provide capital preservation like you mentioned and liquidity as well as broader income opportunities for investors beyond those of money market funds. The fund has provided investors with competitive returns relative to the Morningstar category. While providing less risk, we measured that by the standard deviation. Additionally, the fund has implemented thoughtful risk controls including a weekly stress test by the fixed income risk management team and this identifies potential sources of volatility. I think importantly, we think about the past 18 months or so, the fund experience significantly lower drawdown on the onset of COVID 19 during the month of March 2020 versus the Morningstar category and we even bounced back stronger once we saw a return to normalcy in the market. I think that’s a testament to our team’s more conservative philosophy, short end portfolio constructions skills and an experience in managing like I mentioned through the great financial crisis in ‘08. Much of the team was together.

 

Chris Galipeau: Yeah, that’s amazing to me. What was the money fund that broke the buck there and started that downside.

 

Joanne Driscoll: Oh, the Reserve Money Market Funds.

 

Chris Galipeau: Oh, right. Yeah. Yeah. Yeah.

 

Joanne Driscoll: They had Lehman exposure, pretty long-dated.

 

Chris Galipeau: That’s right. That’s right.

 

Joanne Driscoll: And that, they lost $0.03, wasn’t just breaking the buck and that really caused that run—the course of a few days.

 

Chris Galipeau: Yeah. I remember that. It’s funny because, not to get off topic but, when we think of March of 2020 and COVID and the impacts and the shutdown and maybe we can talk about this but what you had to deal with, with a massive liquidity crunch and so it was different maybe in your part of the market. But advisors will ask me all the time and I ran money through ‘07, ‘08, ‘09 and whatnot and I didn’t of 2020 but in terms of emotions, I was much more worried in late ‘08 and the first part of ‘09 than I ever was here in 2020. But the reason I bring that up is you might feel differently about that because you had a liquidity storm in your space there in March 2020, right?

 

Joanne Driscoll: Right. So, you had a lot of things going. You were worried about illness, our family, our colleagues. We were all working remotely which is something new. Luckily, Putnam has really state-of-the-art system so we could do that. And you’re right, we were dealing with liquidity crunch. But my role as a leader of the team is to tab that calming motions and that’s what I did, right. We were remote, we were talking, we were face timing, we were getting through it and I really felt confident with the Fed’s experience from ‘08 that they knew what to do in ‘09 and myself and the head of fixed income, we’re having conversations with the Fed at the time saying, “Listen, you have these things in place, you need to [sharp] the market.” In positive outcome versus ‘08 and ‘09 is this is a health crisis, it’s not a crisis caused by the banks. It wasn’t a financial crisis. Like we’re saying that to a lot of clients. It’s not a financial crisis. The banks are better capitalized than ever and they’re going to help us be part of the solution as they were. So I actually, as stressful as that time period was, I agree with you I felt a lot better about the market dynamics being able to bounce back.

 

Chris Galipeau: Yeah. I did too. I mean ‘08, ‘09 was terrifying because funds are blowing up, banks were going out overnight, not just little banks, massive banks, investment banks or commercial banks out of business. So, okay I agree this is interesting. One of the things, because you just talked about this, having conversation, being in communication with the Fed through March and I assume they were getting your input and input from other money market managers around the country. Were you talking to the New York desk or the Boston Fed or all of it or how did that work?

 

Joanne Driscoll: So, I was on calls with broader Fed but we also did one-on-one with the Boston Fed through contacts that we have here at Putnam and either way, I was talking more about they have the money market tools are already in place, right. Those are on the shelf, they’re very quick to roll out. It was the next part of the market, the short-term corporate space where we really seeing the dislocation and the gappy price movements because, again, there was no liquidity, there was no one to bid on paper for people who needed to raise cash.

 

Chris Galipeau: Right. Which ultimately it was what it was. It was in your space, it was out to IG high yield and muni colliding at the same time and I know that was a stressful period. So, wonderful job navigating through that. Calmness is contagious, right, in the storm and that’s a big part of and that’s your experience, right, having been through it once and why that’s valuable.

 

Joanne Driscoll: And hopefully, never again.

 

Chris Galipeau: No, I know. But I feel like something crops up once a decade, right. Some calamity crops up and having been through it once or twice is a major differentiating factor. Alright, can we shift it and just talk a little bit about where we are in the cycle here. So, we’ve gone through a lot of QE. They’re starting to “taper here and bring it down.” Would love to get your thoughts on how you think that plays out. We both know they’ve given pretty clear guidance and I think they’ve done a good job communicating. So, how do you feel about that and do you think or have you seen any impact on your space at all from this yet and would you and will you?

 

Joanne Driscoll: We have, and one the things I talked about with the team and we’ve been discussing this all year is when the Fed eventually moves, the market prices [hit] very quickly and that’s actually what we’ve seen over the past four weeks or so, right, pretty big movement. So earlier this year, again, with the experience we have in tightening and easing environments but now going into a tightening environment, we started shifting the portfolios. We started reducing the duration in the fund. We started increasing our allocation to floating rate securities, which is about 60% of the fund right now because again, they’ll react to higher rates as we start to see the movement. And these may not seem like significant changes but in a Short Duration Fund, unlike an ACT Fund, these are pretty sizable moves that we’ve done. As the coupons reset and rates go higher, that will allow us to benefit from rising rates. So really, it’s participating in that movement we’re going to see by the Fed. We see the hiking policy coming, we see the talk getting more hawkish in the last couple of weeks.

 

Chris Galipeau: Quickly.

 

Joanne Driscoll: And our fund is positioned very well for that and so even live, we’re being up three basis points coming off a low in September, that’s really a positive move for the fund. So, I think where we’ve shifted slowly overtime has been a good movement to be responsive for these rising rates that we’re going to see going into 2022.

 

Chris Galipeau: Okay. That sounds like a good play but one of the things that I’ve thought about here in the last—I don’t know—couple weeks is I haven’t heard too many people say—I know Onsel has talked about this. Folks, Onsel is our fixed income lead economist, but I wonder if we’re going to start to hear that the Fed is behind the curve a little bit and so I’m sure you guys have talked about this and thought about this but do you think it’s possible or likely that maybe they have to raise the policy rate quicker than they’ve broadcast to all of us?

 

Joanne Driscoll: 100%. And like Onsel has rightly said and we talked about it all the time, the Fed is behind. They are not hawkish enough when it comes to inflation and even commentary you’ve seen from former and current Fed officials just this week are talking publicly about this. A lot of the streets changed their estimates in terms of the tightening, pulling forward probably three next year, but I think they’re going to have to react. To me, you look at the prices, all of us talk about whether you’re going out to get your lunch, you’re going to the supermarket, it’s hitting the wallets. Yes, U.S. have a very high savings rate, still very flushed with cash but it starts to hit the pocketbooks that many Americans as we see this rise in inflation and I do think the Fed is going to have to react. Biden is going to announce a new head of the Fed in the coming days to sit in the next few days. I don’t think that will shift things too much but it may be an excuse for the Fed to shift more hawkish.

 

Chris Galipeau: Interesting, interesting. Okay, so I’ve been in tune with that too and I’m not sure which way that’s going to go but Brainard seems to be in a pole position, right? How would you—putting you on the spot here a little bit, but policies may be from Brainard seemingly are close to where Jay Powell is, right?

 

Joanne Driscoll: Yes. But sometimes just optically, by having a new chair, you can shift your thought process even though if you dig into their policy, they are very similar, you could see that shift. They’re going to have to react. You see the BOE shifting into more of a tightening cycle and we’re going to have to see that in the U.S. The stimulus plan, which is, not to get political but you could potentially add to the inflation in the U.S. as well.

 

Chris Galipeau: So in our group, when we’re talking with our clients around the country, we are asked about inflation everyday and all day and it’s been an ongoing conversation for six or eight months and so Taylor and I working on some research to go back and look at. So, we’ve already looked at the taper period in 14 and the communication program and when they started to wind it down and how markets reacted. But because I think it’s plausible that the market forces their hand here, we’re also going to start at this to go back and look at how that rolls out too and I’m thinking about 2017, ‘18, ‘19 into that when clearly they felt they were job-owning hard and that risk assets did not react well to that. So okay, that’s interesting, I’m glad I asked you that question.

 

Joanne Driscoll: And you can only go back so far too because it’s not that long ago that the Fed did not messaged to the market like they’ve done in the past decade.

 

Chris Galipeau: For the lion’s share of our careers, there was no comms about what was going to happen and I agree and now, I feel like that’s the most important thing, is the ability to communicate, right, to the marketplace. Alright, interesting. Let’s talk about running the fund, you and your team running the fund everyday. We’ve gone through a significant spread compression here everywhere and our clients, the financial advisors that we talked to, very hard to know what to do here in fixed income generally and that is true in your part of the market, in your part on the curve, where are you finding value? I imagine it’s got a lot tougher here in the last eight months, so love to hear just broadly define and specific if you want but where were you able to put money to work? Where do you see opportunity?

 

Joanne Driscoll: Sure. So, one of the things we look at in the front end is the option adjust spread on the one to three-year corporate index and you’re right, that’s compressed significantly. In March of 2020, it hit plus 390 basis points. Currently in the spread, is about in the low plus 40s but that’s coming off an all time tight of 30 less that two months ago. So spreads are extremely compressed as you had mentioned and in this type of an environment, you don’t really want move down and risk because you’re not getting compensated. So adding increment risk on a portfolio like this, really isn’t the time to do it. From a sector standpoint, we still are finding value in financials. We’ve had a constructive view on the financial sector for quite sometime and we believe the post-GFC regulations really have strengthen the credit profile and balance sheets of the banking sector and we mentioned this earlier. Last year, they were part of the solution versus part of the problem during the COVID crisis. And more holistically, we think about find some opportunities now that rates are backed up, in sort of in one year and in fixed rate sector and because we had positioned more conservatively going into this period, like I mentioned before, we’re really well set-up to take advantage of this as rates continue to march higher.

 

Chris Galipeau: And so, don’t let me put words in your mouth, so you have ready cash in the portfolio, what sort of cash that would you carry or is this a vary?

 

Joanne Driscoll: It varies in the time of the year. Going into year end, we always carry a higher level of cash as liquidity tempts to be more constrained in the market and speaking of year end, that is something that’s really foremost in our mind right now because we are seeing dealer inventory right now as the highest point that we have seen in almost a decade.

 

Chris Galipeau: Why is that?

 

Joanne Driscoll: Well, because we’re seeing people selling paper, we saw some significant ETF outflows last week in the IG part of the curve, we’re seeing a lot of trading on portfolios as kind of newer invention that the street does so they tend to take down more inventory. But as you go into year end, they need to get down on balance sheet than be in the banks. So, we think there could be some pressure on the market, which is why you’re seeing spreads leak wider, rates are going higher, people aren’t wanting to step in and buy this paper because they know they could potentially be underwater when the Fed starts to tighten. So, you’re seeing sort of a backing away of the market a bit getting into year end. So again, like you had asked, we were conservatively positioned, we’ve seen this play out, we saw it at the end of 2018, it was a similar market environment so we know that we want to have sort of that drive powder to be able to put to work.

 

Chris Galipeau: Okay. So, it sounds like spreads are up up like maybe 10 bips here over the last month or maybe two months, okay. And there is undoubtedly a point where you and your teammates have done the work and probably ready to take advantage of further widening from here?

 

Joanne Driscoll: Yes.

 

Chris Galipeau: Okay. Alright, that’s perfect. So, I’ll end this part of our conversation around by asking you this, is there anything that we haven’t hit on, we haven’t talked about that you want to express and get across to the advisors, whether it’s on the fund, whether it’s on the environment and opportunities, anything you want to add, this is your chance.

 

Joanne Driscoll: On the Putnam Ultra Short Duration Income Fund, we did get a question a lot from advisors earlier this year, “Well, your fund is underyielding many of your competitors.” That playbook is coming to fruition now. We saw many competitors trying to keep their yield elevated by lowering credit quality, maybe adding more structured products but when you start to enter the time of volatility, you’ll see much more NAB movements by then. So, I think, while our positioning may seem a bit early to some, based on our experience in the market, I think we’ve made exactly the right call in this type of market environment.

 

Chris Galipeau: My experience is probably just like yours, that when you end up at a point, maybe whatever sort of fund and mandate you’re running, when you start reaching and getting out of the guardrails reaching for yield in this case perhaps, at some point, you probably are going to pay the price for that, right, and you’re on the other side of that trade and ready to go. Alright. That was wonderful. So, we want to pivot here and just get to know Joanne Driscoll a little bit more on a personal level, so let’s see. We’re getting ready for a big Fed auction and it’s lunch time and we’re in here at 100 Fed, what is Joanne going to have for lunch. What’s your favorite food?

 

Joanne Driscoll: So, I like anything from the ocean. I’m a seafood person and living in Boston and having a home on the cape usually sort of suits my needs. So, there is not much seafood that I do not like.

 

Chris Galipeau: Okay, I like that.

 

Joanne Driscoll: It’s sort of my go-to.

 

Chris Galipeau: I like that. Do you drive or you take...

 

Joanne Driscoll: I drive.

 

Chris Galipeau: Okay. So, on the drive home, long day, it’s Thursday afternoon and you want get out of here and get home, what kind of music you’re going to listen to on the ride home?

 

Joanne Driscoll: So, continuing on my ocean them right? In the summer, I’d like a little yacht rock or some Margaritaville. Just something upbeat, happy type of relaxing music would be my go-to.

 

Chris Galipeau: I feel like we should be my neighbors, I do the same thing. Alright. Joanne, thanks for hopping on the podcast with us and sharing this information. I know that our clients appreciate it every time we do a podcast and I think the incremental information they get to hear from the folks that are managing the portfolio is a huge help. So, thanks for joining us. And folks, for those of you listening, we’re going to roll into our next podcast here will feature Seamus Young, and Seamus is a member of Putnam’s Global Asset Allocation Team and is responsible for Putnam’s multi-asset model portfolios as well as being the leader for the Putnam Portfolio Solutions Group, which is what we’re going to focus on and we’ll talk about the importance and the value of deep portfolio analysis and how to approach portfolio construction and risk and how financial advisors can use that to their advantage. So folks, thanks for listening, we’ll talk to you again soon.

 

Joanne Driscoll: Thanks, Chris!

 

Patrick Laffin: Thank you for listening to Active Insights. For more information on Putnam, please visit Putnam.com. All opinions expressed by the podcast host or podcast guests are solely their own opinions and do not represent the opinions or views and Putnam Investments or any affiliates. This podcast is not investment advice and is not intended as a recommendation to buy or sell any type of securities. This production is for informational purposes only.

 

Online Title and Description:

Opportunities on the Short End of the Curve with Joanne Driscoll, CFA

 

In this episode, Chris speaks with Joanne Driscoll, CFA, Head of Short Term Liquid Markets in the Fixed Income group at Putnam Investments. In this position, she is responsible for the oversight of the investment strategies and management of short duration products along with SEC Rule 2a-7 mandated portfolios and other cash assets. Joanne is a Portfolio Manager of Putnam Government Money Market Fund, Putnam Money Market Fund, Putnam Short Duration Bond Fund, and Putnam Ultra Short Duration Income Fund.

 

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

·       The current landscape on the front-end of the curve

·       The Fed and QE

·       Inflation

·       The challenges involved with managing through the pandemic

·       Rising rates and the impact on the short end of the curve

·       The difficulties in ’08 and ’09 compared to 2020

·       Fixed income spreads

·       How Joanne manages risk in Putnam’s Ultrashort and Short Duration funds

 

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.

 

All investments involve risk, including the loss of principal. You can lose money by investing.

 

To view additional information including performance and holdings, please visit the Putnam Ultra Short Duration Income Fund page found on putnam.com. 

 

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                                                                                       AD1931413 11/21