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| Why Putnam Investments? |
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We're a global asset manager with over 60 years of experience.
Putnam traces its heritage to the 19th century
when clipper ship captains hired trustees to
manage their money while they were away at sea. In
a landmark 1830 court decision involving one such
trustee, Justice Samuel Putnam, writing for the
Massachusetts Supreme Judicial Court, established
the legal foundation for professional investment
management. Known as The Prudent Man Rule, his
credo has become the standard for responsible
money management and has continued to guide
generations of money managers, including his
great-great-grandson, who founded Putnam.
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Our extensive resources give us a competitive
advantage.
With offices in Boston, London, and Tokyo,
Putnam's breadth and depth of resources allow us
to perform rigorous research and analysis of
virtually every market around the globe.
Our funds are managed by teams.
Putnam does not subscribe to a "star" system of
portfolio management. Putnam's funds are managed
by teams that work in collaboration with one
another as well as with portfolio managers and
analysts from other Putnam investment teams. This
cooperative environment promotes an active
exchange of information for stronger investment
decisions.
We conduct rigorous global research and analysis.
Putnam's research analysts, many of whom have worked in the
industries they cover, continually examine and monitor
thousands of securities, companies, industries, and
municipalities. Their analysis is supplemented by the latest
analytical tools, including sophisticated computer systems
to assist with security selection.
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We offer truth in labeling and style consistency.
Each Putnam fund is clearly positioned according to its level of
risk and potential reward, and is managed according to its
stated objective and investment style. Putnam's management
teams adhere to that style and risk positioning, placing as
much emphasis on reliability and consistency as they do on
performance.
Risk management is critical to our investment process.
A vital component of Putnam's investment process is
establishing how much risk we take relative to potential
reward and constantly monitoring that risk. Clear risk
parameters help target performance within a consistent and
predictable range.
We seek consistent, dependable and superior performance.
Although there is no assurance, our disciplined investment approach
aims for steady performance, year in and year out. Putnam's
investment professionals are rewarded for both strong
performance and consistent performance over time.
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We offer a wide range of investment products.
Putnam offers choices to suit every investor's objectives
and risk tolerance. Our products include domestic, global,
and international growth funds, growth and income funds,
income funds, tax-free funds, variable annuity and variable
life insurance products, college savings products, IRAs, SEP-IRAs, and 401(k) plans.
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Quality service is a top priority.
Putnam is highly regarded for providing quality service to
shareholders and financial advisors. Putnam Investments has won the
DALBAR Service Award 13 times. DALBAR, Inc., an independent research
firm, presents the awards to financial services firms
that provide consistently excellent service.
Putnam's Information Systems Division employs more
than 500 technology professionals who ensure that we
maintain the most advanced systems available for managing
and servicing millions of shareholder accounts.
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Copyright 2007, Putnam Retail Management
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