Market Outlook

Putnam funds to consider

Putnam’s portfolio managers and market strategists offer their views of the global investment landscape, including where they see the greatest risks and most compelling opportunities.

Extreme volatility in the third quarter has created more attractive valuations in a number of sectors
European sovereign debt crisis not likely to impact U.S. economy directly
Cash flows from securitized mortgage debt still appear attractive against the backdrop of lower home prices.
High-yield corporate bond valuations reflect a pending severe recession — an unlikely outcome, in our view

In 2011, safe assets led while crisis-sensitive assets crashed. In 2012, opportunity lies in the middle of these extremes.
The U.S. economy could surprise with better performance.
Asset allocation choices in 2012 should focus on geography.

The views and opinions expressed are those of the author, are subject to change with market conditions, and are not meant as investment advice.

The views and opinions expressed are those of the fund manager above and are subject to change with market conditions, and are not meant as investment advice.

All funds involve risk and you can lose money. See prospectus for details.

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, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing.