Putnam Spectrum Funds

Seeking returns from opportunities
in leveraged companies

With a career that spans the history of
leveraged investing, portfolio manager David Glancy has deep expertise and specialized skills.

Employing specialized skills in leveraged-company investing

Spectrum Funds portfolio manager David Glancy has been immersed in leveraged company investing since 1987.

  • His career spans the history of leveraged investing, from the leveraged-buyout wave of the 1980s to the private equity wave of the 2000s and the credit market recovery of today
  • He has experienced several market cycles as an analyst and manager of leveraged company securities
  • He has specialized skills to research corporate balance sheets and capital structures, and he has participated in corporate reorganizations

David Glancy began researching leveraged companies as a securities analyst amid the trend of management-led buyouts in the 1980s. Since then, he has managed funds that focus on equity and debt securities of leveraged companies, amassing an impressive performance record.

He is fluent in the arcane language of corporate finance and accounting arrangements, giving him the ability to thoroughly dissect corporate balance sheets and fully grasp opportunities and risks. He has firsthand experience participating in corporate reorganizations that can unlock value for investors.

Read David Glancy’s latest insight into why leveraged companies are choosing to pay more for financing.

Product Information
Fund Fact Sheets (pdf)
Literature (pdf)
Putnam Investments

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Our focus on leveraged companies and the fund's "non-diversified" status can increase the fund's vulnerability to these factors. Our use of short selling may increase these risks.

Additional risks associated with Putnam Capital Spectrum Fund: Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. 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. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Our focus on leveraged companies and the fund's "non-diversified" status can increase the fund's vulnerability to these factors. Our use of short selling may increase these risks.

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

Putnam Retail Management