About David Glancy

David Glancy, portfolio manager of Putnam Capital Spectrum Fund and Putnam Equity Spectrum Fund, has deep expertise and skill in selecting leveraged companies. He has been immersed in this area of the market since 1987, and has experienced several economic and market cycles as an analyst and portfolio manager.

Each company is a little different, and you need to understand them individually. When we research a company, we start with analyzing the business first, to understand how it became successful and how it generates its revenues and profits. Then, we study its capital structure, and figure out how it got into the situtation it is in today.

Mr. 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.



Spectrum Funds
Putnam Investments - A world of investing

Consider these risks before investing: The funds invest some or all of their assets in small and/or midsize companies with leveraged capital structures. Such investments increase the risk of greater price fluctuations.

The funds invest in relatively few issuers and involve more risk than funds that invest more broadly.

Funds that invest in securities of leveraged companies involve the risk that the securities of leveraged companies will be more sensitive to issuer, political, market, and economic developments than the market as a whole and the securities of other types of companies. Investments in securities of leveraged companies are likely to be more volatile than investments in companies that are not leveraged. The funds may focus investments in types of securities — equities, fixed income, or bank loans — that underperform relative to, or are more volatile than, other types of securities.

Funds that engage in short sales of securities may incur losses if the securities appreciate in value and may experience higher volatility due to leverage resulting from investing the proceeds of securities sold short. When short-selling, investors sell borrowed shares, hoping to repurchase them at a lower price before returning them to the lender.

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. Mortgage-backed securities are subject to prepayment risk.

Putnam Retail Management