Putnam Absolute Return Funds pursue targeted returns of 1%, 3%, 5%, or 7% above inflation over a rolling three-year period.

Over time, inflation can erode the real return of stocks, bonds, and cash

Inflation reduces purchasing power, including the future purchasing power of a portfolio’s investment returns. Putnam Absolute Return Funds can help to diversify portfolios for inflation risk. The funds pursue returns above inflation as measured by T-bills, using tools such as short-maturity strategies and interest-rate hedging with Treasury futures.

Asset Class Performance Adjusted for Inflation

Source: Morningstar, 2011. Returns and inflation are annualized for the period 12/31/25–12/31/11. Stocks are represented by the Ibbotson S&P 500 Total Return Index. Bonds are represented by the Ibbotson U.S. Long-Term Government Bond Total Return Index. Cash is represented by the Ibbotson U.S. 30-day Treasury Bill Total Return Index. Inflation is represented by the Consumer Price Index. All indexes are unmanaged and measure broad sectors of the stock and bond markets. You cannot invest directly in an index. Performance of Putnam funds will differ. Past performance is not indicative of future results.

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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.

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