We build funds by thinking about the ultimate source of income:
Rates
Interest-rate risk (also called term structure risk) is a bond's sensitivity to changes in the level, slope, and shape of interest rates.
Credit
Credit risk is the possibility a borrower may fail to make payments to investors.
Prepayment
Prepayment risk involves borrowers paying off debt early, typically in a falling-rate environment, which reduces the number of payments and amount of interest received by investors.
Liquidity
Liquidity risk refers to the relative difficulty of trading a security in a reasonable amount of time.
We can find diverse opportunities because we have a team with diverse experience
Over 80 fixed income professionals analyze investments across specialized teams
- Credit Research
- Corporate & Tax-exempt Credit
- Macro & Sovereign Credit
- Short Term Liquid Markets
- Structured Credit
- Portfolio Construction
- Risk Management
A choice of active ETFs and funds
| ETFs | Ticker |
30-day SEC yield as of 02/28/23 |
Total net assets | Inception date |
|---|---|---|---|---|
| Putnam ESG Core Bond ETF | PCRB | 3.18% | $431.24M | 01/19/23 |
| Putnam ESG High Yield ETF | PHYD | 5.81% | $100.96M | 01/19/23 |
| Putnam ESG Ultra Short ETF | PULT | 3.86% | $136.74M | 01/19/23 |
| Funds | Ticker |
30-day SEC yield as of 02/28/23 |
Total net assets | Inception date |
|---|---|---|---|---|
| Convertible Securities Fund | PCGYX | 2.47% | $635.37M | 12/30/98 |
| Diversified Income Trust | PDVYX | 6.56% | $1,477.88M | 07/01/96 |
| Floating Rate Income Fund | PFRYX | 7.80% | $371.62M | 10/04/05 |
| Global Income Trust | PGGYX | 4.20% | $142.27M | 10/04/05 |
| Government Money Market Fund (A shares) | PGDXX | 4.02% | $177.55M | 04/14/16 |
| High Yield Fund | PHAYX | 7.00% | $902.63M | 12/31/98 |
| Income Fund | PNCYX | 5.24% | $1,509.20M | 06/16/94 |
| Money Market Fund (A shares) | PDDXX | 4.35% | $764.57M | 10/01/76 |
| Mortgage Opportunities Fund | PMOYX | 6.79% | $460.80M | 07/01/19 |
| Mortgage Securities Fund | PUSYX | 6.62% | $458.94M | 04/11/94 |
| Short Duration Bond Fund | PARYX | 4.87% | $1,524.27M | 12/23/08 |
| Ultra Short Duration Income Fund | PSDYX | 4.67% | $11,283.97M | 10/17/11 |
30-day SEC yield is defined as the standardized annual yield based on the most recent 30-day period. It is calculated in accordance with current Securities and Exchange Commission regulations and is subject to change.