Ms. Cavanaugh is a Portfolio Manager and an Analyst in the Equity Research group, focusing on the global
financial and U.S. health-care sectors. She is a Portfolio Manager of Putnam Focused Equity Fund and
Putnam Research Fund. As an Analyst, Ms. Cavanaugh is responsible for conducting fundamental
analysis, developing insights on material sustainability issues, assessing valuations, and making buy/sell
recommendations for companies in the global investment banking, global brokerage and insurance,
alternative asset management, and managed care industries. She joined Putnam in 2011 and has been in
the investment industry since 1995.