Active Income

Always Diligent

Overall Morningstar ratings as of 10/31/18, shown with the Morningstar category and the number of funds in each category.

About active income at Putnam

Portfolios aligned with U.S. or global aggregate bond indexes may be taking more interest-rate risk than is desirable, especially as rates are rising. Putnam’s active income approach goes beyond benchmark indexes to pursue opportunities, and we can downplay interest rates as a source of return in favor of credit or prepayment risk.

Income Investing at Putnam (PDF)

Rethinking Outside the Index

U.S. and global aggregate bond indexes are over-exposed to interest-rate risk. Putnam’s active income approach goes beyond benchmark indexes to pursue opportunities, and we can downplay interest rates as a source of return in favor of credit or prepayment risk.

Why we think the market can adjust to higher yields

As the Fed tightens policy, fixed-income markets are gradually pushing Treasury yields to the highest levels in years.

Income Fund (PNCYX)

Morningstar Ratings as of 10/31/18

Time period Funds in category Morningstar Rating
Overall 887
3 yrs. 887
5 yrs. 785
10 yrs. 568
Morningstar category: Intermediate-Term Bond