Michael V. Salm

Chief Investment Officer, Fixed Income

Mr. Salm is Chief Investment Officer of Fixed Income and a member of Putnam's Operating Committee. He is responsible for the overall strategy and positioning of Putnam’s fixed-income portfolios. Mr. Salm specializes in investment strategies related to mortgage and structured credit products and interest-rate and volatility derivatives. He joined Putnam in 1997 and has been in the investment industry since 1989. Mr. Salm is a portfolio manager of Putnam Diversified Income Trust, Putnam Global Income Trust, Putnam Fixed Income Absolute Return Fund, Putnam Income Fund, Putnam Master Intermediate Income Trust, Putnam Mortgage Securities Fund, Putnam Premier Income Trust, Putnam Ultra Short Duration Income Fund, and 37 Capital's Structured Credit strategies. Previously at Putnam, he served as Co-Head of Fixed Income.

Mutual Funds

Fact sheet Annual Semi annual
Diversified Income Trust
Fixed Income Absolute Return Fund
Global Income Trust
Overall Morningstar RatingTM among 192 funds in the Global Bond category.
10-year Morningstar RatingTM among 135 funds in the Global Bond category.
Income Fund
10-year Morningstar RatingTM among 363 funds in the Intermediate Core-Plus Bond category.
Mortgage Opportunities Fund
5-year Morningstar RatingTM among 263 funds in the Nontraditional Bond category.
Mortgage Securities Fund
Ultra Short Duration Income Fund
Overall Morningstar RatingTM among 215 funds in the Ultrashort Bond category.
10-year Morningstar RatingTM among 95 funds in the Ultrashort Bond category.
5-year Morningstar RatingTM among 180 funds in the Ultrashort Bond category.
3-year Morningstar RatingTM among 215 funds in the Ultrashort Bond category.

More from the Fixed Income team

Sector views

Fixed income markets experienced widespread declines in the U.S. and globally in the third quarter of 2022, as inflation remained high and became more broad-based.

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Expect a pause, not a pivot, as savings fuel spending

In the coming months, the Fed will not likely pivot, but pause and wait with a high level of rates for convincing signs of disinflation.

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High job openings signal wage-price spiral

Limited labor supply, higher wages, and a high staff turnover seems to have initiated a wage-price spiral.

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Stable value update

Amid widespread negative returns in 2022, one area generating positive total returns is in the capital preservation space, including stable value funds.

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