May 2021

and impact report

A dialogue with investors

Download the 2021 report (PDF)

A letter from Katherine Collins, CFA, MTS

A year ago, in the spring of 2020, we thought we were in the middle of the Covid-19 crisis, but, viewed in retrospect, it was only the beginning. Difficult times reveal both shortcomings and strengths. Individuals, communities, companies, and societies have the chance to rediscover their most valuable assets. We are reminded daily of the power of good health, of social connection, and of effective systems of care. Likewise, for our team, many of the investments in time, energy, and resources we've made in past years have become meaningful assets that we can lean on in challenging times.

Perhaps most important, we have established a strong collaborative spirit within the dedicated sustainable investing team, as well as within Putnam’s broader investment team. Our resources have consistently helped us to identify risks and opportunities, complementing Putnam's formal risk-management processes and our core fundamental research process.

Beyond the figures on our spreadsheets, we have been encouraged by the candor, humility, courage, and humanity of our conversations with colleagues, clients, and corporate management teams over this past year.

Read Katherine’s full letter