April 2020

Sustainability and impact report

A dialogue with investors

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These past years have seen rapid and positive development for Putnam’s sustainable investing work and for the Leaders and Future portfolios. We are encouraged by progress to date with respect to our research, portfolio composition, engagement, and impact, and we also recognize that our efforts are still new, and that there are many challenges yet to be addressed.

Throughout this report, one essential element shines through: All of our endeavors require partnership and connection. Our research process involves collaboration with colleagues at Putnam, with other research and investment firms, and with the companies in which we invest. Our portfolio analysis involves partnership with external data providers, academic researchers, and governmental and nongovernmental organizations. Our thematic and impact-centered activity requires connection at all levels of systems, from community inputs to consultation with scientific experts to discourse with policymakers. Investing is often perceived as a purely competitive endeavor, but our portfolios and our shareholders benefit from the broad and deep community that supports our work.

Thank you for taking the time to understand the research process that informs our investing, the ways that we assess our progress, and the potential impact that our portfolios’ investments have in the world. In these first years of practice, we are encouraged by the increasingly evident and relevant links between sustainability strategy, environmental and social impact, and long-term business fundamentals. We are grateful for your engagement and eager to continue in our shared endeavors — to reconnect investing with the world it was designed to serve.