Global diversification can make a difference to performance.

100% of Putnam Dynamic Asset Allocation Funds

rank in the top third 
of their Lipper peer groups over all periods as of 6/30/15.

Choose your path to diversification:

Conservative  |  Balanced  |  Growth

Source: Lipper. Three of three Putnam dynamic asset allocation class A funds. Based on total returns before sales charge over 1-, 3-, 5-, and 10-year periods. Rankings for other periods will vary. Past performance does not guarantee future results.

Putnam Perspectives: Analysis of evolving market themes.

Headwinds buffet emerging-market debt

Higher interest rates can challenge any fixed-income market, but rate increases in advanced economies can cause particular difficulty for emerging markets.

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Why energy prices may stay weak

While energy consumption had been relatively stable in the developed world, supply has continued to expand.

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Don't expect a "heads up" from the Fed

The Fed’s rate hike will probably come without warning.

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Be selective in emerging markets

The picture in emerging markets is vastly different today than in the mid- to late-1990s, when nearly all EM countries issued debt in U.S. dollars.

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