100% of Putnam Dynamic Asset Allocation Funds rank in the top quartile of their Lipper categories over all periods as of 3/31/15.

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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.

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Putnam Perspectives: Analysis of evolving market themes.

The coiled-spring economy

Despite ups and downs in quarterly GDP, we see trends that herald the economy's return to the “old normal,” pre-financial crisis pace of growth.

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New horizon for corporate governance

Pressure on the boards of Japanese companies to increase the return on equity for shareholders is changing the outlook for investing in Japan.

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Why this bull market may lose steam

We are concerned about some challenges to U.S. equities — including a potentially difficult environment for earnings growth in 2015.

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What may unlock consumer spending

While retail sales have been rather weak, key elements of consumer spending on services, including housing, are growing.

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