Putnam Income Fund (PNCYX): Winner of the 2019 Lipper Fund Award for superior 10-year performance - Press release (PDF)
Income strategies that invest outside the aggregate index
As you move outside of the benchmark ... you get away from interest-rate risk and into other types of risk that we think are more attractive.
— Bill Kohli, CIO, Fixed Income
Morningstar Overall Rating™
out of 555 Intermediate Core-Plus Bond funds as of 4/30/19
0.83 Correlation to the index
The outcome of this outside-the-index approach is a fund with positive but lower historical correlation to the index.
Morningstar Overall Rating™
out of 272 Nontraditional Bond funds as of 4/30/19
-0.26 Correlation to the index
The outcome of this outside-the-index approach is a fund with a negative historical correlation to the index.
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Duration measures the sensitivity of bond prices to interest-rate changes. A negative duration indicates that a security or fund may be poised to increase in value when interest rates increase. For correlation, numbers less than 1 indicate a diminishing correlation. The maximum correlation is 1 and the minimum is 0, with values between 0 and -1 indicating negative correlation.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.