Putnam’s investment professionals offer compelling analysis of evolving market themes.
Weighing the risks in the market cycle
Matthew F. Beaudry, CPA, CIMA, CMFC, CRPC, AAMC
Senior Investment Director, May 5, 2016
At this point of the market cycle — nearly seven years after the last bear market — positive and negative forces have struck a near balance. Read more
Fed downshifts on pace of rate hikes
The Fed's “dot plot” in March, representing individual forecasts by 17 Fed policymakers, showed a reduction in the number of rate hikes for 2016.
Dividends rose in 2015 despite volatility
A majority of the companies in the S&P 500 Index have increased their dividend each year for several years running.
Navigating rates as the Fed steers a course
With the Fed embarked on a cycle of interest rate increases, investors face a challenge to navigate rates in their fixed-income portfolios.
Don’t underestimate this economy
Despite worrisome headlines about the economy, recent data show only a modest loss of momentum.
Constrained credit threatens growth
Stock market rallies often need to climb a wall of worry, and we see that wall getting higher.
The fixed-income risks that we favor
We see more attractive fixed income risks outside of interest rates, in part because U.S. economic growth may warrant more rate hikes by the Fed.
Value opportunities gain traction in turmoil
Beneath dire headlines about plunging markets, we are seeing value opportunities assert themselves.
Get ready for 2016 with a glance at 2015
Markets offered a number of surprises in 2015 — quickly catch up on major events and the thinking of Putnam portfolio managers with this dynamic timeline.
Shedding light on alternatives
Classifying alternative investment strategies by objective can help to illuminate the benefits they offer to portfolio diversification.
Tilting toward risk assets
Despite ominous headlines, economic growth appears reasonably stable, which may be supportive of risk assets.
Assembling the global growth mosaic
Putnam's macroeconomic research identifies factors that point to continued weakness in the long-term growth potential of several major developed countries.
New research road tests alternatives
New Putnam research offers insights to help to set performance expectations for alternative strategies under actual market conditions.
Markets sharpen focus on fundamentals
Concerns linger that the causes of the August market selloff could continue to trouble markets, but it's important to consider fundamentals.
Why a bond allocation still matters
With some investors questioning the merits of maintaining a bond allocation, our investigation of asset correlations provides insights.
Innovation is a major driver of growth
Our analysis of TFP — Total Factor Productivity — gives us confidence that innovation can sustain long-term economic growth at pre-2008 levels.
Corporate profits: Looking beyond headwinds
Energy sector struggles and the strong dollar are likely to continue to weigh on earnings.
A surprising shortage in housing
Home construction is falling behind the pace of new household formation, creating an imbalance between housing supply and demand.
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.
Why energy prices may stay weak
While energy consumption had been relatively stable in the developed world, supply has continued to expand.
Don’t expect a “heads up” from the Fed
The Fed’s rate hike will probably come without warning.
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.
The equity edge over high yield
Despite the disruption in the high-yield bond sector caused by lower energy prices, it may not be a buying opportunity.
The dollar could be a drag on dividends
The stronger U.S. dollar can challenge corporate earnings and the ability of companies to pay dividends.
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.
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.
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.
What may unlock consumer spending
While retail sales have been rather weak, key elements of consumer spending on services, including housing, are growing.
Why the Fed might move in June
We think there is a possibility that the Fed could raise rates at just about any time, including between meetings.
The outlook for high yield in the oilfield
Fundamental research offers a guide to the risk that low oil prices pose to energy companies with high yield debt.
The views and opinions expressed are those of the speaker, are subject to change with market conditions, and are not meant as investment advice.