Fixed income

The complexity of today's fixed income markets requires truly active management, a commitment to fundamental research, and the resources to execute consistently.

Explore our strategies

We pursue alpha beyond benchmarks

We believe abundant fixed income opportunities exist in areas outside of traditional benchmark indexes for those who understand the sources of risk that drive returns.

Active research drives performance

Our skilled investors are organized in highly specialized roles to identify opportunities and pursue alpha-generating strategies.

Portfolio construction is a competitive advantage

We manage portfolios with a team-based, active investment process to achieve greater portfolio efficiency and better diversification.

To pursue alpha, we allocate to four sources of risk

Term structure

Variable value of cash flow over time


Borrower's capacity to repay cash flow


Timing of receiving cash flow


Ability to trade cash flow at a fair price

No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of their initial investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss. Use of models and analytical, quantitative, and risk management tools and techniques is no guarantee of investment success or positive performance. Putnam Investments does not guarantee any minimum level of investment performance or the success of any investment strategy.