Ultra Short Duration Income
Strategy highlights
Inception date
November 30, 2011
Benchmark
ICE BofA U.S. Treasury Bill Index
Total strategy assets†
$10.4B
(as of September 2024)
Investment vehicles
- Separate account
- UCITS
A broader opportunity set: The strategy invests in a diversified portfolio composed of short duration, investment-grade money market and other fixed-income securities.
Active risk management: In today's complex bond market, the strategy's experienced managers actively manage risk with the goal of superior risk-adjusted performance over time.
Higher income potential: Access to a wider range of income opportunities means the strategy may offer higher income potential than other short-term investments.
*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 his or her 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.
†Assets may include accounts that are not reflected in the composite.
Investment team
Performance
Annualized composite performance (%) as of September 30, 2024
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|---|---|---|
| Ultra Short Duration Income (gross) | 0.63% | 1.93% | 4.83% | 6.83% | 4.18% | 3.06% | 2.39% |
| Ultra Short Duration Income (net) | 0.60% | 1.84% | 4.57% | 6.46% | 3.82% | 2.71% | 2.04% |
| ICE BofA U.S. Treasury Bill Index | 0.45% | 1.43% | 4.07% | 5.53% | 3.48% | 2.33% | 1.66% |
Calendar-year composite performance (%) as of September 30, 2024
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Ultra Short Duration Income (gross) | 6.41% | 1.40% | 0.38% | 1.78% | 3.15% | 2.24% | 1.69% | 1.39% | 0.67% | 0.91% |
| Ultra Short Duration Income (net) | 6.05% | 1.06% | 0.04% | 1.43% | 2.80% | 1.89% | 1.35% | 1.04% | 0.33% | 0.57% |
| ICE BofA U.S. Treasury Bill Index | 5.08% | 1.33% | 0.05% | 0.74% | 2.35% | 1.88% | 0.81% | 0.37% | 0.09% | 0.06% |
Past performance is not a guarantee of future results. An investment in this strategy could lose value. Most recent month-end performance is preliminary. Returns are subject to change.
Periods less than one year are not annualized. Performance is stated in U.S. dollars and includes the reinvestment of dividends and interest.
Literature
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Important disclosures
The Putnam Investments Ultra Short Duration Income Composite (the "Composite") seeks high current income consistent with preservation of capital and maintenance of liquidity by investing primarily in a diversified portfolio of fixed income securities comprising short duration, investment grade money market, and fixed income securities. The Composite's benchmark is the ICE BofA U.S. Treasury Bill Index. The Composite includes all fully discretionary accounts managed by Putnam Investments in this investment style. Leverage is not utilized in any account in this Composite; however, the strategy may use derivatives (including the use of "short" derivatives, such as futures, options, and swap contracts) for hedging and non-hedging purposes. The Composite inception date was November 30, 2011. The Composite creation date was December 30, 2011. The Composite was previously named Short Duration Income.
The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar-denominated Treasury bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion.
Gross performance includes the deduction of transaction costs but does not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net performance reflects the deduction of a model fee applied on a monthly basis, equal to the actual management fee incurred by a portfolio in the Composite or the highest management fee that would be charged to a prospect of the strategy, whichever is higher. The model fee may change over time. Actual advisory fees may vary among clients with the same investment strategy. The Composite includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the Composite's investment strategy. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and/or foreign-exchange sources from the Composite. The effect of those differences is generally deemed to be immaterial. The securities holdings of the Composite strategy may differ materially from those of the index used for comparative purposes.