Institutional Perspectives

Putnam's portfolio managers and analysts offer their experienced perspectives each week on the events making news and moving markets.

Author Title Date Type
Putnam Fixed Income Team

Putnam Fixed Income Team

The ECB relies on smoke and mirrors

In Europe, slow growth appears likely to continue, with some regional differentiation. Signs of strength in the south Spain is doing much better than it had been just 18 months ago, and ...

3/21/2014

Article

Jason R. Vaillancourt, CFA

Jason R. Vaillancourt, CFA

Three reasons this credit cycle may be lasting

Today, more than four years into the recovery, capital market opportunities are shifting, with conditions in credit sectors such as high-yield corporate debt becoming a bit less attractive. However, the current ...

3/11/2014

Article

Jason R. Vaillancourt, CFA

Jason R. Vaillancourt, CFA

Rate volatility poses more risk than rising rates

While rising bond yields are consistent with a strengthening economic recovery, they also prompt the concern among businesses and investors that higher interest expenses could become a drag on continued expansion. ...

2/28/2014

Article

Walter D. Scully

Walter D. Scully

Labor force changes leave restaurants feeling the pinch

A lackluster U.S. economic recovery and declining consumer sentiment often get blamed for weak sales at restaurants. However, another important factor has emerged: Fewer women are working outside the home. Weaker consumer ...

2/20/2014

Article

Putnam U.S. Equities Team

Putnam U.S. Equities Team

Two engines that could power earnings growth

After moving sideways for the past two years, U.S. corporate earnings may be poised for reacceleration in 2014. While the growth is likely to be modest, we believe investors may be ...

2/18/2014

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

Why wages might rise

Unemployment continues to drop, but not because a lot of new jobs are being created, as many would hope. Instead, the unemployment rate is dropping primarily due to a declining labor ...

2/12/2014

Article

Jason R. Vaillancourt, CFA

Jason R. Vaillancourt, CFA

Developed markets forge ahead

Emerging markets are vulnerable to the marginal tightening of U.S. monetary policy, we believe, caused by the reduction in bond purchases by the Fed. In December, the Fed announced it would ...

2/04/2014

Article

Sarah A. Marshall

Sarah A. Marshall

Brazil shines for some luxury goods makers

It can be challenging for a retail manufacturer to break into foreign markets, particularly when draconian import duties lead to price inflation and frustrate the growth of the retailer's brand. Penetrating new ...

12/20/2013

Article

Joykrishna Mahato

Joykrishna Mahato

Chinese tourists become big spenders

Tourists from China spent more money abroad in 2012 than tourists from any other country. At US$102 billion, Chinese international tourism eclipsed - by 20% - the total amount spent by ...

12/13/2013

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

Is the Fed fighting the last war?

In recent posts, we have approached the problem of the outlook for interest rates by outlining the questions that surround the potential growth rate of the U.S. economy. It is established ...

12/05/2013

Article

D. William Kohli

D. William Kohli

If the economy grows, will workers come back?

A look at recent trends in the U.S. economy suggests that the potential U.S. growth rate is declining. The first reason for this conclusion is that investment has been so weak ...

11/22/2013

Article

Gerard P. Sullivan

Gerard P. Sullivan

Investing for growth even when businesses don't

Despite the recovering economy, capital spending by U.S. businesses has yet to pick up in a meaningful way. Businesses still have record amounts of cash on their balance sheets, but rather ...

11/20/2013

Article

Kelsey Chen

Kelsey Chen

A transitioning health-care sector offers value

Despite recent outperformance in the sector, we believe health-care stocks remain attractively valued. Health-care price-earnings multiples have recently moved closer to those of the broader market, but are still considerably lower ...

11/18/2013

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

How yields can change in a "normalizing" economy

As the Federal Reserve plots its actions and communications strategy for the gradual normalization of monetary policy, fixed-income investors face the challenge of anticipating the future course of interest rates. Economic growth ...

11/13/2013

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

Does an inflation surprise lurk in Fed stimulus?

Ever since the topic of stimulus tapering was aired in June, the Fed has hastened to clarify its message: We'll taper if and only if the data argues for tapering. Generally ...

11/08/2013

Article

Putnam Portfolio Managers

Putnam Portfolio Managers

International markets rouse from their slumber

The global economy is finding new engines of growth in the developed markets. U.K. policy mix has improved In the United Kingdom, we see a balance of fiscal retrenchment and stimulative monetary policy, ...

11/08/2013

Article

Kelsey Chen

Kelsey Chen

This sector has a stronger pulse than the market

Investors should take notice of positive developments in the health-care sector. The market already has. Stable earnings and solid fundamentals have led health care - a typically defensive sector - to ...

11/01/2013

Article

Sarah A. Marshall

Sarah A. Marshall

European brands court Chinese consumers

Since the mid 2000s, the rise of the Chinese consumer has transformed global luxury markets, opening new horizons for European companies. The challenge is to harness the buying power of China's ...

10/25/2013

Article

Putnam Portfolio Managers

Putnam Portfolio Managers

Consumer and business spending could lift stocks

U.S. GDP growth during the recovery, underway since the middle of 2009, is among the weakest in recent history. It has averaged a little over 2% for the past four years, ...

10/17/2013

Article

Putnam Fixed Income Team

Putnam Fixed Income Team

This housing trend can influence Fed's tapering

One of the decision points that the Fed will encounter as it considers tapering its quantitative easing (QE) measures will be the relative strength of the housing market. One factor influencing ...

9/18/2013

Article

The views and opinions expressed are those of the speaker, are subject to change with market conditions, and are not meant as investment advice.