Michael V. Salm
Chief Investment Officer, Fixed Income
<p>Mr. Salm is Chief Investment Officer of Fixed Income and a member of Putnam's Operating Committee. He is responsible for the overall strategy and positioning of Putnam’s fixed-income portfolios. Mr. Salm specializes in investment strategies related to mortgage and structured credit products and interest-rate and volatility derivatives. He joined Putnam in 1997 and has been in the investment industry since 1989.</p> <p>Mr. Salm is a portfolio manager of Putnam Core Bond Fund, Putnam Diversified Income Trust, Putnam Global Income Trust, Putnam Income Fund, Putnam Master Intermediate Income Trust, Putnam Mortgage Securities Fund, Putnam Premier Income Trust, Putnam Ultra Short Duration Income Fund, Putnam ESG Core Bond ETF, and 37 Capital's Structured Credit strategies. Previously at Putnam, he served as Co-Head of Fixed Income.</p>
|Putnam Ultra Short Duration Income Fund|
Analysis of global bond market sectors from the Co-Heads of Fixed Income.
A surprising shortage in housing
Home construction is falling behind the pace of new household formation, creating an imbalance between housing supply and demand.
Wishing for a weak euro
We have concerns about the indirect approach of the European Central Bank as it seeks to use a weak euro to stimulate growth.
Dollars tied to bond indexes face risk
2013 marked a watershed moment for index versus non-index sectors in fixed income. We see significant risk in the composition of the index.