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Portfolio Exits

14

Partners & Customers

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About Putnam Investments

Putnam Investments is a global money management firm offering investment products such as advisor-sold mutual funds, 401(k)s, IRAs and other retirement plans, variable annuities, and institutional portfolios.

Putnam Investments Headquarter Location

1 Post Office Square

Boston, Massachusetts, 02109,

United States

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Latest Putnam Investments News

Here Are Barron’s Top-Performing Sustainable Funds

Jan 21, 2022

January 21, 2022 - Advertisement - History books have yet to reveal the final chapter of 2021, a year that lurched between the promise enshrined in synthetic mRNA, the revolutionary technology behind the first Covid-19 vaccines, and the peril posed by billion-dollar weather and climate disasters, a growing The political divide, and the ongoing struggles over racial and economic inequality. - Advertisement - But one thing is certain: As these disparate events played out on the national stage, investors poured gobs of money into funds buying sustainable companies. Some $56.3 billion flowed into the funds in the first nine months the year, more than the $51.2 billion for all of 2020. As of September 2021, assets in sustainable funds totaled more than $330 billion. And the funds generally proved to be rewarding, according to Barron’s Sixth annual ranking of actively managed US large-company stock funds with an above-average sustainable ranking from Morningstar, - Advertisement - More than a quarter of the funds that we ranked—41—beat the S&P 500 index’s total return of 28.7%, a much better turnout than the 19% of all active managers who beat the index. In all, the 157 sustainable funds that we tracked returned 26.1%. ,We are finally in the era where you don’t have to explain why this is a relevant business issue., - Advertisement - — Katherine Collins, head of sustainable investing, Putnam Investments It was an eventful year for sustainable investors, culminating in the 26th United Nations Climate Change Conference in Glasgow, Scotland, in November. The annual summit helped underscore the challenge and urgent need for action if we are to avoid the catastrophic effects of global warming. Climate change, in particular, has become increasingly important to businesses and investors—although the effects of the pandemic are still revealing great inequality that is also in focus. Investment managers of all stripes are seeking out companies that not only generate strong profits, but also do well when it comes to environmental, social, and governance, or ESG, factors. “For folks who are focused on sustainability—what interesting times,” says Katherine Collins, head of sustainable investing at Putnam Investments and portfolio co-manager of the $582 million Putnam Sustainable Future (ticker: PMVAX) and the $6.8 billion Putnam Sustainable Leaders ( PNOPX) funds. “The importance of key sustainability issues is more and more obvious on a day-to-day basis,” adds Collins. “We are finally in the era where you don’t have to explain why this is a relevant business issue, or why fundamental analysis needs to incorporate relevant sustainability focus.“ Indeed, a recent Morgan Stanley report showed that 79% of US individual investors are interested in sustainable investing. Among millennial investors, that figure was at an all-time high of 99%. Yet performance remains a top concern. Morgan Stanley’s report found that 70% of individual investors believed that sustainable investing meant sacrificing some financial returns. But the authors demurred. “This stands in contrast to the performance data,” says Morgan Stanley. The performance of many funds on the Barron’s list bears this out. High-quality companies tend to score well on sustainability, and not surprisingly, the top funds on our list held companies with strong earnings and revenue potential. That’s partly why more than 25% of the funds on our list beat the S&P 500’s return, whereas just 19% of all actively managed funds beat the market, according to Morningstar Direct. It is worth noting, however, that only 28 of the 157 funds on the list have a sustainability mandate. Morningstar essentially takes a snapshot of each portfolio and gives it a sustainability grade based on the companies it owns—a high sustainability rating doesn’t necessarily mean that ESG criteria are a priority for these funds. Indeed, the first eight funds, ranked by 2021 performance, don’t have a sustainability mandate. And 62 funds—all of which don’t have a sustainability mandate—appear on the list for the first time this year. Tom Marsico, the celebrated growth investor whose Marsico Growth fund (MGRIX) was No. 2 on the list for 2020, says he invests in companies where “there’s a lot of intellectual property,” and almost by default “that leads to what I consider to be clean companies that don’t have huge impacts on the air or water or other areas that would impact your life.” These companies also tend to be leaders in providing good healthcare for employees and inclusive work environments, he adds. To construct our list, Barron’s looked at all of the actively managed large-company stock funds—both mutual and exchange traded—that earned a “high” or “above average” sustainability rating from Morningstar. We included all funds with an explicit mandate to invest according to any sustainable or ESG principles—even though some of them have lower sustainability ratings from Morningstar. We then ranked them according to their 2021 performance. The No. 1 and No. 2 spots on our list are the $1.3 billion HCM Tactical Growth (HCMGX) and the $1.3 billion HCM Dividend Sector Plus (HCMNX) funds, both managed by Vance Howard, CEO and portfolio manager of Howard Capital Management. “I’ve been the portfolio manager on virtually every trade this firm has ever made,” says Howard, who founded the firm in 1999. The quantitative shop uses a proprietary technology called the HCM-BuyLine, a “stop-loss indicator” designed to mitigate downside risk and “remove emotion from the investing process.” Tactical Growth is very concentrated, with just 22 stocks, and can own companies in any industry or of any size. The fund was overweight technology stocks in 2021, and its positions in Nvidia (NVDA) and Advanced Micro Devices (AMD) helped drive performance. Its largest holding is Amazon.com (AMZN), but the fund has a very high active share, 79 out of 100—a measure of how different it is from the index. ,We trade a lot of tech stocks….That brings sustainability to a very attractive level., — Vance Howard, CEO and portfolio manager, Howard Capital Management The Dividend fund is also concentrated, though it has about 50 stocks, all of which pay a dividend. One of the best performers was a big stake in the iShares Select Dividend ETF (DVY). Toward the end of 2021, Howard also bought AT&T (T). “We bought that at around $23.50, almost paying a 9% dividend yield. It was just such a low-risk trade.” The stock is currently trading around $27 a share. Though Howard doesn’t incorporate ESG metrics into his stockpicking, he says he wasn’t altogether surprised to debut on the list this year. “We trade a lot of tech stocks; we really don’t trade a lot of energy and things like that. So, that brings our sustainability to a very attractive level,” he says. No. 3 is the $6.5 billion JNL/Goldman Sachs 4, another fund making its first appearance on the list—and another quant fund. Sold by Jackson National Life, the fund is available only to clients of Jackson’s variable annuity products. It’s managed by two subadvisors, Goldman Sachs and Mellon Capital Management. “Goldman Sachs is responsible for running the quantitative screens and identifying the list of stocks that look attractive based on various metrics. Mellon Capital is responsible for trading those securities,” explains Bill Harding, senior vice president and chief investment officer at Jackson National Asset Management, a subsidiary of Jackson that serves as the investment manager responsible for selecting and monitoring the external asset managers of the JNL funds . Goldman screens for stocks that look attractive on value, quality, and momentum factors, and typically owns them in equal parts. Last year, Harding says, the momentum factor provided the biggest boost to performance, along with good choices in the consumer-discretionary, technology, materials, and industrials sectors. The fund benefited from being underweight Amazon, which was a “relative laggard” in the sector, and from owning retailers such as Lowe’s (LOW) and Kohl’s (KSS). Other positive contributors included Seagate Technology Holdings (STX), Juniper Networks (JNPR), Albemarle (ALB), Nucor (NUE), and Old Dominion Freight Line (ODFL). The fund isn’t managed for sustainability, but Harding says he is seeing more of the firm’s asset managers do more in this area. “The largest asset-management companies that we’ve partnered with have added to… ,

Putnam Investments Investments

25 Investments

Putnam Investments has made 25 investments. Their latest investment was in Zalando as part of their Unattributed - III on November 11, 2013.

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Putnam Investments Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/1/2013

Unattributed - III

Zalando

$97M

Yes

1

11/11/2004

Unattributed VC

Bowstreet

$7.5M

No

9/18/2003

Unattributed VC

Commvault

$14.9M

Yes

8/21/2003

Private Equity - II

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$99M

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0

1/6/2003

Private Equity

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$99M

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0

Date

11/1/2013

11/11/2004

9/18/2003

8/21/2003

1/6/2003

Round

Unattributed - III

Unattributed VC

Unattributed VC

Private Equity - II

Private Equity

Company

Zalando

Bowstreet

Commvault

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Amount

$97M

$7.5M

$14.9M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

Sources

1

0

0

Putnam Investments Portfolio Exits

14 Portfolio Exits

Putnam Investments has 14 portfolio exits. Their latest portfolio exit was CiDRA on November 09, 2017.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/9/2017

Acquired

1

1/11/2015

Acq - P2P

$99M

1

10/1/2014

IPO

$99M

2

8/24/2014

Acq - P2P

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$99M

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10

6/23/2011

Acq - P2P

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0

Date

11/9/2017

1/11/2015

10/1/2014

8/24/2014

6/23/2011

Exit

Acquired

Acq - P2P

IPO

Acq - P2P

Acq - P2P

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

1

2

10

0

Putnam Investments Acquisitions

1 Acquisition

Putnam Investments acquired 1 company. Their latest acquisition was Toys "R" Us - Canada on August 19, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

8/19/2021

$99M

Acquired Unit - II

3

Date

8/19/2021

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acquired Unit - II

Sources

3

Putnam Investments Partners & Customers

3 Partners and customers

Putnam Investments has 3 strategic partners and customers. Putnam Investments recently partnered with Bloomberg on August 8, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

8/12/2020

Vendor

Bloomberg

United States

Bloomberg Core Mortgage Premium Solution Selected by Putnam Investments

Russel Parentela , Global Head of Cash Structured Products at Bloomberg , said : `` We are pleased that Putnam Investments has chosen CMP and our BAM model to support their mortgage strategy .

1

9/14/2016

Sponsored

New England Patriots

United States

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10

10/1/2015

Partner

Boston Celtics

United States

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10

Date

8/12/2020

9/14/2016

10/1/2015

Type

Vendor

Sponsored

Partner

Business Partner

Bloomberg

New England Patriots

Boston Celtics

Country

United States

United States

United States

News Snippet

Bloomberg Core Mortgage Premium Solution Selected by Putnam Investments

Russel Parentela , Global Head of Cash Structured Products at Bloomberg , said : `` We are pleased that Putnam Investments has chosen CMP and our BAM model to support their mortgage strategy .

Subscribe to see more

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Sources

1

10

10

Putnam Investments Team

24 Team Members

Putnam Investments has 24 team members, including current Chief Operating Officer, Aaron Cooper.

Name

Work History

Title

Status

Aaron Cooper

Chief Operating Officer

Current

Shep Perkins

Chief Information Officer

Current

Norton Reamer

Chief Executive Officer

Former

Clare Richer

Fidelity Investments, and Arthur Andersen

Chief Financial Officer

Former

Eric Wetlaufer

Chief Investment Officer

Former

Name

Aaron Cooper

Shep Perkins

Norton Reamer

Clare Richer

Eric Wetlaufer

Work History

Fidelity Investments, and Arthur Andersen

Title

Chief Operating Officer

Chief Information Officer

Chief Executive Officer

Chief Financial Officer

Chief Investment Officer

Status

Current

Current

Former

Former

Former

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