2013 Q1

Posted by Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA, March 27, 2013

Agency securities feel impact of Fed policy

For both agency securities and non-agency issues, the Fed’s bond-purchasing programs have had a major effect on prices and spreads.

Posted by Robert D. Ewing, CFA, Co-Head of U.S. Equities, March 15, 2013

As earnings growth decelerates, be choosy

The recovery in corporate earnings appears to be in transition to a slower pace of profit growth. Typically, conditions like these make active, fundamental research more important for choosing equities.

Posted by Daniel J. Graña, CFA, Portfolio Manager, March 13, 2013

Are China stocks in the bargain basement?

The magnitude of uncertainty in China’s politics and policy today is undeniably daunting. Western observers — and even the Chinese — simply do not know in what direction China’s new leader, Xi Jinping, will take the country or how constrained … Continue reading »

Posted by Darren A. Jaroch, CFA, Portfolio Manager, March 11, 2013

For stock dividends, growth potential matters

Analyzing dividend-paying stocks focuses on more than just yield. It’s important to differentiate companies that can simply support a dividend from those that can potentially grow the dividend in the short or long term.

Posted by D. William Kohli, Co-Head of Fixed Income, February 28, 2013

Sequester will take a small bite from GDP

With the automatic spending cuts, or sequestration, required by the Budget Control Act of 2011 still on track to go into effect starting Friday, March 1, we believe it’s important to keep the full impact in perspective. Even if we … Continue reading »

Posted by Robert D. Ewing, CFA, Co-Head of U.S. Equities, February 20, 2013

Dividend yields give stocks an edge over bonds

With equity markets reaching levels not seen since the financial crisis in 2007 and 2008, the recent rally has underscored positive fundamentals. However, while we believe the stock market today offers many attractive opportunities, our view is probably more tempered … Continue reading »

Posted by Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA, Portfolio Manager, February 15, 2013

Housing recovery builds on a new foundation

Although some areas of the real estate market still have weaknesses, a number of factors are coming together to support the recovery in the housing market.

Posted by Robert M. Brookby, Portfolio Manager, February 12, 2013

Four screen world offers profit potential

As growth investors, we identify broad trends that can drive changes in business models and new opportunities for profits.

Posted by Thalia H. Meehan, CFA and Paul M. Drury, CFA, Portfolio Managers, February 7, 2013

Better state finances support tax-exempt bonds

With revenues on the rise, the fiscal health of many states is improving. In a survey conducted in the fall of 2012, the National Conference of State Legislatures found “solid revenue performance” in most states. This is one of the … Continue reading »

By the numbers

A deeper dive

From crisis to financial reform (PDF) Oct 2012
The outlook for U.S. and European banks.

Capital Markets Outlook (PDF) 2Q 2013
Stocks may be tested in the second quarter by uneven economic data and policy-related risks.

Fixed-Income Outlook (PDF) 2Q 2013
Strong fundamentals in corporate and municipal debt make credit risk attractive.
About the authors

Putnam’s veteran team of portfolio managers and analysts has invested over multiple economic cycles and in markets worldwide. They bring a global perspective and a wealth of expertise to the insights they offer on today’s market trends.

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