Fed policy had impact on equity sectors
Financials and consumer discretionary stocks performed well in the risk-on environment of the third quarter. Also among cyclical stocks, we saw basic materials advance in the quarter.
I believe this is due in large part to economic stimulus from the Federal Reserve, which announced a third round of quantitative easing that was well received by the market. And when the Fed demonstrates a commitment to pump money into the economy, basic materials, hard assets, and commodities typically benefit.
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Aaron M. Cooper D. William Kohli Norman P. Boucher, Portfolio Manager, and Paul D. Scanlon, CFA Simon Davis and Shep Perkins, CFA Daniel Farrell David L. Glancy Daniel J. Graña Darren A. Jaroch David Morgan Robert D. Ewing, D. William Kohli Putnam Fixed Income Team Ferat Ongoren Gerard P. Sullivan Jason R. Vaillancourt, CFA Jacquelyne J. Cavanaugh Joanne M. Driscoll Onsel Emre, Ph.D. Joseph P. Joseph Joseph P. Joseph and Randy J. Farina Joykrishna Mahato Jeffrey B. Sacknowitz Kelsey Chen Kevin F. Murphy D. William Kohli, Michael V. Salm, and Paul D. Scanlon, CFA Michael J. Atkin Thalia H. Meehan, CFA and Paul M. Drury, CFA Michael V. Salm, Co-Head of Fixed Income; and Brett S. Kozlowski, CFA and Kevin F. Murphy, Portfolio Managers Michael V. Salm Nathaniel N. Salter Nick C. Thakore Paul D. Scanlon Putnam Global Asset Allocation Team Putnam Investments Putnam Tax Exempt Fixed Income Team Putnam U.S. Equities Team Putnam Portfolio Managers Robert M. Brookby Robert D. Ewing Randy J. Farina Robert D. Ewing, CFA, Co-Head of U.S. Equities, and Shep Perkins, CFA, Co-Head of International Equities Robert L. Reynolds Robert L. Salvin Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA Sarah A. Marshall Steven W. Curbow Simon Davis Shep Perkins Robert L. Davis, CFA, Analyst, and Simon Davis Thalia Meehan Vivek Gandhi Walter D. Scully
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