20 episodes

Active Insights is a podcast series hosted by Chris Galipeau, Senior Market Strategist in the Capital Market Strategies group at Putnam Investments. In this role, he shares research-driven views on the global marketplace from Putnam's active investment teams. Each episode, Chris has an in-depth conversation with a different Putnam portfolio manager to share timely insights on the markets and global economy. For more information on Putnam Investments please visit Putnam.com. All opinions expressed by the podcast host or podcast guest are solely their own opinions and do not represent the opinion or views of Putnam Investments, or any affiliates, as a whole. This podcast is not investment advice and is not intended as a recommendation to buy or sell any type of securities. This podcast is also not a research report, nor is it intended to be used in such a manner. This podcast is for informational purposes only. For more from the Active Insights team, like and subscribe where you listen to podcasts, and follow Chris Galipeau on LinkedIn by searching his name.

Active Insights Putnam Investments

    • Business
    • 5.0 • 44 Ratings

Active Insights is a podcast series hosted by Chris Galipeau, Senior Market Strategist in the Capital Market Strategies group at Putnam Investments. In this role, he shares research-driven views on the global marketplace from Putnam's active investment teams. Each episode, Chris has an in-depth conversation with a different Putnam portfolio manager to share timely insights on the markets and global economy. For more information on Putnam Investments please visit Putnam.com. All opinions expressed by the podcast host or podcast guest are solely their own opinions and do not represent the opinion or views of Putnam Investments, or any affiliates, as a whole. This podcast is not investment advice and is not intended as a recommendation to buy or sell any type of securities. This podcast is also not a research report, nor is it intended to be used in such a manner. This podcast is for informational purposes only. For more from the Active Insights team, like and subscribe where you listen to podcasts, and follow Chris Galipeau on LinkedIn by searching his name.

    2023 Market Outlook and Opportunities

    2023 Market Outlook and Opportunities

    In this episode, Senior Market Strategist Rick Polsinello, Jr., CIMA® hosts a discussion with Senior Market Strategist Chris Galipeau, and Global Macro Strategist Jason Vaillancourt, CFA.
    During the conversation, they touch on many topics, including: 
    The Economy: A macro view of the global economy, including our outlook for real GDP, inflation, and key drivers of growth.Equities: Expectations for the S&P 500 in 2023, which investment styles and sectors we favor, how economic and earnings estimates drive our forecasts, and our concerns on valuation.Fixed income: A forecasts for U.S. Treasury yields, the strength of the U.S. dollar, likely changes in credit spreads, and the outlook for Fed actions and monetary policy.
    This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.
    All investments involve risk, including the loss of principal. You can lose money by investing.  Diversification does not guarantee a profit or ensure against loss. It is possible to lose money in a diversified portfolio.
    Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period; changes in GDP are an indicator of a nation’s overall economic health.
    Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's return minus the risk-free rate (ICE BofA U.S. Treasury Bill Index) by the standard deviation of the fund's return. The higher the ratio, the better the fund's return per unit of risk.
    The Bloomberg Global Aggregate Bond Index (The Agg) is an unmanaged index of global investment-grade fixed income securities.
    The S&P 500® Index is an unmanaged index of common stock performance.
    The Russell 2000® Index is an unmanaged index composed of approximately 2,000 of the smallest companies in the Russell 3000® Index as measured by their market capitalization.
    Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
    Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.
    Putnam Retail ManagementAD27067891/23

    • 48 min
    The ABCs of BDCs with Michael Petro, CFA

    The ABCs of BDCs with Michael Petro, CFA

    In this episode, Chris speaks with Michael Petro, portfolio manager of the Putnam BDC Income ETF.  He is responsible for the overall strategy and positioning of Putnam’s small-cap value and BDC (business development company) capabilities. Mr. Petro joined Putnam in 2002 and has been in the investment industry since 1999.
     During the conversation, they touch on many topics, including: 
    What is a Business Development Company (BDC)How BDCs are structuredWhy BDCs are compelling investment opportunitiesThe current BDC landscapeHow BDCs have held up historically during market volatilityThe benefits and risks of BDCsThis material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.
    For informational purposes only. Not an investment recommendation. 
    Return on Equity (ROE) is a measure of a corporation's profitability that reveals how much profit a company generates with the money shareholders have invested.
    Hurdle rate is a minimum rate of return on an investment required by a manager or investor. In this case, it is before Barings earns a fee.
    Consider these risks before investing: Business development companies (BDCs) generally invest in less mature U.S. private companies or thinly traded U.S. public companies, which involves greater risk than well-established publicly traded companies. The fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of the financials sector.
    The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with greater risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Certain BDCs may also be difficult to value since many of the assets of BDCs do not have readily ascertainable market values. 
    As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

    • 28 min
    Today’s Convertible Landscape with Rob Salvin

    Today’s Convertible Landscape with Rob Salvin

    In this episode, guest host Rick Polsinello speaks with Rob Salvin, Putnam’s Head of Corporate and Tax-Exempt Credit within Fixed Income.  Rob is responsible for managing the corporate credit and municipal investment processes. In addition, he is a portfolio manager of the Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Floating Rate Income Fund, Putnam High Yield Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust.
      During the conversation, they touch on many topics, including: 
    The characteristics of the convertible bond marketWhy investors should own convertible bondsThe relationship between convertible bonds and other assetsHow convertibles have held up in down markets The opportunities in the current convertible marketThis material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.
     Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. 
     These risks are generally greater for convertible securities issued by small and/or midsize companies. Convertible securities’ prices may be adversely affected by underlying common stock price changes. While convertible securities tend to provide higher yields than common stocks, the higher yield may not protect against the risk of loss or mitigate any loss associated with a convertible security’s price decline. Convertible securities are subject to credit risk, which is the risk that an issuer of the fund’s investments may default on payment of interest or principal. Credit risk is generally greater for below-investment-grade convertible securities. Convertible securities may be less sensitive to interest-rate changes than non-convertible bonds because of their structural features (e.g., convertibility, “put” features). Interest-rate risk is generally greater, however, for longer-term bonds and convertible securities whose underlying stock price has fallen significantly below the conversion price. 
     Our investment techniques, analyses, and judgments may not produce the intended outcome, and the investments we select for the fund may not perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. You can lose money by investing in the fund.
    See episode transcript for full disclosure

    • 30 min
    Are Opportunities Knocking in the Muni Market? With Paul Drury, CFA

    Are Opportunities Knocking in the Muni Market? With Paul Drury, CFA

    In this episode, Chris speaks with Paul Drury, tax exempt portfolio manager and head of Putnam’s Municipal Portfolio team.
      During the conversation, they touch on many topics, including: 
    The current municipal landscape  Issuance, Demand and LiquidityHow to find opportunities in today’s marketThe impact of rate hikes on MunisDuration risk through market cyclesThe role yield plays in total returnRecession fears and looking aheadThis material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.
     Consider these risks before investing: Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes.  Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable.  The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.  Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. You can lose money by investing in the fund.   The Bloomberg Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade tax-exempt bonds.   BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”).

    Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.
     Putnam Retail Management    AD2450470    9/22

    • 31 min
    Why we believe it's a good time for high quality growth strategies with Richard Bodzy and Gregory McCullough, CFA

    Why we believe it's a good time for high quality growth strategies with Richard Bodzy and Gregory McCullough, CFA

    In this episode, Chris speaks with Richard Bodzy and Gregory McCullough, portfolio managers of the Putnam Growth Opportunities Fund.    
     During the conversation, they touch on many topics, including: 
    The current growth environmentThe benefits of a thematic, long-term approach to growth investingThe themes resonating in today’s marketThe process of identifying growth trendsThe critical elements evaluated when implementing portfolio ideasThe importance of analysts and bottom up researchThis material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.
     Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.
    The Russell 1000® Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation. You cannot directly invest in an index. 

    Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
     Top 10 holdings as of 07/31/22
     | Microsoft Corp | 11.52%
     | Apple | 10.79%
     | Amazon.Com | 6.41%
     | Alphabet | 5.97%
     | Tesla | 3.69%
     | UnitedHealth Group | 3.51%
     | Mastercard | 2.89%
     | Visa | 2.84%
     | Costco Wholesale Corp | 2.59%
     | Nvidia Corp | 2.09%
     | Top 10 holdings, percent of portfolio | 52.29%
     |  Holdings will vary over time. This is not an offer to sell or a recommendation to buy any individual security.   |  
     Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.
     Putnam Retail Management            AD2420649    9-22 

    • 25 min
    Questions Your Clients Are Asking with Jason Vaillancourt, CFA

    Questions Your Clients Are Asking with Jason Vaillancourt, CFA

    In this episode, Chris speaks Jason Vaillancourt, Global Market Strategist on Putnam’s Capital Market Strategies team.  
    During the conversation, they touch on many topics, including: 
    Economic growth concernsInflationRecession riskThe FedHow to build a portfolio in the current environmentThe fixed income market
    This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.
     All investments involve risk, including the loss of principal. You can lose money by investing.
     The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for a basket of consumer goods and services, such as transportation, food, and medical care; the CPI is used for identifying periods of inflation or deflation.
     The MSCI Emerging Markets Index (ND) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
     The S&P 500® Index is an unmanaged index of common stock performance.
     The Russell 2000® Index is an unmanaged index composed of approximately 2,000 of the smallest companies in the Russell 3000® Index as measured by their market capitalization.
     Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
     The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities.
     BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
     Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.
     Putnam Retail Management                                                                            AD2277578    7/22

    • 56 min

Customer Reviews

5.0 out of 5
44 Ratings

44 Ratings

CB1017888888888 ,

Active Insights - great perspective

Timely, entertaining perspective from the guests on this show!! 10/10 recommend.

Jefferson007 ,

Gain Investment Insight from Putnam!

Outstanding podcast hosted by Putnam’s Senior Market Strategist as he interviews portfolio managers, economists, analysts, CIOs, etc to help one better understand the capital markets and the funds they manage. Really well done interviews that are full of useful tidbits on the markets and global economy.

Theman51287 ,

Great Show

This show is better than any other investing podcast I have listened to. The level of insight provided by the portfolio managers the host interviews is unbelievable and the knowledge I gain by listening is unmatched. I could not recommend this show more to anyone interested in learning about the market.

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