Drawing on both new and reconstituted products, the Putnam multi-cap suite will offer exposure to the array of stocks within the value, core/blend, and growth universes by utilizing the firm’s stock-picking and fundamental research capabilities, according to a press release. Each fund’s portfolio manager will have the ability to own a holding as it changes in capitalization — if desired — without constraints that would require him to sell if the company were to get too large, or that would prevent him from taking advantage of an attractively priced stock.
The Putnam Multi-Cap Value Fund will seek capital appreciation by investing in value stocks of small, mid-size, and large companies. Currently Putnam Mid Cap Value Fund, the fund’s name and investment strategy will change effective September 1, 2010. Its new investment strategy will give it the flexibility to invest across all capitalization levels. The fund will continue to be managed by James Polk, who has been Portfolio Manager since 2004.
The Putnam Multi-Cap Core Fund is a new fund that, subject to SEC review, will be available in late September 2010, and will seek capital appreciation by investing in growth and value stocks of small, mid-size, and large companies. The fund will be managed in Putnam’s core/blend style by Gerard Sullivan, who currently manages Putnam Investors Fund and has 28 years of investment experience.
The Putnam Multi-Cap Growth Fund will seek capital appreciation by investing in growth stocks of small, mid-size, and large companies. Currently Putnam New Opportunities Fund, the fund’s name will change effective September 1, 2010, to better reflect the fund’s investment strategy, the announcement said.
In addition, in late September 2010, subject to the approval of shareholders of Putnam Vista Fund (also a growth fund), Putnam Vista Fund will merge into Putnam Multi-Cap Growth Fund. In July, Putnam Vista Fund’s shareholders will receive proxy materials requesting their vote on the merger, and Putnam Vista Fund will close to new accounts on or about July 15, 2010.
The Putnam Multi-Cap Growth Fund will be managed by Robert Brookby, who also manages Putnam Growth Opportunities Fund and has 11 years of industry experience.
All changes to existing funds will also take effect for corresponding variable trust funds.
More information is at http://www.putnam.com.