Public HTML RI reports - PRI reporting framework 2019

Putnam Investments, LLC

PRI reporting framework 2019

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] Outputs and outcomes [FI 17 - 18]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer	% of asset under management (AUM) in ranges
Fund management	0% <10% 10-50% >50%
Fund of funds, manager of managers, sub-advised products	0% <10% 10-50% >50%
Other	0% <10% 10-50% >50%
Total 100%

Further options (may be selected in addition to the above)

Hedge funds

Fund of hedge funds

01.2. Additional information. [Optional]

Our sole business is to manage money for our clients. With this singular business objective, our investment professionals are focused on meeting or exceeding our clients' expectations in pursuit of their investment goals. With fiduciary responsibility and personal integrity as the guiding principles of our business, we foster a culture of entrepreneurship and collaboration, a meritocracy where everyone shares in each other's successes on behalf of our clients. Putnam manages a number of private placed fund vehicles, including hedge funds, that account for less than 1% of the assets above.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

1446 FTE

02.4. Additional information. [Optional]

Putnam's global investment business is headquartered in Boston, Massachusetts. Our account management and client service professionals are regionally based so that they have a better understanding of local regulations and client needs. We have senior compliance personnel in London and Tokyo reporting into our Boston compliance team, but charged with monitoring compliance with regulatory requirements in their regions. Putnam has institutional account/client service management staff in Boston, Frankfurt, London, Singapore, Sydney, and Tokyo.

Total staff (OO 02.3) includes PanAgora, a Putnam subsidiary and PRI signatory that reports separately.

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.2. List your subsidiaries that are separate PRI signatories and indicate if you would like to report their RI activities in your organisation’s consolidated report.

Name of PRI signatory subsidiary (Up to six subsidiaries may be reported)	RI implementation reported here on a consolidated basis
PanAgora	Yes No
	Yes No
	Yes No
	Yes No
	Yes No
	Yes No

03.3. Additional information. [Optional]

PanAgora Asset Management - PanAgora is a wholly owned subsidiary of Putnam Investments. PanAgora operates as a fully autonomous business.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

Not applicable as we are in the fund-raising process

04.3. Indicate the total AUM of subsidiaries you have excluded from your report (as named in OO 03.2 under “No”). Provide this as a total figure at the end of your reporting year.

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

Not applicable as we do not have any assets under execution and/or advisory approach

04.5. Additional information. [Optional]

The assets provided above in OO 4.4 include assets for model only separately managed accounts.

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

	Internally managed (%)	Externally managed (%)
Listed equity	10-50% 33.63	0 0
Fixed income	>50% 54.88	0 0
Private equity	0 0	0 0
Property	0 0	0 0
Infrastructure	0 0	0 0
Commodities	0 0	0 0
Hedge funds	0 0	0 0
Fund of hedge funds	0 0	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	0 0	0 0
Money market instruments	0 0	0 0
Other (1), specify	10-50% 11.49	0 0
Other (2), specify	0 0	0 0

'Other (1)' specified

          Other includes Putnam’s Global Asset Allocation (GAA) assets. GAA assets represent mulit-asset portfolios that may include stocks, bonds, and other alternative asset classes.

as broad ranges

06.2. Publish asset class mix as per attached image [Optional].

Putnam Investments Asset Class Mix.JPG [49KB]

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

Yes

06.5. Indicate whether your organisation uses fiduciary managers.

Yes, we use a fiduciary manager and our response to OO 5.1 is reflective of their management of our assets.

No, we do not use fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Putnam is an asset manager, and we manage the overwhelming majority of our portfolios through our own investment personnel, without use of sub-advisers. For a small number of accounts, we have hired PanAgora, a wholly-owned subsidiary and fellow PRI signatory, as subadviser. For these specific portfolios, ESG-related matters are generally PanAgora's responsibility to the extent consistent with each fund's investment objective and strategy.

OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed

10 SSA

20 Corporate (financial)

35 Corporate (non-financial)

35 Securitised

Total 100%

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

97.30 Developed Markets

2.05 Emerging Markets

0.27 Frontier Markets

0.38 Other Markets

Total 100% 100%

09.2. Additional information. [Optional]

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