Putnam Investments on Monday announced plans to launch three multicap equity funds in September, to allow its portfolio managers to assemble “best ideas” portfolios without regard for market capitalization.
In an interview, Jeffrey Carney, senior managing director and global head of marketing and products, called the funds Putnam’s latest move to give strong portfolio managers more flexibility in constructing portfolios.
The Putnam Multi-Cap Growth Fund will absorb two existing funds, pending shareholder approval: the $2.3 billion large-cap Putnam New Opportunities Fund; and the $1 billion midcap Putnam Vista Fund. Robert Brookby, who took over management of both funds in late April, will manage the new fund.
The Putnam Mid Cap Value Fund will be renamed the Putnam Multi-Cap Value Fund, effective Sept. 1, with the midcap fund’s portfolio manager, James Polk, overseeing the new, broader investment strategy.
The final offering, the Putnam Multi-Cap Core Fund, will be launched in late September, pending SEC review, according to a news release. Gerard Sullivan will manage the fund.
