Advisor-only Webcast | Putnam's 2021 Investment Framework | January 13, 2021

Active Insights with Chris Galipeau

Senior Market Strategist Chris Galipeau shares research-driven views on the global marketplace from Putnam's active investment teams.

Our 2021 Investment Framework contains the views and opinions of Putnam‘s Equity, Fixed Income, and Global Asset Allocation teams.

Equities


S&P 500

Earnings growth rate, year over year

25.41%


Sectors favored

Consumer discretionary | Industrial

Materials | Technology

Fixed Income


Fed rate policy

Stable

Municipal credit spreads

Stable

Economy


GDP 2021

United States

3.5%

Europe

2.5%

Emerging Markets

4.5%

Download the full write up

Get more Active Insights with the podcast

Get more Active Insights with the podcast

Each episode, Chris Galipeau has an in-depth conversation with a different Putnam portfolio manager to share timely insights on the markets and global economy.

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A season for stock returns

A season for stock returns

Is there seasonality to equity market returns over time and, if so, is it repeatable, measurable, and significant? We turned to one of our favorite sources for market information, “The Stock Trader’s Almanac” to find the answers.

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Tracking PMI data and forward equity returns

Tracking PMI data and forward equity returns

We believe real economic growth is likely to reach levels not seen in the United States since 1983–1984. Our best estimate is for real GDP to approximate 6.5% year-on-year growth in 2021.

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What do yields reveal about inflation expectations?

What do yields reveal about inflation expectations?

Investors can monitor these relationships to understand the underlying drivers of nominal yields.

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Growth, Value, and Recessions

Growth, Value, and Recessions

What equity investment style performs best as the economy enters a recession?

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A look at inflation and investment performance

A look at inflation and investment performance

Investors are concerned about rising inflation going forward. We researched recent history to better understand how different asset classes perform during periods of increasing core inflation as measured by the Personal Consumption Expenditure Core Price Index.

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Putnam's 2021 Investment Framework

January 13, 2021

Putnam's 2021 Investment Framework

Chris Galipeau, Senior Market Strategist
Brian Sullivan, Central Region Manager

Trends in small - and large-cap stocks during recessions

Trends in small - and large-cap stocks during recessions

Studying market history may help provide a useful framework for investors as we navigate the recession of 2020. We looked back at the 5 recessions since 1980 as a guide.

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Growth, Value, and Recessions

Growth, Value, and Recessions

What style performs best as the economy enters a recession? What style performs best as the economy exits a recession?

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S&P 500 Return Attribution

S&P 500 Return Attribution

How have a handful of stocks impacted the year to date return of the S&P 500 index?

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PMI data points to recovery potential

PMI data points to recovery potential

What can we learn from historically weak readings in the Institute of Supply Management‘s Manufacturing PMI?

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Breadth of recent rally is something not often seen

Breadth of recent rally is something not often seen

From the March 23, 2020 low, the equal weight S&P index outperformed the market capitalization S&P 500 index.

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About Chris Galipeau

Senior Market Strategist Chris Galipeau shares investment insights with financial advisors to have a positive impact on client portfolios. He has 28 years of investment industry experience and is a member of the CFA Society Boston and the Market Technicians Association. Follow him on LinkedIn and listen to his Active Insights podcast.