Deals & People August 13, 2012

Putnam Names Portfolio Manager of Equity Income Fund

Putnam Investments named Darren A. Jaroch, CFA, portfolio manager of Putnam Equity Income Fund (PEYAX).
Reported by

Jaroch replaces Bartlett R. Geer, who will be leaving the firm to pursue other opportunities.  

Jaroch has been with Putnam since 1999. He produced strong performance records while managing Putnam International Value Fund, global and international equity institutional portfolios. He will continue to manage this fund, as well as his existing global and institutional portfolios.  

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He previously managed the Putnam Global Equity Fund.  

“Under Darren’s stewardship, Putnam Equity Income Fund will continue to provide advisers and their clients with a compelling, value-oriented investment product, that includes a strong dividend-paying component to help them pursue their long-term investment goals,” said Walter C. Donovan, chief investment officer, Putnam Investments.

 

The Markets August 10, 2012

Master Trusts See Negative Returns in Q2

The median return of BNY Mellon’s U.S. Master Trust Universe was -1.47% for the second quarter, driving down performance for the typical fund to 5.65% year over year.
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This marks only the third time in the last 12 quarters that the median plan has shown a negative return, and the first time since third quarter of 2011. Even with weak quarterly performance, the median plan remained up 1.26% for the 12 months ending June 30.

Only 20% of plans had positive results for the quarter ending June 30.  For the 12-month period, 67% of plans were in the black.  

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Forty-eight percent of plans matched or outperformed the custom policy return of -1.41% for Q2. For the full year, 25% of plans outperformed the custom policy.  

Corporate plans were the leading plan type for the second quarter with a median return of -0.85%, followed by health care plans (-1.42%), endowments (-1.53%), public plans (-1.60%), Taft-Hartley (-1.65%) and foundations (-1.80%).  

Real estate was the dominant asset class for the quarter with a median return of 2.45%, versus the NCREIF Property Index result of 2.68%. U.S. fixed income had a median return of 2.32%, versus the Barclays Capital U.S. Aggregate Bond Index return of 2.06%.  Non-U.S. fixed income posted a median return of 0.65%, compared to the Citigroup Non-U.S. World Government Bond Index return of 0.20%.  U.S. equities posted a median three-month return of -3.64%, versus the Russell 3000 Index return of -3.15%.  Non-U.S. equities posted a median return of -7.07%, just ahead of the Russell Developed ex US Large Cap Index result of -7.09%.   

The average asset allocation in the BNY Mellon U.S. Master Trust Universe for the second quarter was: U.S. fixed income 29%, U.S. equity 28%, non-U.S. equity 16%, non-U.S. fixed income 2%, real estate 2%, cash 1%, and alternatives/other 22%.  

The BNY Mellon U.S. Master Trust Universe consists of more than 700 corporate, foundation, endowment, public, Taft-Hartley and health care plans.

 

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