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Managed Fund Since 2017
Fixed Income
PARTX Putnam Short Duration Bond Fund
- Sector diversification. The fund invests in a diversified portfolio of fixed income securities, including corporate debt, bank loans, sovereign debt, and securitized assets, such as mortgage-backed and asset-backed securities.
- Managing rate sensitivity. The fund invests in short-term bonds and other securities, and generally maintains an effective duration, or interest-rate sensitivity, of three years or less.
- Fundamental approach. The fund's experienced portfolio managers implement active strategies that consider several factors, including credit, interest-rate, and prepayment risks, and general market conditions.
Popular Documents
NAV
$9.91
As of 06/09/2026
YTD Total Returns At NAV
0.65%
As of 06/09/2026
Total Net Assets
$1.41B
As of 05/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks as high a rate of current income as the portfolio managers believe is consistent with preservation of capital by investing in short-term bonds and other securities while generally maintaining an effective duration of three years or less.
- Benchmark
- ICE BofA 1-3 Year US Corporate Index
- Additional Benchmark
- Putnam Short Duration Bond Linked Benchmark
- Dividend Frequency, if any
- Monthly
- Fund Inception Date
- 12/23/2008
- Distribution Rate at NAV
As of 06/09/2026 (Updated Daily) - 3.94%
- 30-Day SEC Yield—With Waiver
As of 05/31/2026 (Updated Monthly) - 3.73%
- 30-Day SEC Yield—Without Waiver
As of 05/31/2026 (Updated Monthly) - 3.72%
- Effective Duration
As of 05/31/2026 (Updated Monthly) - 1.78 Years
Sales Charges, Expenses & Fees
- Gross Expense Ratio
- 0.63%
- Net Expense Ratio
- 0.63%
- Maximum Initial Charge
- 2.25%
- CDSC
- 0.75%
- 12b-1 Fee
- 0.25%
Identifiers
- Ticker
- PARTX
- Fund Number
- 063
- CUSIP Code
- 746764448
Average Annual Total Returns As of 05/31/2026
Class A
- 1.58%1 Year
- 4.45%3 Years
- 2.09%5 Years
- 2.64%10 Years
- 1.96%Since Inception
12/23/2008
Top Sectors
As of 05/31/2026 % of Total (Updated Monthly)
Corporate Bond - Investment Grade50.78% | |
Residential MBS (Non-agency)5.45% | |
Asset-Backed Securities5.45% | |
U.S. Treasury/Agency5.10% | |
Collateralized Loan Obligation4.97% |
Additional Fund Info
- Share Class Inception Date
- 12/23/2008
- Investment Style
- Multi-Sector
- Lipper Classification
- Short Investment Grade Debt Funds
- Morningstar Category
- Short-Term Bond
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.
Commentary Highlights
March 31, 2026- Markets: The war in the Middle East, which began at the end of February, continued throughout March, dominating market sentiment during the month. Global government bond markets sold off during March, as an initial safe-haven bid in certain markets was overwhelmed by markets subsequently pricing in stagflationary outcomes as oil prices surged by 50% or more over the month. The deterioration in risk sentiment affected credit products across the board. The potential effects of higher oil prices on growth and inflation resulted in renewed uncertainty over the path of monetary policy, and a number of central banks that held policy meetings during March highlighted the resultant increased policy uncertainty. The March US Federal Reserve (Fed) FOMC meeting left rates unchanged, and the statement and press conference emphasized uncertainty related to the Iran war. The Fed indicated that it would look through any initial oil supply shock effect on inflation to focus on core developments, while also noting a likely dragging effect on the economy; ultimately the Committee retained an easing bias.
- Contributors : Non-agency RMBS
- Detractors: Underweight to investment grade corporate credit
- Outlook: US growth has remained surprisingly resilient despite a steady stream of bearish narratives. While rising energy costs tied to escalating Middle East tensions, if sustained, will likely squeeze consumption, the impending fiscal stimulus should offset part of the drag. Meanwhile, the artificial intelligence (AI)-driven capital expenditure cycle remains intact. Our above-consensus forecast of 3.0% for 2026 GDP growth now faces some downside risk. While recession risk is no longer negligible, it remains a tail risk. The more likely outcome is slower growth, not contraction, with the structural expansion still intact. We expect the Fed to remain on hold through the end of Chair Jerome Powell’s term and potentially through the year given rising upside risks to inflation. Should inflation broaden beyond energy and become persistent, the Fed could be forced to keep rates higher for longer or even consider renewed tightening.
Franklin Templeton Fixed Income
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Managed Fund Since 2021
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Managed Fund Since 2021
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Managed Fund Since 2021
Latest Insights
June 8, 2026
April 29, 2026
Performance
Portfolio
Distributions & Tax
Pricing
Documents
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.