Retire rate anxiety
Meet the top-performing stable value fund in its Morningstar peer group as of 3/31/261
“It’s been more than 40 years, and stable value seeks to deliver higher returns and less volatility relative to other capital preservation options—while maintaining the dollar-in, dollar-out-plus-interest experience for investors.”
Liquidity focus, strategic diversification: Putnam Stable Value
Putnam Stable Value seeks bond-like returns with a stable net asset value, prioritizing capital preservation in retirement portfolios.
Interest rate adaptive
Our portfolio is designed to adapt to interest rate fluctuations, helping to protect against market-driven withdrawals while enabling diversification across sectors and issuers to mitigate risk and maintain performance consistency.
Liquidity-driven
Consistent liquidity at par ensures immediate fund access without value loss, supporting investor confidence through periods of market volatility.
Yield-focused
Active management targets strong, sustainable yields across market environments, positioning the strategy to deliver long-term returns aligned with a capital preservation objective.Why stable value works for retirement plans
Our strategy is built to deliver consistent returns, ensure liquidity for participant needs, and foster confidence through active risk oversight—making it a reliable choice for long-term retirement planning.
Stable value funds invest in high-quality fixed income securities and use insurance contracts (or wrap agreements) to protect participants from short-term principal fluctuations.
Seeks to maintain stable, consistent returns across a full market cycle, offering a smoother experience for conservative investors and those seeking diversification within their retirement portfolio.
Stable value funds are structured to provide liquidity for plan participants; including benefit payments, exchanges and transfers to other investment options.
Offers broader diversification benefits alongside traditional fixed income and equity markets, supporting more balanced portfolio construction.
Explore our stable value solutions
Putnam Stable Value Fund seeks to deliver intermediate-term bond returns while maintaining a stable net asset value. A focus on liquidity management drives our capital preservation strategy.
Separately managed accounts
Available for individual plans with $50 million or more in stable value assets.
Customized solutions
Tailored solutions to support informed decisions and drive positive participant outcomes.
Pooled fund (CIT)
Competitive fees. Accessible across a broad range of recordkeeping platforms.
A structured approach to balance liquidity and consistency
Our strategy integrates four core elements within a disciplined withdrawal framework to balance liquidity and consistency.
About the Stable Value team
The Putnam Stable Value team is part of Franklin Templeton’s global fixed income platform, bringing deep institutional resources and decades of experience to stable value management. Their leadership and collaborative approach set them apart in the industry.
years of stable value management
fixed income professionals across 20 offices worldwide
research analysts with an average of 20 years of experience
Meet our team
Steven A. Horner, CFA
Portfolio Manager
Jo Anne Ferullo, CFA
Portfolio Manager
Andrew C. Benson
Portfolio Manager
Michael V. Salm
Senior Vice President, Fixed Income, Portfolio Manager
FAQ—Putnam Stable Value Fund: Plan terminations
How does Putnam Stable Value operate the “Put” if a plan exits the fund?
How do I notify Franklin Templeton (Putnam Stable Value) of termination?
When will assets be disbursed if the Put is implemented?
Is there a market value adjustment (MVA) for plan terminations?
Research and resources
Committed to helping retirement plans succeed, we offer stable value research, product information for advisors, and participant education focused on capital preservation, liquidity and consistent outcomes.
Discover a potentially smarter way to invest in stable value—balancing return and liquidity while reducing withdrawal risks.
Monthly update featuring key performance highlights of the Putnam Stable Value Funds.
Connect with your local Franklin Templeton retirement plan specialist to explore our range of stable value funds, designed to preserve capital and provide principal stability for retirement plan participants.
1. As of 12/31/2025, Morningstar Total Return by Peer for the Morningstar U.S. CIT Stable Value Universe is as follows: Putnam Stable Value Fund: 1-YR: 4.15%, 3-YR: 3.93%, 5-YR: 3.38%, 10-YR: 2.90%; OneAmerica Stable Value Fund: 1-YR: 3.18%, 3-YR: 3.12%, 5-YR: 2.24%, 10-YR: 2.07%; MissionSquare PLUS Fund R: 1-YR: 3.45%, 3-YR: 3.30%, 5-YR: 2.88%, 10-YR: 2.70%; Federated Hermes Capital Pres Fund: 1-YR: 3.43%, 3-YR: 3.49%, 5-YR: 2.84%, 10-YR: 2.38%; Galliard Stable Return Fund Core: 1-YR: 3.28%, 3-YR: 3.12%, 5-YR: 2.68%, 10-YR: 2.43%; Galliard Managed Income Fund: 1-YR: 3.26%, 3-YR: 3.04%, 5-YR: 2.55%, 10-YR: 2.37%; T. Rowe Price Stable Value Fund: 1-YR: 3.11%, 3-YR: 2.98%, 5-YR: 2.60%, 10-YR: 2.45%; Invesco Stable Value Collective Trust: 1-YR: 3.12%, 3-YR: 3.01%, 5-YR: 2.46%, 10-YR: 2.38%; JHancock Stable Value Fund: 1-YR: 3.08%, 3-YR: 2.86%, 5-YR: 2.53%, 10-YR: 2.38%; Morley Stable Value Fund: 1-YR: 2.99%, 3-YR: 2.88%, 5-YR: 2.47%, 10-YR: 2.27%; PIMCO Stable Income Fund CIT: 1-YR: 3.07%, 3-YR: 2.79%, 5-YR: 2.46%, 10-YR: 2.31%; Columbia Trust Stable Income Fund: 1-YR: 2.16%, 3-YR: 2.13%, 5-YR: 1.70%, 10-YR: 1.69%; The Vanguard Retirement Savings Trust: 1-YR: 2.88%, 3-YR: 2.75%, 5-YR: 2.33%, 10-YR: 2.33%; JPMCB Stable Asset Income Fund: 1-YR: 2.75%, 3-YR: 2.77%, 5-YR: 2.49%, 10-YR: 2.29%; Columbia Trust Stable Hi Qual Inc Fund: 1-YR: 2.16%, 3-YR: 2.13%, 5-YR: 1.70%, 10-YR: 1.69%. Peer group rankings: top 20%, 20%–40%, 40%–60%, 60%–80%; bottom 20%.
Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund's investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Total returns assume the reinvestment of all distributions and the deduction of all fund expenses.
Total Annual Operating Expenses—0.12%
The total annual operating expenses are as of the fund's audited financial statements available at the time of publication. Actual expenses may be higher and may impact portfolio returns.
All investments involve risks, including possible loss of principal. There can be no assurances that the fund will achieve its goal of capital preservation. The fund’s returns will fluctuate with interest rates and market conditions. The fund is not insured or guaranteed by any governmental agency. 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. These and other risks are discussed in the fund’s offering statement.
Retirement Advantage Trusts, Stable Value Funds, and Large Cap Value Trust are collective trust managed and distributed by Putnam Fiduciary Trust Company, LLC ("PFTC"), a non-depository New Hampshire trust company. However, it is not FDIC insured; is not a deposit or other obligation of, and is not guaranteed by, PFTC or any of its affiliates. The fund is not a mutual fund registered under the Investment Company Act of 1940, and its units are not registered under the Securities Act of 1933. The fund is only available for investment by eligible, qualified retirement plan trusts, as defined in the declaration of trust and participation agreement.
The offering document includes investment objectives, risks, charges, expenses, and other information that you should read and consider carefully before investing.
No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her initial investment. Actual results could be materially different from the stated goals. There can be no assurance of any minimum level of investment performance or the success of any investment strategy. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss. Use of models and analytical, quantitative and risk management tools and techniques is no guarantee of investment success or positive performance.
Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.
Most funds offer multiple fee schedules, subject to different fees and expenses, which will affect their performance.
Putnam Fiduciary Trust Company and Putnam Investments are Franklin Templeton companies.
Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.