Skip to content

Invest with confidence in uncertain markets

Uncertain markets demand smarter investing. Discover how short-duration strategies can help you navigate volatility and drive returns.

Why short-term corporate bonds may offer better value

When measuring returns against risk, short-duration corporate bonds have significantly outpaced the broader U.S. bond market. For investors looking to maximize efficiency while managing volatility, this asset class presents a compelling opportunity.
 

Download flyer

Why Putnam Ultra Short-Duration Income Fund?

Proven stability and purpose

Our fund has a strong track record of stability and performance, with a stable or rising NAV on 96% of trading days. We maintain a disciplined risk management approach, including weekly NAV stress testing, to preserve capital and deliver consistent results.
 

Learn more

The ultrashort bond category gained momentum after the 2008–2009 Global Financial Crisis, especially following SEC money market reforms in 2010. These shifts opened the door for asset managers with deep expertise in short-term markets to offer conservative investors more income potential beyond traditional money markets.

Putnam Ultra Short Duration Income timeline

In 2011, we launched our first Ultra Short Duration portfolio, managed by a veteran team with nearly 30 years of experience in short-end investing. Today, we oversee more than $13 billion across mutual funds, ETFs, and separate accounts—delivering smart, stable solutions for short-term income needs.
 

Meet the team

Putnam’s Ultra Short Duration Income team brings 80+ years of deep expertise to short-term liquid markets and fixed income investing. Their disciplined approach is supported by Putnam’s broader fixed income platform, which includes specialized teams across municipal bonds, multi-sector strategies, corporate credit, government and securitized assets, emerging market debt, and country strategies. This collaborative structure enables the team to uncover opportunities and manage risk with precision—especially in dynamic market environments.
 

Joanne Driscoll, CFA®

Head of Short-Term Liquid Markets

Andrew C. Benson

Portfolio Manager

Michael J. Lima, CFA®

Portfolio Manager

Kevin M. Calabro

Vice President, Sr. Product Specialist

Get in touch with our experts to explore PSDYX

Let's discuss how Putnam Ultra Short Duration Income Fund can support your clients’ investment goals.

Contact us today
  1. Source: Morningstar, Bloomberg, Franklin Templeton. Short Duration and Core Fixed Income represented by ICE BofA US Corporate & Government (1–3Y) Index and Bloomberg US Aggregate Bond Index respectively.
  2. Source: Franklin Templeton. As of June 30, 2025.

What should I know before investing?

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. 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.

Important Information

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund.

Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager’s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund’s portfolio selection process. Holdings are subject to change.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company.

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The ICE BofA 1–3-Year US Corporate Index represents the performance of the US dollar denominated investment grade rated corporate debt publicly issued in the US domestic market with a remaining term to maturity of less than 3 years. Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use. The Bloomberg US Aggregate Bond Index is comprised of investment-grade, US dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity. Source: Bloomberg Indices. Important data provider notices and terms available at www.franklintempletondatasources.com.