Putnam Voyager Fund - Putnam Investments

they should elevate the earnings growthof the companies involved. Additionally,share buybacks are quite significant, andthese, too, can contribute to earningsgrowth. While I would not describe earningspotential as explosive, I believe there isroom for improvement as long as economicgrowth remains supportive. Based on theearnings that companies have delivered andstill-reasonable stock valuations, I believe U.S.stocks still offer potential.Thank you, Nick, for your time andinsights today.The views expressed in this report are exclusivelythose of Putnam Management andare subject to change. They are not meant asinvestment advice.Please note that the holdings discussed inthis report may not have been held by thefund for the entire period. Portfolio compositionis subject to review in accordance withthe fund’s investment strategy and may varyin the future. Current and future portfolioholdings are subject to risk.Portfolio Manager Nick C. Thakore isCo-Head of U.S. Equities at Putnam. He hasan M.B.A. from the University of PennsylvaniaWharton School of Business and a B.B.A.from the University of Michigan. Nickjoined Putnam in 2008 and has been in theinvestment industry since 1993.IN THE NEWSSince Russia’s annexation of Ukraine’sCrimea region in March, economic sanctionshave escalated between Russia andthe West. Russia’s weapons arsenal in thisbattle has included import bans on agriculturalgoods like U.S. chicken, Norwegiansalmon, Dutch cheese, and Polish apples.As a minor trading partner of Russia, theUnited States will likely see little economicimpact, but the sanctions come at a difficulttime for Europe’s agricultural sector andthe eurozone’s anemic economic recovery.Also harmed will be the Russian consumer,who will wind up paying more for goods assupplies dwindle. While Western sanctionsearlier this year targeted Russia’s banks, andits military and oil industries, Russia fireda retaliatory salvo in consumer sectors inearly August, banning the import of meat,fish, dairy products, and other agriculturalproducts from nations that have imposedsanctions on Russia. For now, disruptionof the trade in Russian natural gas, vitallyimportant to Russia’s export earnings andto Europe’s energy supply, appears to beoff the table. But if the Ukrainian situationshould deteriorate, sanctions in this criticalsector could have far-reaching effects onboth sides.Voyager Fund 9