Putnam intros funds investing in leveraged companies

Putnam Investments of Boston today launched two funds focused on securities of leveraged companies. The Putnam Capital Spectrum Fund (PVSAX) and Putnam Equity Spectrum Fund (PYSAX) will invest in a range of securities, including stocks, bonds, bank loans and convertible securities. Both funds will be managed by David Glancy, who joined the firm earlier this year. The Putnam Capital Spectrum Fund seeks total return, the firm said in a statement. The Putnam Equity Spectrum Fund has a goal of capital appreciation. Both funds will have fees that adjust based on fund performance. Mr. Glancy joined Putnam in February from Andover Capital Advisors GP LLC of Andover, Mass., where he was a founding partner and portfolio manager. Previously he served at Fidelity Investments of Boston for 13 years, beginning as an analyst and then as a portfolio manager. Putnam had $99 billion in assets under management as of April 2009.