PAFJX

About PAFJX

Putnam Retirement Advantage 2045 Fund Class Y is a target-date mutual fund designed for investors planning to retire around 2045. It pursues a blend of capital appreciation and current income through a diversified, fund‑of‑funds structure that allocates primarily to underlying Putnam strategies, notably dynamic asset allocation portfolios that shift over time along a predefined glide path. Early in the lifecycle, the allocation emphasizes equities to support long-term growth; as 2045 approaches, it progressively increases exposure to fixed income and other defensive assets to moderate volatility and support income needs. The fund sits within the Target-Date 2045 category and is structured as an institutional share class, reflecting a focus on retirement plan platforms and cost efficiency relative to peers. Its concentrated top holdings are Putnam Dynamic Asset Allocation portfolios, which collectively account for the vast majority of assets, providing broad multi-asset exposure through a single vehicle. This design positions the fund as a turnkey core retirement solution that automates asset allocation, rebalancing, and risk management as an investor advances toward the target date.