PFJAX

About PFJAX

Putnam High Yield Fund Class R is an actively managed mutual fund focused on generating high current income, with capital appreciation as a secondary objective when aligned with its income goal. The fund primarily invests in below-investment-grade corporate debt, concentrating on the U.S. high-yield market where bonds are typically rated BB or lower, reflecting higher credit risk in exchange for elevated income potential. Its strategy spans sectors such as communications, consumer cyclicals, energy, and healthcare, using credit research and security selection to build a diversified portfolio of speculative-grade issuers. As a category member of high-yield bond portfolios, it is more sensitive to economic and credit cycles than higher-quality bond strategies, and performance can vary with default trends, interest-rate moves, and liquidity conditions. The fund’s long-term role in the market is to provide income-oriented investors exposure to the credit risk premium embedded in lower-rated bonds, seeking to outperform broad investment-grade benchmarks over full cycles through active management and sector rotation.