Equity Associate, Convertibles
EQUITY ASSOCIATE, CONVERTIBLES
Founded in 1937, Putnam Investments is a global money management firm with over 75 years of experience helping individuals and institutions pursue their investment goals. Putnam manages assets across equity, fixed income, asset allocation, and alternative strategies. Active, fundamental research, innovation, and risk management drive our approach to investing. Our global presence includes offices in Boston, London, Frankfurt, Tokyo, Singapore, and Sydney, all united by our collaborative culture and singular focus on client objectives. For more information, please visit www.putnam.com.
Putnam is seeking an energetic, entrepreneurial, and intellectually curious individual eager to learn convertible investing in a fast paced, dynamic environment. The full-time Equity Associate on the Convertibles team will have an opportunity to work closely with lead portfolio managers, analysts, and traders on convertible security analysis, valuation, scenario analysis, broader portfolio strategies, fund marketing, and a range of other research responsibilities. Convertible securities are at the intersection of equities and fixed income creating an opportunity for the Equity Associate to learn how investors think and invest in each market. The associate will contribute to the investment process by researching companies and industries, forecasting future financial performance, and evaluating sustainability practices. Upon demonstrating readiness, the Equity Associate will progress from primarily support responsibilities to independently assuming coverage of companies. The associate will present investment cases on their group through written research and interactive dialogue with the sector team and Portfolio Managers. This gives the Equity Associate the opportunity to directly impact shareholder return through their recommendations.
- Build and leverage industry expertise – perform detailed analysis on companies within covered industry subgroups, building relationships with company management teams, as well as with suppliers, customers, and competitors. Leverage that expertise to anticipate trends for each company, including an understanding of material ESG issues that will affect long-term fundamentals. The team also currently manages a portfolio of ESG-focused convertibles.
- Identify and develop insights on key performance drivers – figure out ‘what matters’ for each security, performing creative and differentiated research to build conviction around likely outcomes for each critical variable and the resulting implications for companies’ profitability and security prices. Both equity and fixed income inputs are used in the analysis of convertible securities.
- Communicate effectively to drive impact – articulate the investment case clearly through both written and verbal communication, iterate with incremental analysis to support or disprove the theses, and interact closely with Portfolio Managers to get the right securities in and out of Putnam’s funds.
Education, Work Experience, and Key Traits
- BA or BS degree required; 1-3 years investing experience desirable
- Self-driven individuals who thrive in an autonomous environment and are excited about the opportunity to make a meaningful impact, while serving as a fiduciary to Putnam’s shareholders, will do best
- Ability to learn quickly and to effectively convey conclusions
- Team player with strong work ethic
- Entrepreneurial spirit
At Putnam, we are committed to a diverse workforce and take positive steps to ensure equal opportunity in our recruitment process. We ensure that individuals with different abilities are provided reasonable accommodation to participate in the job applicant process. We strive to hire, develop, and retain the most hardworking individuals by valuing the varied skills that they bring!