Paul M. Drury, CFA
Portfolio Manager
Mr. Drury is a Portfolio Manager in the Tax Exempt Fixed Income group. He manages Putnam’s open-and closed-end municipal bond funds. His responsibilities include security selection and sector rotation, ratings allocation, and duration/term structure management. In addition, Mr. Drury manages Putnam’s Municipal Portfolio team, credit research analysts, and traders. Previously at Putnam, Mr. Drury spent a decade as Head of Trading, Municipal Bonds, where he worked closely with Putnam's portfolio managers to execute trades in various sectors of the municipal market. Mr. Drury has been in the investment industry since he joined Putnam in 1989.
Closed End Funds |
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| Managed Municipal Income Trust | ||||
| Municipal Opportunities Trust | ||||
More from the Fixed Income team
Economic imbalances could mean deep recession or sticky inflation
A deep recession could have a significant impact on financial markets.
Currency views
Fixed income markets experienced widespread declines in the U.S. and globally in the third quarter of 2022, as inflation remained high and became more broad-based.
Inflation demands Fed's focus as bank lending tightens
Even as bank lending tightens, the Fed may still need to keep rates high for longer to bring down inflation.
The Fed walks a line between inflation and financial stability
Given the fragilities in financial markets, the Fed will likely move cautiously in monetary tightening to fight inflation.