Putnam Investments has launched the Putnam Short Duration Income Fund, a fixed-income fund that aims to combine the capital preservation appeal of a money market fund with the higher yield of an ultra-short bond fund.

However, unlike ultra-short bond funds, this fund will seek to have lower volatility, and, therefore, it will not be benchmarked against traditional indexes but primarily against the BofA Merrill Lynch U.S. Treasury Bill Index instead. At Putnam puts it, the fund will not be a top performer but a higher-performing alternative to money market funds and other cash management solutions.

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