In the eight months since their launch in January, Putnam Investments' new family of absolute-return mutual funds has attracted more than $400 million in new investments and, according to the firm, is on track to top $1 billion by the end of the year.

"We've seen incredible response across the industry," said Jeffrey Carney, senior managing director and head of global marketing, product and retirement at Putnam Investments. "We expect our funds to be one of the most successful fund launches of the year. The response from the industry continues to grow."

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