Putnam Investments announced Wednesday that its suite of target Absolute Return Funds has surpassed $1 billion in assets, less than a year after they were launched.

“This marks the emergence of a major new category in mutual fund investing in America,” said Putnam President and CEO Robert L. Reynolds. “Reaching this milestone so quickly reflects the very strong appetite in the marketplace for products that are designed to produce more steady investment returns over time to address volatility, longevity, inflation and income concerns."

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