Lauren, how did you get your interest in investing?
I developed an interest in business during college at UCLA, after deciding that my initial choice—engineering—was not right for me. Since UCLA did not offer an undergraduate business program, I switched my major to Economics and transferred my math and science credits. I also added a minor in Public Policy, which turned out to be an advantage in understanding the impact of government on investments.
How did you find your way to Boston after going to college in Los Angeles?
It was the other way around, actually—I have deep roots in Boston. I’m part of a large family with lots of aunts and uncles and cousins in this area—for us, a “small” family event has 50 people! When I was young, I knew I’d live my adult life here, and so I took the opportunity in college to live in a new place and gain a different perspective before settling back home.
What was your research specialty as a Putnam analyst?
Early on, I became a sector analyst covering European financials, then added Asian telecom and utilities stocks, followed by emerging market financials and Australia. I really like Putnam’s approach, which allows analysts to hunt for opportunities within a wide universe and to dig deeper when they have unique insights. It makes for a more engaging research environment than one set against a narrower universe.
How did you then progress to portfolio manager?
To be honest, it wasn’t a goal that I had set. I have to give credit to my colleagues and to inspiration from a company event. First, my colleagues Kate Lakin, our Director of Research, and Darren Jaroch, a Portfolio Manager, both encouraged me to think about making the jump to managing a portfolio. Darren originally approached me about joining him on the strategy at a point when I was admittedly overwhelmed with balancing work and family, as my girls were just 1- and 3-years-old at the time. It was important that there was no pressure on me to make a rapid change—I don’t think it would have worked for me and my family at the time. An additional year made all the difference.
What was the inspiration that motivated you?
Our business resource group called Women of Putnam arranged a panel of three women from outside Putnam who reflected on their career successes. Each woman at some point had taken a job that they did not feel qualified for. This hit me at a moment when I felt daunted by the idea of becoming a portfolio manager. Hearing their stories helped me decide to make the leap. I vividly remember thinking, “Well, if they could do it, maybe I can, too.” While that was the clincher, I still credit Kate and Darren for their steady encouragement for me to make the transition from emerging market financials analyst to large cap value fund manager.
It sounds like culture—the people around you—means a lot at Putnam.
It’s a differentiator and a motivator. I’m very grateful that others could instill confidence in me, and now I look around to see how I can do the same for others. I make an effort to be approachable, to show that I’m a resource for our team and our larger organization. It’s informal, and it can be tricky to get the balance right, because I also give critical feedback at times. Still, I try to notice colleagues who might be shying away from an opportunity for growth because it looks intimidating, or who might be just down in the dumps after a tough performance run. Investing is a wonderful, fun job, but it can gut you sometimes. We expect a lot, and we try to constantly improve, but I also think everyone does a great job of lifting each other up when we get knocked down. I’m so lucky to have found myself here.
Do you still travel overseas as a portfolio manager?
I manage an international strategy with Darren as well as the US strategy, and we travel for research overseas 6-8 times a year, with a little over half of the trips being to Asia. These visits help us focus on one region for a week and connect a lot of pieces together. It’s important to be on the ground to fully appreciate what is going on at a country level. This is especially true in places like Japan, which is going through so many important changes with monetary policy and a strong push for corporate governance improvements. It’s also just refreshing to get out of the office and have a change of surroundings.
Is it difficult to balance research travel with family life?
I try to stay connected. I’ve become an expert carry-on packer, and one thing I always bring is a collapsible pour-over to make coffee each morning—with beans roasted by my husband, I should add. We’re both coffee nuts. The trips can be a bit of a strain on my family, especially when they happen in quick succession. I get a lot of grief from my girls, who are now 7 and 9, but I always remind them that my job makes me really happy and benefits our family, too.
What do you like best about being a portfolio manager?
It’s funny, the answer is the opposite of what I would have expected: I love that the role has expanded my connection with the team and beyond it. I’m an introvert, but I have found it a positive experience to work with all of the analysts, unlike when I was in a smaller silo. And I had never really known too much about the distribution side of our business. While I wouldn’t say I like doing marketing, it is nice to be connected with the people involved in making Putnam successful. An example is Caroline Edwards, a Senior Client Portfolio Manager for our team. We would not survive without people like Caroline working tirelessly to represent our strategy with intermediaries.
WHAT ARE THE RISKS?
All investments involve risks, including possible loss of principal.
Equity securities are subject to price fluctuation and possible loss of principal. Active management does not ensure gains or protect against market declines.
International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility.
Value securities may not increase in price as anticipated or may decline further in value. The investment style may become out of favor, which may have a negative impact on performance.
Active management does not ensure gains or protect against market declines.
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