Putnam reopens two funds

Putnam Investments, the Boston-based money manager set to be acquired by a unit of Montreal-based Power Financial Corp., today said it has reopened two funds to new investors.
Putnam Small Cap Value Fund and Putnam High Yield Advantage Fund had been closed to new investors in a bid to keep asset levels manageable and to preserve the funds’ ability to carry out their investment strategies.
The re-openings reflect Putnam’s assessment that the funds’ assets are now at more manageable levels, and that investment opportunities are currently available in the small-cap-value and high-yield markets.
Small Cap Value, closed to new investors in April 2002, seeks capital appreciation by investing in stocks of small companies that are undervalued and appear to have improving fundamentals or a catalyst for positive change.
For the three years ended Dec. 31, the $772 million fund ranked in the 24th percentile for Lipper small cap value funds, Putnam said.
High Yield Advantage closed to new investors in 1998.
The $810 million fund seeks high current income by investing in U.S. corporate high-yield bonds across a range of industries, sectors, companies and credit ratings.
For the three- and five-year periods ended Dec. 31, the fund ranked in the 15th and 20th percentile for Lipper high current yield funds, Putnam said.
Founded in 1937, Putnam managed $192 billion in assets as of Dec. 31.