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Putnam Managed Municipal Income Closed Fund (PMM)
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Upturn Advisory Summary
01/09/2026: PMM (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type Stock | Historic Profit -2.2% | Avg. Invested days 47 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/09/2026 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 263.96M USD | Price to earnings Ratio 4.08 | 1Y Target Price - |
Price to earnings Ratio 4.08 | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 0.74 | 52 Weeks Range 5.66 - 6.61 | Updated Date 06/29/2025 |
52 Weeks Range 5.66 - 6.61 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 5.38% | Basic EPS (TTM) 1.45 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 348.57% | Operating Margin (TTM) 87.75% |
Management Effectiveness
Return on Assets (TTM) 2.54% | Return on Equity (TTM) 17.36% |
Valuation
Trailing PE 4.08 | Forward PE - | Enterprise Value 387075648 | Price to Sales(TTM) 13.7 |
Enterprise Value 387075648 | Price to Sales(TTM) 13.7 | ||
Enterprise Value to Revenue 5.4 | Enterprise Value to EBITDA - | Shares Outstanding 44662700 | Shares Floating - |
Shares Outstanding 44662700 | Shares Floating - | ||
Percent Insiders 0.01 | Percent Institutions 19.74 |
Upturn AI SWOT
Putnam Managed Municipal Income Closed Fund
Company Overview
History and Background
The Putnam Managed Municipal Income Closed Fund (PMM) is a closed-end investment fund managed by Putnam Investments. Established in 1985, its primary objective is to seek current income exempt from federal income tax. Over the years, it has navigated various interest rate environments and municipal bond market fluctuations, adjusting its portfolio strategy to meet its investment goals. As a closed-end fund, its shares are traded on an exchange, and its market price can deviate from its net asset value (NAV).
Core Business Areas
- Municipal Bond Investing: The fund's core business is investing in a diversified portfolio of municipal securities, primarily aiming for income that is exempt from federal income taxes. This includes bonds issued by state and local governments and their agencies.
Leadership and Structure
The fund is managed by Putnam Investments, a prominent investment management firm. Specific portfolio management responsibilities are overseen by a team of experienced investment professionals within Putnam's fixed-income division. As a closed-end fund, it operates under a board of trustees.
Top Products and Market Share
Key Offerings
- Product Name 1: Municipal Bond Portfolio (PMM) - This is the primary and sole offering of the fund. It is a diversified portfolio of tax-exempt municipal securities. Market share data for individual closed-end funds is not typically tracked in the same way as open-end funds or ETFs. Competitors are other closed-end municipal bond funds and, to some extent, open-end municipal bond funds and ETFs.
Market Dynamics
Industry Overview
The municipal bond market is influenced by interest rate movements, inflation expectations, and the fiscal health of state and local governments. The demand for tax-exempt income, especially for high-net-worth individuals in higher tax brackets, is a key driver. Regulatory changes and the availability of new municipal debt also play a role.
Positioning
As a closed-end fund, PMM's positioning is characterized by its fixed capital structure, allowing portfolio managers to invest with a longer-term perspective without the pressure of daily redemptions. Its competitive advantages lie in its established track record and the expertise of Putnam Investments in fixed-income management. Its main challenge is managing interest rate risk and credit risk within the municipal sector.
Total Addressable Market (TAM)
The total addressable market for municipal bonds is vast, representing trillions of dollars in outstanding debt. Putnam Managed Municipal Income Closed Fund, as a single closed-end fund, addresses a specific segment of this market focused on income generation for tax-conscious investors. Its market share within the broader municipal bond investment landscape is a fraction of the total TAM.
Upturn SWOT Analysis
Strengths
- Experienced management team with expertise in municipal bonds.
- Closed-end structure provides stable capital for long-term investment.
- Focus on tax-exempt income, appealing to a specific investor base.
- Diversified portfolio across various municipal issuers.
Weaknesses
- Subject to interest rate risk, which can impact bond prices and yields.
- Potential for credit risk within the municipal bond portfolio.
- Market price of shares can trade at a premium or discount to NAV.
- Limited liquidity compared to open-end funds or ETFs for large transactions.
Opportunities
- Potential for rising interest rates to offer higher reinvestment yields (if managed effectively).
- Increased demand for tax-exempt income due to potential tax law changes.
- Opportunities to identify undervalued municipal securities.
- Growth in infrastructure spending could lead to new municipal bond issuances.
Threats
- Sustained periods of low interest rates limiting income generation.
- Deterioration of credit quality of municipal issuers, leading to defaults or downgrades.
- Increased competition from other municipal bond funds and investment vehicles.
- Negative publicity or regulatory scrutiny impacting the municipal bond market.
Competitors and Market Share
Key Competitors
- Nuveen Municipal Value Fund (NUV)
- BlackRock Municipal Income Trust (BFK)
- Invesco Municipal Opportunity Trust (VMO)
Competitive Landscape
PMM competes with a multitude of other municipal bond closed-end funds, as well as open-end municipal bond mutual funds and ETFs. Its competitive advantages include its long history, established management, and focus on tax-exempt income. Disadvantages can include its market price volatility relative to NAV and the broader interest rate sensitivity inherent in fixed-income investments.
Growth Trajectory and Initiatives
Historical Growth: Growth for PMM is primarily measured by the growth in its NAV per share and the consistency and growth of its dividend distributions. Historical performance is dependent on market conditions and the fund's ability to generate income and capital appreciation.
Future Projections: Future projections for PMM are tied to the outlook for the municipal bond market, interest rate movements, and the fund's ability to maintain its investment objectives. Analyst projections are typically focused on the fund's NAV performance and dividend sustainability.
Recent Initiatives: Recent initiatives would likely involve portfolio adjustments in response to changing market conditions, interest rate outlook, and credit quality assessments of municipal issuers. Specific new initiatives are often detailed in shareholder reports.
Summary
Putnam Managed Municipal Income Closed Fund (PMM) is a mature closed-end fund focused on tax-exempt municipal bonds. Its strengths lie in its established management and stable capital structure, appealing to income-seeking investors. However, it faces significant risks from interest rate fluctuations and potential credit deterioration in the municipal sector. Future performance will depend on its ability to navigate these challenges and capitalize on opportunities for yield enhancement in a dynamic market.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Putnam Investments official website
- SEC Filings (Form N-CSR, N-PORT)
- Financial news and data providers (e.g., Morningstar, Bloomberg)
Disclaimers:
This JSON output is an analysis based on publicly available information and is for informational purposes only. It does not constitute investment advice. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Putnam Managed Municipal Income Closed Fund
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 1989-06-30 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - | |||
Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade. The fund benchmarks the performance of its portfolio against the Barclays Municipal Bond Index. Putnam Managed Municipal Income Trust was formed on February 24, 1989 and is domiciled in the United States.
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