First Trust Portfolios Divests All Voting Shares in Putnam Master Intermediate Income Trust
Ticker: PIM · Form: SC 13G/A · Filed: 2024-01-26T00:00:00.000Z
Sentiment: bearish
Topics: institutional-ownership, divestment, amendment, closed-end-fund
TL;DR
**First Trust Portfolios just dumped all their voting shares in Putnam Master Intermediate Income Trust.**
AI Summary
First Trust Portfolios L.P. filed an amended Schedule 13G/A on January 26, 2024, for Putnam Master Intermediate Income Trust (PMT). This amendment, number 20, indicates that First Trust Portfolios L.P. and its affiliates, First Trust Advisors L.P. and The Charger Corporation, now hold 0 shares with sole voting power as of December 31, 2023. This matters to investors because it signals a complete divestment of their voting stake in PMT, potentially reducing institutional oversight or confidence in the trust.
Why It Matters
This filing shows a significant institutional investor, First Trust Portfolios L.P., has completely exited its voting position in Putnam Master Intermediate Income Trust, which could be interpreted as a loss of confidence or a strategic portfolio reallocation.
Risk Assessment
Risk Level: medium — The complete divestment by a major institutional investor could signal underlying concerns or a lack of future growth prospects for the trust.
Analyst Insight
A smart investor would investigate the reasons behind First Trust Portfolios L.P.'s complete divestment from Putnam Master Intermediate Income Trust and consider if these reasons impact their own investment thesis before making any decisions.
Key Numbers
- 0 — Sole Voting Power Shares (First Trust Portfolios L.P. and affiliates now hold zero shares with sole voting power in Putnam Master Intermediate Income Trust as of December 31, 2023.)
- 746909100 — CUSIP Number (Identifies the specific securities of Putnam Master Intermediate Income Trust.)
- 20 — Amendment Number (This is the 20th amendment to the Schedule 13G filing for Putnam Master Intermediate Income Trust by First Trust Portfolios L.P.)
- 20240126 — Filing Date (The date this SC 13G/A amendment was filed with the SEC.)
- 20231231 — Date of Event (The date as of which the reported ownership change occurred, requiring this filing.)
Key Players & Entities
- First Trust Portfolios L.P. (company) — reporting person, divested shares
- Putnam Master Intermediate Income Trust (company) — subject company, issuer of securities
- First Trust Advisors L.P. (company) — affiliated reporting person
- The Charger Corporation (company) — affiliated reporting person
- Illinois, U.S.A. (company) — place of organization for reporting persons
Forward-Looking Statements
- Other institutional investors may re-evaluate their positions in Putnam Master Intermediate Income Trust following First Trust Portfolios' complete divestment. (Putnam Master Intermediate Income Trust) — medium confidence, target: Q1 2024
- The stock price of Putnam Master Intermediate Income Trust could experience downward pressure due to the perceived lack of institutional confidence. (Putnam Master Intermediate Income Trust) — low confidence, target: Q1 2024
FAQ
What is the primary purpose of this SC 13G/A filing?
The primary purpose of this SC 13G/A filing is to amend a previous Schedule 13G, specifically Amendment No. 20, to report a change in beneficial ownership of Putnam Master Intermediate Income Trust by First Trust Portfolios L.P. and its affiliates, as of December 31, 2023.
Which entities are identified as reporting persons in this filing?
The reporting persons identified in this filing are First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation, all organized in Illinois, U.S.A.
What is the reported sole voting power of the reporting persons in Putnam Master Intermediate Income Trust?
As of December 31, 2023, the reporting persons (First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation) reported having 0 shares with sole voting power in Putnam Master Intermediate Income Trust.
What is the CUSIP number for the securities of Putnam Master Intermediate Income Trust mentioned in the filing?
The CUSIP number for the Common class of securities of Putnam Master Intermediate Income Trust is 746909100, as stated on the cover page of the filing.
Under which rule was this Schedule 13G filed?
This Schedule 13G was filed under Rule 13d-1(b), as indicated by the 'X' in the appropriate box on the cover page.
From the Filing
EDGAR Filing Documents for 0001445546-24-000702 This page uses Javascript. Your browser either doesn't support Javascript or you have it turned off. To see this page as it is meant to appear please use a Javascript enabled browser. SEC.gov EDGAR Latest Filings Filings search tools Filing Detail SEC Home Company Search Current Page Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] SEC Accession No. 0001445546-24-000702 Filing Date 2024-01-26 Accepted 2024-01-26 10:15:42 Documents 2 Document Format Files Seq Description Document Type Size 1 AMENDED SCHEDULE 13G sc13g_3.txt SC 13G/A 12975 2 JOINT FILING AGREEMENT ex99_3.txt EX-99.1 1942 Complete submission text file 0001445546-24-000702.txt 16370 Mailing Address 100 FEDERAL STREET BOSTON MA 02110 Business Address 100 FEDERAL STREET BOSTON MA 02110 6172921000 PUTNAM MASTER INTERMEDIATE INCOME TRUST (Subject) CIK : 0000830622 (see all company filings) EIN. : 046584465 | State of Incorp.: MA | Fiscal Year End: 1117 Type: SC 13G/A | Act: 34 | File No.: 005-82455 | Film No.: 24564763 Mailing Address 12O EAST LIBERTY DRIVE SUITE 400 WHEATON IL 60187 Business Address 12O EAST LIBERTY DRIVE SUITE 400 WHEATON IL 60187 630-765-8000 FIRST TRUST PORTFOLIOS LP (Filed by) CIK : 0001184765 (see all company filings) EIN. : 000000000 | State of Incorp.: IL Type: SC 13G/A