Investment Professionals

Michael V. Salm

Chief Investment Officer, Fixed Income
Portfolio Manager

Mr. Salm is the Chief Investment Officer of Fixed Income at Putnam and the Portfolio Manager of 37 Capital's Structured Credit strategies. He is responsible for the overall strategy and positioning of Putnam's fixed income portfolios and oversees Putnam's trading operations and fixed income quantitative teams. He is also a Portfolio Manager of Putnam's Core Global, Core Plus, Global Government, Fixed Income Global Alpha, Dedicated Mortgage, and Ultra Short Duration Income strategies. Mr. Salm joined Putnam in 1997 and has been in the investment industry since 1989.

In addition, Mr. Kozlowski leads Putnam's ESG efforts within securitized credit. He collaborates with portfolio managers and analysts to assess the fundamental relevance of ESG issues at the security level, and the potential for alpha generation and risk mitigation at the portfolio level. Mr. Kozlowski joined Putnam in 2008 and has been in the investment industry since 1997.

Brett S. Kozlowski, CFA

Co-Head of Structured Credit, Fixed Income
Portfolio Manager

Mr. Kozlowski is Co-Head of Structured Credit, Fixed Income, at Putnam and a Portfolio Manager of 37 Capital's alternative Structured Credit strategies. He develops the investment strategies within structured credit, including commercial mortgage and structured finance security selection. Mr. Kozlowski is a Portfolio Manager of 37 Capital's Structured Credit and Private Mortgage funds and Putnam's Core, Core Plus, Dedicated Mortgage, Fixed Income Global Alpha and Global Alpha Plus, and Short Duration Bond strategies.

In addition, Mr. Kozlowski leads Putnam's ESG efforts within securitized credit. He collaborates with portfolio managers and analysts to assess the fundamental relevance of ESG issues at the security level, and the potential for alpha generation and risk mitigation at the portfolio level. Mr. Kozlowski joined Putnam in 2008 and has been in the investment industry since 1997.

Previously, Mr. Kozlowski spent over a decade at Fidelity Investments, including serving as a Portfolio Manager, Research Analyst, and Trader. He earned a B.S. from the Massachusetts Institute of Technology.

Jatin Misra, Ph.D., CFA

Co-Head of Structured Credit, Fixed Income
Portfolio Manager

Dr. Misra is Co-Head of Structured Credit, Fixed Income, at Putnam and a Portfolio Manager of 37 Capital's alternative Structured Credit strategies. He manages the risk and return of agency and non-agency residential mortgage-related securities, whole loans, derivatives, pass-throughs, and options as well as asset-backed securities. Dr. Misra is a Portfolio Manager of 37 Capital's Structured Credit and Private Mortgage funds and Putnam's Agency Mortgage-Backed and Dedicated Mortgage strategies. He has been in the investment industry since he joined Putnam in 2004.

Previously at Putnam, Dr. Misra served as a Mortgage Investment Analyst and a Fixed Income Quantitative Research Analyst. He earned a Ph.D. from the Massachusetts Institute of Technology and a Bachelor of Technology from the Indian Institute of Technology.

Scott M. D'Orsi, CFA

Portfolio Manager

Mr. D'Orsi leads 37 Capital's team and strategies focused on leveraged loans and collateralized loan obligations (CLOs). In addition, he is a Portfolio Manager in Putnam's Fixed Income group. Mr. D'Orsi joined 37 Capital in 2021 and has been in the investment industry since 1990.

Prior to joining 37 Capital, Mr. D'Orsi was a Managing Director, CLO Portfolio Manager, and Head of Liquid Loans at First Eagle Investment Management, where he launched the CLO business of its predecessor company, from 2004 to 2020. Previously, he served in high-yield bond sales at Spear Leeds & Kellogg from 2003 to 2004 and was an Executive Director, High-Yield Capital Markets, at CIBC World Markets from 1999 to 2003. Earlier, Mr. D'Orsi was a Vice President and Director, High-Yield Capital Markets, at BancBoston Securities from 1997 to 1999 and a Portfolio Manager, Asset-Based Lending, at Bank of Boston from 1994 to 1996. He began his career as a Credit Analyst and Portfolio Manager, Asset-Based Lending, at Fleet Financial Group from 1990 to 1994. Mr. D'Orsi earned an M.B.A. from Babson College and a B.A. in Economics from Yale University.

Stephen L. Newton, CFA

Analyst

Mr. Newton is an Analyst for 37 Capital and Putnam's Fixed Income group, focusing on leveraged loans and collateralized loan obligations (CLOs). He joined 37 Capital in 2021 and has been in the investment industry since 2002.

Prior to joining 37 Capital, Mr. Newton served as a Director, Senior Credit Analyst, at First Eagle Private Credit Advisors from 2014 to 2020. Previously, he was a Vice President, Senior Credit Analyst, at Citizens Financial Group from 2013 to 2014; a Director, Sales and Client Relations, at Social Finance from 2012 to 2013; and an Assistant Vice President, Credit Analyst, at Eaton Vance Management 2004 to 2010. Mr. Newton began his career as an Analyst at Banc of America Securities from 2002 to 2004. Mr. Newton earned an M.B.A. from the Kellogg School of Management at Northwestern University and a B.S. in Finance from Boston College.

Eric C. Vander Mel

Analyst

Mr. Vander Mel is an Analyst for 37 Capital and Putnam's Fixed Income group, focusing on leveraged loans and collateralized loan obligations (CLOs). He joined 37 Capital in 2021 and has been in the investment industry since 1988.

Prior to joining 37 Capital, Mr. Vander Mel was a Managing Director, Senior Analyst, at First Eagle Private Credit Advisors, where he specialized in broadly syndicated loan CLOs from 2013 to 2020. Previously, he was a Director, U.S. Credit, at Knight Capital from 2010 to 2013; a Senior Vice President, Credit Sales and Trading, at FBR Capital from 2009 to 2010; and an Executive Director, Special Situations, at Morgan Stanley from 2004 to 2009. Earlier, he served at Fleet Securities as a Director, Loan Trading, from 2001 to 2004, and as a Director and Underwriter, Acquisition Finance, from 1996 to 2000. Mr. Vander Mel began his career at Fleet National Bank, in roles that included Vice President and Portfolio Manager, Commercial Lending, from 1988 to 1996. Mr. Vander Mel earned a B.A. in Economics from Colby College.