International Value Fund  (PNGAX)

Seeks to benefit from undervalued international companies poised to experience positive change


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Objective

The fund seeks capital growth. Current income is a secondary objective.

Strategy and process

  • International companies: The fund provides broad exposure to established large-cap non-U.S. companies trading at a discount to their intrinsic value.
  • A value strategy: This relative-value fund focuses on companies that the manager believes possess a catalyst for positive change.
  • A disciplined process: The fund manager combines fundamental research and quantitative tools to pursue multiple sources of return, supported by strong risk controls in portfolio construction.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $12.18
0.25% | $0.03
$12.18
11/08/17
$9.89
12/28/16
Historical fund price

Fund facts as of 11/30/17

Total net assets
$163.24M
Turnover (fiscal year end)
16%
Dividend frequency
Annually
Number of holdings
87
Fiscal year-end
June
CUSIP / Fund code
746763200 / 0051
Inception date
08/01/96
Category
Value
Open to new investors
Ticker
PNGAX

Management team


Portfolio Manager

Portfolio Manager


Literature

Fund documents

Fact Sheet (Y share) (PDF)
Fact Sheet (VT share) (PDF)
Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Proxy voting results (Form N-PX) (PDF)
Equity Outlook (PDF)
Comparing Putnam's international/global equity funds (PDF)

Market sectors that might lead in 2018
Technology’s strength seems set to continue, but with the prospect of rising rates, financials may also be among the leading market sectors.
Just how cheap are European equities?
Our analysis finds that industry group weightings play a significant role in valuation discrepancies between U.S. and European equities.
What could disturb unprecedented calm in markets?
What’s most remarkable about 2017 is the market calm, but this is not a sign that the trend will revert to the mean.

Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 20.66% 4.00% 7.13% -0.37%
After sales charge 13.72% 1.97% 5.87% -0.96%
MSCI EAFE Value Index (ND) 22.55% 3.50% 7.80% 0.49%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 11/30/17 0.75 % -5.05 %
YTD as of 12/13/17 22.41 % 15.37 %

Risk-adjusted performance as of 10/31/17

Alpha (3 yrs.) 0.76
Sharpe ratio (3 yrs.) 0.37
Treynor ratio (3 yrs.) 5.05
Information ratio (3 yrs.) 0.05

Volatility as of 10/31/17

Standard deviation (3 yrs.) 11.72%
Beta 0.87
R-squared 0.91

Capture ratio as of 10/31/17

Up-market (3 yrs.) 90.34
Down-market (3 yrs.) 86.69

Lipper rankings as of 10/31/17

International Large-Cap Value Percentile ranking Rank/Funds in category
1 yr. 65% 22/33
3 yrs. 35% 11/31
5 yrs. 57% 17/29
10 yrs. 70% 14/19

Morningstar ratings as of 10/31/17

Foreign Large Value Rating Funds in category
Overall (261)
3 yrs. (261)
5 yrs. (210)
10 yrs. (69)

Distributions

Record/Ex dividend date 12/22/16
Payable date 12/27/16
Income $0.222
Extra income $0.0
Short-term cap. gain --
Long-term cap. gain --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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Holdings

Top 10 holdings as of 10/31/17

Ing Groep Nv 4.25%
Royal Dutch Shell 3.30%
Sanofi 2.59%
Siemens Ag 2.42%
Vinci 2.20%
Australia New Zealand Banking Group 2.11%
Prudential 2.11%
Societe Generale 2.06%
Novartis Ag 1.91%
Suncor Energy 1.91%
Top 10 holdings, percent of portfolio 24.86%

Full portfolio holdings as of 09/30/17

ING GROEP NV-CVA 4.22%
SANOFI 2.70%
SIEMENS AG 2.38%
SOCIETE GENERALE SA 2.15%
AUST AND NZ BANKING GROUP 2.14%
VINCI SA 2.12%
PRUDENTIAL PLC 2.04%
ROYAL DUTCH SHELL PLC-A SHS 2.00%
NOVARTIS AG-REG 1.97%
SUNCOR ENERGY INC 1.95%
VODAFONE GROUP PLC 1.81%
AXA SA 1.80%
NISSAN MOTOR CO LTD 1.78%
ASTRAZENECA PLC 1.60%
MITSUBISHI CORP 1.57%
SUMITOMO MITSUI FINANCIAL GR 1.55%
CHALLENGER LTD 1.54%
SAMSUNG ELECTRONICS CO LTD 1.53%
NIPPON TELEGRAPH & TELEPHONE 1.52%
AIA GROUP LTD 1.45%
KERRY GROUP PLC-A 1.45%
RIO TINTO PLC 1.42%
CHUBB LTD 1.34%
BAYER AG-REG 1.32%
AKZO NOBEL 1.30%
HIBERNIA REIT PLC 1.29%
VEOLIA ENVIRONNEMENT 1.21%
IMPERIAL BRANDS PLC 1.18%
TDK CORP 1.18%
SCOR SE 1.17%
ROYAL DUTCH SHELL PLC-B SHS 1.15%
TOTAL SA 1.15%
DANSKE BANK A/S 1.08%
BAE SYSTEMS PLC 1.07%
ALLIANZ SE-REG 1.05%
JOHNSON CONTROLS INTERNATION 1.05%
SPARK NEW ZEALAND LTD 1.05%
SSE PLC 1.05%
EURAZEO SA 1.04%
INSURANCE AUSTRALIA GROUP LTD 1.04%
NOKIA OYJ 1.04%
JAPAN AIRLINES CO LTD 1.02%
YAMAHA MOTOR CO LTD 1.00%
NINTENDO CO LTD 0.97%
NATIXIS 0.96%
COMPAGNIE DE SAINT-GOBAIN 0.95%
VALEO SA 0.95%
ENCANA CORP 0.93%
SKANDINAVISKA ENSKILDA BAN-A 0.92%
ITOCHU CORP 0.91%
SWEDBANK AB - A SHARES 0.91%
ORIX CORP 0.90%
CRH PLC 0.88%
FERGUSON PLC 0.88%
MURATA MANUFACTURING CO LTD 0.86%
GLENCORE PLC 0.85%
HOYA CORP 0.85%
DNB NOR ASA 0.84%
RWE AG 0.84%
PANASONIC CORP 0.81%
BCE INC 0.80%
SANWA HOLDINGS CORP 0.80%
NSK LTD 0.79%
MITSUI FUDOSAN CO LTD 0.78%
ORKLA ASA 0.78%
COM HEM HOLDING AB 0.76%
MIZUHO FINANCIAL GROUP INC 0.76%
DALATA HOTEL GROUP PLC 0.74%
KONINKLIJKE AHOLD DELHAIZE N 0.74%
SHISEIDO CO LTD 0.73%
BANK OF IRELAND GROUP PLC 0.72%
UBS GROUP AG-REG 0.72%
FIAT CHRYSLER AUTOMOBILES NV 0.69%
HENKEL AG & CO KGAA VORZUG 0.67%
AENA SME SA 0.66%
SEVEN & I HOLDINGS CO LTD 0.66%
LAFARGEHOLCIM LTD-REG 0.65%
TELECOM ITALIA-RSP 0.64%
CREDIT SUISSE GROUP AG-REG 0.57%
MAGNA INTERNATIONAL INC 0.55%
KDDI CORP 0.53%
KION GROUP AG 0.50%
LANXESS AG 0.49%
LLOYDS BANKING GROUP PLC 0.42%
VIVA ENERGY REIT 0.09%
CHF/USD 12/20/2017 JPMCB 0.05%
GBP/USD 12/20/2017 JPMCB 0.02%
GBP/USD 12/20/2017 BANKAM 0.01%
GBP/USD 12/20/2017 CITI 0.01%
JPY/USD 11/15/2017 GSFX 0.01%
SGD/USD 11/15/2017 JPMCB 0.01%
AUD/USD 10/18/2017 BANKAM 0.00%
AUD/USD 10/18/2017 CITI 0.00%
AUD/USD 10/18/2017 JPMCB 0.00%
AUD/USD 10/18/2017 UBS 0.00%
CAD/USD 10/18/2017 BANKAM 0.00%
CAD/USD 10/18/2017 BCAP-FX 0.00%
CAD/USD 10/18/2017 GSFX 0.00%
CAD/USD 10/18/2017 JPMCB 0.00%
CAD/USD 10/18/2017 SSBT 0.00%
CAD/USD 10/18/2017 UBS 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CNH/USD 11/15/2017 GSFX 0.00%
DKK/USD 12/20/2017 CITI 0.00%
EUR/USD 12/20/2017 BANKAM 0.00%
EUR/USD 12/20/2017 CITI 0.00%
GBP/USD 12/20/2017 SSBT 0.00%
GEDI GRUPPO EDITORIALE SPA 0.00%
HKD/USD 11/15/2017 BANKAM 0.00%
HKD/USD 11/15/2017 BCAP-FX 0.00%
ILS/USD 10/18/2017 SSBT 0.00%
JPY/USD 11/15/2017 BANKAM 0.00%
JPY/USD 11/15/2017 SSBT 0.00%
KRW/USD 11/15/2017 JPMCB 0.00%
NOK/USD 12/20/2017 JPMCB 0.00%
NZD/USD 10/18/2017 CSI-FX 0.00%
NZD/USD 10/18/2017 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 12/20/2017 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
EUR/USD 12/20/2017 JPMCB -0.01%
EUR/USD 12/20/2017 SSBT -0.01%
EUR/USD 12/20/2017 GSFX -0.02%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
Ing Groep Nv
Royal Dutch Shell
Sanofi
Siemens Ag
Vinci
Australia New Zealand Banking Group
Prudential
Societe Generale
Novartis Ag
Suncor Energy
Holdings represent 24.86% of portfolio
Top 10 holdings as of 09/30/17
Ing Groep Nv
Royal Dutch Shell
Sanofi
Siemens Ag
Societe Generale
Australia New Zealand Banking Group
Vinci
Prudential
Novartis Ag
Suncor Energy
Holdings represent 24.82% of portfolio
Top 10 holdings as of 08/31/17
Ing Groep Nv
Royal Dutch Shell
Sanofi
Siemens Ag
Australia New Zealand Banking Group
Societe Generale
Vinci
Prudential
Novartis Ag
Vodafone Group
Holdings represent 24.55% of portfolio
Top 10 holdings as of 07/31/17
Ing Groep Nv
Royal Dutch Shell
Sanofi
Siemens Ag
Australia New Zealand Banking Group
Societe Generale
Prudential
Vinci
Novartis Ag
Vodafone Group
Holdings represent 24.80% of portfolio

Portfolio composition as of 10/31/17

Common stock 98.18%
Cash and net other assets 1.82%

Equity statistics as of 10/31/17

Median market cap $28.95B
Weighted average market cap $62.22B
Price to book 1.56
Price to earnings 13.40

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. Stock prices may fall or fail to rise over time for a variety of reasons, including general financial market conditions and factors related to a specific issuer or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top Industry Sectors as of 10/31/17

Financials 31.69%
Industrials 15.23%
Health care 8.47%
Energy 7.35%
Telecommunication services 7.22%
Consumer discretionary 6.40%
Consumer staples 6.09%
Materials 5.46%
Information technology 4.88%
 
Other
7.21%
Utilities 3.21%
Real estate 2.18%
Cash and net other assets 1.82%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.

Country Allocation as of 10/31/17

Japan 20.07%
France 16.12%
United Kingdom 15.79%
Germany 8.01%
Netherlands 5.64%
Australia 5.26%
Ireland 4.45%
Canada 4.19%
Switzerland 3.83%
 
Other
16.64%
United States 2.52%
Sweden 2.48%
Cash and net other assets 1.82%
South Korea 1.69%
Norway 1.55%
Hong Kong 1.49%
Italy 1.29%
Denmark 1.03%
New Zealand 1.01%
Finland 0.86%
Spain 0.68%
China 0.22%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.36% 2.11% 2.11% 1.86% 1.61% 0.92% 1.11%
What you pay 1.36% 2.11% 2.11% 1.86% 1.61% 0.92% 1.11%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class R6 Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- -- -- --
2 yrs. -- 4.00% 0.00% -- -- -- --
3 yrs. -- 3.00% 0.00% -- -- -- --
4 yrs. -- 3.00% 0.00% -- -- -- --
5 yrs. -- 2.00% 0.00% -- -- -- --
6 yrs. -- 1.00% 0.00% -- -- -- --
7+ yrs. -- 0.00% 0.00% -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R6 Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00% 0.00%
  NA NA NA NA NA NA NA
  NA NA NA NA NA NA NA

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The MSCI EAFE Value Index is an unmanaged index that measures the performance of equity securities in 20 countries within Europe, Australasia and the Far East, chosen for their value orientation. You cannot invest directly in an index.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. Stock prices may fall or fail to rise over time for a variety of reasons, including general financial market conditions and factors related to a specific issuer or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.