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International Value Fund (Class Y)  (PNGYX)

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


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Highlights

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 managers believe possess a catalyst for positive change.
  • A disciplined process: The portfolio managers invest using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $10.73
0.19% | $0.02
$13.09
01/26/18
$10.49
10/24/18
Historical fund price

Fund facts as of 10/31/18

Total net assets
$132.36M
Turnover (fiscal year end)
15%
Dividend frequency
Annually
Number of holdings
82
Fiscal year-end
June
CUSIP / Fund code
746763614 / 1851
Inception date
10/02/00
Category
Value
Open to new investors
Ticker
PNGYX

Management team

Portfolio Manager
Portfolio Manager


Literature


October stock market volatility may signal a shift
Recent stock market volatility reflects a process of pricing in the fact that the global growth outlook has diverged.
Value opportunities gain traction in turmoil
Beneath dire headlines about plunging markets, we are seeing value opportunities assert themselves.

Performance

  • Total return (%) as of 09/30/18

  • Annual performance as of 09/30/18

Annualized Total return (%) as of 09/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -2.23% 7.16% 2.68% 3.70%
After sales charge N/A N/A N/A N/A
MSCI EAFE Value Index (ND) -0.36% 8.12% 3.14% 4.49%

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. 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 Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (2.25% and 0.75% for Putnam Short Duration Bond Fund and 1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Fixed Income Absolute Return 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 Short Duration Bond Fund, Putnam Fixed Income Absolute Return 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, N, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. 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 10/31/18 -7.91 % -
YTD as of 11/16/18 -12.05 % -

Risk-adjusted performance as of 10/31/18

Alpha (3 yrs.) -0.78
Sharpe ratio (3 yrs.) 0.12
Treynor ratio (3 yrs.) 1.47
Information ratio (3 yrs.) -0.26

Volatility as of 10/31/18

Standard deviation (3 yrs.) 10.90%
Beta 0.86
R-squared 0.87

Capture ratio as of 10/31/18

Up-market (3 yrs.) 84.50
Down-market (3 yrs.) 88.99

Lipper rankings as of 10/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 22/36 60%
3 yrs. 14/32 43%
5 yrs. 10/30 33%
10 yrs. 11/26 41%
Lipper category: International Large-Cap Value

Morningstar Ratings as of 10/31/18

Time period Funds in category Morningstar Rating
Overall 275
3 yrs. 275
5 yrs. 224
10 yrs. 149
Morningstar category: Foreign Large Value

Distributions

Record/Ex dividend date 12/21/17
Payable date 12/26/17
Income $0.167
Extra income --
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 10/31/18

Royal Dutch Shell 4.11%
Ing Groep Nv 3.34%
Sanofi 2.98%
Siemens Ag 2.93%
Novartis Ag 2.48%
Vinci 2.46%
Mitsubishi Corp 2.34%
Suncor Energy 2.30%
Astrazeneca 2.26%
Prudential 2.10%
Top 10 holdings, percent of portfolio 27.30%

Full portfolio holdings as of 09/30/18

ING GROEP NV-CVA 3.23%
SIEMENS AG 2.88%
SANOFI 2.62%
ROYAL DUTCH SHELL PLC-A SHS 2.47%
SUNCOR ENERGY INC 2.35%
VINCI SA 2.31%
MITSUBISHI CORP 2.27%
NOVARTIS AG-REG 2.15%
PRUDENTIAL PLC 2.12%
ASTRAZENECA PLC 2.03%
AUST AND NZ BANKING GROUP 2.03%
AIA GROUP LTD 1.90%
SUMITOMO MITSUI FINANCIAL GR 1.87%
AXA SA 1.74%
SOCIETE GENERALE SA 1.72%
RIO TINTO PLC 1.68%
NIPPON TELEGRAPH & TELEPHONE 1.62%
KERRY GROUP PLC-A 1.57%
SAMSUNG ELECTRONICS CO LTD 1.55%
TOTAL SA 1.51%
VODAFONE GROUP PLC 1.51%
BAE SYSTEMS PLC 1.43%
ROYAL DUTCH SHELL PLC-B SHS 1.43%
SCOR SE 1.41%
CHUBB LTD 1.37%
HOYA CORP 1.32%
FERGUSON PLC 1.19%
JAPAN AIRLINES CO LTD 1.18%
SPARK NEW ZEALAND LTD 1.18%
ALLIANZ SE-REG 1.15%
VEOLIA ENVIRONNEMENT 1.14%
ENCANA CORP 1.13%
ITOCHU CORP 1.12%
UNILEVER NV-CVA 1.12%
DANSKE BANK A/S 1.08%
EURAZEO SE 1.06%
IMPERIAL BRANDS PLC 1.05%
BAYER AG-REG 1.02%
TOSHIBA CORP 1.02%
DALATA HOTEL GROUP PLC 1.01%
JOHNSON CONTROLS INTERNATION 1.01%
KONINKLIJKE AHOLD DELHAIZE N 1.00%
ORIX CORP 1.00%
COM HEM HOLDING AB 0.99%
CHALLENGER LTD 0.98%
DNB NOR ASA 0.98%
MITSUI FUDOSAN CO LTD 0.96%
QUILTER PLC 0.96%
SCREEN HOLDINGS CO LTD 0.96%
SANWA HOLDINGS CORP 0.94%
SSE PLC 0.92%
INSURANCE AUSTRALIA GROUP LTD 0.91%
NATIXIS 0.91%
FORTUM OYJ 0.90%
GLENCORE PLC 0.90%
SKANDINAVISKA ENSKILDA BAN-A 0.87%
MIZUHO FINANCIAL GROUP INC 0.85%
SEVEN & I HOLDINGS CO LTD 0.85%
CRH PLC 0.84%
MAGNA INTERNATIONAL INC 0.83%
YAMAHA MOTOR CO LTD 0.79%
BCE INC 0.78%
COMPAGNIE DE SAINT-GOBAIN 0.78%
BANK OF IRELAND GROUP PLC 0.76%
FIAT CHRYSLER AUTOMOBILES NV 0.76%
NSK LTD 0.76%
UBS GROUP AG-REG 0.74%
PANASONIC CORP 0.73%
AENA SME SA 0.72%
SHISEIDO CO LTD 0.68%
HENKEL AG & CO KGAA VORZUG 0.65%
LAFARGEHOLCIM LTD-REG 0.62%
CREDIT SUISSE GROUP AG-REG 0.61%
SIG COMBIBLOC GROUP 0.61%
SWISS FRANC CALL ACCOUNT 0.61%
KDDI CORP 0.60%
NINTENDO CO LTD 0.56%
KION GROUP AG 0.55%
SINO-AMERICAN SILICON PRODUC 0.54%
TELECOM ITALIA-RSP 0.52%
HIBERNIA REIT PLC 0.50%
VICINITY CENTRES 0.50%
KYOCERA CORP 0.49%
NISSAN MOTOR CO LTD 0.49%
LLOYDS BANKING GROUP PLC 0.39%
CHF/USD 12/19/2018 JPMCB 0.03%
TAIWAN DOLLAR CALL ACCOUNT 0.02%
CAD/USD 10/17/2018 BANKAM 0.01%
CAD/USD 10/17/2018 JPMCB 0.01%
CAD/USD 10/17/2018 SSBT 0.01%
CAD/USD 10/17/2018 UBS 0.01%
GBP/USD 12/19/2018 BCAP-FX 0.01%
GBP/USD 12/19/2018 JPMCB 0.01%
JPY/USD 11/19/2018 CITI 0.01%
JPY/USD 11/19/2018 GSFX 0.01%
JPY/USD 11/19/2018 JPMCB 0.01%
SGD/USD 11/19/2018 JPMCB 0.01%
AUD/USD 10/17/2018 BANKAM 0.00%
AUD/USD 10/17/2018 BCAP-FX 0.00%
AUD/USD 10/17/2018 JPMCB 0.00%
CAD/USD 10/17/2018 BCAP-FX 0.00%
CAD/USD 10/17/2018 CITI 0.00%
CAD/USD 10/17/2018 GSFX 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CNH/USD 11/19/2018 GSFX 0.00%
EUR/USD 12/19/2018 GSFX 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 CITI 0.00%
GBP/USD 12/19/2018 SSBT 0.00%
HKD/USD 11/19/2018 BANKAM 0.00%
HKD/USD 11/19/2018 BCAP-FX 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
JPY/USD 11/19/2018 SSBT 0.00%
NOK/USD 12/19/2018 JPMCB 0.00%
NZD/USD 10/17/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 12/19/2018 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
DKK/USD 12/19/2018 CITI -0.01%
EUR/USD 12/19/2018 BCAP-FX -0.01%
EUR/USD 12/19/2018 JPMCB -0.01%
KRW/USD 11/19/2018 JPMCB -0.01%
EUR/USD 12/19/2018 CITI -0.03%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
Royal Dutch Shell
Ing Groep Nv
Sanofi
Siemens Ag
Novartis Ag
Vinci
Mitsubishi Corp
Suncor Energy
Astrazeneca
Prudential
Holdings represent 27.30% of portfolio
Top 10 holdings as of 09/30/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Sanofi
Suncor Energy
Vinci
Mitsubishi Corp
Novartis Ag
Prudential
Astrazeneca
Holdings represent 25.86% of portfolio
Top 10 holdings as of 08/31/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Sanofi
Suncor Energy
Vinci
Australia New Zealand Banking Group
Mitsubishi Corp
Prudential
Novartis Ag
Holdings represent 25.56% of portfolio
Top 10 holdings as of 07/31/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Sanofi
Suncor Energy
Vinci
Prudential
Australia New Zealand Banking Group
Novartis Ag
Mitsubishi Corp
Holdings represent 25.46% of portfolio

Portfolio composition as of 10/31/18

Common stock 97.76%
Cash and net other assets 2.24%

Equity statistics as of 10/31/18

Median market cap $27.65B
Weighted average market cap $62.55B
Price to book 1.31
Price to earnings 10.75

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. Because the fund currently invests, and may in the future invest, significantly in European companies, the fund is particularly susceptible to economic, political, regulatory, or other events or conditions affecting issuers in Europe. 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, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. 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 10/31/18

Financials 29.84%
Industrials 16.61%
Health care 10.15%
Energy 8.96%
Communication services 7.35%
Consumer staples 7.20%
Materials 5.43%
Consumer discretionary 3.86%
Information technology 3.54%
 
Other
7.06%
Utilities 3.16%
Cash and net other assets 2.24%
Real estate 1.66%

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

Sectors will vary over time.

Country allocation as of 10/31/18

Japan 21.30%
United Kingdom 18.69%
France 14.66%
Germany 6.42%
Netherlands 5.70%
Switzerland 5.14%
Australia 5.13%
Canada 5.02%
Ireland 4.54%
 
Other
13.40%
Cash and net other assets 2.24%
Sweden 1.97%
Hong Kong 1.84%
South Korea 1.57%
United States 1.45%
Norway 0.95%
Finland 0.86%
Singapore 0.77%
Spain 0.75%
Italy 0.55%
Taiwan 0.45%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.38% 2.13% 2.13% 1.88% 1.63% 0.93% 1.13%
What you pay 1.38% 2.13% 2.13% 1.88% 1.63% 0.93% 1.13%

Sales charge

 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. 1.00% 5.00% 1.00% -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- --
7+ yrs. 0.00% 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. Because the fund currently invests, and may in the future invest, significantly in European companies, the fund is particularly susceptible to economic, political, regulatory, or other events or conditions affecting issuers in Europe. 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, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. 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.