International Capital Opportunities Fund (Class Y)  (PIVYX)

Harnessing the potential of international small and midsize companies since 1995


Track this fund

Highlights

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • Undiscovered stocks: The fund invests in small to midsize companies located outside the United States, which are frequently overlooked by Wall Street.
  • A flexible strategy: The fund managers take a core investment focus that seeks to minimize exposure to single factors, such as value or quality.
  • A disciplined process: The portfolio managers use a disciplined bottom-up fundamental investment process that seeks stocks with the potential for price and earnings momentum.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $42.02
-0.59% | $-0.25
$44.82
01/26/18
$35.62
04/20/17
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

29.08%

Best 5-year annualized return

(for period ending 09/30/07)


-5.09%

Worst 5-year annualized return

(for period ending 06/30/12)


8.18%

Average 5-year annualized return


Fund facts as of 03/31/18

Total net assets
$447.79M
Turnover (fiscal year end)
103%
Dividend frequency
Annually
Number of holdings
66
Fiscal year-end
August
CUSIP / Fund code
746802495 / 1850
Inception date
02/01/00
Category
Blend
Open to new investors
Ticker
PIVYX

Management team

Portfolio Manager
Portfolio Manager, Analyst
Portfolio Manager, Analyst


Literature

Fund documents

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)

Performance

  • Total return (%) as of 03/31/18

  • Annual performance as of 03/31/18

Annualized Total return (%) as of 03/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 21.10% 7.77% 6.08% 3.69%
After sales charge N/A N/A N/A N/A
S&P Developed Ex-U.S. SmallCap Index 21.43% 11.27% 10.37% 5.86%

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 03/31/18 -0.19 % -
YTD as of 04/20/18 -0.45 % -

Risk-adjusted performance as of 03/31/18

Alpha (3 yrs.) -3.05
Sharpe ratio (3 yrs.) 0.62
Treynor ratio (3 yrs.) 7.63
Information ratio (3 yrs.) -0.91

Volatility as of 03/31/18

Standard deviation (3 yrs.) 11.82%
Beta 0.96
R-squared 0.90

Capture ratio as of 03/31/18

Up-market (3 yrs.) 91.53
Down-market (3 yrs.) 111.07

Lipper rankings as of 03/31/18

International Small/Mid-Cap Core Percentile ranking Rank/Funds in category
1 yr. 46% 37/81
3 yrs. 71% 46/64
5 yrs. 78% 44/56
10 yrs. 82% 30/36

Morningstar ratings as of 03/31/18

Foreign Small/Mid Value Rating Funds in category
Overall (56)
3 yrs. (56)
5 yrs. (44)
10 yrs. (23)

Distributions

Record/Ex dividend date 12/21/17
Payable date 12/26/17
Income $1.263
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 03/31/18

Paltac Corporation 3.32%
Kyudenko Corp 3.29%
Dart Group 3.02%
Eurazeo 2.64%
Sanwa Shutter 2.54%
Rheinmetall Ag 2.37%
Kennedy-Wilson Holdings 2.08%
Berkeley Group Holdings 2.08%
Diasorin Spa 2.02%
Dalata Hotel Group 1.99%
Top 10 holdings, percent of portfolio 25.35%

Full portfolio holdings as of 12/31/17

KYUDENKO CORP 3.09%
PALTAC CORPORATION 2.65%
SANWA HOLDINGS CORP 2.55%
EURAZEO SA 2.53%
RHEINMETALL AG 2.20%
BERKELEY GROUP HOLDINGS/THE 2.11%
BANK OF IRELAND GROUP PLC 2.09%
DART GROUP PLC 2.08%
FAIRFAX FINANCIAL HLDGS LTD 1.98%
KENNEDY-WILSON HOLDINGS INC 1.98%
APPLUS SERVICES SA 1.91%
DIASORIN SPA 1.90%
KAWASAKI HEAVY INDUSTRIES 1.89%
COMPUGROUP MEDICAL SE 1.87%
DALATA HOTEL GROUP PLC 1.87%
MAEDA ROAD CONSTRUCTION CO 1.87%
MTU AERO ENGINES AG 1.82%
INTERXION HOLDING NV 1.80%
CLINIGEN GROUP PLC 1.75%
ADMIRAL GROUP PLC 1.73%
ACCIONA S.A. 1.68%
CONSTELLATION SOFTWARE INC 1.66%
BRITVIC PLC 1.61%
COGECO COMMUNICATIONS INC 1.61%
TAKUMA CO LTD 1.58%
NUVISTA ENERGY LTD 1.57%
CAIRN ENERGY PLC 1.55%
SAFESTORE HOLDINGS PLC 1.54%
COM HEM HOLDING AB 1.53%
CTCI CORP 1.50%
SOFTWARE AG 1.45%
MINERAL RESOURCES LTD 1.44%
BRICKWORKS LIMITED 1.42%
LIBERTY GLOBAL PLC LILAC - C 1.41%
TELEPIZZA GROUP SA 1.41%
MEGACABLE HOLDINGS-CPO 1.37%
MODEC INC 1.37%
TECHNOPRO HOLDINGS INC 1.34%
WESTSHORE TERMINALS INVESTME 1.31%
DB INSURANCE CO LTD 1.30%
SEVEN GENERATIONS ENERGY - A 1.30%
FISCHER (GEORG)-REG 1.28%
INVESTA OFFICE FUND 1.25%
ATRESMEDIA CORP DE MEDIOS DE 1.22%
FAIRFAX MEDIA LTD 1.20%
AZIMUT HOLDING SPA 1.19%
RIGHTMOVE PLC 1.19%
AMPLIFON SPA 1.18%
FUJI MACHINE MFG CO LTD 1.17%
REGIS RESOURCES LTD 1.16%
PC JEWELLER LTD 1.13%
NIPPO CORP 1.11%
HYUNDAI MARINE 1.10%
TOKYO SEIMITSU CO LTD 0.98%
AEON DELIGHT CO LTD 0.96%
CRESCENT POINT ENERGY CORP 0.95%
SUMITOMO WAREHOUSE CO LTD 0.93%
ELITE MATERIAL CO LTD 0.89%
SARANA MENARA NUSANTARA PT 0.84%
RWE AG 0.81%
HOME CAPITAL GROUP INC 0.80%
DAIHO CORP 0.72%
FOMENTO DE CONSTRUC Y CONTRA 0.48%
FOXTONS GROUP PLC 0.48%
DASSAULT AVIATION SA 0.43%
DOMAIN HOLDINGS AUSTRALIA LT 0.41%
TAIWAN DOLLAR CALL ACCOUNT 0.11%
AUSTRALIAN DOLLAR ACCOUNT 0.07%
POUND STERLING CALL ACCOUNT 0.05%
CAD/USD 01/17/2018 SSBT 0.01%
CHF/USD 03/21/2018 BCAP-FX 0.01%
CHF/USD 03/21/2018 JPMCB 0.01%
GBP/USD 03/21/2018 SSBT 0.01%
AFREN PLC 0.00%
AUD/USD 01/17/2018 BANKAM 0.00%
AUD/USD 01/17/2018 JPMCB 0.00%
CAD/USD 01/17/2018 CSI-FX 0.00%
CAD/USD 01/17/2018 GSFX 0.00%
DKK/USD 03/21/2018 CITI 0.00%
EUR/USD 03/21/2018 BANKAM 0.00%
EUR/USD 03/21/2018 CITI 0.00%
EUR/USD 03/21/2018 GSFX 0.00%
EUR/USD 03/21/2018 JPMCB 0.00%
HKD/USD 02/22/2018 BANKAM 0.00%
HKD/USD 02/22/2018 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 01/17/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 02/22/2018 BANKAM 0.00%
JPY/USD 02/22/2018 CITI 0.00%
JPY/USD 02/22/2018 SSBT 0.00%
NOK/USD 03/21/2018 CSI-FX 0.00%
NOK/USD 03/21/2018 JPMCB 0.00%
NZD/USD 01/17/2018 JPMCB 0.00%
SEK/USD 03/21/2018 CSI-FX 0.00%
SEK/USD 03/21/2018 JPMCB 0.00%
SGD/USD 02/22/2018 JPMCB -0.01%
THE EURO EUR CALL ACCOUNT -0.29%
JAPANESE YEN CALL ACCOUNT -0.37%

Prior top 10 holdings

Top 10 holdings as of 03/31/18
Paltac Corporation
Kyudenko Corp
Dart Group
Eurazeo
Sanwa Shutter
Rheinmetall Ag
Kennedy-Wilson Holdings
Berkeley Group Holdings
Diasorin Spa
Dalata Hotel Group
Holdings represent 25.35% of portfolio
Top 10 holdings as of 02/28/18
Paltac Corporation
Kyudenko Corp
Dart Group
Sanwa Shutter
Eurazeo
Rheinmetall Ag
Kawasaki Heavy Industries,
Bank Of Ireland Group
Berkeley Group Holdings
Applus Services
Holdings represent 25.03% of portfolio
Top 10 holdings as of 01/31/18
Kyudenko Corp
Eurazeo
Paltac Corporation
Sanwa Shutter
Rheinmetall Ag
Dart Group
Bank Of Ireland Group
Kawasaki Heavy Industries,
Berkeley Group Holdings
Diasorin Spa
Holdings represent 24.16% of portfolio
Top 10 holdings as of 12/31/17
Kyudenko Corp
Paltac Corporation
Sanwa Shutter
Eurazeo
Rheinmetall Ag
Berkeley Group Holdings
Bank Of Ireland Group
Dart Group
Kennedy-Wilson Holdings
Fairfax Financial Holdings
Holdings represent 23.26% of portfolio

Portfolio composition as of 03/31/18

Common stock 98.16%
Cash and net other assets 1.84%

Equity statistics as of 03/31/18

Median market cap $2.66B
Weighted average market cap $4.34B
Price to book 1.68
Price to earnings 14.58

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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 03/31/18

Industrials 27.56%
Consumer discretionary 18.91%
Financials 12.30%
Information technology 8.30%
Health care 8.22%
Energy 6.91%
Real estate 5.59%
Materials 4.69%
Consumer staples 2.91%
 
Other
4.61%
Cash and net other assets 1.84%
Utilities 1.77%
Telecommunication services 1.00%

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 03/31/18

Japan 20.63%
United Kingdom 15.32%
Canada 9.76%
Germany 8.29%
Australia 7.65%
Spain 7.18%
Italy 4.23%
Ireland 3.94%
United States 3.03%
 
Other
19.97%
Mexico 2.95%
Taiwan 2.83%
South Korea 2.74%
France 2.64%
Cash and net other assets 1.84%
Bermuda 1.42%
Switzerland 1.36%
Netherlands 1.24%
China 1.20%
Indonesia 1.00%
India 0.75%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class Y
Total expense ratio 1.29% 2.04% 2.04% 1.79% 1.54% 1.04%
What you pay 1.29% 2.04% 2.04% 1.79% 1.54% 1.04%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R 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 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 Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00%
  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 S&P Developed Ex-U.S. SmallCap Index is an unmanaged index of small-cap stocks from developed countries, excluding the United States. You cannot invest directly in an index.

Consider these risks before investing: Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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.