International Growth Fund (Class Y)  (PINYX)

Harnessing the potential of international growth companies since 1995


Track this fund

Highlights

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • International growth: The fund invests in international companies that the manager believes have sustainable above-average earnings growth.
  • Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that may be emerging industry leaders.
  • A rigorous process: The fund follows a disciplined investment process with fundamental stock selection supported by quantitative tools and macroeconomic analysis.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $23.43
0.21% | $0.05
$24.80
01/26/18
$20.20
06/20/17
Historical fund price

Fund facts as of 05/31/18

Total net assets
$323.52M
Turnover (fiscal year end)
121%
Dividend frequency
Annually
Number of holdings
90
Fiscal year-end
September
CUSIP / Fund code
74680L303 / 1845
Inception date
10/04/05
Category
Growth
Open to new investors
Ticker
PINYX

Management team

Portfolio Manager


Literature


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 26.17% 7.72% 7.50% 4.41%
After sales charge N/A N/A N/A N/A
MSCI EAFE Growth Index (ND) 17.23% 6.65% 7.10% 3.42%

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, R, 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. 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 05/31/18 1.88 % -
YTD as of 06/20/18 1.43 % -

Risk-adjusted performance as of 05/31/18

Alpha (3 yrs.) 1.02
Sharpe ratio (3 yrs.) 0.51
Treynor ratio (3 yrs.) 6.45
Information ratio (3 yrs.) 0.16

Volatility as of 05/31/18

Standard deviation (3 yrs.) 11.73%
Beta 0.93
R-squared 0.88

Capture ratio as of 05/31/18

Up-market (3 yrs.) 94.67
Down-market (3 yrs.) 87.64

Lipper rankings as of 05/31/18

International Multi-Cap Growth Percentile ranking Rank/Funds in category
1 yr. 12% 55/490
3 yrs. 28% 117/421
5 yrs. 29% 104/369
10 yrs. 23% 57/258

Morningstar ratings as of 05/31/18

Foreign Large Growth Rating Funds in category
Overall (345)
3 yrs. (345)
5 yrs. (307)
10 yrs. (216)

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 05/31/18

Unilever Nv 3.04%
Aia Group 2.14%
Bayer Ag 2.12%
Adidas AG 2.08%
Burford Capital 2.08%
Tencent Holdings 2.01%
Dalata Hotel Group 1.99%
Heineken Nv 1.95%
Hoya Corp 1.90%
Challenger Financial Service 1.90%
Top 10 holdings, percent of portfolio 21.22%

Full portfolio holdings as of 03/31/18

UNILEVER NV-CVA 2.91%
BURFORD CAPITAL LTD 2.43%
TENCENT HOLDINGS LTD 2.34%
ADIDAS AG 2.15%
HEINEKEN NV 2.01%
DALATA HOTEL GROUP PLC 1.96%
AIA GROUP LTD 1.88%
BAYER AG-REG 1.84%
RHEINMETALL AG 1.72%
ALIBABA GROUP HOLDING-SP ADR 1.71%
BAE SYSTEMS PLC 1.68%
DIAGEO PLC 1.66%
KOMATSU LTD 1.65%
KYUDENKO CORP 1.57%
AIRBUS SE 1.55%
HOYA CORP 1.55%
CHALLENGER LTD 1.50%
AVICHINA INDUSTRY & TECH-H 1.47%
RELX NV 1.47%
COMPASS GROUP PLC 1.42%
SONY CORP 1.42%
RIO TINTO PLC 1.41%
SINO-AMERICAN SILICON PRODUC 1.40%
KION GROUP AG 1.34%
UNIVERSAL ENTERTAINMENT CORP 1.32%
IRB BRASIL RESSEGUROS SA 1.30%
RAYTHEON COMPANY 1.30%
SCREEN HOLDINGS CO LTD 1.29%
PALTAC CORPORATION 1.27%
FERROTEC HOLDINGS CORP 1.24%
OCI NV 1.23%
HDFC BANK LIMITED 1.19%
SBERBANK PJSC -SPONSORED ADR 1.18%
DBS GROUP HOLDINGS LTD 1.17%
WALSIN TECHNOLOGY CORP 1.16%
VISA INC-CLASS A SHARES 1.13%
EVONIK INDUSTRIES AG 1.12%
DART GROUP PLC 1.11%
TIM PARTICIPACOES SA 1.11%
DXC TECHNOLOGY CO 1.09%
ILUKA RESOURCES LTD 1.09%
ING GROEP NV-CVA 1.09%
KERRY GROUP PLC-A 1.07%
ALCOA CORP 1.06%
JAZZ PHARMACEUTICALS PLC 1.03%
MERCK & CO. INC. 1.02%
SHANGHAI FOSUN PHARMACEUTI-H 1.02%
CLINIGEN GROUP PLC 1.00%
ORIX CORP 1.00%
EDELWEISS FINANCIAL SERVICES 0.98%
SMC CORP 0.98%
ORPEA 0.97%
SOCIETE GENERALE SA 0.97%
DELIVERY HERO AG 0.96%
OUTSOURCING INC 0.93%
CAIRN ENERGY PLC 0.92%
STMICROELECTRONICS NV 0.89%
DEUTSCHE BOERSE AG 0.88%
MOLSON COORS BREWING CO -B 0.88%
TOSHIBA CORP 0.87%
ASSA ABLOY AB-B 0.86%
NOMAD FOODS LTD 0.83%
NCSOFT CORP 0.81%
VALEO SA 0.78%
SIEMENS AG 0.74%
ASSOCIATED BRITISH FOODS PLC 0.73%
NINTENDO CO LTD 0.70%
ROYAL DUTCH SHELL PLC-A SHS 0.70%
THYSSENKRUPP AG 0.69%
GRUPO FINANCIERO GALICIA-ADR 0.67%
CHINA WATER AFFAIRS GROUP 0.66%
X 5 RETAIL GROUP NV-REGS GDR 0.64%
SANWA HOLDINGS CORP 0.63%
DAIHO CORP 0.58%
MTU AERO ENGINES AG 0.58%
SHISEIDO CO LTD 0.58%
ENCANA CORP 0.57%
KKR & CO LP 0.57%
YATAS YATAK VE YORGAN SANAYI 0.57%
SHANGHAI INTL AIRPORT CO LTD 144A REGS WARRANT 05/07/2018 0.54%
THE EURO EUR CALL ACCOUNT 0.51%
CAIXABANK S.A 0.47%
KH NEOCHEM CO LTD 0.46%
SIEMENS HEALTH 0.44%
J2 ACQUISITION LTD 0.35%
GLOBAL FASHION GRP P/P 0.03%
CNH/USD 05/16/2018 GSFX 0.02%
SEK/USD 06/20/2018 SSBT 0.02%
CHF/USD 06/20/2018 BCAP-FX 0.01%
CHF/USD 06/20/2018 JPMCB 0.01%
DKK/USD 06/20/2018 CITI 0.01%
EUR/USD 06/20/2018 GSFX 0.01%
KRW/USD 05/16/2018 JPMCB 0.01%
NOK/USD 06/20/2018 JPMCB 0.01%
SEK/USD 06/20/2018 JPMCB 0.01%
AUD/USD 04/18/2018 BANKAM 0.00%
AUD/USD 04/18/2018 CITI 0.00%
AUD/USD 04/18/2018 GSFX 0.00%
CAD/USD 04/18/2018 CITI 0.00%
CAD/USD 04/18/2018 SSBT 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
EGYPTIAN POUND CALL ACCOUNT 0.00%
EUR/USD 06/20/2018 BANKAM 0.00%
EUR/USD 06/20/2018 BCAP-FX 0.00%
EUR/USD 06/20/2018 CITI 0.00%
EUR/USD 06/20/2018 HSBCB 0.00%
GBP/USD 06/20/2018 BANKAM 0.00%
GBP/USD 06/20/2018 GSFX 0.00%
GBP/USD 06/20/2018 SSBT 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 05/16/2018 BANKAM 0.00%
HKD/USD 05/16/2018 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 04/18/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 05/16/2018 CITI 0.00%
JPY/USD 05/16/2018 JPMCB 0.00%
JPY/USD 05/16/2018 RBSF 0.00%
KOREAN WON CALL ACCOUNT 0.00%
MXN/USD 04/18/2018 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NZD/USD 04/18/2018 JPMCB 0.00%
SGD/USD 05/16/2018 JPMCB 0.00%
TAIWAN DOLLAR CALL ACCOUNT 0.00%
JAPANESE YEN CALL ACCOUNT -0.42%
POUND STERLING CALL ACCOUNT -0.58%

Prior top 10 holdings

Top 10 holdings as of 05/31/18
Unilever Nv
Aia Group
Bayer Ag
Adidas AG
Burford Capital
Tencent Holdings
Dalata Hotel Group
Heineken Nv
Hoya Corp
Challenger Financial Service
Holdings represent 21.22% of portfolio
Top 10 holdings as of 04/30/18
Unilever Nv
Adidas AG
Bayer Ag
Dalata Hotel Group
Tencent Holdings
Aia Group
Heineken Nv
Burford Capital
Diageo
Bae Systems
Holdings represent 20.92% of portfolio
Top 10 holdings as of 03/31/18
Unilever Nv
Burford Capital
Tencent Holdings
Adidas AG
Heineken Nv
Dalata Hotel Group
Aia Group
Bayer Ag
Rheinmetall Ag
Alibaba Group Holding
Holdings represent 20.95% of portfolio
Top 10 holdings as of 02/28/18
Unilever Nv
Bayer Ag
Tencent Holdings
Sony Corp
Adidas AG
Heineken Nv
Dalata Hotel Group
Aia Group
Burford Capital
Komatsu
Holdings represent 21.30% of portfolio

Portfolio composition as of 05/31/18

Common stock 98.03%
Cash and net other assets 1.97%

Equity statistics as of 05/31/18

Median market cap $11.92B
Weighted average market cap $59.44B
Price to book 2.77
Price to earnings 14.78

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. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company 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 05/31/18

Industrials 18.73%
Financials 18.40%
Information technology 15.67%
Consumer discretionary 11.72%
Consumer staples 10.59%
Health care 10.43%
Materials 7.60%
Energy 2.68%
Cash and net other assets 1.97%
 
Other
2.21%
Utilities 1.45%
Real estate 0.76%

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 05/31/18

Japan 18.37%
United Kingdom 17.06%
Germany 11.85%
United States 9.42%
Netherlands 7.23%
China 7.17%
France 5.56%
Taiwan 3.19%
Ireland 3.09%
 
Other
17.06%
Australia 3.01%
India 2.26%
Hong Kong 2.14%
Canada 2.11%
Cash and net other assets 1.97%
Singapore 1.06%
Brazil 1.03%
Sweden 0.84%
Spain 0.76%
South Korea 0.74%
Argentina 0.56%
Turkey 0.36%
British Virgin Islands 0.20%
Luxembourg 0.02%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.49% 2.24% 2.24% 1.99% 1.74% 1.04% 1.24%
What you pay 1.49% 2.24% 2.24% 1.99% 1.74% 1.04% 1.24%

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. 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 Growth Index is an unmanaged index that measures the performance of equity securities in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth 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. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company 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.