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International Growth Fund (Class Y)  (PINYX)

Harnessing the potential of international growth companies since 1995

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 $19.23
-1.84% | $-0.36
$24.80
01/26/18
$19.23
12/14/18
Historical fund price

Fund facts as of 11/30/18

Total net assets
$268.16M
Turnover (fiscal year end)
96%
Dividend frequency
Annually
Number of holdings
83
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 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 3.30% 8.88% 5.31% 6.74%
After sales charge N/A N/A N/A N/A
MSCI EAFE Growth Index (ND) 5.85%10.26%5.62%6.20%

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, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining to 1% in the fourth 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, 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 and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense 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 11/30/18 -0.49% -
YTD as of 12/14/18 -16.75% -

Risk-adjusted performance as of 10/31/18

Alpha (3 yrs.) -1.44
Sharpe ratio (3 yrs.) 0.16
Treynor ratio (3 yrs.) 1.83
Information ratio (3 yrs.) -0.29

Volatility as of 10/31/18

Standard deviation (3 yrs.) 12.54%
Beta 1.08
R-squared 0.90

Capture ratio as of 10/31/18

Up-market (3 yrs.) 100.37
Down-market (3 yrs.) 108.77

Lipper rankings as of 10/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 333/517 65%
3 yrs. 307/444 69%
5 yrs. 208/388 54%
10 yrs. 105/295 36%
Lipper category: International Multi-Cap Growth

Morningstar Ratings as of 10/31/18

Time period Funds in category Morningstar Rating
Overall 358
3 yrs. 358
5 yrs. 324
10 yrs. 235
Morningstar category: Foreign Large Growth

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

Unilever Nv 3.53%
Adidas AG 2.40%
Hoya Corp 2.37%
Visa 2.08%
Pernod Ricard 1.98%
Challenger Financial Service 1.96%
Aia Group 1.91%
Astrazeneca 1.90%
Dalata Hotel Group 1.90%
Bayer Ag 1.82%
Top 10 holdings, percent of portfolio 21.85%

Full portfolio holdings as of 09/30/18

UNILEVER NV-CVA 3.23%
BURFORD CAPITAL LTD 2.65%
ADIDAS AG 2.40%
AIA GROUP LTD 2.23%
HOYA CORP 2.20%
DALATA HOTEL GROUP PLC 2.15%
VISA INC-CLASS A SHARES 2.01%
PERNOD RICARD SA 1.89%
TENCENT HOLDINGS LTD 1.88%
CHALLENGER LTD 1.82%
BAE SYSTEMS PLC 1.78%
OCI NV 1.78%
BAYER AG-REG 1.67%
TALEND SA - ADR 1.64%
COMPASS GROUP PLC 1.63%
ASTRAZENECA PLC 1.56%
PRUDENTIAL PLC 1.56%
SIEMENS AG 1.55%
AIR CANADA 1.51%
AIRBUS SE 1.51%
SONY CORP 1.50%
ORPEA 1.49%
PALTAC CORPORATION 1.45%
HEINEKEN NV 1.44%
ASHTEAD GROUP PLC 1.40%
HDFC BANK LIMITED 1.38%
KH NEOCHEM CO LTD 1.36%
KYUDENKO CORP 1.34%
WIRECARD AG 1.32%
NXP SEMICONDUCTORS NV 1.31%
CAIRN ENERGY PLC 1.27%
CAIXABANK S.A 1.24%
KERRY GROUP PLC-A 1.22%
SCREEN HOLDINGS CO LTD 1.17%
GENTERA SAB DE CV 1.16%
RIO TINTO PLC 1.15%
SOFTBANK GROUP CORP 1.15%
NOMAD FOODS LTD 1.13%
JAZZ PHARMACEUTICALS PLC 1.12%
KKR & CO INC -A 1.12%
SHISEIDO CO LTD 1.12%
RAYTHEON COMPANY 1.11%
MERCK & CO. INC. 1.09%
CLINIGEN GROUP PLC 1.07%
DEUTSCHE BOERSE AG 1.07%
DXC TECHNOLOGY CO 1.06%
KOMATSU LTD 1.05%
SINO-AMERICAN SILICON PRODUC 1.01%
DELIVERY HERO AG 1.00%
RHEINMETALL AG 1.00%
CONSTELLATION SOFTWARE INC 0.97%
ORIX CORP 0.96%
ENCANA CORP 0.93%
KION GROUP AG 0.93%
UNIVERSAL ENTERTAINMENT CORP 0.92%
CHENIERE ENERGY INC 0.90%
GRUMA S.A.B.-B 0.89%
DART GROUP PLC 0.86%
ASSA ABLOY AB-B 0.84%
SARAS SPA 0.84%
ALPHABET INC-CL A 0.83%
DBS GROUP HOLDINGS LTD 0.82%
OUTSOURCING INC 0.82%
SMC CORP 0.81%
FU SHOU YUAN INTERNATIONAL 0.80%
ALCOA CORP 0.79%
OPEN HOUSE CO LTD 0.77%
CHINA WATER AFFAIRS GROUP 0.76%
SUNNY OPTICAL TECH 0.69%
KEI INDUSTRIES LTD 0.68%
CHINA EVERBRIGHT GREENTECH L 0.67%
DAIHO CORP 0.60%
NINTENDO CO LTD 0.60%
ALIBABA GROUP HOLDING-SP ADR 0.56%
ASSOCIATED BRITISH FOODS PLC 0.52%
SLM SOLUTIONS GROUP AG 0.45%
CLEAN TEQ HOLDINGS LTD 0.32%
QUILTER PLC 0.29%
TAIWAN DOLLAR CALL ACCOUNT 0.04%
CHF/USD 12/19/2018 BCAP-FX 0.03%
GLOBAL FASHION GRP P/P 0.03%
THE EURO EUR CALL ACCOUNT 0.03%
CHF/USD 12/19/2018 JPMCB 0.02%
RAI WAY SPA 0.02%
SEK/USD 12/19/2018 JPMCB 0.02%
SEK/USD 12/19/2018 SSBT 0.02%
CAD/USD 10/17/2018 CITI 0.01%
CAD/USD 10/17/2018 SSBT 0.01%
DKK/USD 12/19/2018 CITI 0.01%
EUR/USD 12/19/2018 BCAP-FX 0.01%
EUR/USD 12/19/2018 CITI 0.01%
EUR/USD 12/19/2018 GSFX 0.01%
JPY/USD 11/19/2018 CITI 0.01%
AUD/USD 10/17/2018 BANKAM 0.00%
AUD/USD 10/17/2018 BCAP-FX 0.00%
AUD/USD 10/17/2018 CITI 0.00%
AUD/USD 10/17/2018 JPMCB 0.00%
CNH/USD 11/19/2018 GSFX 0.00%
EGYPTIAN POUND CALL ACCOUNT 0.00%
EUR/USD 12/19/2018 JPMCB 0.00%
EUR/USD 12/19/2018 SSBT 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 GSFX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 11/19/2018 BANKAM 0.00%
HKD/USD 11/19/2018 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 11/19/2018 JPMCB 0.00%
JPY/USD 11/19/2018 SSBT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
MXN/USD 10/17/2018 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 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 CSI-FX 0.00%
SGD/USD 11/19/2018 JPMCB 0.00%
GBP/USD 12/19/2018 BCAP-FX -0.01%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
Unilever Nv
Adidas AG
Hoya Corp
Visa
Pernod Ricard
Challenger Financial Service
Aia Group
Astrazeneca
Dalata Hotel Group
Bayer Ag
Holdings represent 21.85% of portfolio
Top 10 holdings as of 09/30/18
Unilever Nv
Burford Capital
Adidas AG
Aia Group
Hoya Corp
Dalata Hotel Group
Visa
Pernod Ricard
Tencent Holdings
Challenger Financial Service
Holdings represent 22.46% of portfolio
Top 10 holdings as of 08/31/18
Burford Capital
Adidas AG
Dalata Hotel Group
Hoya Corp
Aia Group
Tencent Holdings
Visa
Pernod Ricard
Oci Nv
Bayer Ag
Holdings represent 20.49% of portfolio
Top 10 holdings as of 07/31/18
Unilever Nv
Burford Capital
Hoya Corp
Aia Group
Adidas AG
Dalata Hotel Group
Bayer Ag
Challenger Financial Service
Tencent Holdings
Bae Systems
Holdings represent 21.58% of portfolio

Portfolio composition as of 10/31/18

Common stock 92.97%
Cash and net other assets 7.03%

Equity statistics as of 10/31/18

Median market cap $9.59B
Weighted average market cap $53.61B
Price to book 2.24
Price to earnings 13.52

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, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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

Industrials 17.19%
Financials 14.85%
Consumer discretionary 12.53%
Health care 11.56%
Consumer staples 11.53%
Information technology 10.37%
Cash and net other assets 7.03%
Communication services 4.73%
Materials 4.43%
 
Other
5.78%
Energy 3.75%
Utilities 1.33%
Real estate 0.70%

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 18.31%
United Kingdom 14.02%
United States 13.08%
Germany 11.21%
Cash and net other assets 7.03%
Netherlands 6.56%
France 5.86%
China 3.96%
Canada 3.35%
 
Other
16.62%
Ireland 3.18%
Italy 2.66%
Australia 2.22%
Mexico 2.12%
Hong Kong 1.91%
India 1.91%
Sweden 0.94%
Taiwan 0.83%
Singapore 0.82%
Luxembourg 0.03%

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† 1.43% 2.18% 2.18% 1.93% 1.68% 0.98% 1.18%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 01/30/20

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 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, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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.