International Value Fund (PNGAX)
Seeks to benefit from undervalued international companies poised to experience positive change
Objective
The fund seeks capital growth. Current income is a secondary objective.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$12.01
0.50% | $0.06 |
$12.01
09/19/17 |
$9.85
11/18/16 |
Fund facts as of 08/31/17
$159.58M
16%
Annually
85
June
746763200 / 0051
08/01/96
Value
PNGAX
Management team
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.
Manager commentary | Q2 2017
France outshines U.K. in investment opportunity
Portfolio Manager Darren Jaroch offers his outlook for equity markets in the United Kingdom and France.
Literature
Fund documents |
||
| Prospectuses/SAI | ||
| Fact Sheet (Y share) (PDF) | ||
| Annual Fund Report (PDF) | ||
| Semiannual Fund Report (PDF) | ||
Using and enhancing ESG investment data
ESG data is having investment impact but is still evolving, and stands to benefit from feedback offered by fundamental analysts.Why there's nothing wrong with a "just right" market
When assessing the markets and economy the media often looks for drama, but headlines are our least-used investment tool.Value benefits from an expanding economy
Value stocks have lagged the market in 2017, but if the economy continues to expand, rates rise, and the yield curve steepens, this trend could reverse.Performance
Total return (%) as of 06/30/17
Annual performance as of 06/30/17
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 21.00% | -0.11% | 7.54% | -0.84% |
| After sales charge | 14.04% | -2.06% | 6.27% | -1.43% |
| MSCI EAFE Value Index (ND) | 25.01% | -0.59% | 8.12% | -0.08% |
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 08/31/17 | -0.43 % | -6.15 % |
| YTD as of 09/19/17 | 20.70 % | 13.76 % |
Risk-adjusted performance as of 08/31/17
| Alpha (3 yrs.) | 0.63 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.11 |
| Treynor ratio (3 yrs.) | 1.53 |
| Information ratio (3 yrs.) | 0.14 |
Volatility as of 08/31/17
| Standard deviation (3 yrs.) | 11.93% |
|---|---|
| Beta | 0.87 |
| R-squared | 0.91 |
Capture ratio as of 08/31/17
| Up-market (3 yrs.) | 90.70 |
|---|---|
| Down-market (3 yrs.) | 87.66 |
Lipper rankings as of 08/31/17
| International Large-Cap Value | Percentile ranking | Rank/Funds in category |
|---|---|---|
| 1 yr. | 22% | 7/32 |
| 3 yrs. | 29% | 9/31 |
| 5 yrs. | 44% | 13/29 |
| 10 yrs. | 70% | 14/19 |
Morningstar ratings as of 08/31/17
| Foreign Large Value | Rating | Funds in category |
|---|---|---|
| Overall | (88) | |
| 3 yrs. | (261) | |
| 5 yrs. | (84) | |
| 10 yrs. | (67) |
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.
Holdings
Top 10 holdings as of 08/31/17
| Ing Groep Nv | 4.18% |
|---|---|
| Royal Dutch Shell | 2.95% |
| Sanofi | 2.72% |
| Siemens Ag | 2.27% |
| Australia New Zealand Banking Group | 2.22% |
| Societe Generale | 2.12% |
| Vinci | 2.12% |
| Prudential | 2.06% |
| Novartis Ag | 2.00% |
| Vodafone Group | 1.91% |
| Top 10 holdings, percent of portfolio | 24.55% |
Portfolio composition as of 08/31/17
| Common stock | 98.60% |
|---|---|
| Cash and net other assets | 1.40% |
Equity statistics as of 08/31/17
| Median market cap | $31.72B |
|---|---|
| Weighted average market cap | $57.74B |
| Price to book | 1.47 |
| Price to earnings | 12.91 |
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 08/31/17
| Financials | 31.51% |
|---|---|
| Industrials | 14.08% |
| Health care | 8.36% |
| Telecommunication services | 7.65% |
| Consumer discretionary | 6.83% |
| Energy | 6.66% |
| Consumer staples | 6.32% |
| Materials | 6.20% |
| Information technology | 5.57% |
| Other | 6.82% |
0
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 08/31/17
| Japan | 20.42% |
|---|---|
| France | 16.04% |
| United Kingdom | 15.27% |
| Germany | 7.17% |
| Netherlands | 6.23% |
| Australia | 5.02% |
| Ireland | 4.96% |
| Switzerland | 3.92% |
| Canada | 3.90% |
| Other | 17.07% |
0
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% | 0.91% | 1.11% |
| What you pay | 1.36% | 2.11% | 2.11% | 1.86% | 1.61% | 0.91% | 1.11% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% | 0.00% | 0.00% | 3.50% | -- | -- | -- |
| $50,000-$99,999 | 4.50% | 0.00% | 0.00% | 2.50% | -- | -- | -- |
| $100,000-$249,999 | 3.50% | -- | 0.00% | 1.50% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | 1.00% | -- | -- | -- |
| $500,000-$999,999 | 2.00% | -- | 0.00% | 1.00% | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- | -- |
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% | -- | -- | -- | -- |
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.