International Value Fund (Class A)  (PNGAX)

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

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 $11.87
0.68% | $0.08
$13.09
01/26/18
$11.56
08/30/17
Historical fund price

Fund facts as of 06/30/18

Total net assets
$156.68M
Turnover (fiscal year end)
16%
Dividend frequency
Annually
Number of holdings
85
Fiscal year-end
June
CUSIP / Fund code
746763200 / 0051
Inception date
08/01/96
Category
Value
Open to new investors
Ticker
PNGAX

Management team

Portfolio Manager
Portfolio Manager


Literature


Value opportunities gain traction in turmoil
Beneath dire headlines about plunging markets, we are seeing value opportunities assert themselves.
The dollar could be a drag on dividends
The stronger U.S. dollar can challenge corporate earnings and the ability of companies to pay dividends.

Performance

  • Total return (%) as of 06/30/18

  • Annual performance as of 06/30/18

Annualized Total return (%) as of 06/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 4.32% 3.43% 4.73% 1.12%
After sales charge -1.68% 1.40% 3.49% 0.52%
MSCI EAFE Value Index (ND) 4.25% 3.30% 5.37% 2.17%

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 06/30/18 -2.25 % -7.87 %
YTD as of 07/20/18 -2.78 % -8.37 %

Risk-adjusted performance as of 06/30/18

Alpha (3 yrs.) 0.60
Sharpe ratio (3 yrs.) 0.25
Treynor ratio (3 yrs.) 3.43
Information ratio (3 yrs.) 0.03

Volatility as of 06/30/18

Standard deviation (3 yrs.) 11.31%
Beta 0.83
R-squared 0.90

Capture ratio as of 06/30/18

Up-market (3 yrs.) 85.87
Down-market (3 yrs.) 82.95

Lipper rankings as of 06/30/18

International Large-Cap Value Percentile ranking Rank/Funds in category
1 yr. 52% 17/32
3 yrs. 35% 10/28
5 yrs. 54% 15/27
10 yrs. 64% 12/18

Morningstar ratings as of 06/30/18

Foreign Large Value Rating Funds in category
Overall (271)
3 yrs. (271)
5 yrs. (222)
10 yrs. (144)

Distributions

Record/Ex dividend date 12/21/17
Payable date 12/26/17
Income $0.135
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.


Holdings

Top 10 holdings as of 06/30/18

Royal Dutch Shell 3.78%
Ing Groep Nv 3.41%
Siemens Ag 2.84%
Suncor Energy 2.36%
Sanofi 2.26%
Vinci 2.23%
Prudential 2.02%
Australia & New Zealand Banking Group 1.99%
Mitsubishi Corp 1.96%
Novartis Ag 1.81%
Top 10 holdings, percent of portfolio 24.66%

Full portfolio holdings as of 03/31/18

ING GROEP NV-CVA 3.91%
VINCI SA 2.23%
SANOFI 2.21%
SIEMENS AG 2.18%
PRUDENTIAL PLC 2.16%
ROYAL DUTCH SHELL PLC-A SHS 2.14%
SOCIETE GENERALE SA 2.03%
SUNCOR ENERGY INC 1.95%
AUST AND NZ BANKING GROUP 1.92%
NOVARTIS AG-REG 1.88%
MITSUBISHI CORP 1.84%
NISSAN MOTOR CO LTD 1.83%
SUMITOMO MITSUI FINANCIAL GR 1.83%
VODAFONE GROUP PLC 1.80%
AIA GROUP LTD 1.70%
ASTRAZENECA PLC 1.67%
SAMSUNG ELECTRONICS CO LTD 1.61%
AXA SA 1.60%
RIO TINTO PLC 1.57%
NIPPON TELEGRAPH & TELEPHONE 1.55%
KERRY GROUP PLC-A 1.34%
BAE SYSTEMS PLC 1.32%
CHUBB LTD 1.31%
VEOLIA ENVIRONNEMENT 1.26%
JAPAN AIRLINES CO LTD 1.24%
TOTAL SA 1.24%
ROYAL DUTCH SHELL PLC-B SHS 1.22%
INSURANCE AUSTRALIA GROUP LTD 1.21%
SHISEIDO CO LTD 1.21%
SCOR SE 1.16%
BAYER AG-REG 1.11%
ITOCHU CORP 1.11%
EURAZEO SA 1.10%
ALLIANZ SE-REG 1.07%
UNILEVER NV-CVA 1.06%
HOYA CORP 1.05%
FERGUSON PLC 1.04%
DANSKE BANK A/S 1.03%
SSE PLC 1.03%
ORIX CORP 1.02%
NATIXIS 1.01%
SPARK NEW ZEALAND LTD 0.99%
NOKIA OYJ 0.98%
IMPERIAL BRANDS PLC 0.96%
KONINKLIJKE AHOLD DELHAIZE N 0.96%
GLENCORE PLC 0.95%
JOHNSON CONTROLS INTERNATION 0.95%
TOSHIBA CORP 0.94%
SANWA HOLDINGS CORP 0.93%
TDK CORP 0.91%
DALATA HOTEL GROUP PLC 0.89%
MITSUI FUDOSAN CO LTD 0.89%
COM HEM HOLDING AB 0.88%
ENCANA CORP 0.88%
COMPAGNIE DE SAINT-GOBAIN 0.87%
VALEO SA 0.87%
DNB NOR ASA 0.83%
NSK LTD 0.82%
PANASONIC CORP 0.82%
FIAT CHRYSLER AUTOMOBILES NV 0.81%
MIZUHO FINANCIAL GROUP INC 0.81%
CRH PLC 0.80%
SCREEN HOLDINGS CO LTD 0.80%
BANK OF IRELAND GROUP PLC 0.79%
YAMAHA MOTOR CO LTD 0.77%
AENA SME SA 0.76%
KION GROUP AG 0.76%
UBS GROUP AG-REG 0.76%
BCE INC 0.75%
SEVEN & I HOLDINGS CO LTD 0.75%
SKANDINAVISKA ENSKILDA BAN-A 0.75%
CHALLENGER LTD 0.73%
TELECOM ITALIA-RSP 0.73%
SINO-AMERICAN SILICON PRODUC 0.72%
AKZO NOBEL 0.69%
HENKEL AG & CO KGAA VORZUG 0.66%
LAFARGEHOLCIM LTD-REG 0.63%
NINTENDO CO LTD 0.63%
THYSSENKRUPP AG 0.63%
CREDIT SUISSE GROUP AG-REG 0.62%
MAGNA INTERNATIONAL INC 0.58%
KDDI CORP 0.51%
HIBERNIA REIT PLC 0.49%
LANXESS AG 0.48%
VICINITY CENTRES 0.45%
LLOYDS BANKING GROUP PLC 0.42%
CHF/USD 06/20/2018 JPMCB 0.02%
KRW/USD 05/16/2018 JPMCB 0.01%
AUD/USD 04/18/2018 BANKAM 0.00%
AUD/USD 04/18/2018 CITI 0.00%
AUD/USD 04/18/2018 JPMCB 0.00%
AUD/USD 04/18/2018 SSBT 0.00%
AUD/USD 04/18/2018 UBS 0.00%
CAD/USD 04/18/2018 BANKAM 0.00%
CAD/USD 04/18/2018 BCAP-FX 0.00%
CAD/USD 04/18/2018 GSFX 0.00%
CAD/USD 04/18/2018 JPMCB 0.00%
CAD/USD 04/18/2018 SSBT 0.00%
CAD/USD 04/18/2018 UBS 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CNH/USD 05/16/2018 GSFX 0.00%
DKK/USD 06/20/2018 CITI 0.00%
EUR/USD 06/20/2018 BCAP-FX 0.00%
EUR/USD 06/20/2018 JPMCB 0.00%
EUR/USD 06/20/2018 SSBT 0.00%
GBP/USD 06/20/2018 BANKAM 0.00%
GBP/USD 06/20/2018 BCAP-FX 0.00%
GBP/USD 06/20/2018 CITI 0.00%
GBP/USD 06/20/2018 GSFX 0.00%
GBP/USD 06/20/2018 JPMCB 0.00%
GBP/USD 06/20/2018 SSBT 0.00%
HKD/USD 05/16/2018 BANKAM 0.00%
HKD/USD 05/16/2018 BCAP-FX 0.00%
ILS/USD 04/18/2018 SSBT 0.00%
JPY/USD 05/16/2018 BANKAM 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%
NOK/USD 06/20/2018 JPMCB 0.00%
NZD/USD 04/18/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 06/20/2018 JPMCB 0.00%
SGD/USD 05/16/2018 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
EUR/USD 06/20/2018 GSFX -0.01%
JPY/USD 05/16/2018 GSFX -0.01%

Prior top 10 holdings

Top 10 holdings as of 06/30/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Suncor Energy
Sanofi
Vinci
Prudential
Australia & New Zealand Banking Group
Mitsubishi Corp
Novartis Ag
Holdings represent 24.66% of portfolio
Top 10 holdings as of 05/31/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Suncor Energy
Vinci
Sanofi
Prudential
Australia New Zealand Banking Group
Mitsubishi Corp
Aia Group
Holdings represent 24.49% of portfolio
Top 10 holdings as of 04/30/18
Ing Groep Nv
Royal Dutch Shell
Vinci
Prudential
Sanofi
Siemens Ag
Suncor Energy
Societe Generale
Vodafone Group
Mitsubishi Corp
Holdings represent 24.18% of portfolio
Top 10 holdings as of 03/31/18
Ing Groep Nv
Royal Dutch Shell
Vinci
Sanofi
Siemens Ag
Prudential
Societe Generale
Suncor Energy
Australia New Zealand Banking Group
Novartis Ag
Holdings represent 23.83% of portfolio

Portfolio composition as of 06/30/18

Common stock 98.02%
Cash and net other assets 1.98%

Equity statistics as of 06/30/18

Median market cap $29.85B
Weighted average market cap $62.00B
Price to book 1.45
Price to earnings 11.17

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 06/30/18

Financials 29.44%
Industrials 17.19%
Energy 8.57%
Health care 8.22%
Telecommunication services 7.10%
Consumer staples 6.70%
Consumer discretionary 6.68%
Materials 4.66%
Information technology 4.50%
 
Other
6.94%
Utilities 3.04%
Cash and net other assets 1.98%
Real estate 1.92%

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 06/30/18

Japan 21.23%
United Kingdom 17.91%
France 14.62%
Germany 6.86%
Netherlands 5.48%
Canada 5.06%
Australia 4.84%
Ireland 4.52%
Switzerland 3.67%
 
Other
15.81%
United States 2.17%
Cash and net other assets 1.98%
Hong Kong 1.78%
Sweden 1.64%
South Korea 1.48%
Italy 1.39%
Denmark 1.08%
New Zealand 1.07%
Norway 0.87%
Finland 0.82%
Taiwan 0.81%
Spain 0.72%

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% 0.92% 1.11%
What you pay 1.36% 2.11% 2.11% 1.86% 1.61% 0.92% 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. 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% -- -- -- --

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.