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 4.00% and 3.25% for income funds (2.25% for class A of 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, 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, 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). Performance for class A, C, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such 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 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.
Active Equities
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 |
$11.43
0.88% | $0.10 |
$11.43
12/13/19 |
$9.28
12/24/18 |
Fund facts as of 11/30/19
$125.20M
10%
Annually
83
June
746763200 / 0051
08/01/96
Value
PNGAX
Literature
Fund documents |
Prospectuses/SAI |
Fact Sheet (R6 share) (PDF) |
Fact Sheet (Y share) (PDF) |
Annual Fund Report (PDF) |
Semiannual Fund Report (PDF) |
October stock market volatility may signal a shift
Recent stock market volatility reflects a process of pricing in the fact that the global growth outlook has diverged.Performance
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
---|---|---|---|---|
Before sales charge | -4.99% | 3.78% | 0.83% | 3.40% |
After sales charge | -10.45% | 1.75% | -0.36% | 2.79% |
MSCI EAFE Value Index (ND) | -4.92% | 5.10% | 0.99% | 3.23% |
Performance snapshot
Before sales charge | After sales charge | ||
---|---|---|---|
1 mt. as of 11/30/19 | 1.18% | -4.64% | |
YTD as of 12/13/19 | 19.19% | 12.33% | |
Risk-adjusted performance as of 10/31/19
Alpha (3 yrs.) | -0.23 |
---|---|
Sharpe ratio (3 yrs.) | 0.37 |
Treynor ratio (3 yrs.) | 4.49 |
Information ratio (3 yrs.) | -0.16 |
Volatility as of 10/31/19
Standard deviation (3 yrs.) | 11.51% |
---|---|
Beta | 0.94 |
R-squared | 0.93 |
Capture ratio as of 10/31/19
Up-market (3 yrs.) | 94.72 |
---|---|
Down-market (3 yrs.) | 95.75 |
Lipper rankings as of 10/31/19
Time period | Rank/Funds in category | Percentile ranking |
---|---|---|
1 yr. | 6/22 | 27% |
3 yrs. | 7/19 | 35% |
5 yrs. | 7/19 | 35% |
10 yrs. | 6/17 | 34% |
Morningstar Ratings™ as of 10/31/19
Time period | Funds in category | Morningstar Rating™ |
---|---|---|
Overall | 301 | |
3 yrs. | 301 | |
5 yrs. | 247 | |
10 yrs. | 163 |
Distributions
Record/Ex dividend date | 12/21/18 |
---|---|
Payable date | 12/26/18 |
Income | $0.222 |
Extra income | -- |
Short-term cap. gain | -- |
Long-term cap. gain | $0.194 |
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
Royal Dutch Shell | 3.77% |
---|---|
Novartis Ag | 3.52% |
Ing Groep Nv | 3.25% |
Vinci | 3.15% |
Astrazeneca | 2.49% |
Aia Group | 2.45% |
Vodafone Group | 2.34% |
Mitsubishi Corp | 2.16% |
Australia New Zealand Banking Group | 2.12% |
Suncor Energy | 2.09% |
Top 10 holdings, percent of portfolio | 27.34% |
Top 10 holdings as of 10/31/19 | |
---|---|
Royal Dutch Shell | |
Novartis Ag | |
Ing Groep Nv | |
Vinci | |
Astrazeneca | |
Aia Group | |
Vodafone Group | |
Mitsubishi Corp | |
Australia New Zealand Banking Group | |
Suncor Energy | |
Holdings represent 27.34% of portfolio |
Top 10 holdings as of 09/30/19 | |
---|---|
Royal Dutch Shell | |
Novartis Ag | |
Vinci | |
Ing Groep Nv | |
Aia Group | |
Astrazeneca | |
Vodafone Group | |
Australia New Zealand Banking Group | |
Suncor Energy | |
Sanofi | |
Holdings represent 27.96% of portfolio |
Top 10 holdings as of 08/31/19 | |
---|---|
Novartis Ag | |
Royal Dutch Shell | |
Vinci | |
Ing Groep Nv | |
Aia Group | |
Astrazeneca | |
Vodafone Group | |
Australia & New Zealand Banking Group | |
Mitsubishi Corp | |
Sunamerica Inc | |
Holdings represent 28.07% of portfolio |
Top 10 holdings as of 07/31/19 | |
---|---|
Royal Dutch Shell | |
Novartis Ag | |
Ing Groep Nv | |
Vinci | |
Aia Group | |
Mitsubishi Corp | |
Prudential | |
Astrazeneca | |
Australia New Zealand Banking Group | |
Vodafone Group | |
Holdings represent 28.32% of portfolio |
NOVARTIS AG-REG SEDOL 7103065 | 3.65% |
---|---|
VINCI SA SEDOL B1XH026 | 3.16% |
ING GROEP NV-CVA SEDOL 7154182 | 3.14% |
ROYAL DUTCH SHELL PLC-A SHS SEDOL B09CBL4 | 2.55% |
AIA GROUP LTD SEDOL B4TX8S1 | 2.43% |
ASTRAZENECA PLC SEDOL 0989529 | 2.38% |
VODAFONE GROUP PLC SEDOL BH4HKS3 | 2.38% |
AUST AND NZ BANKING GROUP SEDOL 6065586 | 2.32% |
SUNCOR ENERGY INC SEDOL B3NB1P2 | 2.31% |
SANOFI SEDOL 5671735 | 2.19% |
MITSUBISHI CORP SEDOL 6596785 | 2.18% |
NIPPON TELEGRAPH & TELEPHONE SEDOL 6641373 | 2.07% |
PRUDENTIAL PLC SEDOL 0709954 | 2.03% |
AXA SA SEDOL 7088429 | 1.99% |
SIEMENS AG SEDOL 5727973 | 1.94% |
VEOLIA ENVIRONNEMENT SEDOL 4031879 | 1.92% |
SUMITOMO MITSUI FINANCIAL GR SEDOL 6563024 | 1.91% |
SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 1.83% |
KERRY GROUP PLC-A SEDOL 4519579 | 1.75% |
ITOCHU CORP SEDOL 6467803 | 1.52% |
TOTAL SA SEDOL B15C557 | 1.47% |
BAE SYSTEMS PLC SEDOL 0263494 | 1.47% |
UNILEVER NV SEDOL B1527V7 | 1.46% |
ALLIANZ SE-REG SEDOL 5231485 | 1.45% |
ROYAL DUTCH SHELL PLC-B SHS SEDOL B03MM40 | 1.45% |
SIG COMBIBLOC GROUP AG SEDOL BD5GN60 | 1.39% |
ASAHI GROUP HOLDINGS LTD SEDOL 6054409 | 1.38% |
KONINKLIJKE AHOLD DELHAIZE N SEDOL BD0Q398 | 1.32% |
ANGLO AMER PLC SEDOL B1XZS82 | 1.28% |
EURAZEO SE SEDOL 7042395 | 1.27% |
FERGUSON PLC SEDOL BJVNSS4 | 1.24% |
MINEBEA CO LTD SEDOL 6642406 | 1.22% |
RIO TINTO PLC SEDOL 0718875 | 1.20% |
SONY CORP SEDOL 6821506 | 1.19% |
IMPERIAL BRANDS PLC SEDOL 0454492 | 1.17% |
SCREEN HOLDINGS CO LTD SEDOL 6251028 | 1.16% |
SSE PLC SEDOL 0790873 | 1.14% |
TELE2 AB-B SHS SEDOL B97C733 | 1.14% |
QANTAS AIRWAYS LTD SEDOL 6710347 | 1.13% |
BCE INC SEDOL B188TH2 | 1.12% |
QUILTER PLC SEDOL BDCXV26 | 1.11% |
ORIX CORP SEDOL 6661144 | 1.10% |
QBE INSURANCE GROUP LTD SEDOL 6715740 | 1.09% |
CRH PLC SEDOL 4182249 | 1.07% |
HOYA CORP SEDOL 6441506 | 1.06% |
FORTUM OYJ SEDOL 5579550 | 1.03% |
MAGNA INTERNATIONAL INC SEDOL 2554475 | 1.02% |
ASHTEAD GROUP PLC SEDOL 0053673 | 0.99% |
DNB NOR ASA SEDOL 4263304 | 0.99% |
AENA SME SA SEDOL BVRZ8L1 | 0.91% |
MIZUHO FINANCIAL GROUP INC SEDOL 6591014 | 0.90% |
SEVEN & I HOLDINGS CO LTD SEDOL B0FS5D6 | 0.88% |
DBS GROUP HOLDINGS LTD SEDOL 6175203 | 0.87% |
SHISEIDO CO LTD SEDOL 6805265 | 0.86% |
COMPAGNIE DE SAINT-GOBAIN SEDOL 7380482 | 0.85% |
DALATA HOTEL GROUP PLC SEDOL BJMZDW8 | 0.82% |
LAFARGEHOLCIM LTD-REG SEDOL 7110753 | 0.76% |
KDDI CORP SEDOL 6248990 | 0.71% |
NSK LTD SEDOL 6641544 | 0.69% |
SINO-AMERICAN SILICON PRODUC SEDOL 6335278 | 0.68% |
NATIXIS SEDOL B1HDJL2 | 0.67% |
NINTENDO CO LTD SEDOL 6639550 | 0.67% |
UBS GROUP AG-REG SEDOL BRJL176 | 0.65% |
YAMAHA MOTOR CO LTD SEDOL 6985264 | 0.63% |
TELSTRA CORP LTD SEDOL 6087289 | 0.63% |
PANASONIC CORP SEDOL 6572707 | 0.63% |
KYOCERA CORP SEDOL 6499260 | 0.62% |
CREDIT SUISSE GROUP AG-REG SEDOL 7171589 | 0.61% |
EQT AB SEDOL BJ7W9K4 | 0.58% |
KION GROUP AG SEDOL BB22L96 | 0.58% |
LLOYDS BANKING GROUP PLC SEDOL 0870612 | 0.56% |
ENCANA CORP SEDOL 2793193 | 0.49% |
BANK OF IRELAND GROUP PLC SEDOL BD1RP61 | 0.47% |
BORAL LTD SEDOL 6218670 | 0.40% |
CAIXABANK SA SEDOL B283W97 | 0.35% |
ALCON INC SEDOL BJT1GR5 | 0.35% |
SKANDINAVISKA ENSKILDA BAN-A SEDOL 4813345 | 0.23% |
NISSAN MOTOR CO LTD SEDOL 6642860 | 0.22% |
TREASURY BILL 00.0000 10/10/2019 | 0.13% |
SCOR SE SEDOL B1LB9P6 | 0.11% |
VICINITY CENTRES SEDOL BY7QXS7 | 0.10% |
CHF/USD 12/18/2019 BCAP-FX | 0.06% |
JAPAN AIRLINES CO LTD SEDOL B8BRV46 | 0.06% |
CAD/USD 10/16/2019 BANKAM | 0.02% |
TREASURY BILL 00.0000 11/14/2019 | 0.02% |
CAD/USD 10/16/2019 JPMCB | 0.02% |
JPY/USD 11/20/2019 SSBT | 0.01% |
ILS/USD 10/16/2019 SSBT | 0.01% |
CAD/USD 10/16/2019 UBS | 0.01% |
GBP/USD 12/18/2019 JPMCB | 0.00% |
CAD/USD 10/16/2019 SSBT | 0.00% |
NOK/USD 12/18/2019 JPMCB | 0.00% |
CAD/USD 10/16/2019 CITI | 0.00% |
CAD/USD 10/16/2019 HSBCB | 0.00% |
CNH/USD 11/20/2019 HSBCB | -0.00% |
DKK/USD 12/18/2019 CITI | -0.00% |
EUR/USD 12/18/2019 GSFX | -0.00% |
GBP/USD 12/18/2019 BCAP-FX | -0.00% |
HKD/USD 11/20/2019 BCAP-FX | -0.00% |
JPY/USD 11/20/2019 JPMCB | -0.00% |
SEK/USD 12/18/2019 SSBT | -0.00% |
SGD/USD 11/20/2019 JPMCB | -0.00% |
AUD/USD 10/16/2019 BCAP-FX | -0.01% |
KRW/USD 11/20/2019 JPMCB | -0.01% |
AUD/USD 10/16/2019 HSBCB | -0.01% |
JPY/USD 11/20/2019 GSFX | -0.02% |
AUD/USD 10/16/2019 JPMCB | -0.02% |
EUR/USD 12/18/2019 HSBCB | -0.02% |
NZD/USD 10/16/2019 JPMCB | -0.02% |
CHF/USD 12/18/2019 JPMCB | -0.03% |
AUD/USD 10/16/2019 BANKAM | -0.04% |
Portfolio composition as of 10/31/19
Common stock | 98.35% |
---|---|
Cash and net other assets | 1.65% |
Equity statistics as of 10/31/19
Median market cap | $28.68B |
---|---|
Weighted average market cap | $63.89B |
Price to book | 1.39 |
Price to earnings | 11.78 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Interest the fund receives might be taxable. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund’s investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. You can lose money by investing in the fund.
Top industry sectors as of 10/31/19
Financials | 26.81% |
---|---|
Industrials | 17.83% |
Health care | 9.56% |
Consumer staples | 8.21% |
Communication services | 7.98% |
Energy | 7.68% |
Materials | 5.93% |
Consumer discretionary | 4.58% |
Information technology | 4.56% |
Other | 6.86% |
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.
Country allocation as of 10/31/19
Japan | 21.97% |
---|---|
United Kingdom | 21.25% |
France | 13.37% |
Switzerland | 7.28% |
Netherlands | 5.88% |
Australia | 5.44% |
Canada | 4.55% |
Germany | 4.18% |
Ireland | 3.71% |
Other | 12.37% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
Total expense ratio | 1.33% | 2.08% | 2.08% | 1.58% | 0.88% | 1.08% |
What you pay | 1.33% | 2.08% | 2.08% | 1.58% | 0.88% | 1.08% |
Sales charge
Investment Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
$0-$49,999 | 5.75% | 0.00% | 0.00% | -- | -- | -- |
$50,000-$99,999 | 4.50% | 0.00% | 0.00% | -- | -- | -- |
$100,000-$249,999 | 3.50% | -- | 0.00% | -- | -- | -- |
$250,000-$499,999 | 2.50% | -- | 0.00% | -- | -- | -- |
$500,000-$999,999 | 2.00% | -- | 0.00% | -- | -- | -- |
$1M-$4M | 0.00% | -- | -- | -- | -- | -- |
$4M-$50M | 0.00% | -- | -- | -- | -- | -- |
$50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
Class A (sales for $1,000,000+) | Class B | Class C | Class 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: The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Interest the fund receives might be taxable. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund’s investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. You can lose money by investing in the fund.