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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 $10.19
-1.26% | $-0.13
$12.30
05/23/18
$9.28
12/24/18
Historical fund price

Fund facts as of 04/30/19

Total net assets
$129.03M
Turnover (fiscal year end)
15%
Dividend frequency
Annually
Number of holdings
81
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


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.
Value opportunities gain traction in turmoil
Beneath dire headlines about plunging markets, we are seeing value opportunities assert themselves.

Performance

  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

Annualized Total return (%) as of 03/31/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -10.21% 4.30% -0.24% 7.48%
After sales charge -15.37% 2.26% -1.42% 6.85%
MSCI EAFE Value Index (ND) -6.03%6.90%0.67%8.12%

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 04/30/19 3.48% -2.47%
YTD as of 05/23/19 6.26% 0.15%

Risk-adjusted performance as of 04/30/19

Alpha (3 yrs.) -0.99
Sharpe ratio (3 yrs.) 0.36
Treynor ratio (3 yrs.) 4.07
Information ratio (3 yrs.) -0.41

Volatility as of 04/30/19

Standard deviation (3 yrs.) 10.52%
Beta 0.92
R-squared 0.90

Capture ratio as of 04/30/19

Up-market (3 yrs.) 89.07
Down-market (3 yrs.) 94.41

Lipper rankings as of 04/30/19

Time period Rank/Funds in category Percentile ranking
1 yr. 23/36 63%
3 yrs. 14/30 46%
5 yrs. 10/29 34%
10 yrs. 8/25 31%
Lipper category: International Large-Cap Value

Morningstar Ratings as of 04/30/19

Time period Funds in category Morningstar Rating
Overall 288
3 yrs. 288
5 yrs. 235
10 yrs. 156
Morningstar category: Foreign Large Value

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

Top 10 holdings as of 04/30/19

Royal Dutch Shell 4.09%
Ing Groep Nv 3.60%
Sanofi 2.91%
Vinci 2.79%
Aia Group 2.47%
Prudential 2.38%
Novartis Ag 2.32%
Mitsubishi Corp 2.30%
Suncor Energy 2.27%
Astrazeneca 2.21%
Top 10 holdings, percent of portfolio 27.34%

Full portfolio holdings as of 03/31/19

ING GROEP NV-CVA 3.50%
SANOFI 3.03%
NOVARTIS AG-REG 2.80%
VINCI SA 2.75%
ROYAL DUTCH SHELL PLC-A SHS 2.63%
AIA GROUP LTD 2.47%
ASTRAZENECA PLC 2.43%
MITSUBISHI CORP 2.39%
SUNCOR ENERGY INC 2.29%
RIO TINTO PLC 2.25%
PRUDENTIAL PLC 2.16%
AUST AND NZ BANKING GROUP 2.15%
AXA SA 1.89%
SIEMENS AG 1.88%
SUMITOMO MITSUI FINANCIAL GR 1.88%
NIPPON TELEGRAPH & TELEPHONE 1.78%
SAMSUNG ELECTRONICS CO LTD 1.69%
CHUBB LTD 1.68%
VEOLIA ENVIRONNEMENT 1.63%
KERRY GROUP PLC-A 1.61%
TOTAL SA 1.51%
ROYAL DUTCH SHELL PLC-B SHS 1.50%
VODAFONE GROUP PLC 1.49%
UNILEVER NV-CVA 1.36%
KONINKLIJKE AHOLD DELHAIZE N 1.35%
SOCIETE GENERALE SA 1.35%
ALLIANZ SE-REG 1.34%
JAPAN AIRLINES CO LTD 1.34%
ITOCHU CORP 1.29%
BAE SYSTEMS PLC 1.27%
QUILTER PLC 1.22%
IMPERIAL BRANDS PLC 1.20%
EURAZEO SE 1.17%
SSE PLC 1.11%
SANWA HOLDINGS CORP 1.09%
QBE INSURANCE GROUP LTD 1.08%
FERGUSON PLC 1.04%
ORIX CORP 1.03%
DNB NOR ASA 1.00%
GLENCORE PLC 1.00%
BCE INC 0.99%
DALATA HOTEL GROUP PLC 0.98%
TELE2 AB-B SHS 0.98%
CRH PLC 0.93%
MAGNA INTERNATIONAL INC 0.90%
AENA SME SA 0.87%
MIZUHO FINANCIAL GROUP INC 0.87%
DBS GROUP HOLDINGS LTD 0.86%
FORTUM OYJ 0.86%
NATIXIS 0.84%
SEVEN & I HOLDINGS CO LTD 0.84%
ASHTEAD GROUP PLC 0.83%
HOYA CORP 0.83%
SONY CORP 0.82%
SKANDINAVISKA ENSKILDA BAN-A 0.79%
SCREEN HOLDINGS CO LTD 0.77%
COMPAGNIE DE SAINT-GOBAIN 0.76%
SHISEIDO CO LTD 0.75%
ENCANA CORP 0.74%
LAFARGEHOLCIM LTD-REG 0.74%
NSK LTD 0.74%
BANK OF IRELAND GROUP PLC 0.69%
UBS GROUP AG-REG 0.66%
YAMAHA MOTOR CO LTD 0.66%
PANASONIC CORP 0.65%
TELECOM ITALIA-RSP 0.65%
SIG COMBIBLOC GROUP AG 0.64%
TELSTRA CORP LTD 0.61%
KYOCERA CORP 0.57%
CREDIT SUISSE GROUP AG-REG 0.56%
KDDI CORP 0.56%
KION GROUP AG 0.56%
SINO-AMERICAN SILICON PRODUC 0.54%
NISSAN MOTOR CO LTD 0.51%
NINTENDO CO LTD 0.50%
LLOYDS BANKING GROUP PLC 0.49%
CAIXABANK SA 0.40%
BORAL LTD 0.38%
SWEDISH KRONA CALL ACCOUNT 0.24%
SCOR SE 0.11%
VICINITY CENTRES 0.10%
CHF/USD 06/19/2019 JPMCB 0.03%
JPY/USD 05/15/2019 GSFX 0.02%
JPY/USD 05/15/2019 JPMCB 0.02%
TAIWAN DOLLAR CALL ACCOUNT 0.02%
CAD/USD 04/17/2019 BANKAM 0.01%
EUR/USD 06/19/2019 HSBCB 0.01%
AUD/USD 04/17/2019 BANKAM 0.00%
AUD/USD 04/17/2019 BCAP-FX 0.00%
AUD/USD 04/17/2019 HSBCB 0.00%
AUD/USD 04/17/2019 JPMCB 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 04/17/2019 BCAP-FX 0.00%
CAD/USD 04/17/2019 CITI 0.00%
CAD/USD 04/17/2019 JPMCB 0.00%
CAD/USD 04/17/2019 SSBT 0.00%
CAD/USD 04/17/2019 UBS 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CNH/USD 05/15/2019 HSBCB 0.00%
DKK/USD 06/19/2019 CITI 0.00%
EUR/USD 06/19/2019 BANKAM 0.00%
GBP/USD 06/19/2019 BCAP-FX 0.00%
GBP/USD 06/19/2019 JPMCB 0.00%
HKD/USD 05/15/2019 BCAP-FX 0.00%
ILS/USD 04/17/2019 SSBT 0.00%
JPY/USD 05/15/2019 BANKAM 0.00%
KOREAN WON CALL ACCOUNT 0.00%
KRW/USD 05/15/2019 JPMCB 0.00%
NOK/USD 06/19/2019 JPMCB 0.00%
NZD/USD 04/17/2019 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 06/19/2019 JPMCB 0.00%
SGD/USD 05/15/2019 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
TWD/USD 05/15/2019 GSFX 0.00%
EUR/USD 06/19/2019 CITI -0.01%
CHF/USD 06/19/2019 BCAP-FX -0.03%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
Royal Dutch Shell
Ing Groep Nv
Sanofi
Vinci
Aia Group
Prudential
Novartis Ag
Mitsubishi Corp
Suncor Energy
Astrazeneca
Holdings represent 27.34% of portfolio
Top 10 holdings as of 03/31/19
Royal Dutch Shell
Ing Groep Nv
Sanofi
Novartis Ag
Vinci
Aia Group
Astrazeneca
Mitsubishi Corp
Suncor Energy
Rio Tinto
Holdings represent 28.04% of portfolio
Top 10 holdings as of 02/28/19
Royal Dutch Shell
Ing Groep Nv
Sanofi
Vinci
Novartis Ag
Aia Group
Astrazeneca
Suncor Energy
Mitsubishi Corp
Australia New Zealand Banking Group
Holdings represent 27.88% of portfolio
Top 10 holdings as of 01/31/19
Royal Dutch Shell
Ing Groep Nv
Sanofi
Novartis Ag
Mitsubishi Corp
Vinci
Suncor Energy
Aia Group
Astrazeneca
Rio Tinto
Holdings represent 26.90% of portfolio

Portfolio composition as of 04/30/19

Common stock 97.76%
Cash and net other assets 2.24%

Equity statistics as of 04/30/19

Median market cap $28.46B
Weighted average market cap $64.15B
Price to book 1.33
Price to earnings 11.37

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 04/30/19

Financials 31.12%
Industrials 17.25%
Health care 8.62%
Energy 8.53%
Communication services 7.45%
Consumer staples 6.80%
Materials 5.87%
Consumer discretionary 4.75%
Information technology 3.67%
 
Other
5.94%
Utilities 3.60%
Cash and net other assets 2.24%
Real estate 0.10%

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 04/30/19

United Kingdom 20.45%
Japan 19.96%
France 15.29%
Netherlands 6.17%
Switzerland 5.34%
Canada 4.94%
Australia 4.36%
Ireland 4.24%
Germany 4.17%
 
Other
15.08%
Hong Kong 2.47%
Cash and net other assets 2.24%
Sweden 1.81%
United States 1.70%
South Korea 1.65%
Spain 1.28%
Norway 1.02%
Singapore 0.94%
Finland 0.87%
Italy 0.58%
Taiwan 0.52%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.38% 2.13% 2.13% 1.88% 1.63% 0.93% 1.13%
What you pay 1.38% 2.13% 2.13% 1.88% 1.63% 0.93% 1.13%

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: 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.