International Value Fund (Class Y)  (PNGYX)

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 $11.77
1.38% | $0.16
$13.09
01/26/18
$11.26
09/07/18
Historical fund price

Fund facts as of 08/31/18

Total net assets
$150.61M
Turnover (fiscal year end)
15%
Dividend frequency
Annually
Number of holdings
83
Fiscal year-end
June
CUSIP / Fund code
746763614 / 1851
Inception date
10/02/00
Category
Value
Open to new investors
Ticker
PNGYX

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.

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 4.59% 3.72% 4.99% 1.37%
After sales charge N/A N/A N/A N/A
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 08/31/18 -3.42 % -
YTD as of 09/19/18 -4.84 % -

Risk-adjusted performance as of 08/31/18

Alpha (3 yrs.) 1.05
Sharpe ratio (3 yrs.) 0.43
Treynor ratio (3 yrs.) 5.68
Information ratio (3 yrs.) 0.06

Volatility as of 08/31/18

Standard deviation (3 yrs.) 10.81%
Beta 0.82
R-squared 0.89

Capture ratio as of 08/31/18

Up-market (3 yrs.) 87.54
Down-market (3 yrs.) 82.10

Lipper rankings as of 08/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 12/30 39%
3 yrs. 5/26 19%
5 yrs. 7/25 27%
10 yrs. 10/22 44%
Lipper category: International Large-Cap Value

Morningstar Ratings as of 08/31/18

Time period Funds in category Morningstar Rating
Overall 279
3 yrs. 279
5 yrs. 228
10 yrs. 147
Morningstar category: Foreign Large Value

Distributions

Record/Ex dividend date 12/21/17
Payable date 12/26/17
Income $0.167
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 08/31/18

Royal Dutch Shell 3.66%
Ing Groep Nv 3.36%
Siemens Ag 2.91%
Sanofi 2.51%
Suncor Energy 2.48%
Vinci 2.32%
Australia New Zealand Banking Group 2.10%
Mitsubishi Corp 2.09%
Prudential 2.07%
Novartis Ag 2.06%
Top 10 holdings, percent of portfolio 25.56%

Full portfolio holdings as of 06/30/18

ING GROEP NV-CVA 3.41%
SIEMENS AG 2.84%
ROYAL DUTCH SHELL PLC-A SHS 2.39%
SUNCOR ENERGY INC 2.36%
SANOFI 2.26%
VINCI SA 2.23%
PRUDENTIAL PLC 2.02%
AUST AND NZ BANKING GROUP 1.99%
MITSUBISHI CORP 1.96%
NOVARTIS AG-REG 1.81%
AIA GROUP LTD 1.78%
NISSAN MOTOR CO LTD 1.77%
RIO TINTO PLC 1.75%
ASTRAZENECA PLC 1.73%
SUMITOMO MITSUI FINANCIAL GR 1.72%
VODAFONE GROUP PLC 1.63%
SOCIETE GENERALE SA 1.61%
NIPPON TELEGRAPH & TELEPHONE 1.56%
AXA SA 1.51%
SAMSUNG ELECTRONICS CO LTD 1.48%
BAE SYSTEMS PLC 1.42%
KERRY GROUP PLC-A 1.42%
ROYAL DUTCH SHELL PLC-B SHS 1.40%
INSURANCE AUSTRALIA GROUP LTD 1.36%
TOTAL SA 1.36%
CHUBB LTD 1.25%
HOYA CORP 1.21%
BAYER AG-REG 1.20%
VEOLIA ENVIRONNEMENT 1.16%
JAPAN AIRLINES CO LTD 1.11%
FERGUSON PLC 1.09%
DANSKE BANK A/S 1.08%
SCOR SE 1.08%
ENCANA CORP 1.07%
IMPERIAL BRANDS PLC 1.07%
SPARK NEW ZEALAND LTD 1.07%
TDK CORP 1.07%
UNILEVER NV-CVA 1.07%
ITOCHU CORP 1.06%
SSE PLC 1.06%
ALLIANZ SE-REG 1.02%
CHALLENGER LTD 1.01%
TOSHIBA CORP 1.01%
KONINKLIJKE AHOLD DELHAIZE N 1.00%
QUILTER PLC 1.00%
DALATA HOTEL GROUP PLC 0.99%
EURAZEO SA 0.97%
GLENCORE PLC 0.94%
COM HEM HOLDING AB 0.93%
MITSUI FUDOSAN CO LTD 0.93%
ORIX CORP 0.93%
JOHNSON CONTROLS INTERNATION 0.92%
NATIXIS 0.91%
MAGNA INTERNATIONAL INC 0.88%
CRH PLC 0.87%
DNB NOR ASA 0.87%
FORTUM OYJ 0.82%
PANASONIC CORP 0.81%
SINO-AMERICAN SILICON PRODUC 0.81%
SANWA HOLDINGS CORP 0.80%
SEVEN & I HOLDINGS CO LTD 0.80%
FIAT CHRYSLER AUTOMOBILES NV 0.79%
MIZUHO FINANCIAL GROUP INC 0.78%
COMPAGNIE DE SAINT-GOBAIN 0.77%
VALEO SA 0.75%
BANK OF IRELAND GROUP PLC 0.74%
BCE INC 0.74%
AENA SME SA 0.72%
SKANDINAVISKA ENSKILDA BAN-A 0.71%
UBS GROUP AG-REG 0.69%
HENKEL AG & CO KGAA VORZUG 0.68%
YAMAHA MOTOR CO LTD 0.68%
SCREEN HOLDINGS CO LTD 0.66%
SHISEIDO CO LTD 0.66%
NSK LTD 0.65%
KION GROUP AG 0.61%
TELECOM ITALIA-RSP 0.60%
CREDIT SUISSE GROUP AG-REG 0.58%
LAFARGEHOLCIM LTD-REG 0.58%
KDDI CORP 0.57%
LANXESS AG 0.51%
HIBERNIA REIT PLC 0.50%
NINTENDO CO LTD 0.48%
VICINITY CENTRES 0.48%
LLOYDS BANKING GROUP PLC 0.40%
CHF/USD 09/19/2018 JPMCB 0.03%
GBP/USD 09/19/2018 BCAP-FX 0.03%
GBP/USD 09/19/2018 JPMCB 0.02%
AUD/USD 07/18/2018 BANKAM 0.01%
GBP/USD 09/19/2018 CITI 0.01%
JPY/USD 08/16/2018 GSFX 0.01%
JPY/USD 08/16/2018 JPMCB 0.01%
SGD/USD 08/16/2018 JPMCB 0.01%
AUD/USD 07/18/2018 JPMCB 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 07/18/2018 BCAP-FX 0.00%
CAD/USD 07/18/2018 CITI 0.00%
CAD/USD 07/18/2018 GSFX 0.00%
CAD/USD 07/18/2018 JPMCB 0.00%
CAD/USD 07/18/2018 SSBT 0.00%
CAD/USD 07/18/2018 UBS 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CNH/USD 08/16/2018 GSFX 0.00%
EUR/USD 09/19/2018 BANKAM 0.00%
EUR/USD 09/19/2018 WPAC 0.00%
GBP/USD 09/19/2018 BANKAM 0.00%
GBP/USD 09/19/2018 SSBT 0.00%
HKD/USD 08/16/2018 BANKAM 0.00%
HKD/USD 08/16/2018 BCAP-FX 0.00%
ILS/USD 07/18/2018 SSBT 0.00%
JPY/USD 08/16/2018 CITI 0.00%
JPY/USD 08/16/2018 SSBT 0.00%
NOK/USD 09/19/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 09/19/2018 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
CAD/USD 07/18/2018 BANKAM -0.01%
DKK/USD 09/19/2018 CITI -0.01%
EUR/USD 09/19/2018 GSFX -0.01%
EUR/USD 09/19/2018 JPMCB -0.01%
EUR/USD 09/19/2018 SSBT -0.01%
KRW/USD 08/16/2018 JPMCB -0.01%
NZD/USD 07/18/2018 JPMCB -0.01%
EUR/USD 09/19/2018 CITI -0.03%
JAPANESE YEN CALL ACCOUNT -0.23%

Prior top 10 holdings

Top 10 holdings as of 08/31/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Sanofi
Suncor Energy
Vinci
Australia New Zealand Banking Group
Mitsubishi Corp
Prudential
Novartis Ag
Holdings represent 25.56% of portfolio
Top 10 holdings as of 07/31/18
Royal Dutch Shell
Ing Groep Nv
Siemens Ag
Sanofi
Suncor Energy
Vinci
Prudential
Australia New Zealand Banking Group
Novartis Ag
Mitsubishi Corp
Holdings represent 25.46% of portfolio
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

Portfolio composition as of 08/31/18

Common stock 99.17%
Cash and net other assets 0.83%

Equity statistics as of 08/31/18

Median market cap $29.35B
Weighted average market cap $62.16B
Price to book 1.43
Price to earnings 11.06

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 08/31/18

Financials 30.26%
Industrials 17.91%
Health care 8.88%
Energy 8.73%
Telecommunication services 7.13%
Consumer staples 6.97%
Consumer discretionary 5.87%
Information technology 4.49%
Materials 3.87%
 
Other
5.89%
Utilities 3.10%
Real estate 1.96%
Cash and net other assets 0.83%

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 08/31/18

Japan 21.95%
United Kingdom 17.52%
France 14.63%
Germany 6.37%
Netherlands 5.57%
Canada 5.25%
Ireland 4.84%
Australia 4.51%
Switzerland 4.00%
 
Other
15.36%
United States 2.46%
Hong Kong 1.83%
Sweden 1.83%
South Korea 1.60%
Italy 1.26%
Denmark 1.21%
New Zealand 1.16%
Norway 0.94%
Finland 0.91%
Cash and net other assets 0.83%
Spain 0.73%
Taiwan 0.60%

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.