International Capital Opportunities Fund (Class Y)  (PIVYX)

Harnessing the potential of international small and midsize companies since 1995

Highlights

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • Undiscovered stocks: The fund invests in small to midsize companies located outside the United States, which are frequently overlooked by Wall Street.
  • A flexible strategy: The fund managers take a core investment focus that seeks to minimize exposure to single factors, such as value or quality.
  • A disciplined process: The portfolio managers use a disciplined bottom-up fundamental investment process that seeks stocks with the potential for price and earnings momentum.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $40.33
0.15% | $0.06
$44.82
01/26/18
$39.51
08/15/17
Historical fund price

Fund facts as of 07/31/18

Total net assets
$429.46M
Turnover (fiscal year end)
103%
Dividend frequency
Annually
Number of holdings
64
Fiscal year-end
August
CUSIP / Fund code
746802495 / 1850
Inception date
02/01/00
Category
Blend
Open to new investors
Ticker
PIVYX

Management team

Portfolio Manager
Portfolio Manager, Analyst
Portfolio Manager, Analyst



Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

29.08%

Best 5-year annualized return

(for period ending 09/30/07)


-5.09%

Worst 5-year annualized return

(for period ending 06/30/12)


8.16%

Average 5-year annualized return


  • 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 12.24% 6.55% 6.33% 3.71%
After sales charge N/A N/A N/A N/A
S&P Developed Ex-U.S. SmallCap Index 11.43% 9.31% 10.80% 6.12%

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, 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 07/31/18 0.65 % -
YTD as of 08/14/18 -4.45 % -

Risk-adjusted performance as of 06/30/18

Alpha (3 yrs.) -2.18
Sharpe ratio (3 yrs.) 0.52
Treynor ratio (3 yrs.) 6.38
Information ratio (3 yrs.) -0.68

Volatility as of 06/30/18

Standard deviation (3 yrs.) 11.38%
Beta 0.93
R-squared 0.88

Capture ratio as of 06/30/18

Up-market (3 yrs.) 88.70
Down-market (3 yrs.) 102.14

Lipper rankings as of 06/30/18

Time period Rank/Funds in category Percentile ranking
1 yr. 4/66 6%
3 yrs. 31/51 60%
5 yrs. 33/42 77%
10 yrs. 21/27 75%
Lipper category: International Small/Mid-Cap Core

Morningstar Ratings as of 06/30/18

Time period Funds in category Morningstar Rating
Overall 53
3 yrs. 53
5 yrs. 41
10 yrs. 22
Morningstar category: Foreign Small/Mid Value

Distributions

Record/Ex dividend date 12/21/17
Payable date 12/26/17
Income $1.263
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

Paltac Corporation 3.64%
Kyudenko Corp 3.36%
Eurazeo 2.37%
Constellation Software Canada 2.30%
Dalata Hotel Group 2.19%
Diasorin Spa 2.18%
Sanwa Shutter 2.17%
Dart Group 2.16%
Mtu Aero Engines Ag 2.14%
Kennedy-Wilson Holdings 2.05%
Top 10 holdings, percent of portfolio 24.56%

Full portfolio holdings as of 06/30/18

PALTAC CORPORATION 3.64%
KYUDENKO CORP 3.36%
EURAZEO SA 2.37%
CONSTELLATION SOFTWARE INC 2.30%
DIASORIN SPA 2.18%
SANWA HOLDINGS CORP 2.17%
DART GROUP PLC 2.16%
MTU AERO ENGINES AG 2.14%
APPLUS SERVICES SA 2.05%
KENNEDY-WILSON HOLDINGS INC 2.05%
BRICKWORKS LIMITED 1.95%
CLINIGEN GROUP PLC 1.94%
DALATA HOTEL GROUP PLC 1.94%
KAWASAKI HEAVY INDUSTRIES 1.90%
CTCI CORP 1.88%
MODEC INC 1.83%
TELEPIZZA GROUP SA 1.83%
BERKELEY GROUP HOLDINGS/THE 1.82%
BANK OF IRELAND GROUP PLC 1.80%
GRUMA S.A.B.-B 1.78%
BRITVIC PLC 1.76%
ADMIRAL GROUP PLC 1.75%
FAIRFAX FINANCIAL HLDGS LTD 1.75%
CAIRN ENERGY PLC 1.70%
XIABUXIABU CATERING 1.66%
COMPUGROUP MEDICAL SE 1.65%
FAIRFAX MEDIA LTD 1.62%
DB INSURANCE CO LTD 1.60%
DISCOVERY INC-C 1.58%
EN-JAPAN INC 1.58%
MEGACABLE HOLDINGS-CPO 1.51%
SEVEN GENERATIONS ENERGY - A 1.51%
LIBERTY LATIN AMERIC-CL C 1.49%
RIGHTMOVE PLC 1.49%
DAIHO CORP 1.44%
REGIS RESOURCES LTD 1.40%
AMPLIFON SPA 1.39%
COGECO COMMUNICATIONS INC 1.38%
NCSOFT CORP 1.38%
FISCHER (GEORG)-REG 1.35%
MINERAL RESOURCES LTD 1.35%
EDELWEISS FINANCIAL SERVICES 1.33%
RHEINMETALL AG 1.32%
INTERXION HOLDING NV 1.29%
CHINA TRADITIONAL CHINESE ME 1.27%
UNIVERSAL ENTERTAINMENT CORP 1.22%
FUJI CORP/AICHI 1.19%
TECHNOPRO HOLDINGS INC 1.15%
NUVISTA ENERGY LTD 1.14%
SIEMENS HEALTH 1.14%
ATRESMEDIA CORP DE MEDIOS DE 1.07%
INVESTA OFFICE FUND 1.04%
SARANA MENARA NUSANTARA PT 0.94%
AIR CANADA 0.86%
MOTOR OIL (HELLAS) SA 0.86%
HYUNDAI MARINE 0.82%
HOME CAPITAL GROUP INC 0.78%
ASHTEAD GROUP PLC 0.76%
VIEWORKS CO LTD 0.68%
FOMENTO DE CONSTRUC Y CONTRA 0.64%
GENTERA SAB DE CV 0.64%
TOKYO SEIMITSU CO LTD 0.61%
SAFESTORE HOLDINGS PLC 0.59%
DOMAIN HOLDINGS AUSTRALIA LT 0.39%
MPC CONTAINER SHIPS AS 0.36%
POUND STERLING CALL ACCOUNT 0.35%
LSL PROPERTY SERVICES PLC 0.10%
CHF/USD 09/19/2018 BCAP-FX 0.03%
CHF/USD 09/19/2018 JPMCB 0.03%
DKK/USD 09/19/2018 CITI 0.02%
EUR/USD 09/19/2018 GSFX 0.02%
SEK/USD 09/19/2018 JPMCB 0.02%
GBP/USD 09/19/2018 BANKAM 0.01%
JPY/USD 08/16/2018 CITI 0.01%
SEK/USD 09/19/2018 CSI-FX 0.01%
SGD/USD 08/16/2018 JPMCB 0.01%
AFREN PLC 0.00%
AUD/USD 07/18/2018 GSFX 0.00%
AUD/USD 07/18/2018 JPMCB 0.00%
CAD/USD 07/18/2018 GSFX 0.00%
EUR/USD 09/19/2018 BANKAM 0.00%
GBP/USD 09/19/2018 BCAP-FX 0.00%
HKD/USD 08/16/2018 BANKAM 0.00%
HKD/USD 08/16/2018 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 07/18/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 08/16/2018 BANKAM 0.00%
JPY/USD 08/16/2018 BCAP-FX 0.00%
JPY/USD 08/16/2018 JPMCB 0.00%
JPY/USD 08/16/2018 SSBT 0.00%
NOK/USD 09/19/2018 CSI-FX 0.00%
NOK/USD 09/19/2018 JPMCB 0.00%
NZD/USD 07/18/2018 JPMCB 0.00%
AUD/USD 07/18/2018 BANKAM -0.01%
AUD/USD 07/18/2018 BCAP-FX -0.01%
CAD/USD 07/18/2018 SSBT -0.01%
AUSTRALIAN DOLLAR ACCOUNT -0.47%
THE EURO EUR CALL ACCOUNT -0.78%

Prior top 10 holdings

Top 10 holdings as of 06/30/18
Paltac Corporation
Kyudenko Corp
Eurazeo
Constellation Software Canada
Dalata Hotel Group
Diasorin Spa
Sanwa Shutter
Dart Group
Mtu Aero Engines Ag
Kennedy-Wilson Holdings
Holdings represent 24.56% of portfolio
Top 10 holdings as of 05/31/18
Paltac Corporation
Kyudenko Corp
Kennedy-Wilson Holdings
Eurazeo
Constellation Software Canada
Berkeley Group Holdings
Fairfax Financial Holdings
Dart Group
Diasorin Spa
Sanwa Shutter
Holdings represent 24.92% of portfolio
Top 10 holdings as of 04/30/18
Kyudenko Corp
Paltac Corporation
Dart Group
Sanwa Shutter
Eurazeo
Kennedy-Wilson Holdings
Berkeley Group Holdings
Acciona
Fairfax Financial Holdings
Diasorin Spa
Holdings represent 24.60% of portfolio
Top 10 holdings as of 03/31/18
Paltac Corporation
Kyudenko Corp
Dart Group
Eurazeo
Sanwa Shutter
Rheinmetall Ag
Kennedy-Wilson Holdings
Berkeley Group Holdings
Diasorin Spa
Dalata Hotel Group
Holdings represent 25.35% of portfolio

Portfolio composition as of 06/30/18

Common stock 98.45%
Cash and net other assets 1.55%

Equity statistics as of 06/30/18

Median market cap $2.70B
Weighted average market cap $4.77B
Price to book 1.95
Price to earnings 14.13

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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

Industrials 26.30%
Consumer discretionary 21.01%
Financials 12.84%
Health care 10.25%
Information technology 7.46%
Energy 7.04%
Materials 4.71%
Real estate 4.18%
Consumer staples 3.54%
 
Other
2.67%
Cash and net other assets 1.55%
Telecommunication services 0.94%
Utilities 0.18%

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 20.08%
United Kingdom 14.47%
Canada 9.72%
Australia 7.76%
Germany 6.26%
Spain 5.76%
South Korea 4.48%
Ireland 4.00%
Mexico 3.93%
 
Other
23.54%
United States 3.63%
Italy 3.56%
China 2.93%
France 2.37%
Taiwan 1.88%
Cash and net other assets 1.55%
Bermuda 1.49%
Switzerland 1.35%
India 1.33%
Netherlands 1.29%
Indonesia 0.94%
Greece 0.86%
Norway 0.36%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.29% 2.04% 2.04% 1.79% 1.54% 0.85% 1.04%
What you pay 1.29% 2.04% 2.04% 1.79% 1.54% 0.85% 1.04%

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 S&P Developed Ex-U.S. SmallCap Index is an unmanaged index of small-cap stocks from developed countries, excluding the United States. You cannot invest directly in an index.

Consider these risks before investing: Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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.