Always Inspired. Always Active.

International Growth Fund (Class A)  (PINOX)

Harnessing the potential of international growth companies since 1995

Highlights

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • International growth: The fund invests in international companies that the manager believes have sustainable above-average earnings growth.
  • Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that may be emerging industry leaders.
  • A rigorous process: The fund follows a disciplined investment process with fundamental stock selection supported by quantitative tools and macroeconomic analysis.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $21.69
0.18% | $0.04
$23.72
07/25/18
$18.03
12/24/18
Historical fund price

Fund facts as of 05/31/19

Total net assets
$253.22M
Turnover (fiscal year end)
96%
Dividend frequency
Annually
Number of holdings
79
Fiscal year-end
September
CUSIP / Fund code
746802206 / 0045
Inception date
01/03/95
Category
Growth
Open to new investors
Ticker
PINOX

Management team

Portfolio Manager



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 -10.41% 6.22% 1.48% 8.93%
After sales charge -15.56% 4.15% 0.28% 8.28%
MSCI EAFE Growth Index (ND) -1.07%7.61%3.93%9.74%

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 05/31/19 -4.29% -9.79%
YTD as of 06/24/19 16.18% 9.50%

Risk-adjusted performance as of 05/31/19

Alpha (3 yrs.) -1.79
Sharpe ratio (3 yrs.) 0.33
Treynor ratio (3 yrs.) 3.86
Information ratio (3 yrs.) -0.34

Volatility as of 05/31/19

Standard deviation (3 yrs.) 12.70%
Beta 1.09
R-squared 0.91

Capture ratio as of 05/31/19

Up-market (3 yrs.) 98.87
Down-market (3 yrs.) 108.21

Lipper rankings as of 05/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 440/486 91%
3 yrs. 235/429 55%
5 yrs. 255/360 71%
10 yrs. 140/289 49%
Lipper category: International Multi-Cap Growth

Morningstar Ratings as of 05/31/19

Time period Funds in category Morningstar Rating
Overall 398
3 yrs. 398
5 yrs. 339
10 yrs. 251
Morningstar category: Foreign Large Growth

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 05/31/19

Unilever Nv 4.18%
Airbus 2.68%
Astrazeneca 2.27%
Visa 2.25%
Prudential 2.23%
Aia Group 2.11%
Heineken Nv 2.11%
Diageo 2.10%
Hdfc Bank 2.08%
Adidas AG 2.03%
Top 10 holdings, percent of portfolio 24.04%

Full portfolio holdings as of 03/31/19

UNILEVER NV-CVA 3.85%
AIRBUS SE 2.64%
AIA GROUP LTD 2.52%
PERNOD RICARD SA 2.36%
VISA INC-CLASS A SHARES 2.36%
ASTRAZENECA PLC 2.32%
PRUDENTIAL PLC 2.14%
DALATA HOTEL GROUP PLC 2.04%
HEINEKEN NV 2.03%
QBE INSURANCE GROUP LTD 2.01%
ADIDAS AG 1.98%
COMPASS GROUP PLC 1.97%
PALTAC CORPORATION 1.95%
HDFC BANK LIMITED 1.91%
RHEINMETALL AG 1.90%
ORPEA 1.85%
ASAHI GROUP HOLDINGS LTD 1.80%
CONSTELLATION SOFTWARE INC 1.72%
TENCENT HOLDINGS LTD 1.72%
ASHTEAD GROUP PLC 1.71%
ASML HOLDING NV 1.68%
NOVARTIS AG-REG 1.54%
NXP SEMICONDUCTORS NV 1.53%
NOVOZYMES A/S-B SHARES 1.47%
MERCK & CO. INC. 1.44%
TALEND SA - ADR 1.39%
FU SHOU YUAN INTERNATIONAL 1.30%
QUILTER PLC 1.30%
SOFTBANK GROUP CORP 1.27%
KERRY GROUP PLC-A 1.26%
ALLIANCE GLOBAL GROUP INC 1.25%
DINO POLSKA SA 1.25%
RAI WAY SPA 1.25%
RELIANCE INDUSTRIES LTD 1.21%
CLINIGEN GROUP PLC 1.19%
ALPHABET INC-CL A 1.14%
ASSA ABLOY AB-B 1.13%
OCI NV 1.11%
CHINA WATER AFFAIRS GROUP 1.09%
DAIHO CORP 1.08%
FREEPORT-MCMORAN INC 1.07%
SINO-AMERICAN SILICON PRODUC 1.05%
HOYA CORP 1.04%
CAIRN ENERGY PLC 1.01%
DEUTSCHE BOERSE AG 1.01%
LOGAN PROPERTY HOLDINGS CO L 1.00%
KH NEOCHEM CO LTD 0.97%
BANK TABUNGAN PENSIUNAN NASI 0.95%
CREDICORP LTD 0.95%
GRIEG SEAFOOD ASA 0.94%
RIO TINTO LTD 0.94%
KERING 0.93%
AUSTRALIAN DOLLAR ACCOUNT 0.92%
COCA-COLA HBC AG-DI 0.91%
DISCOVERY INC - A 0.91%
PIRELLI & C SPA 0.91%
TCI CO LTD 0.91%
OUTSOURCING INC 0.88%
ATACADAO DISTRIBUICAO COMERC 0.87%
JARIR MARKETING CO 144A/REGS WARRANT 02/04/2020 0.86%
DOMINO'S PIZZA GROUP PLC 0.84%
SARAS SPA 0.82%
OPEN HOUSE CO LTD 0.81%
UNIVERSAL ENTERTAINMENT CORP 0.81%
AIR CANADA 0.78%
SCREEN HOLDINGS CO LTD 0.76%
SOCIETE GENERALE SA 0.76%
MELCO INTERNATIONAL DEVELOP. 0.71%
CHENIERE ENERGY INC 0.70%
KOMATSU LTD 0.68%
DART GROUP PLC 0.63%
MORPHOSYS AG 0.60%
SIEMENS AG 0.60%
ENCANA CORP 0.58%
SWISS FRANC CALL ACCOUNT 0.51%
SAMSUNG ELECTRONICS CO LTD 0.50%
SONY CORP 0.45%
KEI INDUSTRIES LTD 0.33%
MATAHARI DEPARTMENT STORE TB 0.31%
POUND STERLING CALL ACCOUNT 0.31%
GRUPO FINANCIERO GALICIA-ADR 0.29%
INDIAN RUPEE CALL ACCOUNT 0.21%
CLEAN TEQ HOLDINGS LTD 0.20%
ORION ENGINEERED CARBONS SA 0.17%
CHF/USD 06/19/2019 BCAP-FX 0.05%
TAIWAN DOLLAR CALL ACCOUNT 0.04%
CHF/USD 06/19/2019 JPMCB 0.03%
GLOBAL FASHION GRP P/P 0.03%
JPY/USD 05/15/2019 CITI 0.01%
JPY/USD 05/15/2019 GSFX 0.01%
JPY/USD 05/15/2019 JPMCB 0.01%
JPY/USD 05/15/2019 SSBT 0.01%
AUD/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%
CNH/USD 05/15/2019 HSBCB 0.00%
EGYPTIAN POUND CALL ACCOUNT 0.00%
EUR/USD 06/19/2019 CITI 0.00%
EUR/USD 06/19/2019 GSFX 0.00%
GBP/USD 06/19/2019 BANKAM 0.00%
GBP/USD 06/19/2019 BCAP-FX 0.00%
GBP/USD 06/19/2019 JPMCB 0.00%
GBP/USD 06/19/2019 SSBT 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 05/15/2019 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 04/17/2019 SSBT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
KRW/USD 05/15/2019 JPMCB 0.00%
MXN/USD 04/17/2019 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NOK/USD 06/19/2019 JPMCB 0.00%
NZD/USD 04/17/2019 JPMCB 0.00%
PLN/USD 06/19/2019 BCAP-FX 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%
DKK/USD 06/19/2019 CITI -0.01%
EUR/USD 06/19/2019 HSBCB -0.01%
CANADIAN DOLLAR ACCOUNT -0.23%
JAPANESE YEN CALL ACCOUNT -0.68%

Prior top 10 holdings

Top 10 holdings as of 05/31/19
Unilever Nv
Airbus
Astrazeneca
Visa
Prudential
Aia Group
Heineken Nv
Diageo
Hdfc Bank
Adidas AG
Holdings represent 24.04% of portfolio
Top 10 holdings as of 04/30/19
Unilever Nv
Airbus
Prudential
Pernod Ricard
Aia Group
Visa
Astrazeneca
Rheinmetall Ag
Qbe Insurance Group
Heineken Nv
Holdings represent 23.89% of portfolio
Top 10 holdings as of 03/31/19
Unilever Nv
Airbus
Aia Group
Visa
Pernod Ricard
Prudential
Dalata Hotel Group
Heineken Nv
Qbe Insurance Group
Astrazeneca
Holdings represent 23.98% of portfolio
Top 10 holdings as of 02/28/19
Unilever Nv
Airbus
Aia Group
Pernod Ricard
Visa
Hoya Corp
Adidas AG
Dalata Hotel Group
Prudential
Astrazeneca
Holdings represent 23.83% of portfolio

Portfolio composition as of 05/31/19

Common stock 97.03%
Cash and net other assets 2.97%

Equity statistics as of 05/31/19

Median market cap $10.68B
Weighted average market cap $60.65B
Price to book 2.73
Price to earnings 14.85

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. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style 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. 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 05/31/19

Consumer staples 18.57%
Consumer discretionary 14.51%
Financials 13.72%
Industrials 12.60%
Information technology 10.87%
Health care 10.51%
Communication services 6.20%
Materials 4.44%
Energy 3.55%
 
Other
5.03%
Cash and net other assets 2.97%
Utilities 1.04%
Real estate 1.02%

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 05/31/19

United Kingdom 14.75%
Japan 12.30%
Netherlands 9.55%
United States 8.45%
Germany 5.57%
France 5.56%
Canada 4.25%
China 3.84%
Ireland 3.39%
 
Other
32.34%
India 3.31%
Cash and net other assets 2.97%
Australia 2.93%
Hong Kong 2.76%
Switzerland 2.56%
Taiwan 2.35%
Italy 2.13%
Indonesia 2.09%
Brazil 1.65%
Denmark 1.57%
Poland 1.35%
Philippines 1.27%
Norway 1.26%
Sweden 1.20%
Saudi Arabia 0.96%
Peru 0.94%
Russia 0.70%
Argentina 0.31%
Luxembourg 0.03%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.51% 2.26% 2.26% 2.01% 1.76% 1.08% 1.26%
What you pay† 1.40% 2.15% 2.15% 1.90% 1.65% 0.97% 1.15%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 01/30/20

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 Growth Index is an unmanaged index that measures the performance of equity securities in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth 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. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style 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. 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.