Non-U.S. Core Equity

The strategy seeks to outperform by building a portfolio on a 'Foundation of Quality'.*

Strategy highlights

Inception date

December 31, 1986

Benchmark

MSCI EAFE Index (ND)

Total strategy assets

$1.5B

(as of October 2022)

Investment vehicles

  • Separate account
  • Invests in established large and midsize companies in international markets that could benefit from global economic opportunities
  • A disciplined investment process incorporating fundamental stock selection as well as quantitative tools and techniques to select stocks and balance potential risk and reward
  • A flexible core strategy focused on investing in attractively priced securities with catalysts for value realization
  • Opportunistic investments in emerging markets

 

*No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her initial investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss.

Assets may include accounts that are not reflected in the composite.

Investment team

Performance

Annualized composite performance (%) as of October 31, 2022

  MTD QTD YTD 1 Year 3 Years 5 Years 10 Years
Non-U.S. Core Equity (gross) 4.77% 4.77% -22.90% -23.44% 0.42% 0.35% 5.11%
Non-U.S. Core Equity (net) 4.70% 4.70% -23.38% -24.01% -0.33% -0.40% 4.32%
MSCI EAFE Index (ND) 5.38% 5.38% -23.17% -23.00% -1.27% -0.09% 4.13%

Calendar-year composite performance (%) as of October 31, 2022

  2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Non-U.S. Core Equity (gross) 10.21% 13.07% 26.87% -18.43% 28.06% -1.41% 1.23% -5.73% 29.62% 23.32%
Non-U.S. Core Equity (net) 9.39% 12.23% 25.93% -19.03% 27.11% -2.14% 0.49% -6.44% 28.58% 22.33%
MSCI EAFE Index (ND) 11.26% 7.82% 22.01% -13.79% 25.03% 1.00% -0.81% -4.90% 22.78% 17.32%

Past performance is not a guarantee of future results. An investment in this strategy could lose value. Most recent month-end performance is preliminary. Returns are subject to change.

Periods less than one year are not annualized. Performance is stated in U.S. dollars and includes the reinvestment of dividends and interest.

Literature

Related topics

Equity Insights

Important disclosures

 

The Putnam Investments Non-U.S. Core Equity Composite (the “Composite”) seeks capital appreciation by investing in established large and midsize companies, mainly in developed markets to benefit from opportunities outside the United States. The strategy seeks to build a portfolio on a ‘Foundation of Quality’, using a flexible core strategy focused on investing in attractively priced securities with catalysts for value realization. Accounts in the composite utilize a disciplined investment process incorporating fundamental stock selection as well as quantitative tools and techniques to select stocks and balance potential risk and reward. The Composite’s benchmark is the MSCI EAFE Index. Leverage is not utilized in any account in this Composite. However, derivatives (including futures, options, forwards, and swaps) may be used for hedging and non-hedging purposes. The Composite comprises all fully discretionary accounts, including carve-outs, managed by Putnam Investments in this investment style. Carve-out assets included in the Composite are managed separately with their own cash. A “carve-out” is a portion of a portfolio that is by itself representative of a distinct investment strategy. It is used to create a track record for a narrower mandate from a multiple-strategy portfolio managed to a broader mandate. The Composite’s inception date was December 31, 1986. The Composite creation date was October 3, 2002. The Composite was previously named International Core Equity.

 

The MSCI EAFE Index is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia. The results of the MSCI EAFE Index for all periods shown are net of foreign withholding taxes, assuming the tax rate for a Luxembourg entity under the applicable tax treaties in effect during that period.

 

 

Gross performance includes the deduction of transaction costs but does not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net performance reflects the deduction of a model fee applied on a monthly basis, equal to the actual management fee incurred by a portfolio in the Composite or the highest management fee that would be charged to a prospect of the strategy, whichever is higher. The model fee may change over time. Actual advisory fees may vary among clients with the same investment strategy. The Composite includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the Composite's investment strategy. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and/or foreign-exchange sources from the Composite. The effect of those differences is generally deemed to be immaterial. The securities holdings of the Composite strategy may differ materially from those of the index used for comparative purposes.