Non-U.S. Value Equity
Relative value approach
Seeks to buy underappreciated stocks we believe are priced attractively relative to their cash flows and poised for positive change
Focus on cash flows instead of earnings
Utilizes future cash flows to evaluate value creation and identify inconsistencies
Emphasis on risk-adjusted performance
Applies proprietary risk tools to maximize stock-specific return potential and minimize unintended factor risk in pursuit of consistent risk-adjusted returns
Strategy highlights
Inception date
August 31, 1996
Benchmark
MSCI EAFE Value Index (ND)
Total strategy assets†
$899.7M
(as of March 2024)
Investment vehicles
- Separate account
- U.S. mutual fund
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 March 31, 2024
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|---|---|---|
| Non-U.S. Value Equity (gross) | 5.04% | 5.08% | 5.08% | 17.37% | 8.20% | 10.26% | 5.58% |
| Non-U.S. Value Equity (net) | 4.97% | 4.88% | 4.88% | 16.47% | 7.37% | 9.41% | 4.72% |
| MSCI EAFE Value Index (ND) | 4.18% | 4.30% | 4.30% | 17.11% | 6.53% | 6.35% | 3.47% |
Calendar-year composite performance (%) as of March 31, 2024
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Non-U.S. Value Equity (gross) | 20.44% | -5.94% | 16.06% | 4.95% | 21.63% | -16.83% | 25.82% | 2.20% | -0.66% | -8.31% |
| Non-U.S. Value Equity (net) | 19.52% | -6.66% | 15.18% | 4.15% | 20.71% | -17.47% | 24.75% | 1.27% | -1.57% | -9.12% |
| MSCI EAFE Value Index (ND) | 18.95% | -5.58% | 10.89% | -2.63% | 16.09% | -14.78% | 21.44% | 5.02% | -5.68% | -5.39% |
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
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Strategy |
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Important disclosures
The Putnam Investments Non-U.S. Value Equity Composite (the “Composite”) seeks to capture revaluation opportunities combined with fundamental improvement by investing mainly in common stocks of large and midsized companies outside the U.S. The composite strategy seeks to benefit from undervalued international companies poised to experience positive change and provide broad exposure to established large-cap non-U.S. companies trading at a discount to their intrinsic value. This relative-value strategy focuses on companies that are believed to possess a catalyst for positive change. The Composite’s benchmark is the MSCI EAFE Value Index. The Composite includes all fully discretionary accounts managed by Putnam in this investment style. Leverage is not utilized in any account in this Composite. However, derivatives (including futures, exchange-traded or OTC options, and swaps) may be used in some portfolios for hedging or non-hedging purposes. The Composite creation date was May 24, 2000. The Composite inception date was August 31, 1996. The Composite was previously named International Value Equity.
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. Since July 1, 2011, the Composite’s benchmark is the MSCI EAFE Value Index. The MSCI EAFE Value Index is more representative of the types of securities generally held by the Composite. From April 1, 2005, to June 30, 2011, the Composite’s benchmark was the S&P Developed Ex-U.S. Large MidCap Value Index.
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.