Non-U.S. Value Equity

The strategy seeks to capture revaluation opportunities combined with fundamental improvement.*

Strategy highlights

Inception date

August 31, 1996

Benchmark

MSCI EAFE Value Index (ND)

Total strategy assets

$626.2M

(as of December 2021)

Investment vehicles

  • Separate account

  • We seek to buy underappreciated stocks that are priced attractively relative to their cash flows and poised for positive change.
  • Our relative value approach blends fundamental analysis and quantitative tools to form differentiated insights and provide pursue consistency in alpha generation.
  • The experienced team uses numerous proprietary risk tools to maximize stock-specific return potential and minimize unintended bets in pursuit of consistent risk-adjusted returns.

 

 

 

*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 December 31, 2021

  MTD QTD 1 Year 3 Years 5 Years 10 Years
Non-U.S. Value Equity (gross) 5.70% 1.45% 16.10% 14.01% 9.17% 8.15%
Non-U.S. Value Equity (net) 5.61% 1.22% 15.04% 12.97% 8.18% 7.18%
MSCI EAFE Value Index (ND) 5.96% 1.17% 10.89% 7.82% 5.34% 5.81%

Calendar-year composite performance (%) as of December 31, 2021

  2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Non-U.S. Value Equity (gross) 16.10% 4.95% 21.63% -16.83% 25.82% 2.20% -0.66% -8.31% 23.97% 22.26%
Non-U.S. Value Equity (net) 15.04% 3.99% 20.52% -17.59% 24.67% 1.27% -1.57% -9.12% 22.97% 21.28%
MSCI EAFE Value Index (ND) 10.89% -2.63% 16.09% -14.78% 21.44% 5.02% -5.68% -5.39% 22.95% 17.69%

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. 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.

Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the 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 may differ materially from those of the index used for comparative purposes. Composites and benchmarks include the reinvestment of dividends and other earnings. Indexes are unmanaged and do not incur expenses. You cannot invest directly in an index. Gross-of-fee returns do 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-of-fee returns are calculated using a model fee. For the applicable time periods, net-of-fees returns reflect either the deduction of the highest management fee that is paid by a portfolio in the Composite during the performance period, applied on a monthly basis, or the deduction of the highest applicable management fee in effect during the performance period that would be charged based on the fee schedule appropriate to this mandate, without the benefit of breakpoints, applied on a monthly basis, whichever is higher. Net-of-fee calculation methodology may change over time. Actual investment advisory fees incurred by clients are typically negotiated on an individual basis and may vary depending upon, among other things, the applicable fee schedule and portfolio size. Our standard fee schedules are available upon request.