Investment objective & strategy
As of Dec. 23, 2025 · prospectusObjective. The fund seeks long-term capital appreciation.
Strategy. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days notice to shareholders. As of October 31, 2025, the capitalization range for companies in the S&P Developed Ex-U.S. SmallCap Index was $63.4 million and $39.4 billion. The fund invests mainly in common stocks (growth or value, or both) of companies outside of the United States that the Investment Manager believes have favorable investment potential. For example, the fund may purchase stocks of companies with stock prices that reflect a value lower than that … Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days notice to shareholders. As of October 31, 2025, the capitalization range for companies in the S&P Developed Ex-U.S. SmallCap Index was $63.4 million and $39.4 billion. The fund invests mainly in common stocks (growth or value, or both) of companies outside of the United States that the Investment Manager believes have favorable investment potential. For example, the fund may purchase stocks of companies with stock prices that reflect a value lower than that which the Investment Manager places on the company. The Investment Manager may consider, among other factors, a companys valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. The Investment Manager may also consider other factors that it believes will cause the stock price to rise. The fund invests mainly in developed countries, but may invest in emerging markets. The fund may also use derivatives such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, the fund typically uses foreign currency forward contracts in connection with its investments in foreign securities in order to hedge the funds currency exposure relative to the funds benchmark index.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Cash Collateral Pool LLC | — | $14.40M | 3.94% |
| INTERNATIONAL PE | — | $9.79M | 2.68% |
| BERKELEY GROUP | — | $9.56M | 2.62% |
| JENOPTIK AG | — | $9.34M | 2.56% |
| JAPAN MATERIAL | — | $9.33M | 2.55% |
| COGECO COMMUNICA | — | $8.95M | 2.45% |
| SPIE SA | — | $8.62M | 2.36% |
| AALBERTS NV COMMON STOCK | AALB | $8.44M | 2.31% |
| NOF CORP | 4403 | $8.44M | 2.31% |
| BELLWAY PLC | — | $8.37M | 2.29% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Putnam VT Focused International Equity Fund | 28% | 0.80% |
| Putnam Focused International Equity Fund · PEQUX, PEQBX, PUGCX, PGLRX, PEQYX | 27% | 0.78% |
| Eaton Vance International Small-Cap Fund · EILAX, EILIX | 11% | 1.09% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Sub-adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Adviser |
| The Putnam Advisory Company, LLC | Sub-adviser |
Footnotes
- Expense ratio as of December 23, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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