Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. The fund seeks capital appreciation.
Strategy. The fund invests mainly in common stocks (growth or value stocks or both) of large and midsize companies outside the United States that the Investment Manager, as defined below, believe 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. Under normal circumstances, the fund invests at least 80% of its net assets in equity investments. This policy may be changed only after 60 days notice to shareholders. 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 … The fund invests mainly in common stocks (growth or value stocks or both) of large and midsize companies outside the United States that the Investment Manager, as defined below, believe 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. Under normal circumstances, the fund invests at least 80% of its net assets in equity investments. This policy may be changed only after 60 days notice to shareholders. 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 the Investment Manager 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 Investment Manager typically uses foreign currency forward contracts in connection with the funds investments in foreign securities in order to hedge the funds currency exposure relative to the MSCI EAFE Index-NR.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ASTRAZENECA PLC | — | $31.81M | 3.34% |
| BRITISH AMERICAN TOBACCO PLC | — | $29.44M | 3.09% |
| GLENCORE PLC | — | $29.00M | 3.04% |
| ASML Holding NV | — | $28.98M | 3.04% |
| Putnam Short Term Investment Fund, Class P | — | $27.89M | 2.92% |
| ROCHE HOLDING AG | — | $27.03M | 2.83% |
| IBERDROLA SA | — | $26.56M | 2.78% |
| HOYA CORP | — | $26.56M | 2.78% |
| SAFRAN SA | — | $25.04M | 2.63% |
| BHP GROUP LTD | — | $21.81M | 2.29% |
Portfolio moves
Dec 31, 2025 → Mar 31, 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 International Equity Fund | 99% | 0.83% |
| Putnam International Stock ETF | 40% | 0.55% |
| ELFUN INTERNATIONAL EQUITY FUND · EGLBX | 32% | 0.38% |
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 October 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 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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