Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. The fund seeks capital growth.
Strategy. The fund invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those that the Investment Manager, as defined below, believe are currently undervalued by the market. If the Investment Manager is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. The fund invests mainly in developed countries, but may invest in emerging markets. 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 fund may also use derivatives, such as certain … The fund invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those that the Investment Manager, as defined below, believe are currently undervalued by the market. If the Investment Manager is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. The fund invests mainly in developed countries, but may invest in emerging markets. 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 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 Value Index-NR.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| SHELL PLC | — | $61.73M | 5.58% |
| HSBC HOLDINGS PL | — | $41.31M | 3.74% |
| MITSUBISHI UFJ F | — | $36.48M | 3.30% |
| ING GROEP NV | — | $36.39M | 3.29% |
| MITSUBISHI CORP | — | $32.23M | 2.92% |
| BARCLAYS PLC | — | $30.73M | 2.78% |
| BNP PARIBAS | — | $30.10M | 2.72% |
| CENOVUS ENERGY INC | — | $28.00M | 2.53% |
| SUMITOMO MITSUI FINL GROUP INC | — | $25.09M | 2.27% |
| AXA | — | $24.48M | 2.21% |
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 Value Fund | 99% | 0.82% |
| NVIT Putnam International Value Fund | 95% | 0.80% |
| SA Putnam International Value Portfolio | 94% | 0.93% |
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).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.