Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The fund seeks capital appreciation.
Strategy. Investments We invest mainly in common stocks (growth or value stocks or both) of large and midsize companies outside the United States that we believe have favorable investment potential. For example, we may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. Under normal circumstances, we invest at least 80% of the funds net assets in equity investments. This policy may be changed only after 60 days notice to shareholders. We 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. We may also consider other factors … Investments We invest mainly in common stocks (growth or value stocks or both) of large and midsize companies outside the United States that we believe have favorable investment potential. For example, we may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. Under normal circumstances, we invest at least 80% of the funds net assets in equity investments. This policy may be changed only after 60 days notice to shareholders. We 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. We may also consider other factors that we believe will cause the stock price to rise. We invest mainly in developed countries but may invest in emerging markets. We 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, we typically use foreign currency forward contracts in connection with the funds investments in foreign securities in order to hedge the funds currency exposure relative to the funds benchmark index.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ASTRAZENECA PLC | — | $9.61M | 3.29% |
| BRITISH AMERICAN TOBACCO PLC | — | $8.90M | 3.05% |
| GLENCORE PLC | — | $8.84M | 3.03% |
| ASML Holding NV | — | $8.76M | 3.00% |
| ROCHE HOLDING AG | — | $8.17M | 2.80% |
| HOYA CORP | — | $8.11M | 2.78% |
| IBERDROLA SA | — | $8.07M | 2.76% |
| SAFRAN SA | — | $7.56M | 2.59% |
| Putnam Short Term Investment Fund, Class P | — | $7.13M | 2.44% |
| BHP GROUP LTD | — | $6.59M | 2.26% |
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 International Equity Fund · POVSX, POVBX, PIGCX, PIERX, POVYX | 99% | 0.76% |
| Putnam International Stock ETF | 40% | 0.55% |
| ELFUN INTERNATIONAL EQUITY FUND · EGLBX | 33% | 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
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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