Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolios investment goals are growth of capital and, secondarily, current income.
Strategy. The Portfolio attempts to achieve its goal by investing primarily in common stocks of companies outside the U.S. that the subadviser considers undervalued by the market and that the subadviser believes offer a potential for income. The Portfolio primarily invests in large cap foreign stocks and will also invest in mid-cap foreign stocks. The Portfolio invests mainly in developed countries, but may invest in emerging markets. The Portfolio will invest mainly in value stocks. Value stocks are those that the subadviser believes are currently undervalued by the market. In addition, the Portfolio may , but is not required to, use derivatives and invest in fixed income securities (up to 20% of net assets), including junk bonds. The Portfolio attempts to achieve its goal by investing primarily in common stocks of companies outside the U.S. that the subadviser considers undervalued by the market and that the subadviser believes offer a potential for income. The Portfolio primarily invests in large cap foreign stocks and will also invest in mid-cap foreign stocks. The Portfolio invests mainly in developed countries, but may invest in emerging markets. The Portfolio will invest mainly in value stocks. Value stocks are those that the subadviser believes are currently undervalued by the market. In addition, the Portfolio may , but is not required to, use derivatives and invest in fixed income securities (up to 20% of net assets), including junk bonds.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| SHELL PLC | — | $17.56M | 5.28% |
| HSBC HOLDINGS PL | — | $13.38M | 4.02% |
| ING GROEP NV | — | $11.80M | 3.55% |
| MITSUBISHI UFJ F | — | $11.33M | 3.41% |
| BARCLAYS PLC | — | $9.95M | 2.99% |
| BNP PARIBAS | — | $9.65M | 2.90% |
| MITSUBISHI CORP | — | $8.81M | 2.65% |
| CENOVUS ENERGY INC | — | $8.78M | 2.64% |
| SUMITOMO MITSUI FINL GROUP INC | — | $7.80M | 2.34% |
| AXA | — | $7.45M | 2.24% |
Portfolio moves
Jan 31, 2026 → Apr 30, 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 Value Fund · PNGAX, PGNBX, PIGRX, PIIRX | 94% | 0.64% |
| Putnam VT International Value Fund | 93% | 0.82% |
| NVIT Putnam International Value Fund | 92% | 0.80% |
Advisers
| Firm | Role |
|---|---|
| Putnam Investment Management, LLC | Sub-adviser |
| SunAmerica Asset Management, LLC | Adviser |
Footnotes
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
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