![[Spencer Morgans avatar]](https://franklintempletonprod.widen.net/content/3h57ceyker/webp/Morgan_Spencer_500x500.png){kind=avatar}
Managed Fund Since 2021
Equity
PGLRX Putnam Focused International Equity Fund
- Quality companies. The fund invests in developed and emerging markets, seeking high-quality companies trading at deep discounts to their value.
- Wide moat advantages. We seek companies that have high and sustainable returns on capital, low debt, and leaders with a track record of smart capital allocation.
- Focused portfolio. With 25-35 stock holdings, we aim for better returns and lower risk through intense study of each company.
Popular Documents
Total Net Assets
$923.32M
As of 03/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks capital appreciation. The fund invests in developed and emerging markets, seeking high-quality companies trading at deep discounts to their value.
- Benchmark
- MSCI ACWI ex USA Index-NR
- Additional Benchmark
- Putnam Focused International Equity Linked Benchmark
- Fund Inception Date
- 07/01/1994
- Dividend Frequency, if any
- Annually
- Distribution Rate at NAV
As of 04/24/2026 (Updated Daily) - 6.53%
Identifiers
- Ticker
- PGLRX
- Fund Number
- 844
- CUSIP Code
- 746772607
Average Annual Total Returns As of 03/31/2026
Class R
- 27.15%1 Year
- 14.39%3 Years
- 6.96%5 Years
- 9.09%10 Years
- 7.82%Since Inception
07/01/1994
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 03/31/2026 % of Total (Updated Monthly)
Information Technology22.23% | |
Financials16.72% | |
Communication Services14.59% | |
Industrials13.66% | |
Health Care9.63% |
Additional Fund Info
- Share Class Inception Date
- 01/21/2003
- Investment Style
- Blend
- Lipper Classification
- International Multi-Cap Growth
- Morningstar Category
6 - Foreign Large Blend
Manager and Commentary
About the Team
Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.
Putnam Investments
![[Karan Sodhis avatar]](https://franklintempletonprod.widen.net/content/vthxlmszbq/webp/Sodhi_Karan_500x500.png){kind=avatar}
Managed Fund Since 2021
Latest Insights
April 2, 2026
January 8, 2026
December 10, 2025
Performance
Calendar Year Returns
As of 03/31/2026
Class R - Without Sales Charge (NAV) (%)
MSCI ACWI ex USA Index-NR (%)
Putnam Focused International Equity Linked Benchmark (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
The fund's monthly base fee is increased or reduced by a performance adjustment as described in the prospectus.
The fund began offering Class R shares on 1/21/2003. Returns for periods prior to 1/21/2003 reflect a restated figure based on the fund's Class A performance. The restated performance for Class R was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of03/31/2026 (Updated Monthly)
- Total Net Assets
- $923.32 Million
Positions
As of 03/31/2026 (Updated Monthly)
Number of Issuers
- Fund
- 35
Portfolio Statistics
As of 03/31/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 13.76x
- Fund
- 2.56x
- Fund
- $259.44 Billion
Sector Allocation
As of 03/31/2026 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Information Technology | 22.23% |
Financials | 16.72% |
Communication Services | 14.59% |
Industrials | 13.66% |
Health Care | 9.63% |
Consumer Discretionary | 8.59% |
Energy | 7.87% |
Consumer Staples | 2.57% |
Cash & Other Net Assets | 4.14% |
Holdings
As of 03/31/2026 (Updated Monthly)
TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106
CANADIAN NATURAL RESOURCES SEDOL 2171573
RYANAIR HOLDINGS PLC SEDOL BYTBXV3
ITOCHU CORP SEDOL 6467803
ASML HOLDING NV SEDOL B929F46
Cash and Equivalents
CONSTELLATION SOFTWARE INC SEDOL B15C4L6
AIB GROUP PLC SEDOL BF0L353
LONDON STOCK EXCHANGE GROUP SEDOL B0SWJX3
TOKYO ELECTRON LTD SEDOL 6895675
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/22/2025
Pricing
Documents
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam Focused International Equity Fund - Class R | |||
| Annual Financial Statements and Other Information - Putnam Focused International Equity Fund | |||
| Semi-Annual Report - Putnam Focused International Equity Fund Class R | |||
| Semiannual Financial Statements and Other Information - Putnam Focused International Equity Fund | |||
| Prospectus - Putnam Focused International Equity Fund | |||
| Summary Prospectus - Putnam Focused International Equity Fund | |||
| Statement Of Additional Information - Putnam Focused International Equity Fund | |||
| Fiscal Q1 Holdings - Putnam Focused International Equity Fund | |||
| Fiscal Q3 Holdings - Putnam Focused International Equity Fund |
Risks
All investments involve risks, including possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Putnam Focused International Equity Linked Benchmark represents the performance of the MSCI World Index (NR) through March 31, 2021, and the performance of the MSCI ACWI ex USA Index (NR) thereafter.
Net Returns (NR) include income net of tax withholding when dividends are paid.
The MSCI All Country World Index ex US (MSCI ACWI Index ex US) is a market capitalization-weighted index designed to measure equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.
Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.