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Managed Fund Since 2017
Equity
PIVYX Putnam International Small Cap Fund
- Quality companies. The fund invests in developed non-U.S. markets, seeking high-quality small companies believed to be priced at a discount to their intrinsic value.
- Disciplined process. The fundamental research process is designed to find companies that offer a franchise, a cyclically depressed stock price, or transformative business potential.
- Active in an inefficient universe. The managers seek outperformance (alpha) by building a concentrated portfolio differentiated from the benchmark, taking stock-specific risk with a long-term investment horizon.
Popular Documents
Total Net Assets
$344.25M
As of 10/31/2025 (Updated Monthly)
Fund name and other changes
Effective September 30, 2025, Putnam International Capital Opportunities Fund was renamed Putnam International Small Cap Fund and there was an addition of a new 80% investment policy. Refer to the fund’s prospectus for more information on these and other changes.
Overview
Fund Facts
Fund description
The fund seeks long-term capital appreciation. The fund invests in developed non-U.S. markets, seeking high quality small companies the portfolio managers believe to be priced at a discount to their intrinsic value.
- Benchmark
- S&P Developed ex-U.S. SmallCap Index
- Fund Inception Date
- 12/28/1995
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 30%
Identifiers
- Ticker
- PIVYX
- Fund Number
- 1850
- CUSIP Code
- 746802495
Average Annual Total Returns As of 10/31/2025
Class Y
- 23.31%1 Year
- 20.36%3 Years
- 11.88%5 Years
- 7.83%10 Years
- 9.08%Since Inception
12/28/1995
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 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 02/01/2000
- Investment Style
- Blend
- Lipper Classification
- International Small/Mid-Cap Core
- Morningstar Category
- Foreign Small/Mid Blend
Manager and Commentary
About the Team
Putnam Investments
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
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Managed Fund Since 2017
Latest Insights
August 14, 2025
March 19, 2025
Performance
Calendar Year Returns
As of 10/31/2025
Class Y - Without Sales Charge (NAV) (%)
S&P Developed ex-U.S. SmallCap Index (%)
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 Y shares on 2/1/2000. Returns for periods prior to 2/1/2000 are based on the fund's Class A performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. 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 of10/31/2025 (Updated Monthly)
- Total Net Assets
- $344.25 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 59
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Price to Book
- Fund
- 1.67x
- Fund
- $5.35 Billion
- Fund
- 14.82x
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Industrials | 25.21% |
Financials | 16.29% |
Information Technology | 16.25% |
Health Care | 9.53% |
Consumer Discretionary | 7.30% |
Communication Services | 6.78% |
Real Estate | 3.44% |
Consumer Staples | 3.40% |
Utilities | 2.64% |
Materials | 2.17% |
Energy | 1.93% |
Cash & Other Net Assets | 5.05% |
Holdings
As of 09/30/2025 (Updated Monthly)
RUBIS SEDOL BDT88L2
Net Cash
SPIE SA SEDOL BYZFYS3
BERKELEY GROUP HOLDINGS/THE SEDOL BP0RGD0
LIBERTY GLOBAL LTD-A SEDOL BS71B31
FUKUI COMPUTER HOLDINGS INC SEDOL 6355652
NATIONAL BANK OF GREECE SEDOL BG087C6
CTS EVENTIM AG & CO KGAA SEDOL 5881857
JUNGHEINRICH - PRFD SEDOL 5545670
COGECO COMMUNICATIONS INC SEDOL BZCDFX9
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
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Putnam International Small Cap Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam International Capital Opportunities Fund - Class Y | |||
| Annual Financial Statements and Other Information - Putnam International Small Cap Fund | |||
| Semi-Annual Report - Putnam International Small Cap Fund - Class Y | |||
| Semi-Annual Financial Statements and Other Information - Putnam International Small Cap Fund | |||
| Prospectus - Putnam International Small Cap Fund | |||
| Summary Prospectus - Putnam International Small Cap Fund | |||
| Statement Of Additional Information - Putnam International Small Cap Fund | |||
| Fiscal Q1 Holdings - Putnam International Small Cap Fund | |||
| Fiscal Q3 Holdings - Putnam International Small Cap 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. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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.
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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.
The S&P Developed ex-U.S. SmallCap Index is an unmanaged index of small-cap stocks from developed countries, excluding the United States. Source: © S&P Dow Jones Indices LLC. All rights reserved.
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.
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.