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Managed Fund Since 2009
Equity
PIIRX Putnam International Value Fund
- Relative value approach. Defines the value universe daily with fundamental and quantitative tools to identify unique value opportunities.
- Dividend growth focus. Focuses on future cash flows and puts distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.
- Disciplined risk management. Utilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle.
Popular Documents
NAV
$18.15
As of 06/09/2026
YTD Total Returns At NAV
7.14%
As of 06/09/2026
Total Net Assets
$1.21B
As of 05/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks capital growth. Current income is a secondary objective.
- Benchmark
- MSCI EAFE Value Index-NR
- Fund Inception Date
- 08/01/1996
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 26%
Sales Charges, Expenses & Fees
- Gross Expense Ratio
- 1.43%
- Net Expense Ratio
- 1.27%
- Maximum Initial Charge
- —
- CDSC
- N/A
- 12b-1 Fee
- 0.50%
Identifiers
- Ticker
- PIIRX
- Fund Number
- 851
- CUSIP Code
- 746763374
Average Annual Total Returns As of 05/31/2026
Class R
- 22.46%1 Year
- 19.82%3 Years
- 10.60%5 Years
- 9.55%10 Years
- 6.37%Since Inception
08/01/1996
Top Sectors
As of 05/31/2026 % of Total (Updated Monthly)
Financials36.35% | |
Industrials16.19% | |
Consumer Staples7.39% | |
Energy7.23% | |
Health Care6.98% |
Additional Fund Info
- Share Class Inception Date
- 12/01/2003
- Investment Style
- Value
- Lipper Classification
- International Large-Cap Value
- Morningstar Category
- Foreign Large Value
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.
Commentary Highlights
March 31, 2026- Markets: After gains in January and February, international equity performance reversed in March, with declines and turbulence driven by the Iran conflict.
- Contributors: Stock selection in information technology and communication services
- Detractors: Stock selection in industrials, materials, health care, and real estate
- Outlook: For Europe, base assumptions are for a continued steady but slow economic trajectory. For Japan, we remain reasonably constructive in our overall outlook. An extended conflict in the Middle East could shift the regions into uncertainty.
Putnam Investments
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Managed Fund Since 2019
Latest Insights
May 12, 2026
April 2, 2026
Performance
Average Annual Total Returns
As of 05/31/2026
Selected Month May 2026
Class R - With Sales Charge (POP) (%)
Month End
As of 05/31/2026
Class R - Without Sales Charge (NAV) (%)
Month End
As of 05/31/2026
MSCI EAFE Value Index-NR (%)
Month End
As of 05/31/2026
Ratings
Portfolio
Assets
As of04/30/2026 (Updated Monthly)
- Total Net Assets
- $1.19 Billion
Positions
As of 04/30/2026 (Updated Monthly)
Number of Issuers
- Fund
- 66
Portfolio Statistics
As of 04/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 12.55x
- Fund
- 1.79x
- Fund
- $100.75 Billion
Sector Allocation
As of 05/31/2026 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Financials | 36.35% |
Industrials | 16.19% |
Consumer Staples | 7.39% |
Energy | 7.23% |
Health Care | 6.98% |
Consumer Discretionary | 5.40% |
Materials | 4.78% |
Communication Services | 4.42% |
Utilities | 3.19% |
Information Technology | 2.29% |
Real Estate | 1.35% |
Equity Index | 1.21% |
Cash & Other Net Assets | 3.22% |
Holdings
As of 04/30/2026 (Updated Monthly)
SHELL PLC SEDOL BP6MXD8
HSBC HOLDINGS PLC SEDOL 0540528
ING GROEP NV-CVA SEDOL 7154182
MITSUBISHI UFJ FINANCIAL GRO SEDOL 6335171
Cash and Equivalents
BARCLAYS PLC SEDOL 3134865
BNP PARIBAS SEDOL 7309681
CENOVUS ENERGY INC SEDOL B57FG04
MITSUBISHI CORP SEDOL 6596785
SUMITOMO MITSUI FINANCIAL GR SEDOL 6563024
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Distributions Per Share
12/22/2025
Pricing
Daily Fund Prices
As of 06/09/2026
Share Prices
As of 06/09/2026
- NAV
(Net Asset Value) - $18.15
- NAV Change
- $-0.02
- NAV Change (%)
- -0.11%
- POP
(Public Offering Price) - $18.15
52-Week Range
- Highest NAV
As of 02/25/2026 - $18.67
- Lowest NAV
As of 06/20/2025 - $15.34
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Product Commentary - Putnam International Value Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam International Value Fund - Class R | |||
| Annual Financial Statements and Other Information - Putnam International Value Fund | |||
| Semi-Annual Report - Putnam International Value Fund - Class R | |||
| Semi-Annual Financial Statements and Other Information - Putnam International Value Fund | |||
| Prospectus - Putnam International Value Fund | |||
| Summary Prospectus - Putnam International Value Fund | |||
| Statement Of Additional Information - Putnam Funds Trust | |||
| Fiscal Q1 Holdings - PUTNAM FUNDS TRUST | |||
| Fiscal Q3 Holdings - Putnam Funds Trust |
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. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The investment style may become out of favor, which may have a negative impact on performance. 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.