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Putnam International ADR SMA

  • Attractive compounding opportunities - We believe companies with competitive moats, structural growth, and good corporate governance typically exhibit margin stability and higher returns on capital employed, and can convert more of their net income into free cash flows.
  • Focused on efficient alpha capture - Investment ideas result from a combination of quantitative screens and deep fundamental research. Portfolio construction includes top down considerations and intentional, meaningful differences from the benchmark.
  • A long-term investment horizon - Our process is committed to a multiyear investment horizon that seeks to harness the power of compounding growth.
Year to Date Returns (Net)
8.78%
As of 06/30/2026
Year to Date Returns (Gross)
10.37%

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Putnam International ADR SMA

  • Overview
  • Composite Performance
  • Portfolio
  • Documents
Effective December 31, 2025, the Putnam International Durable Equity (ADR-Only) SMA was renamed Putnam International ADR SMA.
[products.skip-to-overview]

Overview

See additional performance disclosures in the performance section.

Product Facts

Strategy Description

The Putnam International Durable Equity (ADR-Only) SMA uses a disciplined approach to investing in ADRs of companies in developed non-U.S. markets with structural competitive advantages and attractive end markets.

Benchmark
MSCI ACWI ex US Growth (NET)(USD)
Inception Date
04/30/2017
Asset Class
Equity
Number of IssuersAs of 08/31/2026 (Updated Quarterly)
24

Average Annual Total Returns As of 08/31/2026

View performance section for additional info As of 08/31/2026
  • 8.95%1 Year
  • 12.28%3 Years
  • 4.16%5 Years
  • —10 Years
  • 8.45%Since Inception
    04/30/2017

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

Information is based on the composite. Past performance is not an indicator or a guarantee of future performance. Returns for periods less than one year are not annualized. All performance is reported in US dollars.

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. Putnam Investments claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Top Sectors

Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

View portfolio section for additional info

As of 08/31/2026 % of Total (Updated Monthly)

Top Sectors
Industrials26.16%
Information Technology23.29%
Consumer Discretionary10.91%
Materials10.14%
Health Care9.97%

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
[Vivek Gandhis avatar]

Managed Strategy Since 2017

[David Morgans avatar]

Managed Strategy Since 2025

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

August 18, 2026

Who Will Earn the Returns on the AI Buildout?

July 21, 2026

The Price of Admission: Further equity upside comes with a cost—volatility

July 21, 2026

Talking Markets Podcast: Still Early Innings for Artificial Intelligence

May 12, 2026

Emerging markets: Cheap, growing and underowned
[products.skip-performance]

Composite Performance

Average Annual Total Returns

As of 08/31/2026

Choose Month

2026

Use arrow keys to navigate calendar. Press Enter to select a date.
2026
Selected Month August 2026
Chart
Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 4.16 to 20.97.
Created with Highcharts 12.6.005101520251 Year3 Years5 Years7 YearsSince Inception
End of interactive chart.
Putnam International ADR SMA - Net (%)
Month End
As of 08/31/2026
1 Year
8.95
3 Years
12.28
5 Years
4.16
7 Years
8.14
Since Inception(04/30/2017)
8.45
Putnam International ADR SMA - Gross (%)
Month End
As of 08/31/2026
1 Year
12.20
3 Years
15.62
5 Years
7.28
7 Years
11.37
Since Inception(04/30/2017)
11.68
MSCI ACWI ex US Growth (NET)(USD) (%)
Month End
As of 08/31/2026
1 Year
20.97
3 Years
16.35
5 Years
5.16
7 Years
9.35
Since Inception(04/30/2017)
8.60

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

Information is based on the composite. Past performance is not an indicator or a guarantee of future performance. Returns for periods less than one year are not annualized. All performance is reported in US dollars.

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. Putnam Investments claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

[products.skip-portfolio]

Portfolio

Positions

As of 08/31/2026 (Updated Monthly)

Number of Issuers
Portfolio
24
Benchmark

MSCI All Country World ex-US Growth Index

1,044

Portfolio Statistics

As of 08/31/2026 (Updated Monthly)

Estimated 3-5 Year EPS Growth
Portfolio
14.72%
Benchmark

MSCI All Country World ex-US Growth Index

17.72%
Price to Earnings (12-Month Forward)
Portfolio
18.07x
Benchmark

MSCI All Country World ex-US Growth Index

15.62x
Price to Book
Portfolio
4.59x
Benchmark

MSCI All Country World ex-US Growth Index

4.10x
Dividend Yield
Portfolio
1.30%
Benchmark

MSCI All Country World ex-US Growth Index

1.43%
Market Cap Median
Portfolio
171,014.92x
Benchmark

MSCI All Country World ex-US Growth Index

15,289.07x
Weighted Average Market Capitalization (USD)

A determination of a company's value, calculated by multiplying the total number of company stock shares outstanding by the price per share. For a portfolio, the value represents a weighted average based on the stocks held.

Portfolio
$392.86 Billion
Benchmark

MSCI All Country World ex-US Growth Index

$289.28 Billion
Active Share
Portfolio
73.62%
Benchmark

MSCI All Country World ex-US Growth Index

—

Asset Allocation

As of 08/31/2026 % of Total (Updated Monthly)

Asset Allocation
Asset Type Portfolio
Equity
97.97%
Cash & Cash Equivalents
2.03%
 
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 2.03272 to 97.96728.
Created with Highcharts 12.6.00%100%25%50%75%125%EquityCash & Cash​Equivalents
End of interactive chart.

Holdings

As of 08/31/2026 (Updated Monthly)

Taiwan Semiconductor Manufacturing Company Limited
ASML Holding NV
Hitachi,​ Ltd.​
Safran SA
HOYA Corporation
Schneider Electric SE
Airbus SE
AIA Group Limited
ABB Ltd.​
Linde Plc
[products.skip-documents]

Documents

Product Documents

FTPPG Regulatory Disclosures
Mailed hardcopies unavailable.

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. 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. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. 

Important Information

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Franklin Templeton (FT) is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest.

Effective December 31, 2025, the Putnam International Durable Equity (ADR-Only) SMA was renamed Putnam International ADR SMA.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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. 

Putnam Retail Separately Managed Accounts (SMAs): Putnam Investment Management, LLC acts as a discretionary investment manager or non-discretionary model provider in a variety of retail separately managed account programs and platforms (“SMA Programs”) sponsored by non-affiliated financial intermediaries (each, a “Sponsor Firm”). Through various Sponsor Firms, Putnam offers model-delivery SMAs as well as single- and dual-contract SMAs through a range of actively managed strategies. SMA Programs may require a minimum asset level and, depending on specific investment objectives and financial position, may not be appropriate for all investors. The information provided relates to Putnam Investments and its affiliates, which includes Putnam Investment Management, LLC.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

  1. Capitalization Rate is calculated without the deduction of fees and expenses.

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