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Strategy highlights

Concentrated, high-conviction approach

Constructs focused portfolios by targeting 40–60 companies with strong earnings growth potential

Focus on mispriced earnings

Builds active positions in high-quality names where we have a differentiated view on earnings

Targeting an asymmetric return profile

Emphasizes quality bias to pursue upside potential and manage downside risk

Inception date

July 31, 1997

Benchmark

MSCI Emerging Markets Index (NR)

Total strategy assets†

$1.96B
(as of September 2025)

Investment vehicles

Separate account
U.S. mutual fund
ETF
Commingled

 

No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her initial investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss.

†Assets may include accounts that are not reflected in the composite.

Investment Team

Brian Freiwald, CFA®

California, United States

Managed Fund Since 2019

 

 

Performance

  • Annualized performance
  • Calendar-year performance

Annualized performance

Annualized composite performance (%)

As of 10/31/2025

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 6.32 to 33.53.
End of interactive chart.

Month End   As of 10/31/2025
Putnam Emerging Markets Equity Gross (%)
1 Year  
33.53
3 Years  
24.89
5 Years  
7.37
10 Years  
10.60
Month End   As of 10/31/2025
Putnam Emerging Markets Equity Net (%)
1 Year  
32.20
3 Years  
23.65
5 Years  
6.32
10 Years  
9.54
Month End   As of 10/31/2025
MSCI Emerging Markets Index-NR (%)
1 Year  
27.91
3 Years  
21.10
5 Years  
7.46
10 Years  
7.69

Past performance is not a guarantee of future results. An investment in this strategy could lose value. Most recent month-end performance is preliminary. Returns are subject to change.

Gross performance includes the deduction of transaction costs but does not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net performance reflects the deduction of a model fee applied on a monthly basis, equal to the actual management fee incurred by a portfolio in the composite or the highest management fee that would be charged to a prospect of the strategy, whichever is higher. The model fee may change over time. Actual advisory fees may vary among clients with the same investment strategy. The composite includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy.

Performance results are of the composite. 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.

Periods less than one year are not annualized. Performance is stated in U.S. dollars and includes the reinvestment of dividends and interest

Calendar-year performance

Calendar-year composite performance (%)

As of 10/31/2025


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 -27.35 to 44.14.
End of interactive chart.

Month End   As of 10/31/2025
Putnam Emerging Markets Equity Gross (%)
YTD  
33.85
2024  
16.89
2023  
13.23
2022  
-26.65
2021  
-3.46
2020  
38.89
2019  
23.92
2018  
-15.73
2017  
44.14
2016  
7.64
2015  
-9.57
Performance Inception Date  
07/31/1997
Month End   As of 10/31/2025
Putnam Emerging Markets Equity Net (%)
YTD  
32.74
2024  
15.72
2023  
12.11
2022  
-27.35
2021  
-4.37
2020  
37.60
2019  
22.77
2018  
-16.53
2017  
42.75
2016  
6.60
2015  
-10.46
Performance Inception Date  
07/31/1997
Month End   As of 10/31/2025
MSCI Emerging Markets Index-NR (%)
YTD  
32.86
2024  
7.50
2023  
9.83
2022  
-20.09
2021  
-2.54
2020  
18.31
2019  
18.42
2018  
-14.57
2017  
37.28
2016  
11.19
2015  
-14.92
Performance Inception Date  
—

Past performance is not a guarantee of future results. An investment in this strategy could lose value. Most recent month-end performance is preliminary. Returns are subject to change.

Gross performance includes the deduction of transaction costs but does not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net performance reflects the deduction of a model fee applied on a monthly basis, equal to the actual management fee incurred by a portfolio in the composite or the highest management fee that would be charged to a prospect of the strategy, whichever is higher. The model fee may change over time. Actual advisory fees may vary among clients with the same investment strategy. The composite includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy.

Performance results are of the composite. 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.

Periods less than one year are not annualized. Performance is stated in U.S. dollars and includes the reinvestment of dividends and interest

Literature

Strategy
Strategy profile (pdf)

 

What Are The Risks?


All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. 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.