Global Core Equity

The strategy seeks to generate capital appreciation through stock selection as a diversified, risk-conscious portfolio that differs from the MSCI World and the MSCI All Country World indices.*

Strategy highlights

Inception date

July 31, 1994

Benchmark

MSCI World Index (ND)
MSCI All Country World Index (ND)

Total strategy assets

$1.5B

(as of April 2020)

Investment vehicles

  • We seek to win through our differentiated insights (analytical edge) combined with our longer, multi-year views (time horizon edge)
  • Investment ideas supported by our proprietary, in-house research, whose effort is focused on understanding the critical variables that drive earnings and add value
  • Nimble portfolio that pursues high active share

*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. See the composite report for a summary of risk considerations. 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

Performance

Annualized composite performance (%) as of April 30, 2020

  MTD QTD YTD 1 Year 3 Years 5 Years 10 Years
Global Core Equity (gross) 13.29% 13.29% -14.34% -6.79% 4.66% 3.59% 8.15%
Global Core Equity (net) 13.23% 13.23% -14.53% -7.44% 3.94% 2.85% 7.33%
MSCI World Index (ND) 10.92% 10.92% -12.43% -4.00% 4.99% 4.92% 7.68%
MSCI All Country World Index (ND) 10.71% 10.71% -12.94% -4.96% 4.46% 4.37% 6.94%

Calendar-year composite performance (%) as of April 30, 2020

  2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Global Core Equity (gross) 28.24% -11.68% 29.62% 2.15% -0.88% 2.76% 33.43% 21.53% -3.59% 11.28%
Global Core Equity (net) 27.35% -12.29% 28.72% 1.41% -1.67% 1.93% 32.36% 20.56% -4.36% 10.39%
MSCI World Index (ND) 27.67% -8.71% 22.40% 7.51% -0.87% 4.94% 26.68% 15.83% -5.54% 11.76%
MSCI All Country World Index (ND) 26.60% -9.41% 23.97% 7.86% -2.36% 4.16% 22.80% 16.13% -7.35% 12.67%

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. Please refer to the composite report and disclosures below for additional important information regarding performance disclosures and investments risks.

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

Literature

Related topics

Putnam Equity Outlook

Strategy

Strategy profile

Important disclosures

The Putnam Investments Global Core Equity Composite (the "Composite") seeks to generate capital appreciation through stock selection as a diversified, risk-conscious portfolio that differs from the MSCI World and the MSCI All Country World indices. The strategy invests mainly in common stocks of midsized and large companies worldwide and seeks to capitalize on opportunities across global regions and market-cap sizes. Accounts in the Composite pursue a blend strategy, portfolios can own growth- or value-style stocks to participate when either style leads global markets. The Composite's primary benchmark is the MSCI World Index. The secondary benchmark is the MSCI All Country World Index. The Composite comprises all fully discretionary accounts, including carve-outs, managed by Putnam Investments in this investment style. Although accounts in the Composite pursue the same investment strategy, they may have different benchmarks. Carve-out assets included in Composites are managed separately with their own cash. A "carve-out" is a portion of a portfolio that is by itself representative of a distinct investment strategy. It is used to create a track record for a narrower mandate from a multiple-strategy portfolio managed to a broader mandate. Leverage is not utilized in any account in this Composite. However, derivatives (including futures, options, forwards, and swaps) may be used in some portfolios for hedging and non-hedging purposes. The Composite inception date was July 31, 1994. The Composite creation date was March 27, 2002.

The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of 23 developed market countries in North America, Europe, and the Asia/Pacific Region. The MSCI World Index is calculated with net dividends reinvested. The results of the MSCI World Index for all periods shown are net of foreign withholding taxes, assuming the tax rate for a Luxembourg entity under the applicable tax treaties is in effect during that period.

The MSCI All Country World Index captures large and mid cap representation across 23 Developed Markets and 23 Emerging Markets countries.

Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the investment strategy. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and/or foreign-exchange sources from the composite. The effect of those differences is generally deemed to be immaterial. The securities holdings of the Composite may differ materially from those of the index used for comparative purposes. Composites and benchmarks include the reinvestment of dividends and other earnings. Indexes are unmanaged and do not incur expenses. You cannot invest directly in an index. Gross-of-fee returns do 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-of-fee returns are calculated using a model fee. For the applicable time periods, net-of-fees returns reflect either the deduction of the highest management fee that is paid by a portfolio in the Composite during the performance period, applied on a monthly basis, or the deduction of the highest applicable management fee in effect during the performance period that would be charged based on the fee schedule appropriate to this mandate, without the benefit of breakpoints, applied on a monthly basis, whichever is higher. Net-of-fee calculation methodology may change over time. Actual investment advisory fees incurred by clients are typically negotiated on an individual basis and may vary depending upon, among other things, the applicable fee schedule and portfolio size. Our standard fee schedules are available upon request.