International Core Equity

The strategy seeks to outperform by building a portfolio on a 'Foundation of Quality'.*

Product highlights

Inception date

December 31, 1986

Benchmark

MSCI EAFE Index (ND)
MSCI All Country World Index ex USA (ND)

Total strategy assets

$1.3B

(as of September 2019)

Investment vehicles

  • Separate account
  • Invests in established large and midsize companies in international markets that could benefit from global economic opportunities
  • A disciplined investment process incorporating fundamental stock selection as well as quantitative tools and techniques to select stocks and balance potential risk and reward
  • A flexible core strategy focused on investing in attractively priced securities with catalysts for value realization
  • Opportunistic investments in emerging markets

*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 disclosures 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 September 30, 2019

  MTD QTD YTD 1 Year 3 Years 5 Years 10 Years
International Core Equity (gross) 1.97% -1.09% 15.80% -2.10% 5.67% 3.07% 5.84%
International Core Equity (net) 1.90% -1.27% 15.16% -2.83% 4.88% 2.31% 5.03%
MSCI EAFE Index (ND) 2.87% -1.07% 12.80% -1.34% 6.48% 3.27% 4.90%
MSCI All Country World Index ex USA (ND) 2.57% -1.80% 11.56% -1.23% 6.33% 2.90% 4.45%

Calendar Year Composite Performance (%) as of September 30, 2019

  2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
International Core Equity (gross) -18.43% 28.06% -1.41% 1.23% -5.73% 29.62% 23.32% -14.82% 11.61% 27.51%
International Core Equity (net) -19.03% 27.11% -2.14% 0.49% -6.44% 28.58% 22.33% -15.51% 10.72% 26.52%
MSCI EAFE Index (ND) -13.79% 25.03% 1.00% -0.81% -4.90% 22.78% 17.32% -12.14% 7.75% 31.78%
MSCI All Country World Index ex USA (ND) -14.20% 27.19% 4.50% -5.66% -3.87% 15.29% 16.83% -13.71% 11.15% 41.45%

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 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.

Literature

Important disclosures

 

The Putnam Investments International Core Equity Composite (the "Composite") seeks above-average total returns with low relative volatility through an actively managed, broadly diversified international equity portfolio. Putnam utilizes a bottom-up approach. The approach focuses on the selection of truly mispriced companies by identifying stocks selling at significant discounts to real and relative worth with positive valuation indicators. Currency hedging may be used when deemed appropriate. The Composite's primary benchmark is the MSCI EAFE Index. The secondary benchmark is the MSCI All Country World ex-USA Index. The Composite comprises all fully discretionary accounts managed by Putnam Investments in this investment style. The Composite creation date was October 3, 2002.  Carve-out assets included in the Composite 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. Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the investment strategy.

The MSCI EAFE Index is a market capitalization weighted index composed of companies representative of the market structure of 21 Developed Market countries in Europe, Australasia and the Far East. The results of the MSCI EAFE Index for all periods shown are net of foreign withholding taxes assuming the tax rate for a Luxembourg entity under the applicable tax treaties in effect during that period.  

The MSCI All Country World ex-USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the US) 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-fees 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.