Fund Evaluator:
Putnam Focused International Equity A (PEQUX)
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Best Performing in Foreign Large Blend Over the Last Year
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Fund Details
Putnam Focused International Equity A Overview
Putnam Focused International Equity A (PEQUX) is an actively managed International Equity Foreign Large Blend fund. Franklin Templeton Investments launched the fund in 1994.
The investment seeks capital appreciation. The fund invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States that the adviser believes have favorable investment potential. The fund invests at least 80% of the fund's net assets in equity investments. It may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes. The fund is non-diversified.
About Putnam Focused International Equity A (PEQUX)
There are 2 members of the management team with an average tenure of 5.33 years: Spencer Morgan (2021), Karan Sodhi (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI Ex USA NR USD index with a weighting of 100%. Putnam Focused International Equity A has 46 securities in its portfolio. The top 10 holdings constitute 44.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Putnam Focused International Equity A is part of the Equity global asset class and is within the International Equity fund group. Putnam Focused International Equity A has 95.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.2%. There is 95.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -0.2% (-0.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Putnam Focused International Equity A has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $884 million in total assets, which is below the $2 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PEQUX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Putnam Focused International Equity A expense ratio is high compared to funds in the Foreign Large Blend category. Putnam Focused International Equity A has an expense ratio of 1.14%, which is 21% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Putnam Focused International Equity A has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.
Recently, in the month of July 2026, Putnam Focused International Equity A returned -1.8%, which earned it a grade of F, as the Foreign Large Blend category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Putnam Focused International Equity A has a trailing yield of 6.17%, which is above the 2.17% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Putnam Focused International Equity A Grades
Year to date, the fund has returned 12.9%, 1.3 percentage points better than the category, which translates into a grade of B. The fund has returned 29.4% over the past year (grade of A), 18.0% over the past three years (grade of B) and 9.2% per year over the past five years (grade of B) and 10.3% per year over the past 10 years (grade of A).
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PEQUX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PEQUX Return (NAV) | -1.8% | 6.2% | 29.4% | 18.0% | 9.2% | 10.3% |
| PEQUX Grade | F | A | A | B | B | A |
| +/- Category | -2.5% | 1.7% | 5.2% | 2.1% | 0.8% | 1.2% |
| Foreign Large Blend Avg | 0.7% | 4.4% | 24.2% | 15.9% | 8.4% | 9.1% |
| PEQUX Tax Cost Ratio | na | na | 2.7% | 1.5% | 2.6% | 1.4% |
PEQUX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PEQUX Return (NAV) | 12.9% | 36.1% | 3.5% | 19.0% | -18.2% | 10.0% | 10.1% | 26.7% | -12.6% | 28.1% | 1.0% |
| PEQUX Grade | B | A | D | A | D | C | C | A | A | B | C |
| +/- Category | 1.3% | 5.5% | -1.4% | 2.8% | -1.8% | -0.2% | -1.7% | 3.7% | 2.6% | 1.7% | 0.0% |
| Foreign Large Blend Avg | 11.6% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 13.3% |
| Total Risk Index: | 1.08 - Above Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 0.90 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 6.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1031 Mil |
| Fund Total Assets: | $ 885 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Morgan Spencer (2021), Sodhi Karan (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 44.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 95.9% |
Portfolio Allocation |
|
| Domestic Stock: | 2.2% |
| Foreign Stock: | 95.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -0.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.7% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnam.com |
| Status: | Open |
| Inception Date: | July 1, 1994 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.14% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Putnam Focused International Equity A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
