Fund Evaluator:

Putnam International Value R6 Overview

Putnam International Value R6 (PIGWX) is an actively managed International Equity Foreign Large Value fund. Franklin Templeton Investments launched the fund in 2013.

The investment seeks capital growth; current income is a secondary objective. The fund invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those that the adviser believes are currently undervalued by the market. It invests mainly in developed countries, but may invest in emerging markets. The fund may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.

About Putnam International Value R6 (PIGWX)

There are 2 members of the management team with an average tenure of 11.76 years: Darren Jaroch (2009), Lauren DeMore (2019). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI EAFE Value NR USD index with a weighting of 100%. Putnam International Value R6 has 76 securities in its portfolio. The top 10 holdings constitute 31.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Putnam International Value R6 is part of the Equity global asset class and is within the International Equity fund group. Putnam International Value R6 has 93.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.2%. There is 93.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.1% (0.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Putnam International Value R6 has 2.1% of the portfolio in cash.

Assets Under Management

The fund has $492 million in total assets, which is below the $976 million average for the Foreign Large Value 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.

PIGWX 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 International Value R6 expense ratio is above average compared to funds in the Foreign Large Value category. Putnam International Value R6 has an expense ratio of 0.64%, which is 39% lower than its category average, making the fund expense ratio grade a A. 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 International Value R6 has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.

Recently, in the month of July 2026, Putnam International Value R6 returned 4.8%, which earned it a grade of B, as the Foreign Large Value category had an average return of 3.8%. 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 International Value R6 has a trailing yield of 1.87%, which is below the 2.78% 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 International Value R6 Grades

Year to date, the fund has returned 14.3%, 0.6 percentage points worse than the category, which translates into a grade of C. The fund has returned 26.4% over the past year (grade of D), 18.7% over the past three years (grade of C) and 13.2% per year over the past five years (grade of B) and 10.7% per year over the past 10 years (grade of B).

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