0000869392-24-000558.txt : 20240327 0000869392-24-000558.hdr.sgml : 20240327 20240327124744 ACCESSION NUMBER: 0000869392-24-000558 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240327 DATE AS OF CHANGE: 20240327 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FOCUSED INTERNATIONAL EQUITY FUND CENTRAL INDEX KEY: 0000081251 ORGANIZATION NAME: IRS NUMBER: 046145734 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-01403 FILM NUMBER: 24788057 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6177601000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL EQUITY FUND DATE OF NAME CHANGE: 20030707 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITIES FUND DATE OF NAME CHANGE: 19900722 0000081251 S000005651 PUTNAM FOCUSED INTERNATIONAL EQUITY FUND C000015432 Class A Shares PEQUX C000015433 Class B Shares PEQBX C000015434 Class C Shares PUGCX C000015436 Class R Shares PGLRX C000015437 Class Y Shares PEQYX C000117974 Class R6 NPORT-P 1 primary_doc.xml NPORT-P false 0000081251 XXXXXXXX S000005651 C000117974 C000015436 C000015434 C000015432 C000015433 C000015437 Putnam Focused International Equity Fund 811-01403 0000081251 549300FV316LC0KMW630 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Putnam Focused International Equity Fund S000005651 549300FV316LC0KMW630 2024-10-31 2024-01-31 N 794397050.34 2447755.09 791949295.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 91862.85 N MSCI AC World Index ex Usa IDX00080 ALPHABET INC 5493006MHB84DD0ZWV18 COMMON STOCK 02079K107 233975 NS USD 33177655 4.189366061564 Long EC CORP US N 1 N N N RYANAIR HOLDINGS PLC 635400BR2ROC1FVEBQ56 COMMON STOCK - ADR 783513203 400593 NS USD 53519224.8 6.757910527985 Long EC CORP IE N 1 N N N ALIBABA GROUP HOLDING LTD 5493001NTNQJDH60PM02 ORDINARY SHARES N/A 2167900 NS 19460019.26 2.457230453606 Long EC CORP CN N 2 N N N INTERNATIONAL PETROLEUM CORP 54930025D80LU0SMR645 ORDINARY SHARES 46016U108 1645962 NS 18146552.92 2.291378125953 Long EC CORP CA N 2 N N N PROSUS NV 635400Z5LQ5F9OLVT688 ORDINARY SHARES N/A 772118 NS 23006997.12 2.905109867260 Long EC CORP NL N 2 N N N UNIVERSAL MUSIC GROUP NV 724500GJBUL3D9TW9Y18 ORDINARY SHARES N/A 1098987 NS 32355455.88 4.085546394708 Long EC CORP NL N 2 N N N SK SQUARE CO LTD N/A ORDINARY SHARES N/A 814660 NS 31484307.33 3.975545848559 Long EC CORP KR N 2 N N N CONSTELLATION SOFTWARE INC/CANADA 549300B6PYHMCTDWQV29 ORDINARY SHARES N/A 20759 NS 57374790.99 7.244755609245 Long EC CORP CA N 1 N N N COMPUGROUP MEDICAL SE AND CO KGAA 529900CUXZGOCJZR7O57 ORDINARY SHARES D193ZN100 784830 NS 33820774.76 4.270573250441 Long EC CORP DE N 2 N N N JAPAN MATERIAL CO LTD N/A ORDINARY SHARES N/A 832600 NS 14092651.21 1.779489077713 Long EC CORP JP N 2 N N N ADMIRAL GROUP PLC 213800FGVM7Z9EJB2685 ORDINARY SHARES N/A 963866 NS 30754462.54 3.883387828547 Long EC CORP GB N 2 N N N TATA CONSULTANCY SERVICES LTD 335800ZJKU9GPQRE2U66 ORDINARY SHARES Y85279100 369190 NS 16954415.59 2.140846098568 Long EC CORP IN N 2 N N N LIBERTY GLOBAL LTD 213800HRMKKTYH7SKA24 ORDINARY SHARES G61188101 752684 NS USD 14827874.8 1.872326282621 Long EC CORP GB N 1 N N N TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 549300KB6NK5SBD14S87 ORDINARY SHARES N/A 2136000 NS 42790527.34 5.403190279561 Long EC CORP TW N 2 N N N SONY GROUP CORP 529900R5WX9N2OI2N910 ORDINARY SHARES N/A 318500 NS 31469155.44 3.973632608646 Long EC CORP JP N 2 N N N ITOCHU CORP J48DJYXDTLHM30UMYI18 ORDINARY SHARES N/A 816100 NS 37086112.12 4.682889718122 Long EC CORP JP N 2 N N N MINEBEA MITSUMI INC 353800CCB0CZ75YZ4010 ORDINARY SHARES N/A 702800 NS 14568349.94 1.839555894219 Long EC CORP JP N 2 N N N BAYER AG 549300J4U55H3WP1XT59 ORDINARY SHARES N/A 403410 NS 12557956.51 1.585702087914 Long EC CORP DE N 2 N N N ASTRAZENECA PLC PY6ZZQWO2IZFZC3IOL08 ORDINARY SHARES N/A 133710 NS 17795954.61 2.247107828334 Long EC CORP GB N 2 N N N UNILEVER PLC 549300MKFYEKVRWML317 ORDINARY SHARES N/A 570925 NS 27796808.33 3.509922730751 Long EC CORP GB N 2 N N N PERSIMMON PLC 213800XI72Y57UWN6F31 ORDINARY SHARES N/A 1234591 NS 22647402.74 2.859703629492 Long EC CORP GB N 2 N N N SANOFI SA 549300E9PC51EN656011 ORDINARY SHARES N/A 180887 NS 18163152.08 2.293474113676 Long EC CORP FR N 2 N N N BERKELEY GROUP HOLDINGS PLC 2138009OQSSLVVHQAL78 ORDINARY SHARES N/A 449471 NS 27252935.76 3.441247555047 Long EC CORP GB N 2 N N N LONDON STOCK EXCHANGE GROUP PLC 213800QAUUUP6I445N30 ORDINARY SHARES N/A 154924 NS 17534437.87 2.214085923830 Long EC CORP GB N 2 N N N CANADIAN NATURAL RESOURCES LTD 549300T15RIMIKZC5Q38 ORDINARY SHARES N/A 317983 NS 20349776.73 2.569580761301 Long EC CORP CA N 1 N N N COGECO COMMUNICATIONS INC 549300XHH6LJM6IAXV57 ORDINARY SHARES N/A 562302 NS 25951756.55 3.276946732026 Long EC CORP CA N 1 N N N ANHUI EXPRESSWAY CO LTD 529900UGCN9D11VHIL29 ORDINARY SHARES N/A 8006000 NS 8283881.05 1.046011543881 Long EC CORP CN N 2 N N N HDFC BANK LTD 335800ZQ6I4E2JXENC50 ORDINARY SHARES Y3119P174 1403242 NS 24562470.37 3.101520579325 Long EC CORP IN N 2 N N N OTTOGI CORP N/A ORDINARY SHARES N/A 12856 NS 3848128.83 0.485905960531 Long EC CORP KR N 2 N N N SAMSUNG ELECTRONICS CO LTD 9884007ER46L6N7EI764 PREFERRED N/A 652093 NS 28389113.42 3.584713515155 Long EP CORP KR N 2 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 SHORT TERM INV FUND 74676P664 31834987 NS USD 31834987 4.019826419563 Long STIV PF US N 2 N N N CONSTELLATION SOFTWARE INC/CANADA 549300B6PYHMCTDWQV29 WARRANTS N/A 20759 NS 1.55 0.000000195720 Long DE CORP CA N 3 CONSTELLATION SOFTWARE INC/CANADA 549300B6PYHMCTDWQV29 Call Purchased CONSTELLATION SOFTWARE INC/CANADA ORDINARY SHARES 1 11.5 CAD 2028-08-22 XXXX 1.55 N N N 2024-03-27 Putnam Focused International Equity Fund Janet C. Smith Janet C. Smith Principal Financial Officer XXXX NPORT-EX 2 b_005nport013124.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Focused International Equity Fund
The fund's portfolio
1/31/24 (Unaudited)


COMMON STOCKS (96.0%)(a)
        Shares Value
Banks (3.1%)
HDFC Bank, Ltd. (India) 1,403,242 $24,562,470
24,562,470
Broadline retail (5.4%)
Alibaba Group Holding, Ltd. (China) 2,167,900 19,460,019
Prosus NV (China) 772,118 23,006,997
42,467,016
Capital markets (2.2%)
London Stock Exchange Group PLC (United Kingdom) 154,924 17,534,438
17,534,438
Diversified telecommunication services (1.9%)
Liberty Global, Ltd. Class A (United Kingdom)(NON) 752,684 14,827,875
14,827,875
Entertainment (4.1%)
Universal Music Group NV (Netherlands) 1,098,987 32,355,456
32,355,456
Food products (0.5%)
Ottogi Corp. (South Korea) 13,336 3,991,805
3,991,805
Health care technology (4.3%)
CompuGroup Medical SE & Co. KGaA (Germany) 784,830 33,820,775
33,820,775
Household durables (10.3%)
Berkeley Group Holdings PLC (The) (United Kingdom) 449,471 27,252,936
Persimmon PLC (United Kingdom) 1,234,591 22,647,403
Sony Group Corp. (Japan) 318,500 31,469,155
81,369,494
Industrial conglomerates (4.0%)
SK Square Co., Ltd. (South Korea)(NON) 814,660 31,484,307
31,484,307
Insurance (3.9%)
Admiral Group PLC (United Kingdom) 963,866 30,754,463
30,754,463
Interactive media and services (4.2%)
Alphabet, Inc. Class C(NON) 233,975 33,177,655
33,177,655
IT Services (2.1%)
Tata Consultancy Services, Ltd. (India) 369,190 16,954,416
16,954,416
Machinery (1.8%)
MinebeaMitsumi, Inc. (Japan) 702,800 14,568,350
14,568,350
Media (3.3%)
Cogeco Communications, Inc. (Canada) 562,302 25,951,757
25,951,757
Oil, gas, and consumable fuels (4.9%)
Canadian Natural Resources, Ltd. (Canada) 317,983 20,349,777
International Petroleum Corp. (Canada)(NON) 1,645,962 18,146,553
38,496,330
Passenger airlines (6.8%)
Ryanair Holdings PLC ADR (Ireland)(NON) 400,593 53,519,225
53,519,225
Personal care products (3.5%)
Unilever PLC (United Kingdom) 570,925 27,796,808
27,796,808
Pharmaceuticals (6.0%)
AstraZeneca PLC (United Kingdom) 133,710 17,795,955
Bayer AG (Germany) 403,410 12,557,957
Sanofi SA (France) 180,887 18,163,152
48,517,064
Semiconductors and semiconductor equipment (7.2%)
Japan Material Co., Ltd. (Japan) 832,600 14,092,651
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 2,136,000 42,790,526
56,883,177
Software (7.2%)
Constellation Software, Inc. (Canada) 20,759 57,374,791
57,374,791
Technology hardware, storage, and peripherals (3.6%)
Samsung Electronics Co., Ltd. (Preference) (South Korea) 652,093 28,389,113
28,389,113
Trading companies and distributors (4.7%)
ITOCHU Corp. (Japan) 816,100 37,086,112
37,086,112
Transportation infrastructure (1.0%)
Anhui Expressway Co., Ltd. Class H (China) 8,006,000 8,283,881
8,283,881
Total common stocks (cost $704,044,359) $760,166,778








WARRANTS (—%)(a)(NON)
    Expiration date Strike Price Warrants Value
Constellation Software, Inc. (Canada) (F) 8/22/28 $0.00 20,759 $2
Total warrants (cost $—) $2








SHORT-TERM INVESTMENTS (4.0%)(a)
        Shares Value
Putnam Short Term Investment Fund Class P 5.47%(AFF) 31,834,987 $31,834,987
Total short-term investments (cost $31,834,987) $31,834,987
TOTAL INVESTMENTS
Total investments (cost $735,879,346) $792,001,767












Key to holding's abbreviations
ADR American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2023 through January 31, 2024 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $791,641,483.
(NON) This security is non-income-producing.
(AFF) Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
10/31/23		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
1/31/24
Short-term investments
Putnam Short Term Investment Fund Class P‡ $32,274,951 $27,837,843 $28,277,807 $589,484 $31,834,987
Total Short-term investments $32,274,951 $27,837,843 $28,277,807 $589,484 $31,834,987
‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
DIVERSIFICATION BY COUNTRY
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
United Kingdom 20.0%
Canada 15.4
Japan 12.3
United States 8.2
South Korea 8.1
Ireland 6.8
China 6.4
Germany 5.8
Taiwan 5.4
India 5.2
Netherlands 4.1
France 2.3
Total 100.0%
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.








ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
  Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Communication services $73,957,287 $32,355,456 $—
Consumer discretionary — 123,836,510 —
Consumer staples — 31,788,613 —
Energy 20,349,777 18,146,553 —
Financials — 72,851,371 —
Health care — 82,337,839 —
Industrials 53,519,225 91,422,650 —
Information technology 57,374,791 102,226,706 —
Total common stocks 205,201,080 554,965,698 —
Warrants — — 2
Short-term investments — 31,834,987 —
Totals by level $205,201,080 $586,800,685 $2
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Warrants (number of warrants) 21,000
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com