January 31, 2026
A blended-style equity fund seeking long-term growth by employing a sector-centric approach.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equities outside of Canada and the U.S.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 96.5 |
| Foreign Bonds | 2.4 |
| Canadian Equity | 0.8 |
| Cash and Equivalents | 0.3 |
| Name | Percent |
|---|---|
| United Kingdom | 19.4 |
| Japan | 18.7 |
| Switzerland | 9.7 |
| France | 9.1 |
| Netherlands | 8.8 |
| Germany | 5.1 |
| Italy | 4.2 |
| Hong Kong | 3.3 |
| Ireland | 3.1 |
| Other | 18.6 |
| Name | Percent |
|---|---|
| Financial Services | 21.3 |
| Industrial Goods | 16.6 |
| Healthcare | 13.3 |
| Technology | 10.9 |
| Consumer Goods | 10.1 |
| Energy | 5.9 |
| Utilities | 5.4 |
| Consumer Services | 5.0 |
| Basic Materials | 4.2 |
| Other | 7.3 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $18,945
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| ASML Holding NV | 3.4 |
| Iberdrola SA | 2.9 |
| British American Tobacco PLC | 2.9 |
| Roche Holding AG - Partcptn | 2.9 |
| Glencore PLC | 2.7 |
| AstraZeneca PLC | 2.7 |
| Hoya Corp | 2.7 |
| Mitsubishi UFJ Financial Group Inc | 2.6 |
| Enel SpA | 2.5 |
| Safran SA | 2.4 |
| Total allocation in top holdings | 27.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.00% |
| Dividend yield | 2.26% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $236,457.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 6.15 | 18.14 | 6.15 | 29.61 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 18.43 | 11.66 | - | 8.81 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 29.87 | 11.12 | 14.99 | -9.34 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 7.23 | 9.66 | 18.35 | - |
Range of returns over five years (August 01, 2018 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.09% | Oct 2025 | 3.93% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.35% | 100 | 31 | 0 |
fundgrade A+ logo
Fund category
International Equity
Inception date
July 09, 2018
Management expense ratio (MER)*
1.59%
(December 31, 2024)
Fund management
Putnam Investments
Net assets (million)
$26.5
Price
$18.95
Number of holdings
63
Minimum Investment
$500
A minimum $500,000 in eligible assets required for preferred pricing.
Fund codes
FEL — CLGD108E
Contact information
Customer service centre
Toll free: 1-888-252-1847
Corporate website
Q4 2025 Fund Commentary
Commentary and opinions are provided by Putnam Investments.
Market commentary
Global equity markets rose in the fourth quarter of 2025. The quarter saw easing but uneven monetary policy expectations, greater dispersion across regions and sectors, and a rotation away from many growth stocks. The post-summer equity rebound was extended into October as interest rate cuts and resilient corporate earnings supported risk appetite. In November, investors reassessed valuations and policy timing, while in December, investor sentiment stabilized as central banks broadly cut interest rates.
Performance
The Fund’s relative exposures to Samsung Electronics Co. Ltd., SSE PLC and AstraZeneca PLC contributed to performance. Samsung Electronics shares rose because of demand for the company’s memory chips. SSE raised 2 billion pounds of equity and posted positive third-quarter 2025 results that reconfirmed its 2030 earnings forecast. AstraZeneca benefited from its robust product pipeline, which the sub-advisor believes is still underappreciated.
Relative exposures to Alibaba Group Holding Ltd., CNH Industrial NV and BNP Paribas SA detracted from the Fund’s performance. Alibaba Group Holding is viewed by the sub-advisor as a proxy for China’s consumption and believes the company should benefit from improved execution in regrowing both its domestic e-commerce and cloud-computing businesses. CNH Industrial was affected by Deere & Co.’s weak earnings forecast and a profit warning from machinery manufacturer Caterpillar Inc. because of U.S. tariffs. BNP Paribas shares fell after a U.S. jury found the bank violated American sanctions.
At the sector level, stock selection in the information technology and utilities sectors contributed to the Fund’s performance. Stock selection within the consumer discretionary, materials and health care sectors detracted from performance.
At the regional level, stock selection in Asia, particularly in South Korea and Japan, contributed to the Fund’s performance. Stock selection in Europe detracted from performance.
Portfolio activity
Taking advantage of volatility, the sub-advisor added and increased several Fund holdings. Holdings in BYD Co. Ltd., Euronext NV, Japan Post Bank Co. Ltd., The Magnum Ice Cream Co. NV, Siemens Energy AG and UBS Group AG were added to the Fund. The sub-advisor increased the Fund’s holdings in Heineken NV and Unilever PLC.
Holdings in Deutsche Boerse AG, Royal Bank of Canada, Swiss Re AG, BAE Systems PLC and BNP Paribas were sold in favour of other investments. The sub-advisor reduced the Fund’s holdings in Deutsche Telekom AG, BAE Systems and CRH PLC to capture gains or redirect proceeds to other investments.
Outlook
Stock selection continues to drive the sub-advisor’s investment decisions. The sub-advisor uses a multidimensional approach at the stock and portfolio levels based on a strategy of staying balanced across exposures.
Summary
For the period 07/09/2018 through 01/31/2026 with $10,000 CAD investment
Total returns performance
89.45%
Last price
$18.95 CAD
as of market close 01/31/2026
Value of $10,000 investment
$18,945.32 CAD
