Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
P. 1
Putnam International Value Fund Q&A Q3 2012

Putnam International Value Fund Q&A Q3 2012

Ratings: (0)|Views: 6|Likes:
Published by Putnam Investments
The fund outperformed its benchmark during the third quarter, based on stock selection and underweights to the peripheral countries in the eurozone. After a challenging start, value stocks began to outperform growth stocks toward quarter-end. Markets were buoyed by bold action by the European Central Bank during the quarter to stabilize the eurozone crisis, but the focus has turned to weakening economic and corporate fundamentals.
The fund outperformed its benchmark during the third quarter, based on stock selection and underweights to the peripheral countries in the eurozone. After a challenging start, value stocks began to outperform growth stocks toward quarter-end. Markets were buoyed by bold action by the European Central Bank during the quarter to stabilize the eurozone crisis, but the focus has turned to weakening economic and corporate fundamentals.

More info:

Published by: Putnam Investments on Oct 22, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

10/23/2012

pdf

text

original

 
Z\XIND AIULRXDLIXR s 
z|xind)bgd
^2
s
0:>0 ¿ Z|xind Aixlpinxaginc Unc|l E|ih ^%N
Nexlp n rcg{ rxnpx#unc|l aiulrxaik plx|pirai xfaph ~|npxlp
Hnppli N) Mnpgbf# BEN
Zgpxegcag Dninklp
Olq xnoln{nqr
            †
Xfl|ihg|xzlpgpdlhaxr`libfdnpoh|paikxflxfaph~|npxlp#`nrlhgirxgborlclbxaginih|ihlp{lakfxrxgxflzlpazflpncbg|ixpalraixfll|pg}gil
            †
Nxlpnbfncclikaikrxnpx#unc|lrxgbor`lknixgg|xzlpgpdkpg{xfrxgborxg{nph~|npxlp$lih
            †
Dnpolxr{lpl`|gqlh`q`gchnbxagi`qxflL|pgzlniBlixpnc@nioh|paikxfl~|npxlpxgrxn`aca}lxfll|pg}gilbparar#`|xxflgb|rfnrx|pilhxg{lnoliaiklbgigdabnihbgpzgpnxl|ihndlixncr
Hlrzaxl gikgaik kcg`nc dnbpglbgigdab bfnccliklr# xfl xfaph~|npxlp {nr zgraxaul egp l~|axalr) Fg{ hah Z|xind AixlpinxagincUnc|l E|ih zlpegpd ai xfar liuapgidlix7
Dgplbcnpaxqldlpklhnpg|ihL|pgzl‑rrgulplakihl`xbpararh|paikxfl~|npxlp#{axfrgdlrakiabnixdgulr`qzgcabqdnolpraixfl$inxagil|pg}gilNrnplr|cx#aiulrxgprkpl{dgplbgdgpxn`cl{axfparoalpnrrlxrAilnpcqr|ddlp#DnpagHpnkfa#zplrahlixgxflL|pgzlniBlixpnc@nio_LB@T#niig|iblhxfnxxflLB@{g|ch–hg{fnxlulpaxxnolr—xgrnulxfll|pgDpHpnkfa‑rzclhkl{nrplnca}lhailnpcqRlzxld`lp{flixflLB@niig|iblhaxr|icadaxlh`gih$`|qaikzpgkpndoig{inrxfl–L|pgzlniRxn`acaxqDlbfniard—_LRDTXfar{nrgccg{lh`qnKlpdnibg|pxnzzpguncgxflLRD#{fabfhldgirxpnxlhKlpdniq‑raixlixxgr|zzgpxxfl`gih$`|qaikzpgkpndAinhhaxagi#xfl\RElhlpncPlrlpulaidah$Rlzxld`lpniig|iblhnxfaphpg|ihg~|nixaxnxaullnraik#h|``lh–^L#—xghpaulaixlplrxpnxlrcg{lpnihklilpnxlclihaiknihbgir|dzxagiXflElhncrgzclhklhxgollzaixlplrxpnxlrcg{aixgAixfarliuapgidlix#xfl|ihg|xzlpgpdlhaxr`libfdnpo#xflDRBALNELUnc|lAihlv#nihxflnulpnklplx|pigaxrCazzlpzllpr
Zgpxegcag dninkldlix xlnd
HnppliMnpgbfclnhrnxlndgulxlpniaiulrxgprplrzgira`clgphnq$xg$hnqdninkldlixgxfl|ih
Onpni R) Rghfa# BEN
 Nrrarxnix Zgpxegcag Dninklp 
&aih|rxpq raibl >166!
 
^2 0:>0 s 
Nexlp n rcg{ rxnpx# unc|l aiulrxaik plx|pir ai xfaph ~|npxlp
[fnx bgixpa`|xlh xg xfl e|ih‑r plcnxaulg|xzlpegpdnibl7
[lnbfalulhg|xzlpgpdnibldgrxcqxfpg|kfaihauah|ncrxgbozaboaik[lldzcgqlhn–`np`lcc—rxpnxlkqxfnxbgd`ailhn`ncniblgzpg$bqbcabncnihhlliraulrxgborNrgpxfldlr#xflzgpxgcagfnhrakiabnixlvzgr|plxgL|pgzlniair|pniblbgdznialr#{fabfnplfakf$hauahlih$znqaikindlr[axfairlbxgprlclbxagi#{fnxbgixpa`|xlhdgrx{lplbgir|dlpharbplxaginpq#flncxfbnpl#nih`nrabdnxlpancrXfl{lnolrxrlbxgp#igxr|pzparaikcq#{nrinibancrG|pzlpgpdniblulpr|rxfl`libfdnponcrg{nrhpauli`qhpndnxab|ihlp{lakfxzgraxagirxgxflrg$bncclhzlpazflpncbg|ixpalrgxfll|pg}gil‘Rznai#Axncq#Kpllbl#Zgpx|knc#nihAplcnih‘{flplxflplkagi‑rgikgaikrgulplakihl`xarr|lr{lpldgrxrlulpl@qbgixpnrx#xfl|ih{nrgulp{lakfxxgxfll|pg}gil‑rbgplnihdgplrbnccqrxn`clbg|ixpalr‘KlpdniqnihEpnibl‘nihxfarzgraxagiaikncrgflczlhplcnxaulzlpgpdnibl[lnplgulp{lakfxBninhn#{fabffnrlbgigdabxalrxgxfl\iaxlhRxnxlr#`|x|ihlp{lakfxN|rxpncan#{fgrllbgigdqarcaiolhxgrxp|kkcaikBfain[l{lplncrg|ihlp{lakfxMnzninihfnulrgchhg{irgdlgxflzgpxgcag‑rldlpkaik$dnpolxlvzgr|plh|lxg{lnolpkpg{xfaiBfain
[fnx {nr xfl liuapgidlix caol egpunc|l aiulrxaik7
Egpxflznrxxfpllqlnpr#{lfnullvzlpaliblhnpnccqaikpg{xfrxgbor[fnx{l{axilrrlhaixflxfaph~|npxlp{nrnplr|pkliblgunc|laiulrxaikNxlpnbfncclikaikrxnpxxgxfl~|npxlp#unc|lrxgbor`lknixgg|xzlpgpdkpg{xfrxgborA`lcaluldniq|ihlpunc|lhrxgborlvarxaiL|pgzlxghnq#nihxgxfllvxlixxfnxL|pgzladzpgulr#unc|lrxgbornplzgarlhgprxpgiklpplx|piraixfnxplkagi
Hah qg| dnol niq bfniklr ai e|ih rxpnxlkq7
[lbgixai|lhxggb|rgixfgrlbgdznialr{axfhaulpralh`|railrrdghlcrnihrxpgikbnrfeg{rxfnxbniplx|piunc|lxgrfnplfgchlpraixflgpdghauahlihrXflzgpxgcagpldnairgulp{lakfxhlliraulbgir|dlp$rxnzclrbgdznialr[lnpl|ihlp{lakfxxfgrlbgdznialr{fgrlzpgxkpg{xfar|ihlpzplrr|pl#gb|raikdgplgiindlr{axfclrrhg{irahlparo[lbgixai|lxgfnulxflharbazcailxgrlccrxgbor{flixflqplnbfxflapunc|nxagixnpklxrnihxfliplhlzcgqxflbnrfaixgunc|lindlrXflzgpxgcagbgixai|lrxg|rlxfl–`np`lcc—nzzpgnbf#{axfnhlbahlhcqzpg$bqbcabncxacxbg|zclhgixflgxflplih{axfdgplhlliraulzgraxagir
[fnx ar qg|p g|xcggo7
Epgd`gxfndnbpglbgigdabnihbgpzgpnxlzlprzlbxaul#|ihndlixncrrlldxg`lxaboaikhg{igpxfl{gprlH|paikxfl~|npxlp#{lhahrllrgc|xagirxgxflL|pgzlnizpg`cldrxfnxfnhxflzgxlixancxgbn|rllbgigdabbncndaxqXflarr|lig{arxfnxaiulrxgprnpl`lkaiiaikxgcggonxhnxn#nihbgiblpirnplldlpkaikD|bfgL|pgzlaraiplblrraginihbgir|dlphldnihnihdni|$nbx|paikhnxnnplrcazzaikKlpdnidni|nbx|paikhnxn#znpxab|cnpcqpgdn|xgdnolpr#ar{lnoliaikEpniblarlvzlpalibaiklbgigdab$kpg{xfzpg`cldrAixflinc{llogxfl~|npxlp#pluarlh\RKHZk|plrgpxflrlbgih~|npxlpbndlaid|bfcg{lpxfnilvzlbxnxagirBfain#dlni{facl#bgixai|lrxglvzlpaliblnilbgigdabnihdni|nbx|paikrcg{hg{iE|ihndlixncrrlldxg`lxaboaikhg{igpxfl{gprlFg{lulp#gpunc|laiulrxaikxfarliuapgidlixzpguahlrgzzgpx|iaxalrA`lcalulxfnxkaulixfldnpolxr‑pnccqaixflxfaph~|npxlp#xflplarxghnqrakiabnixcqdgplr|rblzxa`acaxqxgilknxauldnbpglbgigdabil{rNrnplr|cx#Andrcakfxcqdgplbn|xag|rn`g|xxflrfgpx$xlpdzpgrzlbxrRxgbornplharbg|ixaikn`lxxlpliuapgidlixxfni{lnzzlnpxg`lklxxaik[lfnul{axilrrlhnrxpgikpnccqail~|axalraidniqdnpolxrnpg|ihxfl{gpchqlnpxghnxlLnpiaikrlrxadnxlrkgaikaixgilvxqlnp#gplvndzcl#nplxggfakf#aidqgzaiagi#nih{acccaolcq`lplrlxxgxflhg{irahlA`lcalulxfnxnr{llixlpaixg#{axfxflzplrahlixanclclbxagiraixfl\iaxlhRxnxlr`lfaih|r#{l{accrxnpxxglvzlpaliblxflbcnpaxqxfnxxfldnpolx{nixrGiblxfnxfnzzlir#A`lcalulax{acc`lnflncxfalpliuapgidlixgprxgbor

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->