Putnam international fund taps BASF, Banco Itau, Telus
The co-manager of the Putnam International Growth and Income fund looks for shares of large- and mid-capitalization companies outside of the U.S. with a catalyst that can bolster earnings and boost performance.
The manager's stock selection process involves several criteria including price/earnings ratio and free-cash-flow yield. The goal, she said, is "to find stocks that are cheap relative to their own history, relative to their sector and region."
The fund rose 22 percent over the 12 months through Dec. 13, edging its category's 21.5 percent average gain, according to fund data firm Lipper. Its three-year annualized 12.3 percent return tops its category's 10.9 percent average return.
The portfolio is heavily invested in emerging markets, particularly across Latin America, and has meaningful positions in Taiwan and China. It also has a strong position in Europe."Even though we're nervous about the currency situation," Holding said, "we see good opportunities there."
(From CBS, Dezembro 17, 2004)
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