July 31, 2026
A value-style international equity fund seeking growth through large companies.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in companies outside of Canada and the U.S. for the long term.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 100.0 |
| Name | Percent |
|---|---|
| Multi-National | 100.0 |
| Name | Percent |
|---|---|
| Mutual Fund | 100.0 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $15,919
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Templeton International Stock Trust | 100.0 |
| Total allocation in top holdings | 100.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.29% |
| Dividend yield | - |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | - |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.59 | 7.63 | 14.16 | 23.18 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 17.95 | 11.70 | - | 5.94 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 21.53 | 14.74 | 15.25 | -3.41 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 2.63 | -7.05 | 5.17 | - |
Range of returns over five years (August 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.57% | Oct 2025 | -0.78% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.64% | 92 | 34 | 3 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Putnam Investments.
Market commentary
International equity markets advanced during the quarter, climbing early in the period despite the ongoing conflict in the Middle East, which lifted inflation and increased market volatility across regions. Performance swings were sharp, particularly in energy-sensitive regions, such as Europe and Asia. European equities were supported by expectations of higher government spending, particularly in defence and infrastructure. Across Asia, artificial intelligence (AI) infrastructure spending and semiconductor demand remained dominant equity themes. In emerging markets, investors were optimistic about corporate governance and stronger earnings growth expectations in countries such as India, South Korea and China. Late June brought a sharp correction in AI-related stocks globally as investors grew concerned about infrastructure spending and valuations.
Performance
Stock selection contributed to performance, specifically within the industrials, utilities and communication services sectors. An overweight allocation to the information technology sector and an underweight allocation to the real estate sector also contributed. By country, selections within Germany, France and South Korea contributed, and overall allocation by country also contributed to performance.
Infineon Technologies AG, Samsung Electronics Co., Ltd. and MinebeaMitsumi Inc. contributed to performance. Infineon Technologies AG and MinebeaMitsumi Inc. were overweight positions, and Samsung Electronics Co., Ltd. was held out-of-benchmark.
Stock selection within the consumer discretionary, materials and consumer staples sectors detracted from performance. Overweight allocations to the health care and energy sectors also detracted. By country, selections within the U.K., U.S. and China detracted from performance.
Alibaba Group Holding Ltd. and Kioxia Holdings Corp. detracted from performance. Alibaba Group Holding Ltd. was held out-of-benchmark, Kioxia Holdings Corp. was an underweight position.
Portfolio activity
The sub-advisor added Banco Santander SA, Keyence Corp. and Siemens Energy AG, and increased AIB Group PLC, Mitsubishi UFJ Financial Group Inc. and Novo Nordisk AS. The sub-advisor sold Chugai Pharmaceutical Co., Ltd., Shell PLC and Unilever PLC, and reduced Glencore PLC, Compagnie de Saint-Gobain SA and Hoya Corp.
Outlook
In the sub-advisor's view, equity markets showed resilience through a quarter that presented many potential challenges for investors. Uncertainty continued around the Middle East conflict and the closing of the Strait of Hormuz, an essential artery for global energy and trade.
At the midpoint of 2026, the sub-advisor's outlook is broadly constructive, with a dose of caution. In the sub-advisor's view, corporate earnings growth has been strong and is accelerating, and there's a pickup in global economic activity, in part because of planned investment in AI and the related infrastructure build. The sub-advisor believes AI could deliver a productivity boost over time.
Investor enthusiasm in equity markets was exemplified by SpaceX, which made history with its June IPO as shares surged amid intense demand. In the sub-advisor's view, the strong appetite for the potential in areas such as AI, satellites and space transport bodes well for equity markets. This enthusiasm also comes with increased risks, such as stretched valuations and bouts of volatility. Choppy markets and macroeconomic uncertainty are possible in the months ahead, and the sub-advisor believes attractive opportunities may emerge for investors focused on fundamental research.
Summary
For the period 07/09/2018 through 07/31/2026 with $10,000 CAD investment
Total returns performance
59.19%
Last price
$15.92 CAD
as of market close 07/31/2026
Value of $10,000 investment
$15,918.96 CAD
