There are two types of wallets: watch-only wallets, and non-watch-only/regular/normal/signing wallets. A watch-only wallet has a public key hash (bitcoin address), with the wallet tracking its history on the blockchain. It can also create unsigned bitcoin transactions which can later be signed with the private key (in a different wallet).

A 'normal wallet' is one that has private keys (from which the pubkey and pubkeyhash are created). The transactions here are created, signed, and broadcast (the latter if it is an online wallet). With this wallet, you 'own' the coins you see on the wallet as you can transact with them. On a watch-only wallet you cannot however (hence the term watch-only).