Putnam Capital Manager

Putnam International Value Subaccount

The subaccount seeks capital growth. Current income is a secondary objective.

Fund description

The subaccount applies Putnam's value-oriented strategy of seeking undervalued stocks outside the United States. By buying mostly dividend paying stocks with relatively low valuations, the fund pursues capital growth and, secondarily, current income. The fund is positioned to benefit from the spread of corporate strategies focusing on shareholder value outside the United States.

Sales story

Benefiting from undervalued international companies experiencing positive change International companies: The fund invests in international large and midsize companies to benefit from business opportunities outside the United States.A value strategy: The fund focuses on companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Lipper ranking ‡ as of 04/30/19

Category: International Large-Cap Value

  Percentile ranking Rank/Funds in category
10 yrs. 56% 5/8
1 yr. 59% 7/11
3 yrs. 76% 9/11
5 yrs. 51% 6/11

Risk Characteristics as of 04/30/19

Alpha (%) -0.65
Beta 0.92
R squared 0.90
Standard deviation (3 yrs.) 10.49

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts as of 04/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 81
Turnover (fiscal year end) 17%
Net Assets $71M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 04/30/19

Royal Dutch Shell 4.09%
Ing Groep Nv 3.60%
Sanofi 2.92%
Vinci 2.79%
Aia Group 2.47%
Prudential 2.38%
Novartis Ag 2.32%
Mitsubishi Corp 2.30%
Suncor Energy 2.27%
Astrazeneca 2.21%
Top 10 holdings, total: 27.35%

Full Portfolio Holdings as of 03/31/19

ING GROEP NV-CVA 3.50%
SANOFI 3.03%
NOVARTIS AG-REG 2.80%
VINCI SA 2.75%
ROYAL DUTCH SHELL PLC-A SHS 2.62%
AIA GROUP LTD 2.47%
ASTRAZENECA PLC 2.43%
MITSUBISHI CORP 2.39%
SUNCOR ENERGY INC 2.28%
RIO TINTO PLC 2.25%
PRUDENTIAL PLC 2.16%
AUST AND NZ BANKING GROUP 2.15%
AXA SA 1.89%
SIEMENS AG 1.88%
SUMITOMO MITSUI FINANCIAL GR 1.88%
NIPPON TELEGRAPH & TELEPHONE 1.77%
SAMSUNG ELECTRONICS CO LTD 1.69%
CHUBB LTD 1.68%
VEOLIA ENVIRONNEMENT 1.63%
KERRY GROUP PLC-A 1.61%
TOTAL SA 1.51%
ROYAL DUTCH SHELL PLC-B SHS 1.50%
VODAFONE GROUP PLC 1.49%
UNILEVER NV-CVA 1.36%
KONINKLIJKE AHOLD DELHAIZE N 1.35%
ALLIANZ SE-REG 1.34%
JAPAN AIRLINES CO LTD 1.34%
SOCIETE GENERALE SA 1.34%
ITOCHU CORP 1.29%
BAE SYSTEMS PLC 1.27%
QUILTER PLC 1.22%
IMPERIAL BRANDS PLC 1.20%
EURAZEO SE 1.17%
SSE PLC 1.11%
SANWA HOLDINGS CORP 1.09%
QBE INSURANCE GROUP LTD 1.06%
FERGUSON PLC 1.04%
ORIX CORP 1.03%
DNB NOR ASA 1.00%
GLENCORE PLC 1.00%
BCE INC 0.99%
DALATA HOTEL GROUP PLC 0.98%
TELE2 AB-B SHS 0.96%
CRH PLC 0.93%
MAGNA INTERNATIONAL INC 0.90%
AENA SME SA 0.87%
MIZUHO FINANCIAL GROUP INC 0.87%
FORTUM OYJ 0.86%
DBS GROUP HOLDINGS LTD 0.84%
NATIXIS 0.84%
SEVEN & I HOLDINGS CO LTD 0.84%
ASHTEAD GROUP PLC 0.83%
HOYA CORP 0.82%
SONY CORP 0.82%
SKANDINAVISKA ENSKILDA BAN-A 0.79%
SCREEN HOLDINGS CO LTD 0.77%
COMPAGNIE DE SAINT-GOBAIN 0.76%
ENCANA CORP 0.72%
NSK LTD 0.72%
LAFARGEHOLCIM LTD-REG 0.70%
SHISEIDO CO LTD 0.70%
BANK OF IRELAND GROUP PLC 0.66%
UBS GROUP AG-REG 0.66%
YAMAHA MOTOR CO LTD 0.65%
PANASONIC CORP 0.63%
TELECOM ITALIA-RSP 0.63%
SIG COMBIBLOC GROUP AG 0.61%
TELSTRA CORP LTD 0.58%
CREDIT SUISSE GROUP AG-REG 0.55%
KION GROUP AG 0.54%
KYOCERA CORP 0.54%
KDDI CORP 0.53%
NINTENDO CO LTD 0.50%
SINO-AMERICAN SILICON PRODUC 0.50%
NISSAN MOTOR CO LTD 0.48%
LLOYDS BANKING GROUP PLC 0.45%
CAIXABANK SA 0.40%
BORAL LTD 0.37%
SWEDISH KRONA CALL ACCOUNT 0.23%
SCOR SE 0.11%
VICINITY CENTRES 0.10%
CHF/USD 06/19/2019 JPMCB 0.03%
EUR/USD 06/19/2019 HSBCB 0.02%
JPY/USD 05/15/2019 GSFX 0.02%
TAIWAN DOLLAR CALL ACCOUNT 0.02%
JPY/USD 05/15/2019 CITI 0.01%
JPY/USD 05/15/2019 JPMCB 0.01%
AUD/USD 04/17/2019 BCAP-FX 0.00%
AUD/USD 04/17/2019 JPMCB 0.00%
AUD/USD 04/17/2019 SSBT 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 04/17/2019 BANKAM 0.00%
CAD/USD 04/17/2019 BCAP-FX 0.00%
CAD/USD 04/17/2019 CITI 0.00%
CAD/USD 04/17/2019 GSFX 0.00%
CAD/USD 04/17/2019 JPMCB 0.00%
CAD/USD 04/17/2019 SSBT 0.00%
CAD/USD 04/17/2019 UBS 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CNH/USD 05/15/2019 HSBCB 0.00%
DKK/USD 06/19/2019 CITI 0.00%
EUR/USD 06/19/2019 BANKAM 0.00%
GBP/USD 06/19/2019 BCAP-FX 0.00%
HKD/USD 05/15/2019 BCAP-FX 0.00%
ILS/USD 04/17/2019 SSBT 0.00%
JPY/USD 05/15/2019 BANKAM 0.00%
KOREAN WON CALL ACCOUNT 0.00%
KRW/USD 05/15/2019 JPMCB 0.00%
NOK/USD 06/19/2019 JPMCB 0.00%
NZD/USD 04/17/2019 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 06/19/2019 JPMCB 0.00%
SGD/USD 05/15/2019 JPMCB 0.00%
TWD/USD 05/15/2019 GSFX 0.00%
GBP/USD 06/19/2019 JPMCB -0.01%
THE EURO EUR CALL ACCOUNT -0.02%
CHF/USD 06/19/2019 BCAP-FX -0.03%
EUR/USD 06/19/2019 CITI -0.03%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
1: Royal Dutch Shell 4.09%
2: Ing Groep Nv 3.60%
3: Sanofi 2.92%
4: Vinci 2.79%
5: Aia Group 2.47%
6: Prudential 2.38%
7: Novartis Ag 2.32%
8: Mitsubishi Corp 2.30%
9: Suncor Energy 2.27%
10: Astrazeneca 2.21%
Holdings represent 27.35% of portfolio
Top 10 holdings as of 03/31/19
1: Royal Dutch Shell 4.12%
2: Ing Groep Nv 3.50%
3: Sanofi 3.03%
4: Novartis Ag 2.80%
5: Vinci 2.75%
6: Aia Group 2.47%
7: Astrazeneca 2.43%
8: Mitsubishi Corp 2.39%
9: Suncor Energy 2.28%
10: Rio Tinto 2.25%
Holdings represent 28.02% of portfolio
Top 10 holdings as of 02/28/19
1: Royal Dutch Shell 4.04%
2: Ing Groep Nv 3.77%
3: Sanofi 2.83%
4: Vinci 2.66%
5: Novartis Ag 2.61%
6: Aia Group 2.44%
7: Astrazeneca 2.44%
8: Suncor Energy 2.39%
9: Mitsubishi Corp 2.38%
10: Australia New Zealand Banking Group 2.27%
Holdings represent 27.83% of portfolio
Top 10 holdings as of 01/31/19
1: Royal Dutch Shell 4.07%
2: Ing Groep Nv 3.42%
3: Sanofi 2.99%
4: Novartis Ag 2.53%
5: Mitsubishi Corp 2.51%
6: Vinci 2.49%
7: Suncor Energy 2.28%
8: Aia Group 2.24%
9: Astrazeneca 2.21%
10: Rio Tinto 2.13%
Holdings represent 26.87% of portfolio

Portfolio Composition as of 04/30/19

Common stock 97.29%
Cash and net other assets 2.71%

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 04/30/19

Financials 31.02%
Industrials 17.24%
Health care 8.63%
Energy 8.52%
Communication services 7.36%
Consumer staples 6.75%
Materials 5.78%
Consumer discretionary 4.69%
Utilities 3.61%
 
Other
6.40%
Information technology 3.60%
Cash and net other assets 2.71%
Real estate 0.09%

Country Allocation as of 04/30/19

United Kingdom 20.42%
Japan 19.78%
France 15.31%
Netherlands 6.18%
Switzerland 5.26%
Canada 4.93%
Australia 4.29%
Ireland 4.21%
Germany 4.16%
 
Other
15.46%
Cash and net other assets 2.71%
Hong Kong 2.47%
Sweden 1.79%
United States 1.70%
South Korea 1.65%
Spain 1.27%
Norway 1.02%
Singapore 0.92%
Finland 0.87%
Italy 0.57%
Taiwan 0.49%