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 07/31/19

Category: International Large-Cap Value

  Percentile ranking Rank/Funds in category
10 yrs. 63% 5/7
1 yr. 73% 8/10
3 yrs. 82% 9/10
5 yrs. 73% 8/10

Risk Characteristics as of 07/31/19

Alpha (%) -1.19
Beta 0.96
R squared 0.92
Standard deviation (3 yrs.) 11.07

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 07/31/19

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 $65M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 07/31/19

Royal Dutch Shell 4.26%
Novartis Ag 3.84%
Ing Groep Nv 3.31%
Vinci 2.99%
Aia Group 2.61%
Mitsubishi Corp 2.38%
Prudential 2.29%
Australia New Zealand Banking Group 2.28%
Astrazeneca 2.27%
Vodafone Group 2.16%
Top 10 holdings, total: 28.39%

Full Portfolio Holdings as of 06/30/19

NOVARTIS AG-REG 3.75%
ING GROEP NV-CVA 3.40%
VINCI SA 2.94%
ROYAL DUTCH SHELL PLC-A SHS 2.77%
AIA GROUP LTD 2.72%
ASTRAZENECA PLC 2.52%
PRUDENTIAL PLC 2.38%
AUST AND NZ BANKING GROUP 2.33%
MITSUBISHI CORP 2.30%
SUNCOR ENERGY INC 2.23%
SIEMENS AG 2.12%
AXA SA 2.00%
SANOFI 1.99%
NIPPON TELEGRAPH & TELEPHONE 1.98%
SUMITOMO MITSUI FINANCIAL GR 1.93%
VEOLIA ENVIRONNEMENT 1.81%
CHUBB LTD 1.79%
SAMSUNG ELECTRONICS CO LTD 1.78%
KERRY GROUP PLC-A 1.75%
ROYAL DUTCH SHELL PLC-B SHS 1.58%
TOTAL SA 1.54%
ANGLO AMER PLC 1.52%
ALLIANZ SE-REG 1.47%
UNILEVER NV-CVA 1.45%
RIO TINTO PLC 1.39%
ITOCHU CORP 1.38%
VODAFONE GROUP PLC 1.37%
BAE SYSTEMS PLC 1.29%
FERGUSON PLC 1.18%
EURAZEO SE 1.16%
KONINKLIJKE AHOLD DELHAIZE N 1.16%
QUILTER PLC 1.15%
ORIX CORP 1.08%
TELE2 AB-B SHS 1.07%
SSE PLC 1.04%
BCE INC 1.03%
SONY CORP 1.03%
QBE INSURANCE GROUP LTD 1.02%
DNB NOR ASA 1.02%
SANWA HOLDINGS CORP 1.00%
ASHTEAD GROUP PLC 1.00%
CRH PLC 0.99%
HOYA CORP 0.97%
AENA SME SA 0.97%
QANTAS AIRWAYS LTD 0.97%
FORTUM OYJ 0.94%
MAGNA INTERNATIONAL INC 0.93%
DBS GROUP HOLDINGS LTD 0.88%
SKANDINAVISKA ENSKILDA BAN-A 0.85%
IMPERIAL BRANDS PLC 0.83%
MIZUHO FINANCIAL GROUP INC 0.83%
COMPAGNIE DE SAINT-GOBAIN 0.83%
SCREEN HOLDINGS CO LTD 0.81%
DALATA HOTEL GROUP PLC 0.80%
SEVEN & I HOLDINGS CO LTD 0.77%
SHISEIDO CO LTD 0.74%
NSK LTD 0.70%
LAFARGEHOLCIM LTD-REG 0.70%
SIG COMBIBLOC GROUP AG 0.70%
TELSTRA CORP LTD 0.67%
KION GROUP AG 0.66%
UBS GROUP AG-REG 0.66%
NINTENDO CO LTD 0.65%
NATIXIS 0.64%
KDDI CORP 0.63%
PANASONIC CORP 0.62%
SINO-AMERICAN SILICON PRODUC 0.62%
KYOCERA CORP 0.61%
YAMAHA MOTOR CO LTD 0.60%
BANK OF IRELAND GROUP PLC 0.59%
TELECOM ITALIA-RSP 0.59%
CREDIT SUISSE GROUP AG-REG 0.57%
ENCANA CORP 0.52%
NISSAN MOTOR CO LTD 0.43%
LLOYDS BANKING GROUP PLC 0.41%
BORAL LTD 0.41%
CAIXABANK SA 0.37%
ALCON INC 0.36%
TREASURY BILL 00.0000 07/18/2019 0.18%
SCOR SE 0.11%
VICINITY CENTRES 0.09%
JPY/USD 08/21/2019 GSFX 0.08%
EUR/USD 09/18/2019 HSBCB 0.07%
JAPAN AIRLINES CO LTD 0.06%
CHF/USD 09/18/2019 JPMCB 0.05%
JPY/USD 08/21/2019 CITI 0.03%
JPY/USD 08/21/2019 JPMCB 0.02%
GBP/USD 09/18/2019 JPMCB 0.01%
DKK/USD 09/18/2019 CITI 0.01%
ILS/USD 07/17/2019 SSBT 0.00%
HKD/USD 08/21/2019 BCAP-FX 0.00%
SGD/USD 08/21/2019 JPMCB 0.00%
TWD/USD 08/21/2019 GSFX 0.00%
GBP/USD 09/18/2019 BANKAM 0.00%
CAD/USD 07/17/2019 BCAP-FX -0.00%
CNH/USD 08/21/2019 HSBCB -0.00%
EUR/USD 09/18/2019 BCAP-FX -0.00%
EUR/USD 09/18/2019 GSFX -0.00%
GBP/USD 09/18/2019 BCAP-FX -0.00%
CAD/USD 07/17/2019 JPMCB -0.00%
NOK/USD 09/18/2019 JPMCB -0.00%
SEK/USD 09/18/2019 JPMCB -0.00%
NZD/USD 07/17/2019 JPMCB -0.00%
KRW/USD 08/21/2019 JPMCB -0.01%
AUD/USD 07/17/2019 BCAP-FX -0.01%
CAD/USD 07/17/2019 GSFX -0.01%
CAD/USD 07/17/2019 BANKAM -0.01%
CAD/USD 07/17/2019 SSBT -0.01%
CAD/USD 07/17/2019 UBS -0.02%
CAD/USD 07/17/2019 CITI -0.02%
AUD/USD 07/17/2019 SSBT -0.03%
EUR/USD 09/18/2019 CITI -0.06%
CHF/USD 09/18/2019 BCAP-FX -0.08%

Prior top 10 holdings

Top 10 holdings as of 07/31/19
1: Royal Dutch Shell 4.26%
2: Novartis Ag 3.84%
3: Ing Groep Nv 3.31%
4: Vinci 2.99%
5: Aia Group 2.61%
6: Mitsubishi Corp 2.38%
7: Prudential 2.29%
8: Australia New Zealand Banking Group 2.28%
9: Astrazeneca 2.27%
10: Vodafone Group 2.16%
Holdings represent 28.39% of portfolio
Top 10 holdings as of 06/30/19
1: Royal Dutch Shell 4.35%
2: Novartis Ag 3.75%
3: Ing Groep Nv 3.41%
4: Vinci 2.94%
5: Aia Group 2.72%
6: Astrazeneca 2.52%
7: Prudential 2.38%
8: Australia New Zealand Banking Group 2.33%
9: Mitsubishi Corp 2.30%
10: Suncor Energy 2.23%
Holdings represent 28.93% of portfolio
Top 10 holdings as of 05/31/19
1: Royal Dutch Shell 4.33%
2: Novartis Ag 3.69%
3: Ing Groep Nv 3.32%
4: Vinci 2.96%
5: Aia Group 2.47%
6: Astrazeneca 2.38%
7: Australia New Zealand Banking Group 2.38%
8: Mitsubishi Corp 2.37%
9: Rio Tinto 2.36%
10: Suncor Energy 2.31%
Holdings represent 28.57% of portfolio
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

Portfolio Composition as of 07/31/19

Common stock 99.19%
Cash and net other assets 0.81%

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 07/31/19

Financials 29.05%
Industrials 17.77%
Health care 9.42%
Consumer staples 8.34%
Energy 8.29%
Communication services 8.29%
Materials 5.65%
Consumer discretionary 4.39%
Information technology 4.02%
 
Other
4.78%
Utilities 3.87%
Cash and net other assets 0.81%
Real estate 0.10%

Country Allocation as of 07/31/19

United Kingdom 21.80%
Japan 20.98%
France 12.98%
Switzerland 6.92%
Netherlands 5.89%
Australia 5.63%
Canada 4.58%
Ireland 4.06%
Germany 4.02%
 
Other
13.14%
Hong Kong 2.61%
United States 1.89%
South Korea 1.70%
Sweden 1.32%
Spain 1.23%
Norway 1.00%
Finland 0.99%
Singapore 0.92%
Cash and net other assets 0.81%
Taiwan 0.67%