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 12/31/19

Category: International Large-Cp Val Fds

  Percentile ranking Rank/Funds in category
10 yrs. 59% 7/11
1 yr. 54% 7/12
3 yrs. 62% 8/12
5 yrs. 77% 10/12

Risk Characteristics as of 12/31/19

Alpha (%) 1.19
Beta 0.95
R squared 0.93
Standard deviation (3 yrs.) 11.50

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 01/31/20

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 79
Turnover (fiscal year end) 17%
Net Assets $65M
Inception Date 01/02/97

Holdings

Novartis Ag 3.72%
Ing Groep Nv 3.35%
Vinci 3.03%
Aia Group 2.52%
Astrazeneca 2.50%
Bp 2.32%
Suncor Energy 2.23%
Sanofi 2.21%
Siemens Ag 2.21%
Mitsubishi Corp 2.19%
Top 10 holdings, total: 26.28%


Top 10 holdings as of 12/31/19
1: Novartis Ag 3.72%
2: Ing Groep Nv 3.35%
3: Vinci 3.03%
4: Aia Group 2.52%
5: Astrazeneca 2.50%
6: Bp 2.32%
7: Suncor Energy 2.23%
8: Sanofi 2.21%
9: Siemens Ag 2.21%
10: Mitsubishi Corp 2.19%
Holdings represent 26.28% of portfolio
Top 10 holdings as of 11/30/19
1: Novartis Ag 3.66%
2: Ing Groep Nv 3.26%
3: Vinci 3.02%
4: Aia Group 2.43%
5: Astrazeneca 2.43%
6: Bp 2.34%
7: Vodafone Group 2.23%
8: Siemens Ag 2.21%
9: Mitsubishi Corp 2.20%
10: Suncor Energy 2.16%
Holdings represent 25.94% of portfolio
Top 10 holdings as of 10/31/19
1: Royal Dutch Shell 3.79%
2: Novartis Ag 3.54%
3: Ing Groep Nv 3.27%
4: Vinci 3.17%
5: Astrazeneca 2.50%
6: Aia Group 2.46%
7: Vodafone Group 2.35%
8: Mitsubishi Corp 2.18%
9: Australia New Zealand Banking Group 2.13%
10: Sanofi 2.10%
Holdings represent 27.49% of portfolio
Top 10 holdings as of 09/30/19
1: Royal Dutch Shell 3.97%
2: Novartis Ag 3.62%
3: Vinci 3.13%
4: Ing Groep Nv 3.12%
5: Aia Group 2.41%
6: Astrazeneca 2.36%
7: Vodafone Group 2.36%
8: Australia New Zealand Banking Group 2.30%
9: Suncor Energy 2.29%
10: Sanofi 2.17%
Holdings represent 27.73% of portfolio


Portfolio Composition as of 12/31/19

Common stock 100.11%
Cash and net other assets -0.11%

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 12/31/19

Financials 28.26%
Industrials 18.30%
Health care 9.93%
Consumer staples 7.94%
Energy 7.86%
Communication services 7.83%
Materials 5.12%
Consumer discretionary 4.87%
Information technology 4.66%
 
Other
5.23%
Utilities 4.23%
Real estate 1.11%
Cash and net other assets -0.11%

Country Allocation as of 12/31/19

Japan 22.05%
United Kingdom 22.03%
France 13.55%
Switzerland 7.71%
Netherlands 5.92%
Australia 4.99%
Canada 4.72%
Germany 4.35%
Ireland 2.90%
 
Other
11.78%
Hong Kong 2.52%
South Korea 2.00%
Sweden 1.62%
Spain 1.31%
Finland 1.02%
Norway 1.00%
Singapore 0.88%
Italy 0.77%
Taiwan 0.77%
Cash and net other assets -0.11%