Putnam Capital Manager

Putnam International Equity Subaccount

The subaccount seeks capital appreciation.

Fund description

Formerly Putnam International Growth Subaccount. The name change does not reflect a shift in subaccount objective or strategy.The subaccount invests in large and midsize international stocks, targeting companies with established earnings growth that are priced below their fundamental worth. The fund has no bias toward growth or value. It offers access to a broad range of investment opportunities in many markets of the world.

Sales story

Pursuing the growth potential of overseas marketsEstablished companies: The fund invests in established large and midsize companies mainly in developed markets to benefit from opportunities unfolding outside the United States.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads international markets.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 09/30/19

Category: International Multi-Cp Core Fds

  Percentile ranking Rank/Funds in category
10 yrs. 49% 20/40
1 yr. 76% 58/76
3 yrs. 83% 57/68
5 yrs. 81% 52/64

Risk Characteristics as of 09/30/19

Alpha (%) -2.31
Beta 1.07
R squared 0.94
Standard deviation (3 yrs.) 12.12

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.

‡ 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 09/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 64
Turnover (fiscal year end) 68%
Net Assets $214M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 09/30/19

Novartis Ag 3.40%
Prudential 3.06%
Aia Group 3.03%
Astrazeneca 2.99%
Unilever Nv 2.97%
Axa 2.90%
Sony Corp 2.69%
Vinci 2.58%
Veolia Environnement 2.42%
Asahi Group Holdings 2.37%
Top 10 holdings, total: 28.41%

Full Portfolio Holdings as of 09/30/19

NOVARTIS AG-REG SEDOL 7103065 3.40%
PRUDENTIAL PLC SEDOL 0709954 3.06%
AIA GROUP LTD SEDOL B4TX8S1 3.03%
ASTRAZENECA PLC SEDOL 0989529 2.99%
UNILEVER NV SEDOL B1527V7 2.97%
AXA SA SEDOL 7088429 2.90%
SONY CORP SEDOL 6821506 2.69%
VINCI SA SEDOL B1XH026 2.58%
VEOLIA ENVIRONNEMENT SEDOL 4031879 2.42%
ASAHI GROUP HOLDINGS LTD SEDOL 6054409 2.37%
TOYOTA MOTOR CORP SEDOL 6900643 2.22%
CRH PLC SEDOL 4182249 2.18%
VODAFONE GROUP PLC SEDOL BH4HKS3 2.06%
ADIDAS AG SEDOL 4031976 2.04%
AIRBUS SE SEDOL 4012250 2.04%
HOYA CORP SEDOL 6441506 2.00%
KERING SEDOL 5505072 1.88%
SAMSUNG ELECTRONICS-PREF SEDOL 6773812 1.85%
ASHTEAD GROUP PLC SEDOL 0053673 1.83%
COMPASS GROUP PLC SEDOL BD6K457 1.81%
BARRY CALLEBAUT AG-REG SEDOL 5476929 1.67%
LONZA GROUP AG-REG SEDOL 7333378 1.65%
NXP SEMICONDUCTORS NV SEDOL B505PN7 1.63%
COCA-COLA HBC AG-DI SEDOL B9895B7 1.60%
SSE PLC SEDOL 0790873 1.60%
ALCON INC SEDOL BJT1GR5 1.58%
SIG COMBIBLOC GROUP AG SEDOL BD5GN60 1.56%
SUMITOMO MITSUI FINANCIAL GR SEDOL 6563024 1.55%
NINTENDO CO LTD SEDOL 6639550 1.50%
ANGLO AMER PLC SEDOL B1XZS82 1.50%
NESTLE SA-REG SEDOL 7123870 1.46%
DASSAULT SYSTEMES SA SEDOL 5330047 1.45%
KONINKLIJKE AHOLD DELHAIZE N SEDOL BD0Q398 1.44%
KONINKLIJKE DSM NV SEDOL B0HZL93 1.43%
HONG KONG EXCHANGES & CLEAR SEDOL 6267359 1.41%
HDFC BANK LTD-ADR SEDOL 2781648 1.39%
QANTAS AIRWAYS LTD SEDOL 6710347 1.36%
LINDE PLC SEDOL BYWD9S5 1.35%
ING GROEP NV-CVA SEDOL 7154182 1.31%
MITSUBISHI CORP SEDOL 6596785 1.30%
QBE INSURANCE GROUP LTD SEDOL 6715740 1.29%
ORIX CORP SEDOL 6661144 1.28%
RHEINMETALL AG SEDOL 5334588 1.24%
FORTUM OYJ SEDOL 5579550 1.22%
ASSA ABLOY AB-B SEDOL BYPC1T4 1.20%
DAIKIN INDUSTRIES LTD SEDOL 6250724 1.17%
IMPERIAL BRANDS PLC SEDOL 0454492 1.14%
YUM CHINA HOLDINGS INC SEDOL BYW4289 1.12%
HEINEKEN NV SEDOL 7792559 0.94%
EURAZEO SE SEDOL 7042395 0.94%
MINEBEA CO LTD SEDOL 6642406 0.93%
SEVEN & I HOLDINGS CO LTD SEDOL B0FS5D6 0.88%
TMX GROUP LTD SEDOL B8KH5G7 0.78%
ASSOCIATED BRITISH FOODS PLC SEDOL 0673123 0.64%
KERRY GROUP PLC-A SEDOL 4519579 0.62%
EQT AB SEDOL BJ7W9K4 0.56%
NATIXIS SEDOL B1HDJL2 0.56%
QUILTER PLC SEDOL BDCXV26 0.56%
BANK OF IRELAND GROUP PLC SEDOL BD1RP61 0.42%
COMPUGROUP MEDICAL SE SEDOL 5094536 0.17%
TREASURY BILL 00.0000 12/05/2019 0.06%
TREASURY BILL 00.0000 12/12/2019 0.06%
CHF/USD 12/18/2019 BCAP-FX 0.03%
CNH/USD 11/20/2019 HSBCB 0.02%
JPY/USD 11/20/2019 SSBT 0.02%
EUR/USD 12/18/2019 CITI 0.02%
CHF/USD 12/18/2019 JPMCB 0.01%
GLOBAL FASHION GRP P/P 0.01%
ILS/USD 10/16/2019 SSBT 0.01%
JPY/USD 11/20/2019 BCAP-FX 0.01%
HKD/USD 11/20/2019 BCAP-FX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
AUD/USD 10/16/2019 JPMCB -0.00%
JPY/USD 11/20/2019 GSFX -0.00%
EUR/USD 12/18/2019 BANKAM -0.00%
GBP/USD 12/18/2019 JPMCB -0.00%
EUR/USD 12/18/2019 GSFX -0.00%
NOK/USD 12/18/2019 JPMCB -0.00%
CAD/USD 10/16/2019 CITI -0.00%
GBP/USD 12/18/2019 BANKAM -0.00%
GBP/USD 12/18/2019 GSFX -0.00%
KRW/USD 11/20/2019 JPMCB -0.01%
CAD/USD 10/16/2019 BCAP-FX -0.01%
GBP/USD 12/18/2019 CITI -0.01%
CAD/USD 10/16/2019 JPMCB -0.01%
SEK/USD 12/18/2019 JPMCB -0.01%
AUD/USD 10/16/2019 HSBCB -0.01%
AUD/USD 10/16/2019 SSBT -0.01%
SGD/USD 11/20/2019 JPMCB -0.01%
JPY/USD 11/20/2019 BANKAM -0.01%
NZD/USD 10/16/2019 CITI -0.01%
DKK/USD 12/18/2019 CITI -0.02%
JPY/USD 11/20/2019 JPMCB -0.02%
GBP/USD 12/18/2019 BCAP-FX -0.02%
EUR/USD 12/18/2019 BCAP-FX -0.04%
AUD/USD 10/16/2019 CITI -0.05%

Prior top 10 holdings

Top 10 holdings as of 09/30/19
1: Novartis Ag 3.40%
2: Prudential 3.06%
3: Aia Group 3.03%
4: Astrazeneca 2.99%
5: Unilever Nv 2.97%
6: Axa 2.90%
7: Sony Corp 2.69%
8: Vinci 2.58%
9: Veolia Environnement 2.42%
10: Asahi Group Holdings 2.37%
Holdings represent 28.41% of portfolio
Top 10 holdings as of 08/31/19
1: Novartis Ag 3.85%
2: Prudential 3.09%
3: Unilever Nv 3.09%
4: Aia Group 3.01%
5: Astrazeneca 3.01%
6: Vinci 2.65%
7: Airbus 2.64%
8: Sony Corp 2.63%
9: Crh 2.51%
10: Axa 2.50%
Holdings represent 28.98% of portfolio
Top 10 holdings as of 07/31/19
1: Novartis Ag 3.83%
2: Prudential 3.54%
3: Aia Group 3.09%
4: Axa 2.68%
5: Airbus 2.64%
6: Astrazeneca 2.60%
7: Sony Corp 2.56%
8: Unilever Nv 2.44%
9: Veolia Environnement 2.36%
10: Toyota Motor Corp 2.35%
Holdings represent 28.09% of portfolio
Top 10 holdings as of 06/30/19
1: Novartis Ag 3.70%
2: Prudential 3.63%
3: Aia Group 3.18%
4: Axa 2.70%
5: Airbus 2.57%
6: Unilever Nv 2.50%
7: Astrazeneca 2.40%
8: Sony Corp 2.28%
9: Bp 2.24%
10: Veolia Environnement 2.22%
Holdings represent 27.42% of portfolio

Portfolio Composition as of 09/30/19

Common stock 93.86%
Cash and net other assets 4.29%
Preferred stock 1.85%

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.

Top Industry Sectors as of 09/30/19

Financials 21.03%
Consumer staples 15.74%
Industrials 13.65%
Health care 11.79%
Consumer discretionary 11.76%
Materials 8.01%
Utilities 5.23%
Information technology 4.94%
Cash and net other assets 4.29%
 
Other
3.56%
Communication services 3.56%

Country Allocation as of 09/30/19

Japan 17.89%
United Kingdom 17.19%
France 14.76%
Switzerland 12.92%
Netherlands 8.09%
Hong Kong 4.43%
Cash and net other assets 4.29%
Germany 3.45%
Ireland 3.22%
 
Other
13.76%
United States 2.99%
Australia 2.65%
South Korea 1.85%
Sweden 1.76%
India 1.39%
Finland 1.22%
China 1.11%
Canada 0.78%
Luxembourg 0.01%