Putnam Capital Manager

Putnam International Growth Subaccount

The subaccount seeks long-term capital appreciation.

Fund description

The subaccount invests in companies outside the United States experiencing rapid earnings, sales, and business unit growth, and with the potential for positive earnings surprises. The fund invests primarily in large and midsize companies with superior competitive positions within their industries.

Sales story

Harnessing the potential of international growth companiesInternational growth: The fund invests in international companies with above-average earnings growth primarily from developed international markets.Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that are emerging leaders with strong future potential.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 01/31/19

Category: International Multi-Cap Growth

  Percentile ranking Rank/Funds in category
10 yrs. 74% 47/63
1 yr. 93% 74/79
3 yrs. 85% 62/72
5 yrs. 91% 66/72

Risk Characteristics as of 01/31/19

Alpha (%) -2.47
Beta 1.11
R squared 0.90
Standard deviation (3 yrs.) 13.06

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 01/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 82
Turnover (fiscal year end) 89%
Net Assets $32M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 01/31/19

Unilever Nv 3.70%
Adidas AG 2.49%
Aia Group 2.32%
Pernod Ricard 2.28%
Visa 2.16%
Dalata Hotel Group 2.12%
Hoya Corp 2.10%
Airbus 2.03%
Compass Group 1.89%
Astrazeneca 1.85%
Top 10 holdings, total: 22.94%

Equity Holdings as of 12/31/18

UNILEVER NV-CVA 4.00%
HOYA CORP 2.86%
PERNOD RICARD SA 2.40%
ADIDAS AG 2.32%
AIA GROUP LTD 2.26%
VISA INC-CLASS A SHARES 2.24%
ASTRAZENECA PLC 2.03%
COMPASS GROUP PLC 1.98%
HDFC BANK LIMITED 1.95%
DALATA HOTEL GROUP PLC 1.87%
HEINEKEN NV 1.84%
PALTAC CORPORATION 1.82%
BAYER AG-REG 1.80%
KYUDENKO CORP 1.75%
AIRBUS SE 1.63%
MITSUBISHI UFJ FINANCIAL GRO 1.55%
PRUDENTIAL PLC 1.54%
AIR CANADA 1.52%
SONY CORP 1.52%
ORPEA 1.51%
QBE INSURANCE GROUP LTD 1.51%
MERCK & CO. INC. 1.49%
RHEINMETALL AG 1.48%
NXP SEMICONDUCTORS NV 1.44%
KERRY GROUP PLC-A 1.41%
TENCENT HOLDINGS LTD 1.36%
ASHTEAD GROUP PLC 1.33%
CONSTELLATION SOFTWARE INC 1.31%
RAI WAY SPA 1.30%
SINO-AMERICAN SILICON PRODUC 1.26%
CLINIGEN GROUP PLC 1.25%
DEUTSCHE BOERSE AG 1.23%
CHINA WATER AFFAIRS GROUP 1.19%
WIRECARD AG 1.19%
OCI NV 1.14%
UNIVERSAL ENTERTAINMENT CORP 1.11%
ALPHABET INC-CL A 1.09%
DINO POLSKA SA 1.09%
SIEMENS AG 1.09%
RELIANCE INDUSTRIES LTD 1.08%
SCREEN HOLDINGS CO LTD 1.07%
RAYTHEON COMPANY 1.05%
CAIRN ENERGY PLC 1.03%
DAIHO CORP 1.03%
KKR & CO INC -A 1.03%
QUILTER PLC 1.03%
ASSA ABLOY AB-B 1.00%
CHENIERE ENERGY INC 0.98%
GRIEG SEAFOOD ASA 0.98%
KION GROUP AG 0.98%
PIRELLI & C SPA 0.98%
SARAS SPA 0.97%
SOFTBANK GROUP CORP 0.96%
FU SHOU YUAN INTERNATIONAL 0.95%
KH NEOCHEM CO LTD 0.93%
SOCIETE GENERALE SA 0.91%
NOMAD FOODS LTD 0.87%
OPEN HOUSE CO LTD 0.87%
TALEND SA - ADR 0.87%
KOMATSU LTD 0.81%
DELIVERY HERO AG 0.80%
JAZZ PHARMACEUTICALS PLC 0.80%
ORION ENGINEERED CARBONS SA 0.79%
DXC TECHNOLOGY CO 0.77%
DBS GROUP HOLDINGS LTD 0.75%
COCA-COLA HBC AG-DI 0.70%
ALCOA CORP 0.66%
CREDICORP LTD 0.66%
DART GROUP PLC 0.64%
DISCOVERY INC - A 0.61%
KEI INDUSTRIES LTD 0.54%
ENCANA CORP 0.52%
SHISEIDO CO LTD 0.51%
ASAHI GROUP HOLDINGS LTD 0.50%
OUTSOURCING INC 0.33%
CLEAN TEQ HOLDINGS LTD 0.27%
SLM SOLUTIONS GROUP AG 0.17%
GLOBAL FASHION GRP P/P 0.05%
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%

Full Portfolio Holdings as of 12/31/18

UNILEVER NV-CVA 4.00%
HOYA CORP 2.86%
PERNOD RICARD SA 2.40%
ADIDAS AG 2.32%
AIA GROUP LTD 2.26%
VISA INC-CLASS A SHARES 2.24%
ASTRAZENECA PLC 2.03%
COMPASS GROUP PLC 1.98%
HDFC BANK LIMITED 1.95%
DALATA HOTEL GROUP PLC 1.87%
HEINEKEN NV 1.84%
PALTAC CORPORATION 1.82%
BAYER AG-REG 1.80%
KYUDENKO CORP 1.75%
AIRBUS SE 1.63%
MITSUBISHI UFJ FINANCIAL GRO 1.55%
PRUDENTIAL PLC 1.54%
AIR CANADA 1.52%
SONY CORP 1.52%
ORPEA 1.51%
QBE INSURANCE GROUP LTD 1.51%
MERCK & CO. INC. 1.49%
RHEINMETALL AG 1.48%
NXP SEMICONDUCTORS NV 1.44%
KERRY GROUP PLC-A 1.41%
TENCENT HOLDINGS LTD 1.36%
ASHTEAD GROUP PLC 1.33%
CONSTELLATION SOFTWARE INC 1.31%
RAI WAY SPA 1.30%
SINO-AMERICAN SILICON PRODUC 1.26%
CLINIGEN GROUP PLC 1.25%
DEUTSCHE BOERSE AG 1.23%
CHINA WATER AFFAIRS GROUP 1.19%
WIRECARD AG 1.19%
OCI NV 1.14%
UNIVERSAL ENTERTAINMENT CORP 1.11%
ALPHABET INC-CL A 1.09%
DINO POLSKA SA 1.09%
SIEMENS AG 1.09%
RELIANCE INDUSTRIES LTD 1.08%
SCREEN HOLDINGS CO LTD 1.07%
RAYTHEON COMPANY 1.05%
CAIRN ENERGY PLC 1.03%
DAIHO CORP 1.03%
KKR & CO INC -A 1.03%
QUILTER PLC 1.03%
ASSA ABLOY AB-B 1.00%
CHENIERE ENERGY INC 0.98%
GRIEG SEAFOOD ASA 0.98%
KION GROUP AG 0.98%
PIRELLI & C SPA 0.98%
SARAS SPA 0.97%
SOFTBANK GROUP CORP 0.96%
FU SHOU YUAN INTERNATIONAL 0.95%
KH NEOCHEM CO LTD 0.93%
SOCIETE GENERALE SA 0.91%
NOMAD FOODS LTD 0.87%
OPEN HOUSE CO LTD 0.87%
TALEND SA - ADR 0.87%
KOMATSU LTD 0.81%
DELIVERY HERO AG 0.80%
JAZZ PHARMACEUTICALS PLC 0.80%
ORION ENGINEERED CARBONS SA 0.79%
DXC TECHNOLOGY CO 0.77%
DBS GROUP HOLDINGS LTD 0.75%
COCA-COLA HBC AG-DI 0.70%
ALCOA CORP 0.66%
CREDICORP LTD 0.66%
DART GROUP PLC 0.64%
DISCOVERY INC - A 0.61%
KEI INDUSTRIES LTD 0.54%
ENCANA CORP 0.52%
SHISEIDO CO LTD 0.51%
ASAHI GROUP HOLDINGS LTD 0.50%
OUTSOURCING INC 0.33%
CLEAN TEQ HOLDINGS LTD 0.27%
SLM SOLUTIONS GROUP AG 0.17%
CHF/USD 03/20/2019 BCAP-FX 0.09%
GLOBAL FASHION GRP P/P 0.05%
CHF/USD 03/20/2019 JPMCB 0.04%
CAD/USD 01/16/2019 CITI 0.01%
CAD/USD 01/16/2019 SSBT 0.01%
EUR/USD 03/20/2019 CITI 0.01%
GBP/USD 03/20/2019 BCAP-FX 0.01%
GBP/USD 03/20/2019 GSFX 0.01%
AUD/USD 01/16/2019 BANKAM 0.00%
AUD/USD 01/16/2019 CITI 0.00%
AUD/USD 01/16/2019 GSFX 0.00%
AUD/USD 01/16/2019 JPMCB 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
DKK/USD 03/20/2019 CITI 0.00%
GBP/USD 03/20/2019 JPMCB 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 02/20/2019 BANKAM 0.00%
HKD/USD 02/20/2019 BCAP-FX 0.00%
ILS/USD 01/16/2019 SSBT 0.00%
JPY/USD 02/20/2019 CITI 0.00%
JPY/USD 02/20/2019 JPMCB 0.00%
JPY/USD 02/20/2019 SSBT 0.00%
MXN/USD 01/16/2019 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NOK/USD 03/20/2019 JPMCB 0.00%
NOK/USD 03/20/2019 UBS 0.00%
NZD/USD 01/16/2019 JPMCB 0.00%
SGD/USD 02/20/2019 JPMCB 0.00%
AUD/USD 01/16/2019 BCAP-FX -0.01%
EUR/USD 03/20/2019 BANKAM -0.01%
PLN/USD 03/20/2019 BCAP-FX -0.01%
SEK/USD 03/20/2019 JPMCB -0.01%
TWD/USD 02/20/2019 GSFX -0.01%
EUR/USD 03/20/2019 HSBCB -0.04%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Unilever Nv 3.70%
2: Adidas AG 2.49%
3: Aia Group 2.32%
4: Pernod Ricard 2.28%
5: Visa 2.16%
6: Dalata Hotel Group 2.12%
7: Hoya Corp 2.10%
8: Airbus 2.03%
9: Compass Group 1.89%
10: Astrazeneca 1.85%
Holdings represent 22.94% of portfolio
Top 10 holdings as of 12/31/18
1: Unilever Nv 4.00%
2: Hoya Corp 2.86%
3: Pernod Ricard 2.40%
4: Adidas AG 2.32%
5: Aia Group 2.26%
6: Visa 2.24%
7: Astrazeneca 2.03%
8: Compass Group 1.98%
9: Hdfc Bank 1.95%
10: Dalata Hotel Group 1.87%
Holdings represent 23.91% of portfolio
Top 10 holdings as of 11/30/18
1: Unilever Nv 3.79%
2: Hoya Corp 2.66%
3: Adidas AG 2.27%
4: Visa 2.23%
5: Pernod Ricard 2.16%
6: Aia Group 2.09%
7: Astrazeneca 1.97%
8: Paltac Corporation 1.93%
9: Air Canada 1.89%
10: Compass Group 1.87%
Holdings represent 22.86% of portfolio
Top 10 holdings as of 10/31/18
1: Unilever Nv 3.62%
2: Hoya Corp 2.42%
3: Adidas AG 2.39%
4: Visa 2.14%
5: Pernod Ricard 2.03%
6: Challenger Financial Service 1.95%
7: Dalata Hotel Group 1.95%
8: Aia Group 1.91%
9: Astrazeneca 1.90%
10: Bayer Ag 1.81%
Holdings represent 22.12% of portfolio

Portfolio Composition as of 01/31/19

Common stock 96.35%
Cash and net other assets 3.65%

Portfolio characteristics 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. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 01/31/19

Industrials 15.67%
Consumer staples 14.22%
Financials 14.07%
Consumer discretionary 13.40%
Information technology 12.04%
Health care 10.52%
Communication services 5.75%
Energy 4.96%
Cash and net other assets 3.65%
 
Other
5.72%
Materials 3.61%
Utilities 1.12%
Real estate 0.99%

Country Allocation as of 01/31/19

Japan 16.02%
United Kingdom 11.53%
Germany 11.13%
United States 10.75%
Netherlands 8.17%
France 6.60%
China 3.75%
Cash and net other assets 3.65%
Canada 3.52%
 
Other
24.88%
Ireland 3.48%
India 3.32%
Italy 3.20%
Hong Kong 2.32%
Taiwan 2.14%
Australia 1.85%
South Korea 1.48%
Poland 1.08%
Norway 1.00%
Sweden 0.98%
Switzerland 0.91%
Luxembourg 0.86%
Peru 0.68%
Philippines 0.56%
Indonesia 0.55%
Argentina 0.47%