Putnam Capital Manager

Putnam Global Health Care Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount seeks to capitalize on the strength of the health-care sector, targeting companies of all sizes. Holdings encompass an array of industries, including pharmaceuticals, health-care services, and biotechnology. The fund seeks companies that offer strong long-term growth prospects, regardless of their size.

Sales story

Investing in the health-care sectorA dynamic sector: From biotech to pharmaceuticals, the fund seeks out companies that profit from the global demand for health care.A range of companies: The fund invests worldwide in businesses at different stages of growth, from rapidly growing newer companies to established global corporations.Actively managed: Unlike passively managed ETFs, Putnam global sector funds combine rigorous fundamental research and disciplined quantitative analysis with macroeconomic views.

Management team

Risk Characteristics as of 02/29/20

Alpha (%) -1.25
Beta 1.06
R squared 0.94
Standard deviation (3 yrs.) 13.35

The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

‡ 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 02/29/20

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 43
Turnover (fiscal year end) 86%
Net Assets $132M
Inception Date 05/01/98

Holdings

Johnson&Johnson 6.67%
Novartis Ag 5.91%
UnitedHealth Group 5.81%
Roche Holding Ag 5.49%
Abbvie 5.37%
Pfizer 4.99%
Merck 4.76%
Danaher Corp 3.84%
Astrazeneca 3.65%
Eli Lilly 3.10%
Top 10 holdings, total: 49.59%


Top 10 holdings as of 02/29/20
1: Johnson&Johnson 6.67%
2: Novartis Ag 5.91%
3: UnitedHealth Group 5.81%
4: Roche Holding Ag 5.49%
5: Abbvie 5.37%
6: Pfizer 4.99%
7: Merck 4.76%
8: Danaher Corp 3.84%
9: Astrazeneca 3.65%
10: Eli Lilly 3.10%
Holdings represent 49.59% of portfolio
Top 10 holdings as of 01/31/20
1: Johnson&Johnson 6.98%
2: Novartis Ag 6.15%
3: UnitedHealth Group 5.74%
4: Merck 5.36%
5: Roche Holding Ag 5.23%
6: Abbvie 4.54%
7: Boston Scientific Corp 4.08%
8: Danaher Corp 3.95%
9: Astrazeneca 3.77%
10: Vertex Pharmaceuticals 3.56%
Holdings represent 49.36% of portfolio
Top 10 holdings as of 12/31/19
1: Johnson&Johnson 6.61%
2: UnitedHealth Group 6.44%
3: Novartis Ag 5.96%
4: Merck 5.51%
5: Roche Holding Ag 5.41%
6: Abbvie 5.37%
7: Amgen 4.44%
8: Danaher Corp 3.96%
9: Astrazeneca 3.75%
10: Boston Scientific Corp 3.48%
Holdings represent 50.93% of portfolio
Top 10 holdings as of 11/30/19
1: Johnson&Johnson 6.34%
2: UnitedHealth Group 6.24%
3: Novartis Ag 5.89%
4: Abbvie 5.42%
5: Merck 5.38%
6: Roche Holding Ag 5.23%
7: Amgen 4.40%
8: Danaher Corp 4.10%
9: Astrazeneca 3.65%
10: Boston Scientific Corp 3.39%
Holdings represent 50.04% of portfolio


Portfolio Composition as of 02/29/20

Common stock 97.71%
Cash and net other assets 2.29%

Portfolio allocations vary over time. The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

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.

Top Industry Sectors as of 02/29/20

Pharmaceuticals 41.78%
Biotechnology 22.68%
Health Care Equipment & Supplies 15.98%
Health Care Providers & Services 12.18%
Life Sciences Tools & Services 5.09%
Cash and net other assets 2.29%

Country Allocation as of 02/29/20

United States 72.76%
Switzerland 13.05%
United Kingdom 3.65%
Japan 3.13%
Denmark 3.08%
Cash and net other assets 2.29%
France 1.25%
Germany 0.79%