Putnam Capital Manager

Putnam Research Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount invests in stocks representing the best ideas of Putnam's global equity research analysts. The portfolio typically consists of large, U.S. companies believed to be worth more than their current stock prices indicate. The fund is managed with no predetermined style bias; its portfolio may contain both growth and value stocks.

Sales story

Seeking to capitalize on the expertise of Putnam's research teamA best-ideas fund: The fund represents the stock selections of Putnam's Global Equity Research Group, whose analysts cover more than 1,000 companies.A flexible strategy: The fund can own growth- or value-style stocks, allowing it to seek opportunities regardless of which style is in favor.A rigorous process: The fund's experienced managers use rigorous fundamental investment research to oversee the portfolio and manage risk.

Management team

Lipper ranking ‡ as of 10/31/18

Category: Large-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 18% 20/115
1 yr. 59% 94/161
3 yrs. 31% 47/153
5 yrs. 28% 40/145

Risk Characteristics as of 10/31/18

Alpha (%) -0.82
Beta 1.00
R squared 0.96
Standard deviation (3 yrs.) 9.47

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.The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock's performance, including both general financial market conditions and factors related to a specific company or industry.

‡ 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 11/30/18

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 141
Turnover (fiscal year end) 94%
Net Assets $45M
Inception Date 10/01/98

Holdings

Top 10 holdings as of 10/31/18

Microsoft Corp 3.86%
Apple 3.45%
Alphabet 3.18%
Amazon.Com 2.87%
Bank Of America Corp 2.13%
Visa 1.95%
Coca-Cola The 1.95%
Citigroup 1.84%
Facebook 1.76%
Bp 1.67%
Top 10 holdings, total: 24.66%

Equity Holdings as of 09/30/18

MICROSOFT CORP 3.81%
AMAZON.COM INC 3.35%
ALPHABET INC-CL A 3.28%
APPLE INC 3.28%
BANK OF AMERICA CORP 2.26%
VISA INC-CLASS A SHARES 1.98%
CITIGROUP INC 1.81%
FACEBOOK INC-A 1.77%
HOME DEPOT INC 1.75%
COCA-COLA CO/THE 1.66%
BP PLC 1.65%
HONEYWELL INTERNATIONAL INC 1.58%
QUALCOMM INC 1.56%
ACTIVISION BLIZZARD INC 1.44%
JPMORGAN CHASE & CO 1.39%
DANAHER CORP 1.31%
KKR & CO INC -A 1.28%
BECTON DICKINSON AND CO 1.23%
EMERSON ELECTRIC CO 1.22%
DXC TECHNOLOGY CO 1.18%
GOLDMAN SACHS GROUP INC 1.18%
DOWDUPONT INC 1.13%
PROCTER & GAMBLE CO/THE 1.13%
MERCK & CO. INC. 1.09%
SALESFORCE.COM INC 1.09%
ADOBE SYSTEMS INC 1.06%
PRUDENTIAL PLC 1.03%
CIGNA CORP 1.00%
EXXON MOBIL CORP 0.98%
CENOVUS ENERGY INC 0.97%
GILEAD SCIENCES INC 0.97%
UNITEDHEALTH GROUP INC 0.95%
BOEING CO/THE 0.92%
NORFOLK SOUTHERN CORP 0.91%
KINDER MORGAN INC 0.90%
GENERAL MOTORS CO 0.89%
NXP SEMICONDUCTORS NV 0.88%
FORTIVE CORP 0.87%
AT&T INC 0.85%
ROPER TECHNOLOGIES INC 0.83%
ASSURED GUARANTY LTD 0.82%
BRISTOL-MYERS SQUIBB CO 0.80%
E*TRADE FINANCIAL CORPORATION 0.80%
JOHNSON & JOHNSON 0.80%
INTEL CORP 0.78%
AMERICAN ELECTRIC POWER 0.75%
WALMART INC 0.74%
TEXTRON INC 0.73%
BOOKING HOLDINGS INC 0.71%
BOSTON SCIENTIFIC CORP 0.71%
BLACKROCK INC 0.70%
NRG ENERGY INC 0.70%
NCSOFT CORP 0.69%
PFIZER INC 0.69%
RAYTHEON COMPANY 0.69%
SHERWIN-WILLIAMS CO/THE 0.66%
WASTE CONNECTIONS INC 0.66%
CHARTER COMMUNICATIONS INC-A 0.63%
TJX COMPANIES INC 0.62%
UNION PACIFIC CORP 0.62%
TWENTY-FIRST CENTURY FOX-A 0.61%
HILTON WORLDWIDE HOLDINGS IN 0.60%
AMGEN INC 0.59%
EXELON CORP 0.59%
RAYMOND JAMES FINANCIAL INC 0.59%
COMCAST CORP-CLASS A 0.58%
NIKE INC -CL B 0.58%
VERIZON COMMUNICATIONS INC 0.58%
COSTCO WHOLESALE CORP 0.56%
MCCORMICK & CO-NON VTG SHRS 0.56%
PEPSICO INC 0.56%
KELLOGG CO 0.55%
JAZZ PHARMACEUTICALS PLC 0.53%
NETEASE INC-ADR 0.52%
NEXTERA ENERGY INC 0.52%
VERTEX PHARMACEUTICALS INC 0.52%
ON SEMICONDUCTOR CORP 0.50%
AMERICAN INTERNATIONAL GROUP 0.49%
BAXTER INTERNATIONAL INC 0.49%
YUM CHINA HOLDINGS INC 0.49%
CHUBB LTD 0.48%
INTUITIVE SURGICAL INC 0.48%
COOPER COS INC/THE 0.47%
INTERCONTINENTAL EXCHANGE IN 0.47%
FMC CORP 0.46%
WALGREENS BOOTS ALLIANCE INC 0.45%
ALEXION PHARMACEUTICALS INC 0.44%
CHIPOTLE MEXICAN GRILL INC 0.44%
CLOROX COMPANY 0.44%
CONOCOPHILLIPS 0.44%
FIRST DATA CORP- CLASS A 0.44%
BIOGEN INC 0.43%
GAMING AND LEISURE PROPERTIE 0.42%
SBA COMMUNICATIONS CORP 0.42%
FIDELITY NATIONAL INFO SERV 0.40%
WYNN RESORTS LTD 0.40%
EVERBRIDGE INC 0.39%
METTLER-TOLEDO INTERNATIONAL 0.39%
SEVEN GENERATIONS ENERGY - A 0.39%
YELLOW CAKE PLC 0.39%
TENCENT HOLDINGS LTD 0.37%
CAIRN ENERGY PLC 0.35%
BALL CORP 0.34%
LIVE NATION ENTERTAINMENT IN 0.34%
ANADARKO PETROLEUM CORP 0.32%
GODADDY INC - CLASS A 0.31%
DOMINION ENERGY INC 0.30%
DEERE & CO 0.29%
ADVANCE AUTO PARTS 0.28%
DUKE ENERGY CORP 0.27%
NOBLE ENERGY INC 0.26%
O'REILLY AUTOMOTIVE INC 0.26%
BURLINGTON STORES INC 0.24%
SUMMIT MATERIALS INC -CL A 0.24%
ELI LILLY & CO 0.23%
INVESCO LTD 0.23%
MGM RESORTS INTERNATIONAL 0.22%
APTIV PLC 0.21%
EDISON INTERNATIONAL 0.20%
ALCOA CORP 0.19%
PPG INDUSTRIES INC 0.18%
HEINEKEN NV 0.16%
INVESTMENT TECHNOLOGY GROUP 0.16%
RESTAURANT BRANDS INTERN 0.16%
ALIBABA GROUP HOLDING-SP ADR 0.13%
AMEREN CORPORATION 0.13%
P G & E CORP 0.13%
APOLLO GLOBAL MANAGEMENT - A 0.11%
W.R. GRACE & CO 0.11%
ECOLAB INC 0.10%
BJ'S WHOLESALE CLUB HOLDINGS 0.09%
JOHN BEAN TECHNOLOGIES CORP 0.07%
OPORTUN FIN CORP P/P SERIES H PFD 0.06%
ARCHER-DANIELS-MIDLAND CO 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.03%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%

Full Portfolio Holdings as of 09/30/18

MICROSOFT CORP 3.81%
AMAZON.COM INC 3.35%
ALPHABET INC-CL A 3.28%
APPLE INC 3.28%
BANK OF AMERICA CORP 2.26%
VISA INC-CLASS A SHARES 1.98%
CITIGROUP INC 1.81%
FACEBOOK INC-A 1.77%
HOME DEPOT INC 1.75%
COCA-COLA CO/THE 1.66%
BP PLC 1.65%
HONEYWELL INTERNATIONAL INC 1.58%
QUALCOMM INC 1.56%
ACTIVISION BLIZZARD INC 1.44%
JPMORGAN CHASE & CO 1.39%
DANAHER CORP 1.31%
KKR & CO INC -A 1.28%
BECTON DICKINSON AND CO 1.23%
EMERSON ELECTRIC CO 1.22%
DXC TECHNOLOGY CO 1.18%
GOLDMAN SACHS GROUP INC 1.18%
DOWDUPONT INC 1.13%
PROCTER & GAMBLE CO/THE 1.13%
MERCK & CO. INC. 1.09%
SALESFORCE.COM INC 1.09%
ADOBE SYSTEMS INC 1.06%
PRUDENTIAL PLC 1.03%
CIGNA CORP 1.00%
EXXON MOBIL CORP 0.98%
CENOVUS ENERGY INC 0.97%
GILEAD SCIENCES INC 0.97%
UNITEDHEALTH GROUP INC 0.95%
BOEING CO/THE 0.92%
NORFOLK SOUTHERN CORP 0.91%
KINDER MORGAN INC 0.90%
GENERAL MOTORS CO 0.89%
NXP SEMICONDUCTORS NV 0.88%
FORTIVE CORP 0.87%
AT&T INC 0.85%
ROPER TECHNOLOGIES INC 0.83%
ASSURED GUARANTY LTD 0.82%
BRISTOL-MYERS SQUIBB CO 0.80%
E*TRADE FINANCIAL CORPORATION 0.80%
JOHNSON & JOHNSON 0.80%
INTEL CORP 0.78%
AMERICAN ELECTRIC POWER 0.75%
WALMART INC 0.74%
TEXTRON INC 0.73%
BOOKING HOLDINGS INC 0.71%
BOSTON SCIENTIFIC CORP 0.71%
BLACKROCK INC 0.70%
NRG ENERGY INC 0.70%
NCSOFT CORP 0.69%
PFIZER INC 0.69%
RAYTHEON COMPANY 0.69%
SHERWIN-WILLIAMS CO/THE 0.66%
WASTE CONNECTIONS INC 0.66%
CHARTER COMMUNICATIONS INC-A 0.63%
TJX COMPANIES INC 0.62%
UNION PACIFIC CORP 0.62%
TWENTY-FIRST CENTURY FOX-A 0.61%
HILTON WORLDWIDE HOLDINGS IN 0.60%
AMGEN INC 0.59%
EXELON CORP 0.59%
RAYMOND JAMES FINANCIAL INC 0.59%
COMCAST CORP-CLASS A 0.58%
NIKE INC -CL B 0.58%
VERIZON COMMUNICATIONS INC 0.58%
COSTCO WHOLESALE CORP 0.56%
MCCORMICK & CO-NON VTG SHRS 0.56%
PEPSICO INC 0.56%
KELLOGG CO 0.55%
JAZZ PHARMACEUTICALS PLC 0.53%
NETEASE INC-ADR 0.52%
NEXTERA ENERGY INC 0.52%
VERTEX PHARMACEUTICALS INC 0.52%
ON SEMICONDUCTOR CORP 0.50%
AMERICAN INTERNATIONAL GROUP 0.49%
BAXTER INTERNATIONAL INC 0.49%
YUM CHINA HOLDINGS INC 0.49%
CHUBB LTD 0.48%
INTUITIVE SURGICAL INC 0.48%
COOPER COS INC/THE 0.47%
INTERCONTINENTAL EXCHANGE IN 0.47%
FMC CORP 0.46%
WALGREENS BOOTS ALLIANCE INC 0.45%
ALEXION PHARMACEUTICALS INC 0.44%
CHIPOTLE MEXICAN GRILL INC 0.44%
CLOROX COMPANY 0.44%
CONOCOPHILLIPS 0.44%
FIRST DATA CORP- CLASS A 0.44%
BIOGEN INC 0.43%
GAMING AND LEISURE PROPERTIE 0.42%
SBA COMMUNICATIONS CORP 0.42%
FIDELITY NATIONAL INFO SERV 0.40%
WYNN RESORTS LTD 0.40%
EVERBRIDGE INC 0.39%
METTLER-TOLEDO INTERNATIONAL 0.39%
SEVEN GENERATIONS ENERGY - A 0.39%
YELLOW CAKE PLC 0.39%
TENCENT HOLDINGS LTD 0.37%
CAIRN ENERGY PLC 0.35%
BALL CORP 0.34%
LIVE NATION ENTERTAINMENT IN 0.34%
ANADARKO PETROLEUM CORP 0.32%
GODADDY INC - CLASS A 0.31%
DOMINION ENERGY INC 0.30%
DEERE & CO 0.29%
ADVANCE AUTO PARTS 0.28%
DUKE ENERGY CORP 0.27%
NOBLE ENERGY INC 0.26%
O'REILLY AUTOMOTIVE INC 0.26%
BURLINGTON STORES INC 0.24%
SUMMIT MATERIALS INC -CL A 0.24%
ELI LILLY & CO 0.23%
INVESCO LTD 0.23%
MGM RESORTS INTERNATIONAL 0.22%
APTIV PLC 0.21%
EDISON INTERNATIONAL 0.20%
ALCOA CORP 0.19%
PPG INDUSTRIES INC 0.18%
HEINEKEN NV 0.16%
INVESTMENT TECHNOLOGY GROUP 0.16%
RESTAURANT BRANDS INTERN 0.16%
ALIBABA GROUP HOLDING-SP ADR 0.13%
AMEREN CORPORATION 0.13%
P G & E CORP 0.13%
APOLLO GLOBAL MANAGEMENT - A 0.11%
W.R. GRACE & CO 0.11%
ECOLAB INC 0.10%
BJ'S WHOLESALE CLUB HOLDINGS 0.09%
JOHN BEAN TECHNOLOGIES CORP 0.07%
OPORTUN FIN CORP P/P SERIES H PFD 0.06%
ARCHER-DANIELS-MIDLAND CO 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.03%
CAD/USD 10/17/2018 JPMCB 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
CAD/USD 10/17/2018 GSFX 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
EUR/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 BCAP-FX 0.00%
GBP/USD 12/19/2018 GSFX 0.00%
GBP/USD 12/19/2018 JPMCB 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
NOK/USD 12/19/2018 JPMCB 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
RU20INTR P USL1M R 12/15/20 GS 0.00%
S&P500 EMINI FUT DEC18 ESZ8 0.00%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
1: Microsoft Corp 3.86%
2: Apple 3.45%
3: Alphabet 3.18%
4: Amazon.Com 2.87%
5: Bank Of America Corp 2.13%
6: Visa 1.95%
7: Coca-Cola The 1.95%
8: Citigroup 1.84%
9: Facebook 1.76%
10: Bp 1.67%
Holdings represent 24.66% of portfolio
Top 10 holdings as of 09/30/18
1: Microsoft Corp 3.45%
2: Apple 3.43%
3: Amazon.Com 3.35%
4: Alphabet 3.28%
5: Bank Of America Corp 2.26%
6: Visa 1.98%
7: Citigroup 1.81%
8: Facebook 1.77%
9: Qualcomm 1.76%
10: Home Depot The 1.75%
Holdings represent 24.84% of portfolio
Top 10 holdings as of 08/31/18
1: Microsoft Corp 3.51%
2: Amazon 3.48%
3: Alphabet 3.35%
4: Bank of America 2.39%
5: Visa 1.98%
6: Facebook 1.95%
7: Citigroup 1.82%
8: Home Depot 1.73%
9: Qualcomm 1.71%
10: Honeywell International 1.59%
Holdings represent 23.51% of portfolio
Top 10 holdings as of 07/31/18
1: Alphabet 3.38%
2: Microsoft Corp 3.36%
3: Amazon 3.11%
4: Apple 3.03%
5: Bank of America 2.41%
6: Facebook 1.94%
7: Citigroup 1.86%
8: Visa 1.86%
9: Home Depot 1.73%
10: Bp 1.64%
Holdings represent 24.32% of portfolio

Portfolio Composition as of 10/31/18

Common stock 99.16%
Cash and net other assets 0.67%
Convertible preferred stock 0.17%

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.

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.The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock's performance, including both general financial market conditions and factors related to a specific company or industry.

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 10/31/18

Information technology 17.44%
Health care 14.04%
Financials 13.95%
Communication services 11.34%
Consumer discretionary 10.76%
Industrials 9.59%
Consumer staples 8.01%
Energy 6.03%
Utilities 4.00%
 
Other
4.84%
Materials 3.30%
Real estate 0.87%
Cash and net other assets 0.67%