Putnam Capital Manager

Putnam Small Cap Value Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount pursues its objective of long-term capital appreciation by investing in stocks of small companies that are undergoing positive changes. In accordance with its value strategy, it seeks holdings that have below-average price/earnings ratios and that are priced below their long-term business value. The subaccount's focus on low valuation helps to manage the risk associated with investing in small companies.

Sales story

Pursuing capital appreciation through undervalued small companiesSmall companiesOften overlooked by Wall Street analysts, the stocks of small companies can be attractive opportunities.Active value strategyThe strategy seeks undervalued companies with improving fundamentals or catalysts that may unlock potential.Rigorous researchThe portfolio manager and a team of senior research analysts combine the collaboration of a boutique with the extensive resources of a large global firm.

Management team

Lipper ranking ‡ as of 05/31/21

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 36% 11/30
1 yr. 16% 5/32
3 yrs. 49% 15/30
5 yrs. 57% 18/31

Risk Characteristics as of 05/31/21

Alpha (%) -0.29
Beta 1.14
R squared 0.97
Standard deviation (3 yrs.) 30.54

‡ 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 05/31/21

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 111
Turnover (fiscal year end) 119%
Net Assets $152M
Inception Date 04/30/99

Holdings

Vista Outdoor 2.05%
Unifi 1.78%
Tronox Holdings 1.50%
Major Drilling 1.49%
Custom Truck One Source 1.44%
Newpark Resources 1.42%
Ibex Holdings 1.39%
Magnolia Oil Gas Corp 1.37%
Five Star Bancorp 1.27%
Oriental Finl Group Com 1.26%
Top 10 holdings, total: 14.97%


Top 10 holdings as of 05/31/21
1: Vista Outdoor 2.05%
2: Unifi 1.78%
3: Tronox Holdings 1.50%
4: Major Drilling 1.49%
5: Custom Truck One Source 1.44%
6: Newpark Resources 1.42%
7: Ibex Holdings 1.39%
8: Magnolia Oil Gas Corp 1.37%
9: Five Star Bancorp 1.27%
10: Oriental Finl Group Com 1.26%
Holdings represent 14.97% of portfolio
Top 10 holdings as of 04/30/21
1: Unifi 1.89%
2: Vista Outdoor 1.78%
3: Custom Truck One Source 1.61%
4: Ibex Holdings 1.58%
5: Tronox Holdings 1.46%
6: Oriental Finl Group Com 1.33%
7: Lakeland Bancorp 1.30%
8: Newpark Resources 1.29%
9: Magnolia Oil Gas Corp 1.28%
10: Connectone Bancorp 1.28%
Holdings represent 14.80% of portfolio
Top 10 holdings as of 03/31/21
1: Unifi 1.98%
2: Vista Outdoor 1.77%
3: Nesco Holdings 1.66%
4: Ibex Holdings 1.57%
5: Newpark Resources 1.43%
6: Magnolia Oil Gas Corp 1.35%
7: Oriental Finl Group Com 1.32%
8: Tronox Holdings 1.32%
9: Lakeland Bancorp 1.30%
10: Brookdale Senior Living 1.28%
Holdings represent 14.98% of portfolio
Top 10 holdings as of 02/28/21
1: Unifi 1.95%
2: Vista Outdoor 1.90%
3: Newpark Resources 1.72%
4: Ibex Holdings 1.69%
5: Nesco Holdings 1.56%
6: Magnolia Oil Gas Corp 1.51%
7: Allegiant Travel 1.48%
8: Tronox Holdings 1.35%
9: Brookdale Senior Living 1.34%
10: Major Drilling 1.33%
Holdings represent 15.83% of portfolio


Portfolio Composition as of 05/31/21

Common stock 99.84%
Cash and net other assets 0.16%

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. 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 05/31/21

Financials 28.34%
Industrials 19.64%
Consumer discretionary 12.30%
Materials 9.62%
Information technology 8.98%
Energy 6.70%
Health care 6.14%
Real estate 4.50%
Utilities 1.90%
 
Other
1.88%
Consumer staples 0.97%
Communication services 0.75%
Cash and net other assets 0.16%