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 companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities to firms with strong research capabilities.A value strategy: The fund focuses on finding small companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Management team

Lipper ranking ‡ as of 02/29/20

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 48% 16/33
1 yr. 46% 17/36
3 yrs. 90% 33/36
5 yrs. 68% 25/36

Risk Characteristics as of 02/29/20

Alpha (%) -2.36
Beta 1.04
R squared 0.95
Standard deviation (3 yrs.) 18.14

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 111
Turnover (fiscal year end) 164%
Net Assets $103M
Inception Date 04/30/99

Holdings

Photronics 1.37%
Qts Realty Trust 1.37%
Brookdale Senior Living 1.32%
Investors Bancorp 1.28%
Quanex Building Products Corp 1.27%
Spirit Realty Capital 1.22%
Cars.Com 1.21%
Louisiana-Pacific Corp 1.20%
Sterling Bancorp/De 1.20%
Vectrus 1.19%
Top 10 holdings, total: 12.63%


Top 10 holdings as of 02/29/20
1: Photronics 1.37%
2: Qts Realty Trust 1.37%
3: Brookdale Senior Living 1.32%
4: Investors Bancorp 1.28%
5: Quanex Building Products Corp 1.27%
6: Spirit Realty Capital 1.22%
7: Cars.Com 1.21%
8: Louisiana-Pacific Corp 1.20%
9: Sterling Bancorp/De 1.20%
10: Vectrus 1.19%
Holdings represent 12.63% of portfolio
Top 10 holdings as of 01/31/20
1: Sterling Bancorp/De 1.34%
2: Investors Bancorp 1.33%
3: Spirit Realty Capital 1.30%
4: Cars.Com 1.29%
5: Palomar Holdings 1.28%
6: Brookdale Senior Living 1.27%
7: Magellan Health 1.27%
8: Synnex Corp 1.25%
9: Photronics 1.24%
10: Qts Realty Trust 1.23%
Holdings represent 12.80% of portfolio
Top 10 holdings as of 12/31/19
1: Scorpio Tankers 1.65%
2: Photronics 1.44%
3: Magellan Health 1.35%
4: Tronox Holdings 1.31%
5: Brookdale Senior Living 1.28%
6: Sterling Bancorp/De 1.25%
7: Magnolia Oil Gas Corp 1.25%
8: First Merchants Corp 1.24%
9: Investors Bancorp 1.24%
10: Oriental Finl Group Com 1.23%
Holdings represent 13.24% of portfolio
Top 10 holdings as of 11/30/19
1: Palomar Holdings 1.48%
2: Scorpio Tankers 1.47%
3: Magellan Health 1.37%
4: Tronox Holdings 1.35%
5: Qts Realty Trust 1.32%
6: Cars.Com 1.31%
7: Investors Bancorp 1.28%
8: Brookdale Senior Living 1.28%
9: Allete 1.25%
10: Sterling Bancorp/De 1.24%
Holdings represent 13.35% of portfolio


Portfolio Composition as of 02/29/20

Common stock 98.36%
Cash and net other assets 1.64%

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.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 02/29/20

Financials 27.78%
Industrials 16.52%
Information technology 11.02%
Consumer discretionary 8.93%
Real estate 8.66%
Materials 5.79%
Energy 5.57%
Health care 4.70%
Communication services 4.43%
 
Other
6.60%
Utilities 3.90%
Cash and net other assets 1.64%
Consumer staples 1.06%