‡ 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.
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 collaborates with strategy and sector analysts, combining the benefits of a focused boutique with the extensive resources of a global firm.
Management team
- Michael C. Petro, CFA (Investing since 1999)
Lipper ranking ‡ as of 07/31/24
Category: Small-Cap Value Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 34% | 6/17 |
| 1 yr. | 12% | 2/17 |
| 3 yrs. | 23% | 4/17 |
| 5 yrs. | 23% | 4/17 |
Risk Characteristics as of 07/31/24
| Alpha (%) | 3.66 |
| Beta | 0.99 |
| R squared | 0.95 |
| Standard deviation (3 yrs.) | 22.89 |
Quick facts as of 08/31/24
| Fiscal Year End | December |
| Asset Class | Putnam Capital Manager |
| Subaccount Status | Open to new investors |
| Number of issues | 110 |
| Turnover (fiscal year end) | 79% |
| Net Assets | $121M |
| Inception Date | 04/30/99 |
Holdings
| Oriental Finl Group Com | 1.93% |
| Bancorp The | 1.65% |
| Newpark Resources | 1.57% |
| Axos Financial | 1.49% |
| Benchmark Electronics | 1.44% |
| Brookdale Senior Living | 1.42% |
| Ribbon Communications | 1.36% |
| Connectone Bancorp | 1.32% |
| First Foundation | 1.27% |
| Columbia Banking System | 1.25% |
| Top 10 holdings, total: | 14.71% |
| Top 10 holdings as of 07/31/24 | |
|---|---|
| 1: Oriental Finl Group Com | 1.93% |
| 2: Bancorp The | 1.65% |
| 3: Newpark Resources | 1.57% |
| 4: Axos Financial | 1.49% |
| 5: Benchmark Electronics | 1.44% |
| 6: Brookdale Senior Living | 1.42% |
| 7: Ribbon Communications | 1.36% |
| 8: Connectone Bancorp | 1.32% |
| 9: First Foundation | 1.27% |
| 10: Columbia Banking System | 1.25% |
| Holdings represent 14.71% of portfolio | |
| Top 10 holdings as of 06/30/24 | |
|---|---|
| 1: Oriental Finl Group Com | 1.83% |
| 2: Newpark Resources | 1.76% |
| 3: First Foundation | 1.66% |
| 4: Bancorp The | 1.57% |
| 5: Ribbon Communications | 1.54% |
| 6: Brookdale Senior Living | 1.44% |
| 7: Axos Financial | 1.40% |
| 8: Benchmark Electronics | 1.31% |
| 9: Smart Global Holdings | 1.28% |
| 10: Nrg Energy | 1.22% |
| Holdings represent 15.01% of portfolio | |
| Top 10 holdings as of 05/31/24 | |
|---|---|
| 1: Oriental Finl Group Com | 1.78% |
| 2: Newpark Resources | 1.75% |
| 3: Ribbon Communications | 1.44% |
| 4: First Foundation | 1.43% |
| 5: Benchmark Electronics | 1.40% |
| 6: Brookdale Senior Living | 1.39% |
| 7: Bancorp The | 1.37% |
| 8: Diamond Offshore Drilling | 1.35% |
| 9: Axos Financial | 1.29% |
| 10: Smart Global Holdings | 1.27% |
| Holdings represent 14.46% of portfolio | |
| Top 10 holdings as of 04/30/24 | |
|---|---|
| 1: Oriental Finl Group Com | 1.83% |
| 2: Newpark Resources | 1.58% |
| 3: Ribbon Communications | 1.50% |
| 4: Brookdale Senior Living | 1.48% |
| 5: Nrg Energy | 1.40% |
| 6: First Foundation | 1.36% |
| 7: Bancorp The | 1.29% |
| 8: Axos Financial | 1.28% |
| 9: Aviat Networks | 1.25% |
| 10: Perella Weinberg Partners | 1.20% |
| Holdings represent 14.18% of portfolio | |
Portfolio Composition as of 07/31/24
| Common stock | 99.83% |
| Cash and net other assets | 0.17% |
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.
Sector weightings as of 07/31/24
| Financials | 28.77% |
|---|---|
| Industrials | 13.96% |
| Consumer discretionary | 10.89% |
| Information technology | 10.68% |
| Health care | 10.67% |
| Energy | 10.14% |
| Materials | 4.18% |
| Utilities | 3.05% |
| Communication services | 2.82% |
| Other | 4.84% |
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