Putnam Allstate Advisor

Putnam International Value Subaccount

The subaccount seeks capital growth. Current income is a secondary objective.

Fund description

The subaccount applies Putnam's value-oriented strategy of seeking undervalued stocks outside the United States. By buying mostly dividend paying stocks with relatively low valuations, the fund pursues capital growth and, secondarily, current income. The fund is positioned to benefit from the spread of corporate strategies focusing on shareholder value outside the United States.

Sales story

Benefiting from undervalued international companies experiencing positive change International companies: The fund invests in international large and midsize companies to benefit from business opportunities outside the United States.A value strategy: The fund focuses on companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Daily pricing as of 10/14/19

with optional enhanced death benefits
Unit Value $14.70289 $14.253125
Unit Value Change -0.07851 -0.076287

Lipper ranking ‡ as of 08/31/19

Category: International Large-Cp Val Fds

  Percentile ranking Rank/Funds in category
10 yrs. 51% 5/9
1 yr. 64% 7/10
3 yrs. 46% 5/10
5 yrs. 73% 8/10

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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.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 09/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor
Subaccount Status Open to new investors
Number of issues 81
Turnover (fiscal year end) 17%
Net Assets $65M
Inception Date 01/02/97

Performance

Performance as of 09/30/19

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value -0.74% 9.29% -5.76% 2.85% -0.19% 2.25% 3.34%
Standardized -9.43% -0.10% -14.10% -1.65% -4.10% -0.82% 0.97%
With optional enhanced death benefit
Unit Value -0.78% 9.17% -5.91% 2.70% -0.34% 2.10% 3.19%
Standardized -9.47% -0.22% -14.23% -1.81% -4.26% -1.00% 0.77%
Actual performance
Unit Value -0.74% 9.29% -5.76% 2.85% -0.19% 2.25% 1.87%
Standardized -9.43% -0.10% -14.10% -1.65% -4.10% -0.82% -1.46%
With optional enhanced death benefit
Unit Value -0.78% 9.17% -5.91% 2.70% -0.34% 2.10% 1.71%
Standardized -9.47% -0.22% -14.23% -1.81% -4.26% -1.00% -1.68%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
24.61% 5.79% -14.86% 20.18% 20.69% -10.62% -3.23% -0.15% 23.14% -18.65%
With optional enhanced death benefit
24.42% 5.62% -14.99% 20.00% 20.50% -10.76% -3.37% -0.31% 22.96% -18.77%

Restated performance

Monthly as of 09/30/19

Unit Value 4.07%
Standardized -4.96%

YTD as of 10/14/19

Unit Value 10.16%
Standardized 0.71%

With optional enhanced death benefit

Monthly as of 09/30/19

Unit Value 4.06%
Standardized -4.97%

YTD as of 10/14/19

Unit Value 10.03%
Standardized 0.59%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., Simsbury, CT.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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.

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.

Risk Characteristics as of 08/31/19

Alpha (%) -0.40
Beta 0.94
R Squared 0.91
Standard Deviation (3 yrs.) 11.19

Holdings

Top 10 holdings as of 08/31/19

Novartis Ag 3.90%
Royal Dutch Shell 3.88%
Vinci 3.30%
Ing Groep Nv 2.96%
Aia Group 2.57%
Astrazeneca 2.44%
Vodafone Group 2.32%
Australia New Zealand Banking Group 2.23%
Mitsubishi Corp 2.22%
Suncor Energy 2.21%
Top 10 holdings, total: 28.03%

Full Portfolio Holdings as of 09/30/19

NOVARTIS AG-REG SEDOL 7103065 3.62%
VINCI SA SEDOL B1XH026 3.13%
ING GROEP NV-CVA SEDOL 7154182 3.12%
ROYAL DUTCH SHELL PLC-A SHS SEDOL B09CBL4 2.53%
AIA GROUP LTD SEDOL B4TX8S1 2.41%
ASTRAZENECA PLC SEDOL 0989529 2.36%
VODAFONE GROUP PLC SEDOL BH4HKS3 2.36%
AUST AND NZ BANKING GROUP SEDOL 6065586 2.30%
SUNCOR ENERGY INC SEDOL B3NB1P2 2.29%
SANOFI SEDOL 5671735 2.17%
MITSUBISHI CORP SEDOL 6596785 2.16%
NIPPON TELEGRAPH & TELEPHONE SEDOL 6641373 2.05%
PRUDENTIAL PLC SEDOL 0709954 2.01%
AXA SA SEDOL 7088429 1.98%
SIEMENS AG SEDOL 5727973 1.93%
VEOLIA ENVIRONNEMENT SEDOL 4031879 1.90%
SUMITOMO MITSUI FINANCIAL GR SEDOL 6563024 1.89%
SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 1.82%
KERRY GROUP PLC-A SEDOL 4519579 1.74%
ITOCHU CORP SEDOL 6467803 1.51%
TOTAL SA SEDOL B15C557 1.46%
BAE SYSTEMS PLC SEDOL 0263494 1.46%
UNILEVER NV SEDOL B1527V7 1.45%
ALLIANZ SE-REG SEDOL 5231485 1.44%
ROYAL DUTCH SHELL PLC-B SHS SEDOL B03MM40 1.44%
SIG COMBIBLOC GROUP AG SEDOL BD5GN60 1.38%
ASAHI GROUP HOLDINGS LTD SEDOL 6054409 1.36%
KONINKLIJKE AHOLD DELHAIZE N SEDOL BD0Q398 1.31%
ANGLO AMER PLC SEDOL B1XZS82 1.28%
EURAZEO SE SEDOL 7042395 1.26%
FERGUSON PLC SEDOL BJVNSS4 1.23%
MINEBEA CO LTD SEDOL 6642406 1.22%
RIO TINTO PLC SEDOL 0718875 1.20%
SONY CORP SEDOL 6821506 1.18%
IMPERIAL BRANDS PLC SEDOL 0454492 1.16%
SCREEN HOLDINGS CO LTD SEDOL 6251028 1.16%
SSE PLC SEDOL 0790873 1.13%
TELE2 AB-B SHS SEDOL B97C733 1.13%
QANTAS AIRWAYS LTD SEDOL 6710347 1.13%
BCE INC SEDOL B188TH2 1.11%
QUILTER PLC SEDOL BDCXV26 1.10%
ORIX CORP SEDOL 6661144 1.10%
QBE INSURANCE GROUP LTD SEDOL 6715740 1.09%
CRH PLC SEDOL 4182249 1.06%
HOYA CORP SEDOL 6441506 1.05%
FORTUM OYJ SEDOL 5579550 1.02%
MAGNA INTERNATIONAL INC SEDOL 2554475 1.01%
ASHTEAD GROUP PLC SEDOL 0053673 0.98%
DNB NOR ASA SEDOL 4263304 0.98%
AENA SME SA SEDOL BVRZ8L1 0.91%
MIZUHO FINANCIAL GROUP INC SEDOL 6591014 0.89%
SEVEN & I HOLDINGS CO LTD SEDOL B0FS5D6 0.88%
DBS GROUP HOLDINGS LTD SEDOL 6175203 0.86%
COMPAGNIE DE SAINT-GOBAIN SEDOL 7380482 0.84%
SHISEIDO CO LTD SEDOL 6805265 0.82%
DALATA HOTEL GROUP PLC SEDOL BJMZDW8 0.81%
LAFARGEHOLCIM LTD-REG SEDOL 7110753 0.73%
NATIXIS SEDOL B1HDJL2 0.68%
NSK LTD SEDOL 6641544 0.68%
NINTENDO CO LTD SEDOL 6639550 0.68%
KDDI CORP SEDOL 6248990 0.68%
SINO-AMERICAN SILICON PRODUC SEDOL 6335278 0.65%
UBS GROUP AG-REG SEDOL BRJL176 0.64%
YAMAHA MOTOR CO LTD SEDOL 6985264 0.63%
PANASONIC CORP SEDOL 6572707 0.63%
TELSTRA CORP LTD SEDOL 6087289 0.61%
CREDIT SUISSE GROUP AG-REG SEDOL 7171589 0.61%
KYOCERA CORP SEDOL 6499260 0.60%
EQT AB SEDOL BJ7W9K4 0.58%
KION GROUP AG SEDOL BB22L96 0.58%
LLOYDS BANKING GROUP PLC SEDOL 0870612 0.55%
ENCANA CORP SEDOL 2793193 0.48%
BANK OF IRELAND GROUP PLC SEDOL BD1RP61 0.46%
BORAL LTD SEDOL 6218670 0.38%
ALCON INC SEDOL BJT1GR5 0.36%
CAIXABANK SA SEDOL B283W97 0.35%
SKANDINAVISKA ENSKILDA BAN-A SEDOL 4813345 0.23%
NISSAN MOTOR CO LTD SEDOL 6642860 0.22%
SCOR SE SEDOL B1LB9P6 0.11%
VICINITY CENTRES SEDOL BY7QXS7 0.10%
CHF/USD 12/18/2019 BCAP-FX 0.06%
JAPAN AIRLINES CO LTD SEDOL B8BRV46 0.06%
EUR/USD 12/18/2019 CITI 0.03%
GBP/USD 12/18/2019 JPMCB 0.02%
CAD/USD 10/16/2019 CITI 0.02%
ILS/USD 10/16/2019 SSBT 0.01%
CAD/USD 10/16/2019 UBS 0.01%
JPY/USD 11/20/2019 SSBT 0.01%
CAD/USD 10/16/2019 BANKAM 0.01%
CAD/USD 10/16/2019 SSBT 0.01%
CAD/USD 10/16/2019 GSFX 0.00%
CAD/USD 10/16/2019 BCAP-FX 0.00%
CAD/USD 10/16/2019 JPMCB 0.00%
NOK/USD 12/18/2019 JPMCB 0.00%
CNH/USD 11/20/2019 HSBCB -0.00%
JPY/USD 11/20/2019 CITI -0.00%
DKK/USD 12/18/2019 CITI -0.00%
EUR/USD 12/18/2019 RBSF -0.00%
GBP/USD 12/18/2019 BANKAM -0.00%
HKD/USD 11/20/2019 BCAP-FX -0.00%
JPY/USD 11/20/2019 BCAP-FX -0.00%
EUR/USD 12/18/2019 GSFX -0.00%
SEK/USD 12/18/2019 UBS -0.00%
AUD/USD 10/16/2019 BCAP-FX -0.00%
GBP/USD 12/18/2019 BCAP-FX -0.00%
GBP/USD 12/18/2019 CITI -0.00%
JPY/USD 11/20/2019 JPMCB -0.00%
SGD/USD 11/20/2019 JPMCB -0.00%
GBP/USD 12/18/2019 RBSF -0.01%
KRW/USD 11/20/2019 JPMCB -0.01%
JPY/USD 11/20/2019 GSFX -0.01%
NZD/USD 10/16/2019 JPMCB -0.02%
CHF/USD 12/18/2019 JPMCB -0.03%
EUR/USD 12/18/2019 HSBCB -0.04%
AUD/USD 10/16/2019 SSBT -0.06%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1: Novartis Ag 3.90%
2: Royal Dutch Shell 3.88%
3: Vinci 3.30%
4: Ing Groep Nv 2.96%
5: Aia Group 2.57%
6: Astrazeneca 2.44%
7: Vodafone Group 2.32%
8: Australia New Zealand Banking Group 2.23%
9: Mitsubishi Corp 2.22%
10: Suncor Energy 2.21%
Holdings represent 28.03% of portfolio
Top 10 holdings as of 07/31/19
1: Royal Dutch Shell 4.26%
2: Novartis Ag 3.84%
3: Ing Groep Nv 3.31%
4: Vinci 2.99%
5: Aia Group 2.61%
6: Mitsubishi Corp 2.38%
7: Prudential 2.29%
8: Australia New Zealand Banking Group 2.28%
9: Astrazeneca 2.27%
10: Vodafone Group 2.16%
Holdings represent 28.39% of portfolio
Top 10 holdings as of 06/30/19
1: Royal Dutch Shell 4.35%
2: Novartis Ag 3.75%
3: Ing Groep Nv 3.41%
4: Vinci 2.94%
5: Aia Group 2.72%
6: Astrazeneca 2.52%
7: Prudential 2.38%
8: Australia New Zealand Banking Group 2.33%
9: Mitsubishi Corp 2.30%
10: Suncor Energy 2.23%
Holdings represent 28.93% of portfolio
Top 10 holdings as of 05/31/19
1: Royal Dutch Shell 4.33%
2: Novartis Ag 3.69%
3: Ing Groep Nv 3.32%
4: Vinci 2.96%
5: Aia Group 2.47%
6: Astrazeneca 2.38%
7: Australia New Zealand Banking Group 2.38%
8: Mitsubishi Corp 2.37%
9: Rio Tinto 2.36%
10: Suncor Energy 2.31%
Holdings represent 28.57% of portfolio

Portfolio Composition as of 08/31/19

Common stock 97.68%
Cash and net other assets 2.32%

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.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 08/31/19

Financials 25.95%
Industrials 18.02%
Health care 9.90%
Consumer staples 9.08%
Communication services 8.82%
Energy 8.02%
Materials 5.48%
Consumer discretionary 4.36%
Information technology 4.03%
 
Other
6.34%
Utilities 3.92%
Cash and net other assets 2.32%
Real estate 0.10%

Country Allocation as of 08/31/19

Japan 21.68%
United Kingdom 21.27%
France 13.28%
Switzerland 7.10%
Netherlands 5.77%
Australia 5.61%
Canada 4.81%
Ireland 4.12%
Germany 3.83%
 
Other
12.53%
Hong Kong 2.57%
Cash and net other assets 2.32%
South Korea 1.67%
Sweden 1.34%
Spain 1.24%
Finland 0.98%
Norway 0.93%
Singapore 0.88%
Taiwan 0.60%

Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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.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.

CDSC

Year Percent
1 7.00%
2 7.00%
3 6.00%
4 5.00%
5 4.00%
6 3.00%
7 2.00%
8+ 0.00%