Putnam Allstate Advisor Preferred

Putnam International Growth Subaccount

The subaccount seeks long-term capital appreciation.

Fund description

The subaccount invests in companies outside the United States experiencing rapid earnings, sales, and business unit growth, and with the potential for positive earnings surprises. The fund invests primarily in large and midsize companies with superior competitive positions within their industries.

Sales story

Harnessing the potential of international growth companiesInternational growth: The fund invests in international companies with above-average earnings growth primarily from developed international markets.Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that are emerging leaders with strong future potential.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 04/18/19

with optional enhanced death benefits
Unit Value $9.312309 $9.046939
Unit Value Change -- --

Lipper ranking ‡ as of 03/31/19

Category: International Multi-Cap Growth

  Percentile ranking Rank/Funds in category
10 yrs. 77% 49/63
1 yr. 98% 78/79
3 yrs. 80% 58/72
5 yrs. 91% 66/72

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

‡ 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 03/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 84
Turnover (fiscal year end) 89%
Net Assets $33M
Inception Date 01/02/97

Performance

Performance as of 03/31/19

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 10.94% 10.94% -12.08% 4.41% -0.29% 6.92% 2.75%
Standardized 8.94% 8.94% -13.84% 4.41% -0.29% 6.92% 2.75%
With optional enhanced death benefit
Unit Value 10.90% 10.90% -12.22% 4.26% -0.44% 6.75% 2.60%
Standardized 8.90% 8.90% -13.97% 4.26% -0.44% 6.75% 2.60%
Actual performance
Unit Value 10.94% 10.94% -12.08% 4.41% -0.29% 6.92% 0.43%
Standardized 8.94% 8.94% -13.84% 4.41% -0.29% 6.92% 0.43%
With optional enhanced death benefit
Unit Value 10.90% 10.90% -12.22% 4.26% -0.44% 6.75% 1.86%
Standardized 8.90% 8.90% -13.97% 4.26% -0.44% 6.75% 1.86%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
36.08% 10.35% -19.25% 19.01% 20.35% -7.70% -0.55% -8.25% 32.82% -19.99%
With optional enhanced death benefit
35.87% 10.19% -19.38% 18.82% 20.17% -7.84% -0.70% -8.39% 32.62% -20.11%

Restated performance

Monthly as of 03/31/19

Unit Value 0.69%
Standardized -1.31%

YTD as of 04/18/19

Unit Value 14.18%
Standardized 12.18%

With optional enhanced death benefit

Monthly as of 03/31/19

Unit Value 0.68%
Standardized -1.32%

YTD as of 04/18/19

Unit Value 14.13%
Standardized 12.13%

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. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

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 03/31/19

Alpha (%) -2.05
Beta 1.09
R Squared 0.90
Standard Deviation (3 yrs.) 12.41

Holdings

Top 10 holdings as of 03/31/19

Unilever Nv 3.96%
Airbus 2.64%
Aia Group 2.53%
Visa 2.46%
Pernod Ricard 2.43%
Prudential 2.14%
Dalata Hotel Group 2.10%
Compass Group 2.05%
Heineken Nv 2.04%
Astrazeneca 2.01%
Top 10 holdings, total: 24.36%

Full Portfolio Holdings as of 12/31/18

UNILEVER NV-CVA 4.00%
HOYA CORP 2.86%
PERNOD RICARD SA 2.40%
ADIDAS AG 2.32%
AIA GROUP LTD 2.26%
VISA INC-CLASS A SHARES 2.24%
ASTRAZENECA PLC 2.03%
COMPASS GROUP PLC 1.98%
HDFC BANK LIMITED 1.95%
DALATA HOTEL GROUP PLC 1.87%
HEINEKEN NV 1.84%
PALTAC CORPORATION 1.82%
BAYER AG-REG 1.80%
KYUDENKO CORP 1.75%
AIRBUS SE 1.63%
MITSUBISHI UFJ FINANCIAL GRO 1.55%
PRUDENTIAL PLC 1.54%
AIR CANADA 1.52%
SONY CORP 1.52%
ORPEA 1.51%
QBE INSURANCE GROUP LTD 1.51%
MERCK & CO. INC. 1.49%
RHEINMETALL AG 1.48%
NXP SEMICONDUCTORS NV 1.44%
KERRY GROUP PLC-A 1.41%
TENCENT HOLDINGS LTD 1.36%
ASHTEAD GROUP PLC 1.33%
CONSTELLATION SOFTWARE INC 1.31%
RAI WAY SPA 1.30%
SINO-AMERICAN SILICON PRODUC 1.26%
CLINIGEN GROUP PLC 1.25%
DEUTSCHE BOERSE AG 1.23%
CHINA WATER AFFAIRS GROUP 1.19%
WIRECARD AG 1.19%
OCI NV 1.14%
UNIVERSAL ENTERTAINMENT CORP 1.11%
ALPHABET INC-CL A 1.09%
DINO POLSKA SA 1.09%
SIEMENS AG 1.09%
RELIANCE INDUSTRIES LTD 1.08%
SCREEN HOLDINGS CO LTD 1.07%
RAYTHEON COMPANY 1.05%
CAIRN ENERGY PLC 1.03%
DAIHO CORP 1.03%
KKR & CO INC -A 1.03%
QUILTER PLC 1.03%
ASSA ABLOY AB-B 1.00%
CHENIERE ENERGY INC 0.98%
GRIEG SEAFOOD ASA 0.98%
KION GROUP AG 0.98%
PIRELLI & C SPA 0.98%
SARAS SPA 0.97%
SOFTBANK GROUP CORP 0.96%
FU SHOU YUAN INTERNATIONAL 0.95%
KH NEOCHEM CO LTD 0.93%
SOCIETE GENERALE SA 0.91%
NOMAD FOODS LTD 0.87%
OPEN HOUSE CO LTD 0.87%
TALEND SA - ADR 0.87%
KOMATSU LTD 0.81%
DELIVERY HERO AG 0.80%
JAZZ PHARMACEUTICALS PLC 0.80%
ORION ENGINEERED CARBONS SA 0.79%
DXC TECHNOLOGY CO 0.77%
DBS GROUP HOLDINGS LTD 0.75%
COCA-COLA HBC AG-DI 0.70%
ALCOA CORP 0.66%
CREDICORP LTD 0.66%
DART GROUP PLC 0.64%
DISCOVERY INC - A 0.61%
KEI INDUSTRIES LTD 0.54%
ENCANA CORP 0.52%
SHISEIDO CO LTD 0.51%
ASAHI GROUP HOLDINGS LTD 0.50%
OUTSOURCING INC 0.33%
CLEAN TEQ HOLDINGS LTD 0.27%
SLM SOLUTIONS GROUP AG 0.17%
CHF/USD 03/20/2019 BCAP-FX 0.09%
GLOBAL FASHION GRP P/P 0.05%
CHF/USD 03/20/2019 JPMCB 0.04%
CAD/USD 01/16/2019 CITI 0.01%
CAD/USD 01/16/2019 SSBT 0.01%
EUR/USD 03/20/2019 CITI 0.01%
GBP/USD 03/20/2019 BCAP-FX 0.01%
GBP/USD 03/20/2019 GSFX 0.01%
AUD/USD 01/16/2019 BANKAM 0.00%
AUD/USD 01/16/2019 CITI 0.00%
AUD/USD 01/16/2019 GSFX 0.00%
AUD/USD 01/16/2019 JPMCB 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
DKK/USD 03/20/2019 CITI 0.00%
GBP/USD 03/20/2019 JPMCB 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 02/20/2019 BANKAM 0.00%
HKD/USD 02/20/2019 BCAP-FX 0.00%
ILS/USD 01/16/2019 SSBT 0.00%
JPY/USD 02/20/2019 CITI 0.00%
JPY/USD 02/20/2019 JPMCB 0.00%
JPY/USD 02/20/2019 SSBT 0.00%
MXN/USD 01/16/2019 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NOK/USD 03/20/2019 JPMCB 0.00%
NOK/USD 03/20/2019 UBS 0.00%
NZD/USD 01/16/2019 JPMCB 0.00%
SGD/USD 02/20/2019 JPMCB 0.00%
AUD/USD 01/16/2019 BCAP-FX -0.01%
EUR/USD 03/20/2019 BANKAM -0.01%
PLN/USD 03/20/2019 BCAP-FX -0.01%
SEK/USD 03/20/2019 JPMCB -0.01%
TWD/USD 02/20/2019 GSFX -0.01%
EUR/USD 03/20/2019 HSBCB -0.04%

Prior top 10 holdings

Top 10 holdings as of 03/31/19
1: Unilever Nv 3.96%
2: Airbus 2.64%
3: Aia Group 2.53%
4: Visa 2.46%
5: Pernod Ricard 2.43%
6: Prudential 2.14%
7: Dalata Hotel Group 2.10%
8: Compass Group 2.05%
9: Heineken Nv 2.04%
10: Astrazeneca 2.01%
Holdings represent 24.36% of portfolio
Top 10 holdings as of 02/28/19
1: Unilever Nv 3.67%
2: Airbus 2.56%
3: Aia Group 2.53%
4: Visa 2.31%
5: Pernod Ricard 2.31%
6: Dalata Hotel Group 2.19%
7: Hoya Corp 2.17%
8: Adidas AG 2.17%
9: Prudential 2.04%
10: Astrazeneca 2.04%
Holdings represent 23.99% of portfolio
Top 10 holdings as of 01/31/19
1: Unilever Nv 3.70%
2: Adidas AG 2.49%
3: Aia Group 2.32%
4: Pernod Ricard 2.28%
5: Visa 2.16%
6: Dalata Hotel Group 2.12%
7: Hoya Corp 2.10%
8: Airbus 2.03%
9: Compass Group 1.89%
10: Astrazeneca 1.85%
Holdings represent 22.94% of portfolio
Top 10 holdings as of 12/31/18
1: Unilever Nv 4.00%
2: Hoya Corp 2.86%
3: Pernod Ricard 2.40%
4: Adidas AG 2.32%
5: Aia Group 2.26%
6: Visa 2.24%
7: Astrazeneca 2.03%
8: Compass Group 1.98%
9: Hdfc Bank 1.95%
10: Dalata Hotel Group 1.87%
Holdings represent 23.91% of portfolio

Portfolio Composition as of 03/31/19

Common stock 99.78%
Cash and net other assets 0.22%

Portfolio characteristics 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. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 03/31/19

Consumer staples 16.35%
Consumer discretionary 15.25%
Industrials 14.00%
Financials 13.90%
Information technology 11.19%
Health care 9.73%
Communication services 6.24%
Materials 5.88%
Energy 4.35%
 
Other
3.11%
Real estate 1.81%
Utilities 1.08%
Cash and net other assets 0.22%

Country Allocation as of 03/31/19

United Kingdom 12.90%
Japan 12.60%
United States 9.52%
Netherlands 8.79%
France 8.61%
Germany 6.08%
China 5.11%
India 3.53%
Ireland 3.36%
 
Other
29.50%
Canada 3.33%
Hong Kong 3.25%
Australia 3.14%
Italy 3.03%
Switzerland 2.44%
Indonesia 2.34%
Taiwan 1.96%
Denmark 1.47%
Philippines 1.24%
Poland 1.24%
Sweden 1.12%
Peru 0.95%
Norway 0.93%
Brazil 0.87%
Saudi Arabia 0.86%
South Korea 0.50%
Luxembourg 0.32%
Argentina 0.29%
Cash and net other assets 0.22%

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. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

‡ 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 2.00%
2 1.00%
3+ 0.00%