As of September 14, 2018, Putnam VT Capital Opportunities Fund was renamed Putnam VT Small Cap Growth Fund.

Putnam Capital Manager

Putnam Small Cap Growth Subaccount

The subaccount seeks long-term growth of capital.

Fund description

The subaccount invests primarily in small and midsize companies, seeking hidden opportunities in stocks with growth potential that has been relatively unnoticed by investors. The portfolio can own growth and value stocks without a bias toward either style.

Sales story

Seeking opportunities in small and midsize companiesSmaller companies: Often overlooked by Wall Street analysts, the stocks of smaller companies can represent attractive opportunities to firms with strong research capabilities.A flexible strategy: The fund can own growth- or value-style stocks, allowing it to seek opportunities regardless of which style is in favor.Differentiated research: The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.

Management team

Lipper ranking ‡ as of 01/31/21

Category: Small-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 77% 63/81
1 yr. 41% 40/97
3 yrs. 39% 37/94
5 yrs. 61% 56/92

‡ 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 02/28/21

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 93
Turnover (fiscal year end) 59%
Net Assets $39M
Inception Date 05/01/03

Holdings

R1 Rcm 2.40%
Inmode 2.25%
Cable One 1.97%
Tfi International 1.97%
Techtarget 1.93%
Entegris 1.91%
Adapthealth Corp 1.87%
Five Below 1.80%
Hamilton Lane 1.78%
Repligen Corp 1.78%
Top 10 holdings, total: 19.66%


Top 10 holdings as of 01/31/21
1: R1 Rcm 2.40%
2: Inmode 2.25%
3: Cable One 1.97%
4: Tfi International 1.97%
5: Techtarget 1.93%
6: Entegris 1.91%
7: Adapthealth Corp 1.87%
8: Five Below 1.80%
9: Hamilton Lane 1.78%
10: Repligen Corp 1.78%
Holdings represent 19.66% of portfolio
Top 10 holdings as of 12/31/20
1: R1 Rcm 2.32%
2: Cable One 2.23%
3: Entegris 1.90%
4: Hamilton Lane 1.87%
5: Inmode 1.85%
6: Medpace Holdings 1.84%
7: Five Below 1.82%
8: Adapthealth Corp 1.77%
9: Mercury Systems 1.75%
10: Repligen Corp 1.73%
Holdings represent 19.08% of portfolio
Top 10 holdings as of 11/30/20
1: Kinsale Capital Group 2.26%
2: Cable One 2.19%
3: R1 Rcm 2.16%
4: Entegris 2.01%
5: Repligen Corp 1.88%
6: Medpace Holdings 1.87%
7: Novanta 1.86%
8: Colliers International Group 1.85%
9: Hamilton Lane 1.84%
10: Inmode 1.83%
Holdings represent 19.75% of portfolio
Top 10 holdings as of 10/31/20
1: Quidel Corp 2.82%
2: Cable One 2.16%
3: R1 Rcm 2.14%
4: Hamilton Lane 2.06%
5: Palomar Holdings 2.06%
6: Kinsale Capital Group 2.00%
7: Repligen Corp 1.91%
8: Novanta 1.89%
9: Amedisys 1.89%
10: Paylocity Holding Corp 1.85%
Holdings represent 20.78% of portfolio


Portfolio Composition as of 01/31/21

Common stock 99.25%
Cash and net other assets 0.75%

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-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 01/31/21

Health care 34.96%
Information technology 21.20%
Industrials 16.20%
Consumer discretionary 13.54%
Financials 5.84%
Communication services 4.38%
Real estate 1.66%
Materials 0.82%
Cash and net other assets 0.75%
 
Other
0.65%
Consumer staples 0.65%