Putnam Capital Manager

Putnam Large Cap Value Subaccount

The subaccount seeks capital growth and current income.

Fund description

The subaccount employs Putnam's value strategy, investing primarily in stocks of large companies with underappreciated fundamentals and income potential from growing dividends. The portfolio managers pursue returns for investors across the U.S. equity universe.

Sales story

A multidimensional approach to value investingRelative value approachDefines the value universe daily with fundamental and quantitative tools to identify unique value opportunities.Focus on cash flowsPuts distinct emphasis on companies able and willing to return cash to shareholders, and focuses on future cash flows instead of earnings to evaluate value creation.Disciplined risk managementUtilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle.

Management team

Lipper ranking ‡ as of 04/30/24

Category: Large-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 7% 3/44
1 yr. 6% 3/54
3 yrs. 4% 2/54
5 yrs. 4% 2/53

Risk Characteristics as of 04/30/24

Alpha (%) 5.74
Beta 0.94
R squared 0.98
Standard deviation (3 yrs.) 15.47

‡ 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 04/30/24

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 67
Turnover (fiscal year end) 14%
Net Assets $1,858M
Inception Date 05/01/03

Holdings

Exxon Mobil Corp 3.27%
Citigroup 2.82%
Pultegroup 2.76%
Microsoft Corp 2.68%
Bank Of America Corp 2.49%
Walmart 2.47%
Coca-Cola The 2.43%
Procter Gamble The 2.28%
Qualcomm 2.24%
Mckesson Corp 2.20%
Top 10 holdings, total: 25.64%


Top 10 holdings as of 04/30/24
1: Exxon Mobil Corp 3.27%
2: Citigroup 2.82%
3: Pultegroup 2.76%
4: Microsoft Corp 2.68%
5: Bank Of America Corp 2.49%
6: Walmart 2.47%
7: Coca-Cola The 2.43%
8: Procter Gamble The 2.28%
9: Qualcomm 2.24%
10: Mckesson Corp 2.20%
Holdings represent 25.64% of portfolio
Top 10 holdings as of 03/31/24
1: Exxon Mobil Corp 3.20%
2: Pultegroup 2.98%
3: Citigroup 2.89%
4: Microsoft Corp 2.88%
5: Bank Of America Corp 2.53%
6: Walmart 2.49%
7: Coca-Cola 2.40%
8: Oracle Corp 2.36%
9: Qualcomm 2.27%
10: Regeneron Pharmaceuticals 2.21%
Holdings represent 26.22% of portfolio
Top 10 holdings as of 02/29/24
1: Microsoft Corp 3.49%
2: Exxon Mobil Corp 3.05%
3: Pultegroup 2.83%
4: Citigroup 2.69%
5: Walmart 2.57%
6: Bank Of America Corp 2.44%
7: Regeneron Pharmaceuticals 2.35%
8: Coca-Cola The 2.27%
9: Qualcomm 2.25%
10: Mckesson Corp 2.25%
Holdings represent 26.19% of portfolio
Top 10 holdings as of 01/31/24
1: Microsoft Corp 3.69%
2: Exxon Mobil Corp 3.26%
3: Pultegroup 3.00%
4: Walmart 2.66%
5: Bank Of America Corp 2.64%
6: Citigroup 2.61%
7: Regeneron Pharmaceuticals 2.52%
8: Oracle Corp 2.44%
9: Mckesson Corp 2.37%
10: Coca-Cola The 2.33%
Holdings represent 27.52% of portfolio


Portfolio Composition as of 04/30/24

Common stock 95.60%
Cash and net other assets 4.40%

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. 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. 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 04/30/24

Financials 17.82%
Health care 15.74%
Consumer staples 10.78%
Industrials 10.16%
Information technology 8.67%
Materials 7.78%
Energy 7.68%
Consumer discretionary 6.78%
Utilities 5.43%
 
Other
9.15%
Cash and net other assets 4.40%
Communication services 2.83%
Real estate 1.93%