‡ 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 Sustainable Future Subaccount
The subaccount seeks long-term capital appreciation.
Fund description
The subaccount employs a value strategy to identify undervalued, high-quality companies among the market's mid-cap offerings. The subaccount's managers seek stocks they believe have been under-estimated by the market. They target profitable, established companies of two kinds: smaller companies that have grown to midsize, and larger companies that have fallen out of favor temporarily but are expected to recover.
Sales story
Investing in sustainable solutionsImpact companies The subaccount invests in companies we believe have strong fundamentals that offer potential solutions to key sustainability challenges. Active research process A framework grounded in fundamental research and focused on impact-oriented sustainability solutions drives investment decisions. Experienced teamAn experienced, dedicated sustainable investing team is integrated with Putnam's equity research group.
Management team
- Katherine Collins, CFA, MTS (Investing since 1990)
- Stephanie Dobson (Investing since 2011)
Lipper ranking ‡ as of 04/30/23
Category: Multi-Cap Growth Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 90% | 58/64 |
| 1 yr. | 89% | 66/74 |
| 3 yrs. | 81% | 57/70 |
| 5 yrs. | 75% | 53/70 |
Risk Characteristics as of 04/30/23
| Alpha (%) | -3.86 |
| Beta | 1.01 |
| R squared | 0.95 |
| Standard deviation (3 yrs.) | 22.07 |
Quick facts as of 04/30/23
| Fiscal Year End | December |
| Asset Class | Putnam Capital Manager |
| Subaccount Status | Open to new investors |
| Number of issues | 62 |
| Turnover (fiscal year end) | 64% |
| Net Assets | $26M |
| Inception Date | 05/01/03 |
Holdings
| Chipotle Mexican Grill | 4.30% |
| Dexcom | 3.31% |
| Cadence Design Systems | 3.19% |
| Cintas Corp | 3.06% |
| Thermo Fisher Scientific | 2.78% |
| Msci | 2.56% |
| Lululemon Athletica | 2.48% |
| Cooper Cos The | 2.28% |
| Palo Alto Networks | 2.23% |
| Roper Technologies | 2.23% |
| Top 10 holdings, total: | 28.42% |
| Top 10 holdings as of 04/30/23 | |
|---|---|
| 1: Chipotle Mexican Grill | 4.30% |
| 2: Dexcom | 3.31% |
| 3: Cadence Design Systems | 3.19% |
| 4: Cintas Corp | 3.06% |
| 5: Thermo Fisher Scientific | 2.78% |
| 6: Msci | 2.56% |
| 7: Lululemon Athletica | 2.48% |
| 8: Cooper Cos The | 2.28% |
| 9: Palo Alto Networks | 2.23% |
| 10: Roper Technologies | 2.23% |
| Holdings represent 28.42% of portfolio | |
| Top 10 holdings as of 03/31/23 | |
|---|---|
| 1: Chipotle Mexican Grill | 3.45% |
| 2: Cadence Design Systems | 3.10% |
| 3: Dexcom | 3.07% |
| 4: Cintas Corp | 3.01% |
| 5: Msci | 2.88% |
| 6: Thermo Fisher Scientific | 2.80% |
| 7: Regeneron Pharmaceuticals | 2.48% |
| 8: Palo Alto Networks | 2.37% |
| 9: Lululemon Athletica | 2.30% |
| 10: Gartner | 2.17% |
| Holdings represent 27.63% of portfolio | |
| Top 10 holdings as of 02/28/23 | |
|---|---|
| 1: Chipotle Mexican Grill | 3.05% |
| 2: Dexcom | 2.98% |
| 3: Cintas Corp | 2.89% |
| 4: Cadence Design Systems | 2.89% |
| 5: Msci | 2.72% |
| 6: Thermo Fisher Scientific | 2.66% |
| 7: Regeneron Pharmaceuticals | 2.32% |
| 8: Palo Alto Networks | 2.27% |
| 9: Gartner | 2.21% |
| 10: Danaher Corp | 2.11% |
| Holdings represent 26.09% of portfolio | |
| Top 10 holdings as of 01/31/23 | |
|---|---|
| 1: Chipotle Mexican Grill | 3.22% |
| 2: Msci | 2.94% |
| 3: Cintas Corp | 2.80% |
| 4: Dexcom | 2.75% |
| 5: Thermo Fisher Scientific | 2.68% |
| 6: Gartner | 2.42% |
| 7: Danaher Corp | 2.37% |
| 8: Regeneron Pharmaceuticals | 2.22% |
| 9: Bio-Rad Laboratories | 2.07% |
| 10: Casella Waste Systems | 2.03% |
| Holdings represent 25.48% of portfolio | |
Portfolio Composition as of 04/30/23
| Common stock | 97.66% |
| Cash and net other assets | 2.34% |
Consider these risks before 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. Growth stocks may be more susceptible to earnings disappointments, technological obsolescence, falling prices and profits, and the market may not favor growth-style investing. Investments in small and midsize companies increase the risk of greater price fluctuations. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. The fund's sustainable and environmental, social, and/or corporate governance (ESG) investment strategy may cause the fund to forego otherwise attractive investment opportunities or may increase or decrease the fund’s exposure to certain types of companies and, therefore, to underperform funds that do not invest with a similar focus. 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. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. Due to changes in the products or services of the companies in which the fund invests, the fund may temporarily hold securities that are inconsistent with its sustainable investment criteria. 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 04/30/23
| Information technology | 25.98% |
|---|---|
| Health care | 24.66% |
| Industrials | 16.35% |
| Consumer discretionary | 9.63% |
| Financials | 7.61% |
| Materials | 4.78% |
| Communication services | 3.32% |
| Consumer staples | 2.82% |
| Cash and net other assets | 2.34% |
| Other | 2.51% |
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