Putnam Capital Manager

Putnam Global Asset Allocation Subaccount

The subaccount seeks a high level of long-term total return consistent with the preservation of capital.

Fund description

The subaccount invests in a wide variety of equity and fixed-income securities, both of U.S. and foreign issuers. It may invest in securities in the following four investment categories: U.S. equities, international equities, U.S. fixed income, and international fixed income.

Sales story

A globally diversified fund pursuing a balance of growth and income Multiple asset classes: The fund holds a variety of investments in all market conditions to benefit from a wide range of opportunities.Individual securities: The managers select individual stocks and bonds, not other funds, to finely tune the portfolio and avoid overlap in holdings.Active rebalancing: The managers proactively purse opportunities and regularly rebalance the portfolio to maintain a consistent risk profile.

Management team

Lipper ranking ‡ as of 04/30/20

Category: Mixed-Asset Trgt Alloc Mod Fds

  Percentile ranking Rank/Funds in category
10 yrs. 18% 27/151
1 yr. 66% 192/294
3 yrs. 52% 135/261
5 yrs. 40% 96/241

Risk characteristics as of 04/30/20

Avg. Eff. Maturity 6.49
Avg. Eff. Duration 1.79
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) --
Beta --
R squared --
Standard deviation (3 yrs.) 10.66

‡ 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 04/30/20

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 1311
Turnover (fiscal year end) 164%
Net Assets $112M
Inception Date 02/01/88

Holdings

Gnma Gii30 Tba 03.5000 05/01/2050 2.83%
Amazon.Com Inc Sedol 2000019 2.77%
Apple Inc Sedol 2046251 2.67%
Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.23%
Alphabet Inc-Cl A Sedol Byvy8g0 1.96%
Microsoft Corp Sedol 2588173 1.82%
Jpmorgan Chase & Co Sedol 2190385 1.19%
Verizon Communications Inc Sedol 2090571 1.18%
Procter & Gamble Co/The Sedol 2704407 1.13%
Adobe Inc Sedol 2008154 1.10%
Top 10 holdings, total: 18.88%

Represents equity portion of portfolio.


Top 10 holdings as of 04/30/20
1: Gnma Gii30 Tba 03.5000 05/01/2050 2.83%
2: Amazon.Com Inc Sedol 2000019 2.77%
3: Apple Inc Sedol 2046251 2.67%
4: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.23%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.96%
6: Microsoft Corp Sedol 2588173 1.82%
7: Jpmorgan Chase & Co Sedol 2190385 1.19%
8: Verizon Communications Inc Sedol 2090571 1.18%
9: Procter & Gamble Co/The Sedol 2704407 1.13%
10: Adobe Inc Sedol 2008154 1.10%
Holdings represent 18.88% of portfolio
Top 10 holdings as of 03/31/20
1: Gnma Gii30 Tba 03.5000 04/01/2050 4.00%
2: Apple Inc Sedol 2046251 2.55%
3: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.44%
4: Amazon.Com Inc Sedol 2000019 2.32%
5: Fnma Fn30 Tba Umbs 04.0000 04/01/2050 2.02%
6: Alphabet Inc-Cl A Sedol Byvy8g0 1.80%
7: Microsoft Corp Sedol 2588173 1.57%
8: Jpmorgan Chase & Co Sedol 2190385 1.19%
9: Verizon Communications Inc Sedol 2090571 1.17%
10: Procter & Gamble Co/The Sedol 2704407 1.13%
Holdings represent 20.19% of portfolio
Top 10 holdings as of 02/29/20
1: Gnma Gii30 Tba 03.5000 03/01/2050 3.55%
2: Apple Inc Sedol 2046251 2.47%
3: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.22%
4: Amazon.Com Inc Sedol 2000019 2.02%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.87%
6: Fnma Fn30 Tba Umbs 04.0000 03/01/2050 1.80%
7: Microsoft Corp Sedol 2588173 1.45%
8: Jpmorgan Chase & Co Sedol 2190385 1.39%
9: Adobe Inc Sedol 2008154 1.09%
10: Verizon Communications Inc Sedol 2090571 1.07%
Holdings represent 18.93% of portfolio
Top 10 holdings as of 01/31/20
1: Apple Inc Sedol 2046251 2.67%
2: Gnma Gii30 Tba 03.5000 02/01/2050 2.49%
3: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.09%
4: Amazon.Com Inc Sedol 2000019 2.06%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.91%
6: Jpmorgan Chase & Co Sedol 2190385 1.51%
7: Microsoft Corp Sedol 2588173 1.46%
8: Verizon Communications Inc Sedol 2090571 1.12%
9: Procter & Gamble Co/The Sedol 2704407 1.10%
10: Adobe Inc Sedol 2008154 1.06%
Holdings represent 17.47% of portfolio


Portfolio Composition as of 04/30/20

U.S. large-cap equity 44.37%
U.S. Investment-grade bonds 29.73%
U.S. small- and mid-cap equity 8.52%
International equity 7.54%
U.S. money markets 5.13%
U.S. High-yield bonds 4.71%

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. 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, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. 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.