‡ 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 Focused International Equity Subaccount
The subaccount seeks capital appreciation.
Fund description
The subaccount targets non-U.S. companies with high and sustainable returns on capital, low leverage, and a record of intelligent capital allocation. The portfolio managers aim to acquire stocks at steep discounts to their intrinsic value, and the portfolio will focus on 25 to 35 stocks.
Sales story
Pursuing growth from high-quality but undervalued non-U.S. companiesQuality companies The fund invests in developed and emerging markets, seeking high-quality companies trading at deep discounts to their value.Wide moat advantages We seek companies that have high and sustainable returns on capital, low debt, and leaders with a track record of smart capital allocation.Focused portfolio With 25-35 stock holdings, we aim for better returns and lower risk through intense study of each company.
Management team
- Spencer Morgan, CFA (Investing since 2009)
- Karan S. Sodhi, CFA (Investing since 1998)
Lipper ranking ‡ as of 04/30/23
Category: International Multi-Cp Core Fds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 11% | 4/37 |
| 1 yr. | 81% | 41/50 |
| 3 yrs. | 72% | 35/48 |
| 5 yrs. | 11% | 5/47 |
Risk Characteristics as of 04/30/23
| Alpha (%) | -1.04 |
| Beta | 1.12 |
| R squared | 0.91 |
| Standard deviation (3 yrs.) | 19.56 |
Quick facts as of 05/31/23
| Fiscal Year End | December |
| Asset Class | Putnam Capital Manager |
| Subaccount Status | Open to new investors |
| Number of issues | 30 |
| Turnover (fiscal year end) | 30% |
| Net Assets | $163M |
| Inception Date | 05/01/90 |
Holdings
| Taiwan Semiconductor Manufacturing | 5.80% |
| Constellation Software Canada | 5.13% |
| Ryanair Holdings | 4.83% |
| Compugroup Medical Kgaa | 4.71% |
| Berkeley Group Holdings | 4.27% |
| Unilever | 4.03% |
| Sony Group Corp | 3.82% |
| Hdfc Bank | 3.67% |
| Thomson Reuters Corp | 3.65% |
| Admiral Group | 3.54% |
| Top 10 holdings, total: | 43.45% |
| Top 10 holdings as of 04/30/23 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 5.80% |
| 2: Constellation Software Canada | 5.13% |
| 3: Ryanair Holdings | 4.83% |
| 4: Compugroup Medical Kgaa | 4.71% |
| 5: Berkeley Group Holdings | 4.27% |
| 6: Unilever | 4.03% |
| 7: Sony Group Corp | 3.82% |
| 8: Hdfc Bank | 3.67% |
| 9: Thomson Reuters Corp | 3.65% |
| 10: Admiral Group | 3.54% |
| Holdings represent 43.45% of portfolio | |
| Top 10 holdings as of 03/31/23 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 6.29% |
| 2: Constellation Software Canada | 4.95% |
| 3: Ryanair Holdings | 4.78% |
| 4: Compugroup Medical Kgaa | 4.43% |
| 5: Berkeley Group Holdings | 3.98% |
| 6: Unilever | 3.76% |
| 7: Sony Group Corp | 3.67% |
| 8: Thomson Reuters Corp | 3.63% |
| 9: Universal Music Group Nv | 3.53% |
| 10: Prosus Nv | 3.52% |
| Holdings represent 42.53% of portfolio | |
| Top 10 holdings as of 02/28/23 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 6.07% |
| 2: Ryanair Holdings | 4.86% |
| 3: Constellation Software Canada | 4.67% |
| 4: Astrazeneca | 4.49% |
| 5: Compugroup Medical Kgaa | 4.23% |
| 6: Berkeley Group Holdings | 3.98% |
| 7: Unilever | 3.73% |
| 8: Hdfc Bank | 3.55% |
| 9: Thomson Reuters Corp | 3.48% |
| 10: Sony Group Corp | 3.47% |
| Holdings represent 42.53% of portfolio | |
| Top 10 holdings as of 01/31/23 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 6.10% |
| 2: Constellation Software Canada | 4.52% |
| 3: Ryanair Holdings | 4.47% |
| 4: Astrazeneca | 4.25% |
| 5: Compugroup Medical Kgaa | 3.92% |
| 6: Berkeley Group Holdings | 3.83% |
| 7: Alibaba Group Holding | 3.70% |
| 8: Unilever | 3.61% |
| 9: Prosus Nv | 3.54% |
| 10: Sony Group Corp | 3.50% |
| Holdings represent 41.45% of portfolio | |
Portfolio Composition as of 04/30/23
| Common stock | 97.83% |
| Cash and net other assets | 2.17% |
Consider these risks before investing: 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. As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. 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. The fund will be more susceptible to these risks than other funds because it invests in a limited number of issuers or sectors, and the fund may perform poorly as a result of adverse developments affecting those issuers 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.
Sector weightings as of 04/30/23
| Information technology | 20.90% |
|---|---|
| Industrials | 14.60% |
| Consumer discretionary | 14.32% |
| Financials | 14.14% |
| Health care | 13.10% |
| Communication services | 12.27% |
| Energy | 4.47% |
| Consumer staples | 4.03% |
| Cash and net other assets | 2.17% |
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Country Allocation as of 04/30/23
| United Kingdom | 19.44% |
|---|---|
| Canada | 18.77% |
| Japan | 10.48% |
| South Korea | 8.87% |
| Germany | 8.08% |
| China | 7.27% |
| Taiwan | 5.80% |
| India | 5.52% |
| Ireland | 4.83% |
| Other | 10.94% |
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