Putnam Capital Manager

Putnam Global Equity Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount targets midsize and large industry leaders with consistent earnings growth improvement and the likelihood of positive earnings surprises. The fund managers seek companies in the U.S. and abroad with high rates of growth and dominant market share.

Sales story

Selecting companies around the world that are attractive for investorsEstablished companies: The fund invests in large and midsize companies in the United States and developed international markets to benefit from global opportunities.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads global markets.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Lipper ranking ‡ as of 12/31/18

Category: Global Multi-Cap Growth

  Percentile ranking Rank/Funds in category
10 yrs. 73% 13/17
1 yr. 89% 22/24
3 yrs. 87% 20/22
5 yrs. 86% 18/20

Risk Characteristics as of 12/31/18

Alpha (%) -2.18
Beta 1.04
R squared 0.91
Standard deviation (3 yrs.) 11.39

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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.

‡ 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 12/31/18

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 92
Turnover (fiscal year end) 75%
Net Assets $136M
Inception Date 05/01/90

Holdings

Top 10 holdings as of 12/31/18

Nrg Energy 4.17%
Alphabet 3.07%
Assured Guaranty 3.05%
Unilever Nv 2.52%
Amazon.Com 2.31%
Becton Dickinson And 2.23%
Ball Corp 2.01%
Boston Scientific Corp 1.97%
Advance Auto Parts 1.78%
Compass Group 1.69%
Top 10 holdings, total: 24.80%

Equity Holdings as of 09/30/18

NRG ENERGY INC 3.74%
ALPHABET INC-CL C 2.84%
ASSURED GUARANTY LTD 2.52%
NORFOLK SOUTHERN CORP 2.40%
AMAZON.COM INC 2.29%
BECTON DICKINSON AND CO 2.07%
CENOVUS ENERGY INC 2.06%
UNILEVER NV-CVA 1.99%
BOSTON SCIENTIFIC CORP 1.90%
ADVANCE AUTO PARTS 1.72%
NOMAD FOODS LTD 1.62%
BALL CORP 1.56%
SUNCOR ENERGY INC 1.55%
DXC TECHNOLOGY CO 1.49%
E*TRADE FINANCIAL CORPORATION 1.40%
BANK OF AMERICA CORP 1.39%
KINDER MORGAN INC 1.36%
FAIRFAX FINANCIAL HLDGS LTD 1.32%
KENNEDY-WILSON HOLDINGS INC 1.29%
SERVICENOW INC 1.24%
VISA INC-CLASS A SHARES 1.22%
SHISEIDO CO LTD 1.19%
COMPASS GROUP PLC 1.16%
PERNOD RICARD SA 1.15%
TEXTRON INC 1.13%
CHALLENGER LTD 1.11%
SEVEN GENERATIONS ENERGY - A 1.09%
CONOCOPHILLIPS 1.06%
EMERSON ELECTRIC CO 1.06%
GODADDY INC - CLASS A 1.06%
PIRELLI & C SPA 1.06%
KKR & CO INC -A 1.05%
SHERWIN-WILLIAMS CO/THE 1.05%
INSTRUCTURE INC 1.04%
KYUDENKO CORP 1.03%
PRUDENTIAL PLC 1.03%
ASAHI GROUP HOLDINGS LTD 1.02%
SCREEN HOLDINGS CO LTD 1.02%
PALTAC CORPORATION 1.01%
REALPAGE INC 1.01%
EURAZEO SE 1.00%
SUMMIT MATERIALS INC -CL A 1.00%
CHENIERE ENERGY INC 0.99%
RADIAN GROUP INC 0.99%
LOWES COMPANIES INC 0.96%
SINO-AMERICAN SILICON PRODUC 0.96%
EATON CORP PLC 0.95%
DANAHER CORP 0.93%
LIVE NATION ENTERTAINMENT IN 0.93%
FIRST DATA CORP- CLASS A 0.92%
HILTON WORLDWIDE HOLDINGS IN 0.91%
NXP SEMICONDUCTORS NV 0.91%
OPEN HOUSE CO LTD 0.91%
BANK OF IRELAND GROUP PLC 0.90%
L3 TECHNOLOGIES INC 0.90%
BAYER AG-REG 0.88%
YELLOW CAKE PLC 0.88%
PIONEER NAT RES CO 0.87%
VERTEX PHARMACEUTICALS INC 0.87%
CIGNA CORP 0.86%
DALATA HOTEL GROUP PLC 0.86%
UNIVERSAL ENTERTAINMENT CORP 0.83%
ACTIVISION BLIZZARD INC 0.82%
ADOBE SYSTEMS INC 0.82%
LENNAR CORP-A 0.82%
REALOGY HOLDINGS CORP 0.81%
JOHNSON CONTROLS INTERNATION 0.80%
ALCOA CORP 0.79%
ASML HOLDING NV-NY REG SHS 0.77%
ALIBABA GROUP HOLDING-SP ADR 0.76%
TOSHIBA CORP 0.74%
ASSOCIATED BRITISH FOODS PLC 0.73%
ENTERPRISE PRODUCTS PARTNERS 0.73%
NINTENDO CO LTD 0.73%
ASHTEAD GROUP PLC 0.70%
JAZZ PHARMACEUTICALS PLC 0.70%
SAMSUNG ELECTRONICS CO LTD 0.70%
RAYTHEON COMPANY 0.69%
HIBERNIA REIT PLC 0.68%
KION GROUP AG 0.65%
NCSOFT CORP 0.65%
ASTRAZENECA PLC 0.64%
SIG COMBIBLOC GROUP 0.60%
COMPUGROUP MEDICAL SE 0.59%
UBER TECH INC P/P CV PFD 0.57%
CF INDUSTRIES HOLDINGS INC 0.53%
ASSA ABLOY AB-B 0.50%
EDELWEISS FINANCIAL SERVICES 0.49%
ALKERMES PLC 0.47%
DENTSPLY SIRONA INC 0.38%
GLOBAL FASHION GRP P/P 0.03%
GLOBAL FASHION GRP 0.02%
ILUKA RESOURCES LTD 0.01%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%

Full Portfolio Holdings as of 09/30/18

NRG ENERGY INC 3.74%
ALPHABET INC-CL C 2.84%
ASSURED GUARANTY LTD 2.52%
NORFOLK SOUTHERN CORP 2.40%
AMAZON.COM INC 2.29%
BECTON DICKINSON AND CO 2.07%
CENOVUS ENERGY INC 2.06%
UNILEVER NV-CVA 1.99%
BOSTON SCIENTIFIC CORP 1.90%
ADVANCE AUTO PARTS 1.72%
NOMAD FOODS LTD 1.62%
BALL CORP 1.56%
SUNCOR ENERGY INC 1.55%
DXC TECHNOLOGY CO 1.49%
E*TRADE FINANCIAL CORPORATION 1.40%
BANK OF AMERICA CORP 1.39%
KINDER MORGAN INC 1.36%
FAIRFAX FINANCIAL HLDGS LTD 1.32%
KENNEDY-WILSON HOLDINGS INC 1.29%
SERVICENOW INC 1.24%
VISA INC-CLASS A SHARES 1.22%
SHISEIDO CO LTD 1.19%
COMPASS GROUP PLC 1.16%
PERNOD RICARD SA 1.15%
TEXTRON INC 1.13%
CHALLENGER LTD 1.11%
SEVEN GENERATIONS ENERGY - A 1.09%
CONOCOPHILLIPS 1.06%
EMERSON ELECTRIC CO 1.06%
GODADDY INC - CLASS A 1.06%
PIRELLI & C SPA 1.06%
KKR & CO INC -A 1.05%
SHERWIN-WILLIAMS CO/THE 1.05%
INSTRUCTURE INC 1.04%
KYUDENKO CORP 1.03%
PRUDENTIAL PLC 1.03%
ASAHI GROUP HOLDINGS LTD 1.02%
SCREEN HOLDINGS CO LTD 1.02%
PALTAC CORPORATION 1.01%
REALPAGE INC 1.01%
EURAZEO SE 1.00%
SUMMIT MATERIALS INC -CL A 1.00%
CHENIERE ENERGY INC 0.99%
RADIAN GROUP INC 0.99%
LOWES COMPANIES INC 0.96%
SINO-AMERICAN SILICON PRODUC 0.96%
EATON CORP PLC 0.95%
DANAHER CORP 0.93%
LIVE NATION ENTERTAINMENT IN 0.93%
FIRST DATA CORP- CLASS A 0.92%
HILTON WORLDWIDE HOLDINGS IN 0.91%
NXP SEMICONDUCTORS NV 0.91%
OPEN HOUSE CO LTD 0.91%
BANK OF IRELAND GROUP PLC 0.90%
L3 TECHNOLOGIES INC 0.90%
BAYER AG-REG 0.88%
YELLOW CAKE PLC 0.88%
PIONEER NAT RES CO 0.87%
VERTEX PHARMACEUTICALS INC 0.87%
CIGNA CORP 0.86%
DALATA HOTEL GROUP PLC 0.86%
UNIVERSAL ENTERTAINMENT CORP 0.83%
ACTIVISION BLIZZARD INC 0.82%
ADOBE SYSTEMS INC 0.82%
LENNAR CORP-A 0.82%
REALOGY HOLDINGS CORP 0.81%
JOHNSON CONTROLS INTERNATION 0.80%
ALCOA CORP 0.79%
ASML HOLDING NV-NY REG SHS 0.77%
ALIBABA GROUP HOLDING-SP ADR 0.76%
TOSHIBA CORP 0.74%
ASSOCIATED BRITISH FOODS PLC 0.73%
ENTERPRISE PRODUCTS PARTNERS 0.73%
NINTENDO CO LTD 0.73%
ASHTEAD GROUP PLC 0.70%
JAZZ PHARMACEUTICALS PLC 0.70%
SAMSUNG ELECTRONICS CO LTD 0.70%
RAYTHEON COMPANY 0.69%
HIBERNIA REIT PLC 0.68%
KION GROUP AG 0.65%
NCSOFT CORP 0.65%
ASTRAZENECA PLC 0.64%
SIG COMBIBLOC GROUP 0.60%
SWISS FRANC CALL ACCOUNT 0.60%
COMPUGROUP MEDICAL SE 0.59%
UBER TECH INC P/P CV PFD 0.57%
CF INDUSTRIES HOLDINGS INC 0.53%
ASSA ABLOY AB-B 0.50%
EDELWEISS FINANCIAL SERVICES 0.49%
ALKERMES PLC 0.47%
DENTSPLY SIRONA INC 0.38%
SPY 20181116 P 270.00JPMCB 0.05%
EUR/USD 12/19/2018 GSFX 0.03%
GLOBAL FASHION GRP P/P 0.03%
TAIWAN DOLLAR CALL ACCOUNT 0.03%
CHF/USD 12/19/2018 BCAP-FX 0.02%
GLOBAL FASHION GRP 0.02%
JPY/USD 11/19/2018 GSFX 0.02%
CAD/USD 10/17/2018 SSBT 0.01%
DKK/USD 12/19/2018 CITI 0.01%
EUR/USD 12/19/2018 JPMCB 0.01%
ILUKA RESOURCES LTD 0.01%
SEK/USD 12/19/2018 JPMCB 0.01%
AUD/USD 10/17/2018 JPMCB 0.00%
AUD/USD 10/17/2018 SSBT 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 10/17/2018 CITI 0.00%
CAD/USD 10/17/2018 GSFX 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CHF/USD 12/19/2018 JPMCB 0.00%
CNH/USD 11/19/2018 GSFX 0.00%
EUR/USD 12/19/2018 BANKAM 0.00%
EUR/USD 12/19/2018 BCAP-FX 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 BCAP-FX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 11/19/2018 BANKAM 0.00%
HKD/USD 11/19/2018 BCAP-FX 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JAPANESE YEN CALL ACCOUNT 0.00%
JPY/USD 11/19/2018 BANKAM 0.00%
KRW/USD 11/19/2018 JPMCB 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NOK/USD 12/19/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SGD/USD 11/19/2018 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
JPY/USD 11/19/2018 CITI -0.01%
JPY/USD 11/19/2018 JPMCB -0.01%
JPY/USD 11/19/2018 SSBT -0.01%
EUR/USD 12/19/2018 HSBCB -0.03%
SPY 20181116 P 260.00JPMCB -0.03%

Prior top 10 holdings

Top 10 holdings as of 12/31/18
1: Nrg Energy 4.17%
2: Alphabet 3.07%
3: Assured Guaranty 3.05%
4: Unilever Nv 2.52%
5: Amazon.Com 2.31%
6: Becton Dickinson And 2.23%
7: Ball Corp 2.01%
8: Boston Scientific Corp 1.97%
9: Advance Auto Parts 1.78%
10: Compass Group 1.69%
Holdings represent 24.80% of portfolio
Top 10 holdings as of 11/30/18
1: Nrg Energy 3.94%
2: Assured Guaranty 2.98%
3: Alphabet 2.97%
4: Amazon.Com 2.37%
5: Unilever Nv 2.35%
6: Becton Dickinson And 2.29%
7: Ball Corp 1.97%
8: Boston Scientific Corp 1.92%
9: Advance Auto Parts 1.84%
10: Nomad Foods 1.83%
Holdings represent 24.46% of portfolio
Top 10 holdings as of 10/31/18
1: Nrg Energy 4.02%
2: Assured Guaranty 2.92%
3: Alphabet 2.85%
4: Unilever Nv 2.14%
5: Norfolk Southern Corp 2.08%
6: Amazon.Com 2.03%
7: Becton Dickinson And 2.03%
8: Cenovus Energy 2.01%
9: Boston Scientific Corp 1.85%
10: Ball Corp 1.77%
Holdings represent 23.70% of portfolio
Top 10 holdings as of 09/30/18
1: Nrg Energy 3.74%
2: Alphabet 2.84%
3: Assured Guaranty 2.52%
4: Norfolk Southern Corp 2.40%
5: Amazon.Com 2.29%
6: Becton Dickinson And 2.07%
7: Cenovus Energy 2.06%
8: Unilever Nv 1.99%
9: Boston Scientific Corp 1.90%
10: Advance Auto Parts 1.72%
Holdings represent 23.53% of portfolio

Portfolio Composition as of 12/31/18

Common stock 97.88%
Cash and net other assets 1.24%
Convertible preferred stock 0.88%

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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 12/31/18

Consumer discretionary 14.06%
Financials 13.47%
Information technology 12.82%
Health care 11.09%
Consumer staples 10.77%
Industrials 9.56%
Energy 9.15%
Communication services 5.48%
Materials 5.27%
 
Other
8.33%
Utilities 4.17%
Real estate 2.92%
Cash and net other assets 1.24%

Country Allocation as of 12/31/18

United States 61.53%
Japan 8.92%
United Kingdom 7.46%
Canada 5.05%
France 2.69%
Netherlands 2.52%
Ireland 2.23%
Germany 2.09%
Australia 1.47%
 
Other
6.04%
Cash and net other assets 1.24%
Italy 1.15%
India 0.83%
Switzerland 0.81%
Taiwan 0.79%
South Korea 0.70%
Sweden 0.46%
Luxembourg 0.06%