Putnam Capital Manager

Putnam Sustainable Leaders Subaccount

The subaccount seeks long-term capital appreciation.

Fund description

The subaccount invests in companies of all sizes across a range of industry sectors. The management team looks for stocks of innovative companies that are positioned in sectors believed to offer exceptional growth potential. The fund targets companies with strong management and superior financial characteristics.

Sales story

Investing in sustainability leadershipCommitted companies The subaccount invests in companies we believe have strong fundamentals linked to leadership in financially material sustainability issues.Active research process A framework grounded in fundamental research, enhanced by a focus on material sustainability issues, drives investment decisions. Experienced team An experienced, dedicated sustainable investing team is integrated with Putnam's equity research group.

Management team

Lipper ranking ‡ as of 05/31/24

Category: Large-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 3% 3/130
1 yr. 6% 11/204
3 yrs. 65% 100/155
5 yrs. 25% 35/142

Risk Characteristics as of 05/31/24

Alpha (%) -2.26
Beta 1.04
R squared 0.96
Standard deviation (3 yrs.) 18.65

‡ 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 05/31/24

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 56
Turnover (fiscal year end) 35%
Net Assets $938M
Inception Date 05/02/94


Microsoft Corp 8.69%
Apple 7.50%
Nvidia Corp 7.04%
Amazon.Com 4.62%
Walmart 2.79%
Boston Scientific Corp 2.54%
Eli Lilly 2.23%
Constellation Energy Corp 2.09%
Visa 2.00%
Linde 1.97%
Top 10 holdings, total: 41.46%

Top 10 holdings as of 05/31/24
1: Microsoft Corp 8.69%
2: Apple 7.50%
3: Nvidia Corp 7.04%
4: Amazon.Com 4.62%
5: Walmart 2.79%
6: Boston Scientific Corp 2.54%
7: Eli Lilly 2.23%
8: Constellation Energy Corp 2.09%
9: Visa 2.00%
10: Linde 1.97%
Holdings represent 41.46% of portfolio
Top 10 holdings as of 04/30/24
1: Microsoft Corp 8.57%
2: Apple 6.99%
3: Nvidia Corp 5.84%
4: Amazon.Com 4.82%
5: Boston Scientific Corp 2.74%
6: Walmart 2.65%
7: Constellation Energy Corp 2.27%
8: Eli Lilly 2.23%
9: Ingersoll Rand 2.12%
10: Linde 2.10%
Holdings represent 40.33% of portfolio
Top 10 holdings as of 03/31/24
1: Microsoft Corp 9.04%
2: Apple 6.62%
3: Nvidia Corp 5.86%
4: Amazon.Com 4.68%
5: Salesforce 2.53%
6: Walmart 2.52%
7: Boston Scientific Corp 2.45%
8: Constellation Energy Corp 2.38%
9: Eli Lilly 2.32%
10: Ingersoll Rand 2.17%
Holdings represent 40.57% of portfolio
Top 10 holdings as of 02/29/24
1: Microsoft Corp 9.03%
2: Apple 7.09%
3: Nvidia Corp 5.21%
4: Amazon.Com 4.65%
5: Salesforce 2.63%
6: Walmart 2.50%
7: Constellation Energy Corp 2.43%
8: Boston Scientific Corp 2.41%
9: Visa 2.34%
10: Eli Lilly 2.29%
Holdings represent 40.58% of portfolio

Portfolio Composition as of 05/31/24

Common stock 99.51%
Cash and net other assets 0.49%

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, and the market may not favor growth-style investing. Investments in small and/or 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 investment strategy of investing in companies that exhibit a commitment to sustainable business practices may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds that do not invest with a sustainable 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 05/31/24

Information technology 35.78%
Health care 15.91%
Consumer discretionary 11.63%
Financials 10.55%
Industrials 7.06%
Materials 6.59%
Consumer staples 4.15%
Utilities 3.74%
Real estate 2.47%
Communication services 1.63%
Cash and net other assets 0.49%