Putnam Capital Manager

Putnam International Value Subaccount

The subaccount seeks capital growth. Current income is a secondary objective.

Fund description

The subaccount applies Putnam's value-oriented strategy of seeking undervalued stocks outside the United States. By buying mostly dividend paying stocks with relatively low valuations, the fund pursues capital growth and, secondarily, current income. The fund is positioned to benefit from the spread of corporate strategies focusing on shareholder value outside the United States.

Sales story

A multidimensional approach to value investingRelative value approachDefines the value universe daily with fundamental and quantitative tools to identify unique value opportunities.Focus on cash flowsPuts distinct emphasis on companies able and willing to return cash to shareholders, and focuses on future cash flows instead of earnings to evaluate value creation.Disciplined risk managementUtilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle.

Management team

Lipper ranking ‡ as of 04/30/24

Category: International Large-Cp Val Fds

  Percentile ranking Rank/Funds in category
10 yrs. 24% 5/20
1 yr. 29% 6/20
3 yrs. 34% 7/20
5 yrs. 29% 6/20

Risk Characteristics as of 04/30/24

Alpha (%) -0.38
Beta 1.06
R squared 0.97
Standard deviation (3 yrs.) 17.23

‡ 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 71
Turnover (fiscal year end) 11%
Net Assets $184M
Inception Date 01/02/97

Holdings

Siemens Ag 3.18%
Sanofi 3.10%
Mitsubishi Corp 3.04%
Shell 2.94%
Ing Groep Nv 2.89%
HSBC Holdings 2.83%
Ubs Group Ag 2.61%
Aib Group 2.51%
Mitsubishi Ufj Financial Group 2.49%
Vinci 2.23%
Top 10 holdings, total: 27.82%


Top 10 holdings as of 04/30/24
1: Siemens Ag 3.18%
2: Sanofi 3.10%
3: Mitsubishi Corp 3.04%
4: Shell 2.94%
5: Ing Groep Nv 2.89%
6: HSBC Holdings 2.83%
7: Ubs Group Ag 2.61%
8: Aib Group 2.51%
9: Mitsubishi Ufj Financial Group 2.49%
10: Vinci 2.23%
Holdings represent 27.82% of portfolio
Top 10 holdings as of 03/31/24
1: Mitsubishi Corp 3.51%
2: Ing Groep Nv 3.45%
3: Sumitomo Mitsui Financial Group 3.17%
4: Sanofi 3.06%
5: Ubs Group Ag 3.05%
6: Shell 2.71%
7: Siemens Ag 2.67%
8: HSBC Holdings 2.53%
9: Aib Group 2.45%
10: Vinci 2.42%
Holdings represent 29.01% of portfolio
Top 10 holdings as of 02/29/24
1: Mitsubishi Corp 3.45%
2: Sumitomo Mitsui Financial Group 3.20%
3: Sanofi 3.13%
4: Ing Groep Nv 3.04%
5: Ubs Group Ag 2.99%
6: Siemens Ag 2.93%
7: Shell 2.68%
8: HSBC Holdings 2.66%
9: Vinci 2.55%
10: Aib Group 2.36%
Holdings represent 29.00% of portfolio
Top 10 holdings as of 01/31/24
1: Sanofi 3.33%
2: Ing Groep Nv 3.18%
3: Ubs Group Ag 3.15%
4: Sumitomo Mitsui Financial Group 3.02%
5: Mitsubishi Corp 2.80%
6: Shell 2.70%
7: HSBC Holdings 2.69%
8: Siemens Ag 2.68%
9: Vinci 2.54%
10: Aib Group 2.25%
Holdings represent 28.34% of portfolio


Portfolio Composition as of 04/30/24

Common stock 96.44%
Cash and net other assets 3.56%

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Because the fund currently invests, and may in the future invest, significantly in European companies, the fund is particularly susceptible to economic, political, regulatory, or other events or conditions affecting issuers in Europe. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style 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. 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. 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. 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 04/30/24

Financials 33.12%
Industrials 18.23%
Energy 8.54%
Consumer staples 8.10%
Consumer discretionary 6.76%
Health care 5.99%
Materials 5.34%
Communication services 4.81%
Cash and net other assets 3.56%
 
Other
5.54%
Utilities 3.33%
Information technology 1.40%
Real estate 0.80%

Country Allocation as of 04/30/24

Japan 23.36%
United Kingdom 22.09%
France 15.75%
Germany 7.56%
Australia 6.32%
Ireland 5.68%
Netherlands 4.58%
Switzerland 3.84%
Cash and net other assets 3.56%
 
Other
7.25%
Spain 3.34%
Canada 2.81%
Norway 0.75%
Finland 0.35%