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

Benefiting from undervalued international companies experiencing positive change International companies: The fund invests in international large and midsize companies to benefit from business opportunities outside the United States.A value strategy: The fund focuses on companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.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 02/28/19

Category: International Large-Cap Value

  Percentile ranking Rank/Funds in category
10 yrs. 56% 5/8
1 yr. 76% 9/11
3 yrs. 84% 10/11
5 yrs. 67% 8/11

Risk Characteristics as of 02/28/19

Alpha (%) -1.39
Beta 0.92
R squared 0.90
Standard deviation (3 yrs.) 11.05

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.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 02/28/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 81
Turnover (fiscal year end) 17%
Net Assets $70M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 02/28/19

Royal Dutch Shell 4.04%
Ing Groep Nv 3.77%
Sanofi 2.83%
Vinci 2.66%
Novartis Ag 2.61%
Aia Group 2.44%
Astrazeneca 2.44%
Suncor Energy 2.39%
Mitsubishi Corp 2.38%
Australia New Zealand Banking Group 2.27%
Top 10 holdings, total: 27.83%

Equity Holdings as of 12/31/18

ING GROEP NV-CVA 3.28%
SANOFI 3.13%
NOVARTIS AG-REG 2.61%
ROYAL DUTCH SHELL PLC-A SHS 2.58%
MITSUBISHI CORP 2.46%
VINCI SA 2.45%
ASTRAZENECA PLC 2.39%
AIA GROUP LTD 2.14%
AUST AND NZ BANKING GROUP 2.10%
SUNCOR ENERGY INC 2.07%
SIEMENS AG 2.05%
PRUDENTIAL PLC 2.02%
RIO TINTO PLC 1.93%
SUMITOMO MITSUI FINANCIAL GR 1.86%
NIPPON TELEGRAPH & TELEPHONE 1.79%
AXA SA 1.70%
VODAFONE GROUP PLC 1.68%
HOYA CORP 1.66%
CHUBB LTD 1.63%
SAMSUNG ELECTRONICS CO LTD 1.57%
SOCIETE GENERALE SA 1.56%
TOTAL SA 1.51%
KERRY GROUP PLC-A 1.50%
ROYAL DUTCH SHELL PLC-B SHS 1.49%
VEOLIA ENVIRONNEMENT 1.43%
JAPAN AIRLINES CO LTD 1.42%
KONINKLIJKE AHOLD DELHAIZE N 1.35%
UNILEVER NV-CVA 1.34%
ALLIANZ SE-REG 1.27%
ITOCHU CORP 1.26%
BAE SYSTEMS PLC 1.24%
EURAZEO SE 1.16%
IMPERIAL BRANDS PLC 1.11%
FERGUSON PLC 1.09%
MITSUI FUDOSAN CO LTD 1.09%
ORIX CORP 1.09%
SANWA HOLDINGS CORP 1.09%
SSE PLC 1.04%
SEVEN & I HOLDINGS CO LTD 1.02%
QUILTER PLC 1.01%
CHALLENGER LTD 0.99%
BAYER AG-REG 0.97%
FORTUM OYJ 0.96%
TELE2 AB-B SHS 0.96%
GLENCORE PLC 0.94%
BCE INC 0.93%
SKANDINAVISKA ENSKILDA BAN-A 0.93%
MIZUHO FINANCIAL GROUP INC 0.92%
DNB NOR ASA 0.91%
QBE INSURANCE GROUP LTD 0.91%
MAGNA INTERNATIONAL INC 0.88%
DALATA HOTEL GROUP PLC 0.84%
SCREEN HOLDINGS CO LTD 0.84%
CRH PLC 0.83%
DBS GROUP HOLDINGS LTD 0.82%
AENA SME SA 0.79%
NATIXIS 0.77%
ASHTEAD GROUP PLC 0.75%
HENKEL AG & CO KGAA VORZUG 0.74%
COMPAGNIE DE SAINT-GOBAIN 0.73%
UBS GROUP AG-REG 0.72%
NSK LTD 0.69%
PANASONIC CORP 0.69%
SIG COMBIBLOC GROUP 0.67%
YAMAHA MOTOR CO LTD 0.67%
BANK OF IRELAND GROUP PLC 0.65%
SHISEIDO CO LTD 0.63%
ENCANA CORP 0.61%
KDDI CORP 0.61%
LAFARGEHOLCIM LTD-REG 0.61%
TELECOM ITALIA-RSP 0.56%
KION GROUP AG 0.55%
CREDIT SUISSE GROUP AG-REG 0.54%
TELSTRA CORP LTD 0.52%
NISSAN MOTOR CO LTD 0.50%
CAIXABANK SA 0.48%
KYOCERA CORP 0.48%
NINTENDO CO LTD 0.48%
SINO-AMERICAN SILICON PRODUC 0.47%
BORAL LTD 0.41%
LLOYDS BANKING GROUP PLC 0.39%
SCOR SE 0.12%
VICINITY CENTRES 0.10%

Full Portfolio Holdings as of 12/31/18

ING GROEP NV-CVA 3.28%
SANOFI 3.13%
NOVARTIS AG-REG 2.61%
ROYAL DUTCH SHELL PLC-A SHS 2.58%
MITSUBISHI CORP 2.46%
VINCI SA 2.45%
ASTRAZENECA PLC 2.39%
AIA GROUP LTD 2.14%
AUST AND NZ BANKING GROUP 2.10%
SUNCOR ENERGY INC 2.07%
SIEMENS AG 2.05%
PRUDENTIAL PLC 2.02%
RIO TINTO PLC 1.93%
SUMITOMO MITSUI FINANCIAL GR 1.86%
NIPPON TELEGRAPH & TELEPHONE 1.79%
AXA SA 1.70%
VODAFONE GROUP PLC 1.68%
HOYA CORP 1.66%
CHUBB LTD 1.63%
SAMSUNG ELECTRONICS CO LTD 1.57%
SOCIETE GENERALE SA 1.56%
TOTAL SA 1.51%
KERRY GROUP PLC-A 1.50%
ROYAL DUTCH SHELL PLC-B SHS 1.49%
VEOLIA ENVIRONNEMENT 1.43%
JAPAN AIRLINES CO LTD 1.42%
KONINKLIJKE AHOLD DELHAIZE N 1.35%
UNILEVER NV-CVA 1.34%
ALLIANZ SE-REG 1.27%
ITOCHU CORP 1.26%
BAE SYSTEMS PLC 1.24%
EURAZEO SE 1.16%
IMPERIAL BRANDS PLC 1.11%
FERGUSON PLC 1.09%
MITSUI FUDOSAN CO LTD 1.09%
ORIX CORP 1.09%
SANWA HOLDINGS CORP 1.09%
SSE PLC 1.04%
SEVEN & I HOLDINGS CO LTD 1.02%
QUILTER PLC 1.01%
CHALLENGER LTD 0.99%
BAYER AG-REG 0.97%
FORTUM OYJ 0.96%
TELE2 AB-B SHS 0.96%
GLENCORE PLC 0.94%
BCE INC 0.93%
SKANDINAVISKA ENSKILDA BAN-A 0.93%
MIZUHO FINANCIAL GROUP INC 0.92%
DNB NOR ASA 0.91%
QBE INSURANCE GROUP LTD 0.91%
MAGNA INTERNATIONAL INC 0.88%
DALATA HOTEL GROUP PLC 0.84%
SCREEN HOLDINGS CO LTD 0.84%
CRH PLC 0.83%
DBS GROUP HOLDINGS LTD 0.82%
AENA SME SA 0.79%
NATIXIS 0.77%
ASHTEAD GROUP PLC 0.75%
HENKEL AG & CO KGAA VORZUG 0.74%
COMPAGNIE DE SAINT-GOBAIN 0.73%
UBS GROUP AG-REG 0.72%
NSK LTD 0.69%
PANASONIC CORP 0.69%
SIG COMBIBLOC GROUP 0.67%
YAMAHA MOTOR CO LTD 0.67%
BANK OF IRELAND GROUP PLC 0.65%
SHISEIDO CO LTD 0.63%
ENCANA CORP 0.61%
KDDI CORP 0.61%
LAFARGEHOLCIM LTD-REG 0.61%
TELECOM ITALIA-RSP 0.56%
KION GROUP AG 0.55%
CREDIT SUISSE GROUP AG-REG 0.54%
TELSTRA CORP LTD 0.52%
NISSAN MOTOR CO LTD 0.50%
CAIXABANK SA 0.48%
KYOCERA CORP 0.48%
NINTENDO CO LTD 0.48%
SINO-AMERICAN SILICON PRODUC 0.47%
BORAL LTD 0.41%
LLOYDS BANKING GROUP PLC 0.39%
SCOR SE 0.12%
VICINITY CENTRES 0.10%
EUR/USD 03/20/2019 HSBCB 0.05%
CHF/USD 03/20/2019 JPMCB 0.04%
GBP/USD 03/20/2019 JPMCB 0.04%
AUD/USD 01/16/2019 SSBT 0.01%
DKK/USD 03/20/2019 CITI 0.01%
SEK/USD 03/20/2019 SSBT 0.01%
AUD/USD 01/16/2019 BANKAM 0.00%
AUD/USD 01/16/2019 BCAP-FX 0.00%
CAD/USD 01/16/2019 BANKAM 0.00%
CAD/USD 01/16/2019 BCAP-FX 0.00%
CAD/USD 01/16/2019 CITI 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 SSBT 0.00%
CAD/USD 01/16/2019 UBS 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 BANKAM 0.00%
EUR/USD 03/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 JPMCB 0.00%
GBP/USD 03/20/2019 BCAP-FX 0.00%
HKD/USD 02/20/2019 BANKAM 0.00%
HKD/USD 02/20/2019 BCAP-FX 0.00%
ILS/USD 01/16/2019 SSBT 0.00%
JPY/USD 02/20/2019 CITI 0.00%
JPY/USD 02/20/2019 GSFX 0.00%
JPY/USD 02/20/2019 JPMCB 0.00%
JPY/USD 02/20/2019 SSBT 0.00%
NOK/USD 03/20/2019 JPMCB 0.00%
NZD/USD 01/16/2019 JPMCB 0.00%
SGD/USD 02/20/2019 JPMCB 0.00%
TWD/USD 02/20/2019 GSFX 0.00%
KRW/USD 02/20/2019 JPMCB -0.01%
SEK/USD 03/20/2019 JPMCB -0.01%
CHF/USD 03/20/2019 BCAP-FX -0.04%
EUR/USD 03/20/2019 CITI -0.06%

Prior top 10 holdings

Top 10 holdings as of 02/28/19
1: Royal Dutch Shell 4.04%
2: Ing Groep Nv 3.77%
3: Sanofi 2.83%
4: Vinci 2.66%
5: Novartis Ag 2.61%
6: Aia Group 2.44%
7: Astrazeneca 2.44%
8: Suncor Energy 2.39%
9: Mitsubishi Corp 2.38%
10: Australia New Zealand Banking Group 2.27%
Holdings represent 27.83% of portfolio
Top 10 holdings as of 01/31/19
1: Royal Dutch Shell 4.07%
2: Ing Groep Nv 3.42%
3: Sanofi 2.99%
4: Novartis Ag 2.53%
5: Mitsubishi Corp 2.51%
6: Vinci 2.49%
7: Suncor Energy 2.28%
8: Aia Group 2.24%
9: Astrazeneca 2.21%
10: Rio Tinto 2.13%
Holdings represent 26.87% of portfolio
Top 10 holdings as of 12/31/18
1: Royal Dutch Shell 4.07%
2: Ing Groep Nv 3.28%
3: Sanofi 3.13%
4: Novartis Ag 2.61%
5: Mitsubishi Corp 2.46%
6: Vinci 2.45%
7: Astrazeneca 2.39%
8: Aia Group 2.14%
9: Australia New Zealand Banking Group 2.10%
10: Suncor Energy 2.07%
Holdings represent 26.70% of portfolio
Top 10 holdings as of 11/30/18
1: Royal Dutch Shell 3.93%
2: Ing Groep Nv 3.48%
3: Sanofi 3.07%
4: Siemens Ag 2.99%
5: Novartis Ag 2.62%
6: Vinci 2.44%
7: Astrazeneca 2.35%
8: Mitsubishi Corp 2.29%
9: Australia New Zealand Banking Group 2.25%
10: Suncor Energy 2.25%
Holdings represent 27.67% of portfolio

Portfolio Composition as of 02/28/19

Common stock 98.80%
Cash and net other assets 1.20%

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.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 02/28/19

Financials 31.25%
Industrials 16.70%
Health care 10.48%
Energy 8.67%
Communication services 7.31%
Consumer staples 6.74%
Materials 5.78%
Consumer discretionary 4.70%
Utilities 3.61%
 
Other
4.76%
Information technology 3.47%
Cash and net other assets 1.20%
Real estate 0.09%

Country Allocation as of 02/28/19

Japan 20.46%
United Kingdom 20.36%
France 14.72%
Netherlands 6.31%
Switzerland 5.18%
Canada 5.05%
Australia 5.03%
Germany 4.83%
Ireland 4.12%
 
Other
13.94%
Hong Kong 2.44%
Sweden 1.85%
South Korea 1.70%
United States 1.58%
Spain 1.29%
Cash and net other assets 1.20%
Norway 1.02%
Finland 0.91%
Singapore 0.82%
Italy 0.60%
Taiwan 0.53%