Putnam Capital Manager

Putnam International Equity Subaccount

The subaccount seeks capital appreciation.

Fund description

Formerly Putnam International Growth Subaccount. The name change does not reflect a shift in subaccount objective or strategy.The subaccount invests in large and midsize international stocks, targeting companies with established earnings growth that are priced below their fundamental worth. The fund has no bias toward growth or value. It offers access to a broad range of investment opportunities in many markets of the world.

Sales story

Pursuing the growth potential of overseas marketsEstablished companies: The fund invests in established large and midsize companies mainly in developed markets to benefit from opportunities unfolding outside the United States.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads international 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 09/30/19

Category: International Multi-Cp Core Fds

  Percentile ranking Rank/Funds in category
10 yrs. 49% 20/40
1 yr. 76% 58/76
3 yrs. 83% 57/68
5 yrs. 81% 52/64

Risk Characteristics as of 09/30/19

Alpha (%) -2.31
Beta 1.07
R squared 0.94
Standard deviation (3 yrs.) 12.12

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 10/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 66
Turnover (fiscal year end) 68%
Net Assets $222M
Inception Date 01/02/97

Holdings

Novartis Ag 3.40%
Prudential 3.06%
Aia Group 3.03%
Astrazeneca 2.99%
Unilever Nv 2.97%
Axa 2.90%
Sony Corp 2.69%
Vinci 2.58%
Veolia Environnement 2.42%
Asahi Group Holdings 2.37%
Top 10 holdings, total: 28.41%


Top 10 holdings as of 09/30/19
1: Novartis Ag 3.40%
2: Prudential 3.06%
3: Aia Group 3.03%
4: Astrazeneca 2.99%
5: Unilever Nv 2.97%
6: Axa 2.90%
7: Sony Corp 2.69%
8: Vinci 2.58%
9: Veolia Environnement 2.42%
10: Asahi Group Holdings 2.37%
Holdings represent 28.41% of portfolio
Top 10 holdings as of 08/31/19
1: Novartis Ag 3.85%
2: Prudential 3.09%
3: Unilever Nv 3.09%
4: Aia Group 3.01%
5: Astrazeneca 3.01%
6: Vinci 2.65%
7: Airbus 2.64%
8: Sony Corp 2.63%
9: Crh 2.51%
10: Axa 2.50%
Holdings represent 28.98% of portfolio
Top 10 holdings as of 07/31/19
1: Novartis Ag 3.83%
2: Prudential 3.54%
3: Aia Group 3.09%
4: Axa 2.68%
5: Airbus 2.64%
6: Astrazeneca 2.60%
7: Sony Corp 2.56%
8: Unilever Nv 2.44%
9: Veolia Environnement 2.36%
10: Toyota Motor Corp 2.35%
Holdings represent 28.09% of portfolio
Top 10 holdings as of 06/30/19
1: Novartis Ag 3.70%
2: Prudential 3.63%
3: Aia Group 3.18%
4: Axa 2.70%
5: Airbus 2.57%
6: Unilever Nv 2.50%
7: Astrazeneca 2.40%
8: Sony Corp 2.28%
9: Bp 2.24%
10: Veolia Environnement 2.22%
Holdings represent 27.42% of portfolio


Portfolio Composition as of 09/30/19

Common stock 93.86%
Cash and net other assets 4.29%
Preferred stock 1.85%

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 09/30/19

Financials 21.03%
Consumer staples 15.74%
Industrials 13.65%
Health care 11.79%
Consumer discretionary 11.76%
Materials 8.01%
Utilities 5.23%
Information technology 4.94%
Cash and net other assets 4.29%
 
Other
3.56%
Communication services 3.56%

Country Allocation as of 09/30/19

Japan 17.89%
United Kingdom 17.19%
France 14.76%
Switzerland 12.92%
Netherlands 8.09%
Hong Kong 4.43%
Cash and net other assets 4.29%
Germany 3.45%
Ireland 3.22%
 
Other
13.76%
United States 2.99%
Australia 2.65%
South Korea 1.85%
Sweden 1.76%
India 1.39%
Finland 1.22%
China 1.11%
Canada 0.78%
Luxembourg 0.01%