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 06/30/19

Category: International Multi-Cap Core

  Percentile ranking Rank/Funds in category
10 yrs. 37% 14/37
1 yr. 89% 66/74
3 yrs. 74% 49/66
5 yrs. 83% 53/63

Risk Characteristics as of 06/30/19

Alpha (%) -2.11
Beta 1.08
R squared 0.94
Standard deviation (3 yrs.) 12.21

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 06/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 67
Turnover (fiscal year end) 68%
Net Assets $225M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 06/30/19

Novartis Ag 3.70%
Prudential 3.63%
Aia Group 3.18%
Axa 2.70%
Airbus 2.57%
Unilever Nv 2.50%
Astrazeneca 2.40%
Sony Corp 2.28%
Bp 2.24%
Veolia Environnement 2.22%
Top 10 holdings, total: 27.42%

Full Portfolio Holdings as of 03/31/19

AIA GROUP LTD 2.85%
BP PLC 2.81%
NOVARTIS AG-REG 2.77%
PRUDENTIAL PLC 2.77%
SUMITOMO MITSUI FINANCIAL GR 2.61%
TOTAL SA 2.59%
RIO TINTO PLC 2.51%
KONINKLIJKE AHOLD DELHAIZE N 2.21%
UNILEVER NV-CVA 2.20%
AIRBUS SE 2.18%
ASTRAZENECA PLC 2.04%
COMPASS GROUP PLC 1.96%
ADIDAS AG 1.93%
SOFTBANK GROUP CORP 1.93%
HOYA CORP 1.90%
SHISEIDO CO LTD 1.82%
TOYOTA MOTOR CORP 1.80%
HDFC BANK LTD-ADR 1.79%
VEOLIA ENVIRONNEMENT 1.77%
ASAHI GROUP HOLDINGS LTD 1.71%
KERING 1.63%
SONY CORP 1.62%
HEINEKEN NV 1.55%
CRH PLC 1.53%
YUM CHINA HOLDINGS INC 1.53%
ASSA ABLOY AB-B 1.52%
ASHTEAD GROUP PLC 1.51%
RHEINMETALL AG 1.51%
TOSHIBA CORP 1.48%
ASSOCIATED BRITISH FOODS PLC 1.45%
COCA-COLA HBC AG-DI 1.45%
DEUTSCHE BOERSE AG 1.44%
ING GROEP NV-CVA 1.37%
KERRY GROUP PLC-A 1.36%
SAMSUNG ELECTRONICS-PREF 1.36%
ASML HOLDING NV 1.35%
NATIXIS 1.35%
VINCI SA 1.33%
KOMATSU LTD 1.26%
QBE INSURANCE GROUP LTD 1.26%
KNORR-BREMSE AG 1.18%
CHUGAI PHARMACEUTICAL CO LTD 1.17%
MITSUBISHI CORP 1.17%
FORTUM OYJ 1.16%
MICROSOFT CORP 1.16%
EURAZEO SE 1.15%
CELLNEX TELECOM SA 1.14%
SSE PLC 1.14%
NXP SEMICONDUCTORS NV 1.09%
LONZA GROUP AG-REG 1.08%
PIRELLI & C SPA 1.02%
DAIKIN INDUSTRIES LTD 0.92%
BANK OF IRELAND GROUP PLC 0.91%
SEVEN & I HOLDINGS CO LTD 0.85%
SIG COMBIBLOC GROUP AG 0.83%
CENOVUS ENERGY INC 0.78%
LLOYDS BANKING GROUP PLC 0.76%
MAGNA INTERNATIONAL INC 0.76%
ARKEMA 0.73%
SINO-AMERICAN SILICON PRODUC 0.73%
QUILTER PLC 0.59%
ORION ENGINEERED CARBONS SA 0.23%
THE EURO EUR CALL ACCOUNT 0.15%
TENCENT HOLDINGS LTD 0.09%
CANADIAN DOLLAR ACCOUNT 0.07%
GLOBAL FASHION GRP P/P 0.04%
POUND STERLING CALL ACCOUNT 0.04%
GLOBAL FASHION GRP 0.03%
CHF/USD 06/19/2019 JPMCB 0.02%
JPY/USD 05/15/2019 JPMCB 0.02%
CHF/USD 06/19/2019 BCAP-FX 0.01%
DKK/USD 06/19/2019 CITI 0.01%
JPY/USD 05/15/2019 BANKAM 0.01%
JPY/USD 05/15/2019 SSBT 0.01%
AUD/USD 04/17/2019 CITI 0.00%
AUD/USD 04/17/2019 HSBCB 0.00%
AUD/USD 04/17/2019 JPMCB 0.00%
AUD/USD 04/17/2019 SSBT 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 04/17/2019 JPMCB 0.00%
CNH/USD 05/15/2019 HSBCB 0.00%
EUR/USD 06/19/2019 BANKAM 0.00%
EUR/USD 06/19/2019 CITI 0.00%
EUR/USD 06/19/2019 HSBCB 0.00%
GBP/USD 06/19/2019 BCAP-FX 0.00%
GBP/USD 06/19/2019 GSFX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 05/15/2019 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 04/17/2019 SSBT 0.00%
JPY/USD 05/15/2019 CITI 0.00%
JPY/USD 05/15/2019 GSFX 0.00%
KOREAN WON CALL ACCOUNT 0.00%
KRW/USD 05/15/2019 JPMCB 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NEW ZEALAND DOLLAR CALL ACCOUNT 0.00%
NOK/USD 06/19/2019 JPMCB 0.00%
NZD/USD 04/17/2019 CITI 0.00%
SEK/USD 06/19/2019 JPMCB 0.00%
SGD/USD 05/15/2019 JPMCB 0.00%
TAIWAN DOLLAR CALL ACCOUNT 0.00%
TWD/USD 05/15/2019 GSFX 0.00%
EUR/USD 06/19/2019 BCAP-FX -0.01%
EUR/USD 06/19/2019 SSBT -0.01%
JAPANESE YEN CALL ACCOUNT -0.10%

Prior top 10 holdings

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
Top 10 holdings as of 05/31/19
1: Novartis Ag 3.48%
2: Prudential 3.22%
3: Aia Group 2.90%
4: Bp 2.83%
5: Unilever Nv 2.61%
6: Airbus 2.45%
7: Astrazeneca 2.28%
8: Sony Corp 2.21%
9: Crh 2.13%
10: Sumitomo Mitsui Financial Group 2.08%
Holdings represent 26.19% of portfolio
Top 10 holdings as of 04/30/19
1: Unilever Nv 3.27%
2: Prudential 3.21%
3: Novartis Ag 3.00%
4: Aia Group 2.99%
5: Bp 2.87%
6: Rio Tinto 2.58%
7: Airbus 2.47%
8: Total 2.33%
9: Sumitomo Mitsui Financial Group 2.26%
10: Astrazeneca 2.18%
Holdings represent 27.16% of portfolio
Top 10 holdings as of 03/31/19
1: Aia Group 2.85%
2: Bp 2.81%
3: Novartis Ag 2.77%
4: Prudential 2.77%
5: Sumitomo Mitsui Financial Group 2.61%
6: Total 2.59%
7: Rio Tinto 2.51%
8: Koninklijke Ahold Delhaize Nv 2.21%
9: Unilever Nv 2.20%
10: Airbus 2.18%
Holdings represent 25.50% of portfolio

Portfolio Composition as of 06/30/19

Common stock 96.86%
Cash and net other assets 1.70%
Preferred stock 1.43%
Convertible preferred stock 0.01%

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 06/30/19

Financials 21.76%
Consumer staples 17.00%
Industrials 12.67%
Consumer discretionary 11.72%
Health care 10.89%
Materials 7.15%
Communication services 4.45%
Utilities 4.37%
Energy 4.28%
 
Other
5.71%
Information technology 4.01%
Cash and net other assets 1.70%

Country Allocation as of 06/30/19

United Kingdom 19.83%
France 15.73%
Japan 15.32%
Switzerland 12.34%
Netherlands 6.68%
Germany 5.37%
Hong Kong 4.80%
Ireland 4.52%
United States 2.51%
 
Other
12.90%
Australia 2.14%
India 2.07%
Cash and net other assets 1.70%
South Korea 1.43%
Spain 1.29%
Sweden 1.29%
China 1.08%
Finland 1.08%
Italy 0.79%
Luxembourg 0.03%