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 01/31/19

Category: International Multi-Cap Core

  Percentile ranking Rank/Funds in category
10 yrs. 78% 34/43
1 yr. 99% 83/83
3 yrs. 94% 73/77
5 yrs. 90% 66/73

Risk Characteristics as of 01/31/19

Alpha (%) -4.14
Beta 1.08
R squared 0.93
Standard deviation (3 yrs.) 12.26

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 01/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 77
Turnover (fiscal year end) 68%
Net Assets $217M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 01/31/19

Bp 2.66%
Total 2.65%
Rio Tinto 2.57%
Novartis Ag 2.53%
Koninklijke Ahold Delhaize Nv 2.21%
Sumitomo Mitsui Financial Group 2.04%
Unilever Nv 2.03%
Prudential 2.02%
Orix Corp 2.02%
Sony Corp 1.98%
Top 10 holdings, total: 22.71%

Equity Holdings as of 12/31/18

TOTAL SA 2.70%
NOVARTIS AG-REG 2.63%
BP PLC 2.61%
RIO TINTO PLC 2.51%
KONINKLIJKE AHOLD DELHAIZE N 2.32%
ASTRAZENECA PLC 2.25%
UNILEVER NV-CVA 2.19%
ORIX CORP 2.06%
SEVEN & I HOLDINGS CO LTD 2.03%
SONY CORP 2.00%
PRUDENTIAL PLC 1.96%
HOYA CORP 1.92%
SUMITOMO MITSUI FINANCIAL GR 1.91%
COMPASS GROUP PLC 1.88%
VEOLIA ENVIRONNEMENT 1.85%
ADIDAS AG 1.78%
AIRBUS SE 1.72%
TOYOTA MOTOR CORP 1.69%
SHISEIDO CO LTD 1.64%
BAYER AG-REG 1.61%
ASAHI GROUP HOLDINGS LTD 1.60%
DBS GROUP HOLDINGS LTD 1.50%
TOSHIBA CORP 1.41%
ASHTEAD GROUP PLC 1.39%
CRH PLC 1.39%
HEINEKEN NV 1.39%
KERING 1.37%
RHEINMETALL AG 1.37%
ASSOCIATED BRITISH FOODS PLC 1.34%
NATIXIS 1.32%
SOCIETE GENERALE SA 1.31%
CHUGAI PHARMACEUTICAL CO LTD 1.27%
ASSA ABLOY AB-B 1.26%
FERGUSON PLC 1.24%
SAMSUNG ELECTRONICS-PREF 1.24%
KOMATSU LTD 1.22%
MITSUBISHI CORP 1.22%
FORTUM OYJ 1.20%
ARKEMA 1.19%
CAIXABANK SA 1.19%
KERRY GROUP PLC-A 1.18%
EURAZEO SE 1.16%
VINCI SA 1.13%
HDFC BANK LTD-ADR 1.10%
KYUDENKO CORP 1.10%
PIRELLI & C SPA 1.09%
QBE INSURANCE GROUP LTD 1.09%
ING GROEP NV-CVA 1.08%
KNORR-BREMSE AG 1.08%
CHALLENGER LTD 1.05%
CENOVUS ENERGY INC 1.02%
NXP SEMICONDUCTORS NV 1.01%
MICROSOFT CORP 1.00%
ORION ENGINEERED CARBONS SA 0.99%
TENCENT HOLDINGS LTD 0.99%
KKR & CO INC -A 0.97%
KYOCERA CORP 0.97%
SIG COMBIBLOC GROUP 0.92%
BANK OF IRELAND GROUP PLC 0.91%
CONSTELLATION SOFTWARE INC 0.88%
DAIKIN INDUSTRIES LTD 0.88%
LONZA GROUP AG-REG 0.88%
NOMAD FOODS LTD 0.85%
QUILTER PLC 0.84%
AMAZON.COM INC 0.74%
CELLNEX TELECOM SA 0.74%
MAGNA INTERNATIONAL INC 0.72%
SINO-AMERICAN SILICON PRODUC 0.70%
WANT WANT CHINA HOLDINGS LTD 0.70%
CYBG PLC 0.65%
CAIRN ENERGY PLC 0.58%
UNIPER SE 0.44%
GLOBAL FASHION GRP P/P 0.04%
GLOBAL FASHION GRP 0.03%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%

Full Portfolio Holdings as of 12/31/18

TOTAL SA 2.70%
NOVARTIS AG-REG 2.63%
BP PLC 2.61%
RIO TINTO PLC 2.51%
KONINKLIJKE AHOLD DELHAIZE N 2.32%
ASTRAZENECA PLC 2.25%
UNILEVER NV-CVA 2.19%
ORIX CORP 2.06%
SEVEN & I HOLDINGS CO LTD 2.03%
SONY CORP 2.00%
PRUDENTIAL PLC 1.96%
HOYA CORP 1.92%
SUMITOMO MITSUI FINANCIAL GR 1.91%
COMPASS GROUP PLC 1.88%
VEOLIA ENVIRONNEMENT 1.85%
ADIDAS AG 1.78%
AIRBUS SE 1.72%
TOYOTA MOTOR CORP 1.69%
SHISEIDO CO LTD 1.64%
BAYER AG-REG 1.61%
ASAHI GROUP HOLDINGS LTD 1.60%
DBS GROUP HOLDINGS LTD 1.50%
TOSHIBA CORP 1.41%
ASHTEAD GROUP PLC 1.39%
CRH PLC 1.39%
HEINEKEN NV 1.39%
KERING 1.37%
RHEINMETALL AG 1.37%
ASSOCIATED BRITISH FOODS PLC 1.34%
NATIXIS 1.32%
SOCIETE GENERALE SA 1.31%
CHUGAI PHARMACEUTICAL CO LTD 1.27%
ASSA ABLOY AB-B 1.26%
FERGUSON PLC 1.24%
SAMSUNG ELECTRONICS-PREF 1.24%
KOMATSU LTD 1.22%
MITSUBISHI CORP 1.22%
FORTUM OYJ 1.20%
ARKEMA 1.19%
CAIXABANK SA 1.19%
KERRY GROUP PLC-A 1.18%
EURAZEO SE 1.16%
VINCI SA 1.13%
HDFC BANK LTD-ADR 1.10%
KYUDENKO CORP 1.10%
PIRELLI & C SPA 1.09%
QBE INSURANCE GROUP LTD 1.09%
ING GROEP NV-CVA 1.08%
KNORR-BREMSE AG 1.08%
CHALLENGER LTD 1.05%
CENOVUS ENERGY INC 1.02%
NXP SEMICONDUCTORS NV 1.01%
MICROSOFT CORP 1.00%
ORION ENGINEERED CARBONS SA 0.99%
TENCENT HOLDINGS LTD 0.99%
KKR & CO INC -A 0.97%
KYOCERA CORP 0.97%
SIG COMBIBLOC GROUP 0.92%
BANK OF IRELAND GROUP PLC 0.91%
CONSTELLATION SOFTWARE INC 0.88%
DAIKIN INDUSTRIES LTD 0.88%
LONZA GROUP AG-REG 0.88%
NOMAD FOODS LTD 0.85%
QUILTER PLC 0.84%
AMAZON.COM INC 0.74%
CELLNEX TELECOM SA 0.74%
MAGNA INTERNATIONAL INC 0.72%
SINO-AMERICAN SILICON PRODUC 0.70%
WANT WANT CHINA HOLDINGS LTD 0.70%
CYBG PLC 0.65%
CAIRN ENERGY PLC 0.58%
UNIPER SE 0.44%
CHF/USD 03/20/2019 JPMCB 0.04%
GLOBAL FASHION GRP P/P 0.04%
CHF/USD 03/20/2019 BCAP-FX 0.03%
DKK/USD 03/20/2019 CITI 0.03%
GLOBAL FASHION GRP 0.03%
SEK/USD 03/20/2019 JPMCB 0.03%
AUD/USD 01/16/2019 CITI 0.01%
NOK/USD 03/20/2019 JPMCB 0.01%
AUD/USD 01/16/2019 BANKAM 0.00%
AUD/USD 01/16/2019 JPMCB 0.00%
AUD/USD 01/16/2019 SSBT 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CAD/USD 01/16/2019 SSBT 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
HC BRILLANT SERVICES GMBH P/P 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 BANKAM 0.00%
JPY/USD 02/20/2019 JPMCB 0.00%
JPY/USD 02/20/2019 SSBT 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NZD/USD 01/16/2019 CITI 0.00%
SGD/USD 02/20/2019 JPMCB 0.00%
TWD/USD 02/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 HSBCB -0.01%
GBP/USD 03/20/2019 GSFX -0.01%
KRW/USD 02/20/2019 JPMCB -0.01%
EUR/USD 03/20/2019 SSBT -0.02%
GBP/USD 03/20/2019 BCAP-FX -0.02%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Bp 2.66%
2: Total 2.65%
3: Rio Tinto 2.57%
4: Novartis Ag 2.53%
5: Koninklijke Ahold Delhaize Nv 2.21%
6: Sumitomo Mitsui Financial Group 2.04%
7: Unilever Nv 2.03%
8: Prudential 2.02%
9: Orix Corp 2.02%
10: Sony Corp 1.98%
Holdings represent 22.71% of portfolio
Top 10 holdings as of 12/31/18
1: Total 2.70%
2: Novartis Ag 2.63%
3: Bp 2.61%
4: Rio Tinto 2.51%
5: Koninklijke Ahold Delhaize Nv 2.32%
6: Astrazeneca 2.25%
7: Unilever Nv 2.19%
8: Orix Corp 2.06%
9: Seven I Holdings 2.03%
10: Sony Corp 2.00%
Holdings represent 23.30% of portfolio
Top 10 holdings as of 11/30/18
1: Total 2.64%
2: Novartis Ag 2.61%
3: Bp 2.55%
4: Rio Tinto 2.23%
5: Koninklijke Ahold Delhaize Nv 2.20%
6: Astrazeneca 2.18%
7: Orix Corp 2.13%
8: Unilever Nv 2.08%
9: Sony Corp 2.05%
10: Prudential 2.01%
Holdings represent 22.68% of portfolio
Top 10 holdings as of 10/31/18
1: Total 3.14%
2: Bp 2.69%
3: Novartis Ag 2.40%
4: Rio Tinto 2.37%
5: Orix Corp 2.21%
6: Astrazeneca 2.05%
7: Sumitomo Mitsui Financial Group 2.04%
8: Uniper 2.03%
9: Hoya Corp 2.01%
10: Sony Corp 1.99%
Holdings represent 22.93% of portfolio

Portfolio Composition as of 01/31/19

Common stock 96.56%
Cash and net other assets 2.01%
Preferred stock 1.40%
Convertible preferred stock 0.03%

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 01/31/19

Financials 20.71%
Industrials 15.75%
Consumer staples 14.92%
Consumer discretionary 11.46%
Health care 9.64%
Materials 7.09%
Energy 7.08%
Information technology 6.24%
Utilities 3.45%
 
Other
3.66%
Cash and net other assets 2.01%
Communication services 1.65%

Country Allocation as of 01/31/19

Japan 22.43%
United Kingdom 18.23%
France 13.56%
Germany 7.43%
Netherlands 6.92%
Switzerland 4.21%
United States 3.72%
Ireland 3.51%
Canada 2.83%
 
Other
17.16%
Cash and net other assets 2.01%
Spain 1.95%
Australia 1.92%
China 1.66%
Finland 1.66%
Singapore 1.46%
South Korea 1.40%
Sweden 1.24%
Luxembourg 1.09%
Italy 1.04%
India 0.99%
Taiwan 0.74%