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 10/31/18

Category: International Multi-Cap Core

  Percentile ranking Rank/Funds in category
10 yrs. 72% 30/41
1 yr. 98% 80/81
3 yrs. 95% 72/75
5 yrs. 72% 50/69

Risk Characteristics as of 10/31/18

Alpha (%) -2.72
Beta 1.04
R squared 0.92
Standard deviation (3 yrs.) 11.84

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 11/30/18

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 78
Turnover (fiscal year end) 61%
Net Assets $220M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 10/31/18

Total 3.14%
Bp 2.69%
Novartis Ag 2.40%
Rio Tinto 2.37%
Orix Corp 2.21%
Astrazeneca 2.05%
Sumitomo Mitsui Financial Group 2.04%
Uniper 2.03%
Hoya Corp 2.01%
Sony Corp 1.99%
Top 10 holdings, total: 22.93%

Equity Holdings as of 09/30/18

TOTAL SA 3.13%
BP PLC 2.58%
RIO TINTO PLC 2.23%
NOVARTIS AG-REG 2.14%
HOYA CORP 2.06%
SONY CORP 2.05%
TOYOTA MOTOR CORP 2.05%
PRUDENTIAL PLC 2.03%
ORIX CORP 2.00%
BAYER AG-REG 1.96%
UNIPER SE 1.96%
ASTRAZENECA PLC 1.88%
SHISEIDO CO LTD 1.87%
UNILEVER NV-CVA 1.83%
AIRBUS SE 1.82%
KONINKLIJKE AHOLD DELHAIZE N 1.79%
SUMITOMO MITSUI FINANCIAL GR 1.70%
SIEMENS AG 1.66%
ASSOCIATED BRITISH FOODS PLC 1.65%
ADIDAS AG 1.58%
EVONIK INDUSTRIES AG 1.51%
NATIXIS 1.49%
ASAHI GROUP HOLDINGS LTD 1.48%
CHALLENGER LTD 1.48%
SOCIETE GENERALE SA 1.48%
KOMATSU LTD 1.46%
CRH PLC 1.44%
COMPASS GROUP PLC 1.43%
SKF AB-B SHARES 1.40%
DBS GROUP HOLDINGS LTD 1.39%
FERGUSON PLC 1.37%
NXP SEMICONDUCTORS NV 1.37%
CHUGAI PHARMACEUTICAL CO LTD 1.34%
RHEINMETALL AG 1.31%
ASHTEAD GROUP PLC 1.28%
CENOVUS ENERGY INC 1.22%
KDDI CORP 1.22%
MAGNA INTERNATIONAL INC 1.22%
CAIXABANK S.A 1.18%
HEINEKEN NV 1.18%
ASSA ABLOY AB-B 1.15%
VEOLIA ENVIRONNEMENT 1.15%
KKR & CO INC -A 1.13%
KERRY GROUP PLC-A 1.10%
SAMSUNG ELECTRONICS-PREF 1.09%
VINCI SA 1.09%
EURAZEO SE 1.08%
TOSHIBA CORP 1.08%
BANK OF IRELAND GROUP PLC 1.05%
ORION ENGINEERED CARBONS SA 1.05%
PIRELLI & C SPA 1.05%
WANT WANT CHINA HOLDINGS LTD 1.05%
BURFORD CAPITAL LTD 1.04%
INSURANCE AUSTRALIA GROUP LTD 1.03%
SEVEN & I HOLDINGS CO LTD 1.03%
KYUDENKO CORP 1.01%
AMAZON.COM INC 0.99%
KYOCERA CORP 0.98%
VIRGIN MONEY HOLDINGS UK 0.97%
DANSKE BANK A/S 0.92%
TENCENT HOLDINGS LTD 0.92%
SINO-AMERICAN SILICON PRODUC 0.87%
NOMAD FOODS LTD 0.86%
CONSTELLATION SOFTWARE INC 0.84%
BRILLIANCE CHINA AUTOMOTIVE 0.81%
KERING 0.80%
DAIKIN INDUSTRIES LTD 0.79%
KION GROUP AG 0.76%
SIG COMBIBLOC GROUP 0.75%
HDFC BANK LTD-ADR 0.73%
SUNNY OPTICAL TECH 0.73%
QUILTER PLC 0.68%
WIZZ AIR HLDG PLC 0.59%
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 09/30/18

TOTAL SA 3.13%
BP PLC 2.58%
RIO TINTO PLC 2.23%
NOVARTIS AG-REG 2.14%
HOYA CORP 2.06%
SONY CORP 2.05%
TOYOTA MOTOR CORP 2.05%
PRUDENTIAL PLC 2.03%
ORIX CORP 2.00%
BAYER AG-REG 1.96%
UNIPER SE 1.96%
ASTRAZENECA PLC 1.88%
SHISEIDO CO LTD 1.87%
UNILEVER NV-CVA 1.83%
AIRBUS SE 1.82%
KONINKLIJKE AHOLD DELHAIZE N 1.79%
SUMITOMO MITSUI FINANCIAL GR 1.70%
SIEMENS AG 1.66%
ASSOCIATED BRITISH FOODS PLC 1.65%
ADIDAS AG 1.58%
EVONIK INDUSTRIES AG 1.51%
NATIXIS 1.49%
ASAHI GROUP HOLDINGS LTD 1.48%
CHALLENGER LTD 1.48%
SOCIETE GENERALE SA 1.48%
KOMATSU LTD 1.46%
CRH PLC 1.44%
COMPASS GROUP PLC 1.43%
SKF AB-B SHARES 1.40%
DBS GROUP HOLDINGS LTD 1.39%
FERGUSON PLC 1.37%
NXP SEMICONDUCTORS NV 1.37%
CHUGAI PHARMACEUTICAL CO LTD 1.34%
RHEINMETALL AG 1.31%
ASHTEAD GROUP PLC 1.28%
CENOVUS ENERGY INC 1.22%
KDDI CORP 1.22%
MAGNA INTERNATIONAL INC 1.22%
CAIXABANK S.A 1.18%
HEINEKEN NV 1.18%
ASSA ABLOY AB-B 1.15%
VEOLIA ENVIRONNEMENT 1.15%
KKR & CO INC -A 1.13%
KERRY GROUP PLC-A 1.10%
SAMSUNG ELECTRONICS-PREF 1.09%
VINCI SA 1.09%
EURAZEO SE 1.08%
TOSHIBA CORP 1.08%
BANK OF IRELAND GROUP PLC 1.05%
ORION ENGINEERED CARBONS SA 1.05%
PIRELLI & C SPA 1.05%
WANT WANT CHINA HOLDINGS LTD 1.05%
BURFORD CAPITAL LTD 1.04%
INSURANCE AUSTRALIA GROUP LTD 1.03%
SEVEN & I HOLDINGS CO LTD 1.03%
KYUDENKO CORP 1.01%
AMAZON.COM INC 0.99%
KYOCERA CORP 0.98%
VIRGIN MONEY HOLDINGS UK 0.97%
DANSKE BANK A/S 0.92%
TENCENT HOLDINGS LTD 0.92%
SINO-AMERICAN SILICON PRODUC 0.87%
NOMAD FOODS LTD 0.86%
CONSTELLATION SOFTWARE INC 0.84%
BRILLIANCE CHINA AUTOMOTIVE 0.81%
KERING 0.80%
DAIKIN INDUSTRIES LTD 0.79%
KION GROUP AG 0.76%
SIG COMBIBLOC GROUP 0.75%
SWISS FRANC CALL ACCOUNT 0.75%
HDFC BANK LTD-ADR 0.73%
SUNNY OPTICAL TECH 0.73%
QUILTER PLC 0.68%
WIZZ AIR HLDG PLC 0.59%
CHF/USD 12/19/2018 JPMCB 0.04%
GLOBAL FASHION GRP P/P 0.04%
GLOBAL FASHION GRP 0.03%
CHF/USD 12/19/2018 BCAP-FX 0.02%
JPY/USD 11/19/2018 JPMCB 0.02%
CAD/USD 10/17/2018 SSBT 0.01%
DKK/USD 12/19/2018 CITI 0.01%
GBP/USD 12/19/2018 JPMCB 0.01%
AUD/USD 10/17/2018 BANKAM 0.00%
AUD/USD 10/17/2018 CITI 0.00%
AUD/USD 10/17/2018 JPMCB 0.00%
AUD/USD 10/17/2018 SSBT 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 10/17/2018 GSFX 0.00%
CAD/USD 10/17/2018 JPMCB 0.00%
CNH/USD 11/19/2018 GSFX 0.00%
EUR/USD 12/19/2018 BANKAM 0.00%
EUR/USD 12/19/2018 BCAP-FX 0.00%
EUR/USD 12/19/2018 GSFX 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 BCAP-FX 0.00%
GBP/USD 12/19/2018 CITI 0.00%
GBP/USD 12/19/2018 GSFX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 11/19/2018 BANKAM 0.00%
HKD/USD 11/19/2018 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
JPY/USD 11/19/2018 CITI 0.00%
KRW/USD 11/19/2018 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 12/19/2018 JPMCB 0.00%
NZD/USD 10/17/2018 CITI 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 12/19/2018 CSI-FX 0.00%
SEK/USD 12/19/2018 JPMCB 0.00%
SGD/USD 11/19/2018 JPMCB 0.00%
TAIWAN DOLLAR CALL ACCOUNT 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
EUR/USD 12/19/2018 SSBT -0.01%
JPY/USD 11/19/2018 SSBT -0.01%

Prior top 10 holdings

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
Top 10 holdings as of 09/30/18
1: Total 3.13%
2: Bp 2.58%
3: Rio Tinto 2.23%
4: Novartis Ag 2.14%
5: Hoya Corp 2.06%
6: Toyota Motor Corp 2.05%
7: Sony Corp 2.05%
8: Prudential 2.03%
9: Orix Corp 2.00%
10: Bayer Ag 1.96%
Holdings represent 22.23% of portfolio
Top 10 holdings as of 08/31/18
1: Total 3.01%
2: Bp 2.17%
3: Unilever Nv 2.13%
4: Rio Tinto 2.09%
5: Bayer Ag 2.05%
6: Novartis Ag 2.05%
7: Toyota Motor Corp 2.04%
8: Hoya Corp 2.02%
9: Prudential 1.99%
10: Orix Corp 1.97%
Holdings represent 21.52% of portfolio
Top 10 holdings as of 07/31/18
1: Total 3.13%
2: Bayer Ag 2.42%
3: Rio Tinto 2.37%
4: Unilever Nv 2.11%
5: Prudential 2.07%
6: Toyota Motor Corp 2.07%
7: Hoya Corp 2.06%
8: Novartis Ag 2.06%
9: Orix Corp 1.92%
10: Koninklijke Ahold Delhaize Nv 1.91%
Holdings represent 22.12% of portfolio

Portfolio Composition as of 10/31/18

Common stock 95.91%
Cash and net other assets 2.95%
Preferred stock 1.11%
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 10/31/18

Financials 19.64%
Industrials 15.06%
Consumer staples 14.65%
Consumer discretionary 11.06%
Health care 10.49%
Energy 7.66%
Materials 7.08%
Information technology 6.06%
Utilities 3.30%
 
Other
5.00%
Cash and net other assets 2.95%
Communication services 2.05%

Country Allocation as of 10/31/18

Japan 22.58%
United Kingdom 18.38%
France 12.31%
Germany 10.03%
Netherlands 5.17%
Switzerland 4.27%
United States 4.18%
Ireland 3.65%
Cash and net other assets 2.95%
 
Other
16.48%
Canada 2.72%
Australia 2.57%
Sweden 2.09%
China 1.98%
Singapore 1.36%
Italy 1.14%
South Korea 1.11%
Luxembourg 1.00%
Spain 0.93%
Taiwan 0.82%
India 0.76%