Putnam Capital Manager

Putnam International Growth Subaccount

The subaccount seeks long-term capital appreciation.

Fund description

The subaccount invests in companies outside the United States experiencing rapid earnings, sales, and business unit growth, and with the potential for positive earnings surprises. The fund invests primarily in large and midsize companies with superior competitive positions within their industries.

Sales story

Harnessing the potential of international growth companiesInternational growth: The fund invests in international companies with above-average earnings growth primarily from developed international markets.Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that are emerging leaders with strong future potential.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 07/31/19

Category: International Multi-Cap Growth

  Percentile ranking Rank/Funds in category
10 yrs. 77% 46/59
1 yr. 98% 70/71
3 yrs. 80% 53/66
5 yrs. 87% 58/66

Risk Characteristics as of 07/31/19

Alpha (%) -2.19
Beta 1.09
R squared 0.91
Standard deviation (3 yrs.) 12.90

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 07/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 81
Turnover (fiscal year end) 89%
Net Assets $33M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 07/31/19

Unilever Nv 2.86%
Airbus 2.83%
Astrazeneca 2.50%
Visa 2.38%
Prudential 2.34%
Rheinmetall Ag 2.10%
Tencent Holdings 2.10%
Heineken Nv 2.08%
Aia Group 2.05%
Constellation Software Canada 1.97%
Top 10 holdings, total: 23.21%

Full Portfolio Holdings as of 06/30/19

UNILEVER NV-CVA 2.95%
AIRBUS SE 2.78%
PRUDENTIAL PLC 2.42%
ASTRAZENECA PLC 2.33%
VISA INC-CLASS A SHARES 2.27%
AIA GROUP LTD 2.24%
RHEINMETALL AG 2.19%
HEINEKEN NV 2.11%
ADIDAS AG 2.08%
HDFC BANK LIMITED 2.06%
ASHTEAD GROUP PLC 1.99%
PALTAC CORPORATION 1.94%
CONSTELLATION SOFTWARE INC 1.90%
QBE INSURANCE GROUP LTD 1.87%
NOVARTIS AG-REG 1.85%
ASML HOLDING NV 1.83%
ORPEA 1.82%
ASAHI GROUP HOLDINGS LTD 1.78%
FREEPORT-MCMORAN INC 1.71%
DALATA HOTEL GROUP PLC 1.67%
TENCENT HOLDINGS LTD 1.66%
KERING 1.54%
MERCK & CO. INC. 1.48%
NOVOZYMES A/S-B SHARES 1.46%
COMPASS GROUP PLC 1.39%
GRIEG SEAFOOD ASA 1.37%
DINO POLSKA SA 1.36%
DIAGEO PLC 1.36%
ASSA ABLOY AB-B 1.31%
SHISEIDO CO LTD 1.29%
QUILTER PLC 1.28%
KERRY GROUP PLC-A 1.25%
SINO-AMERICAN SILICON PRODUC 1.24%
CLINIGEN GROUP PLC 1.24%
FU SHOU YUAN INTERNATIONAL 1.22%
HOYA CORP 1.20%
ALLIANCE GLOBAL GROUP INC 1.19%
RAI WAY SPA 1.12%
COCA-COLA HBC AG-DI 1.11%
RELIANCE INDUSTRIES LTD 1.10%
DEUTSCHE BOERSE AG 1.10%
NXP SEMICONDUCTORS NV 1.09%
CAIRN ENERGY PLC 1.08%
OPEN HOUSE CO LTD 1.07%
TALEND SA - ADR 1.05%
BURFORD CAPITAL LTD 1.02%
CHINA WATER AFFAIRS GROUP 1.00%
OUTSOURCING INC 0.97%
IRB BRASIL RESSEGUROS SA 0.97%
AIR CANADA 0.96%
ATACADAO SA 0.95%
DOMINO'S PIZZA GROUP PLC 0.92%
DAIHO CORP 0.91%
DISCOVERY INC - A 0.91%
TCI CO LTD 0.91%
SOFTBANK GROUP CORP 0.89%
JARIR MARKETING CO 144A/REGS WARRANT 02/04/2020 0.88%
SCREEN HOLDINGS CO LTD 0.88%
PIRELLI & C SPA 0.82%
OCI NV 0.80%
ALPHABET INC-CL A 0.80%
SOLASTO CORP 0.76%
ING GROEP NV-CVA 0.73%
BANK TABUNGAN PENSIUNAN NASI 0.73%
MEDIA NUSANTARA CITRA TBK PT 0.72%
YANDEX NV-A 0.70%
PAGSEGURO DIGITAL LTD-CL A 0.69%
KONINKLIJKE DSM NV 0.69%
RIO TINTO LTD 0.68%
ARITZIA INC-SUBORDINATE VOTI 0.67%
MELCO INTERNATIONAL DEVELOP. 0.66%
CHENIERE ENERGY INC 0.59%
ENCANA CORP 0.59%
CREDICORP LTD 0.51%
KOMATSU LTD 0.46%
DART GROUP PLC 0.41%
CHF/USD 09/18/2019 BCAP-FX 0.07%
CHF/USD 09/18/2019 JPMCB 0.06%
JPY/USD 08/21/2019 SSBT 0.06%
JPY/USD 08/21/2019 JPMCB 0.05%
JPY/USD 08/21/2019 BANKAM 0.04%
JPY/USD 08/21/2019 GSFX 0.04%
CNH/USD 08/21/2019 HSBCB 0.04%
JPY/USD 08/21/2019 CSI-FX 0.03%
GLOBAL FASHION GRP P/P 0.02%
EUR/USD 09/18/2019 HSBCB 0.02%
AUD/USD 07/17/2019 BCAP-FX 0.01%
EUR/USD 09/18/2019 BCAP-FX 0.01%
TWD/USD 08/21/2019 GSFX 0.01%
ILS/USD 07/17/2019 SSBT 0.00%
SGD/USD 08/21/2019 JPMCB 0.00%
EUR/USD 09/18/2019 CITI 0.00%
GBP/USD 09/18/2019 BANKAM 0.00%
EUR/USD 09/18/2019 GSFX 0.00%
GBP/USD 09/18/2019 BCAP-FX 0.00%
HKD/USD 08/21/2019 BCAP-FX 0.00%
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%
GBP/USD 09/18/2019 SSBT -0.00%
NZD/USD 07/17/2019 JPMCB -0.00%
GBP/USD 09/18/2019 JPMCB -0.01%
NOK/USD 09/18/2019 JPMCB -0.01%
SEK/USD 09/18/2019 JPMCB -0.01%
JPY/USD 08/21/2019 CITI -0.01%
DKK/USD 09/18/2019 CITI -0.02%
CAD/USD 07/17/2019 SSBT -0.02%
CAD/USD 07/17/2019 JPMCB -0.03%
CAD/USD 07/17/2019 CITI -0.03%
PLN/USD 09/18/2019 BCAP-FX -0.03%

Prior top 10 holdings

Top 10 holdings as of 07/31/19
1: Unilever Nv 2.86%
2: Airbus 2.83%
3: Astrazeneca 2.50%
4: Visa 2.38%
5: Prudential 2.34%
6: Rheinmetall Ag 2.10%
7: Tencent Holdings 2.10%
8: Heineken Nv 2.08%
9: Aia Group 2.05%
10: Constellation Software Canada 1.97%
Holdings represent 23.21% of portfolio
Top 10 holdings as of 06/30/19
1: Unilever Nv 2.95%
2: Airbus 2.78%
3: Prudential 2.42%
4: Astrazeneca 2.33%
5: Visa 2.27%
6: Aia Group 2.24%
7: Rheinmetall Ag 2.19%
8: Heineken Nv 2.11%
9: Adidas AG 2.08%
10: Hdfc Bank 2.06%
Holdings represent 23.43% of portfolio
Top 10 holdings as of 05/31/19
1: Unilever Nv 4.21%
2: Airbus 2.63%
3: Visa 2.21%
4: Astrazeneca 2.20%
5: Prudential 2.18%
6: Hdfc Bank 2.12%
7: Diageo 2.08%
8: Heineken Nv 2.08%
9: Aia Group 2.03%
10: Adidas AG 2.01%
Holdings represent 23.75% of portfolio
Top 10 holdings as of 04/30/19
1: Unilever Nv 4.03%
2: Airbus 2.66%
3: Prudential 2.36%
4: Pernod Ricard 2.30%
5: Visa 2.14%
6: Aia Group 2.11%
7: Astrazeneca 2.11%
8: Dalata Hotel Group 2.05%
9: Rheinmetall Ag 2.05%
10: Qbe Insurance Group 2.04%
Holdings represent 23.85% of portfolio

Portfolio Composition as of 07/31/19

Common stock 97.35%
Cash and net other assets 2.65%

Portfolio characteristics 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. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 07/31/19

Consumer staples 16.43%
Financials 14.49%
Consumer discretionary 13.33%
Information technology 13.33%
Industrials 11.68%
Health care 10.02%
Communication services 7.48%
Materials 4.77%
Energy 3.13%
 
Other
5.34%
Cash and net other assets 2.65%
Real estate 1.93%
Utilities 0.76%

Country Allocation as of 07/31/19

United Kingdom 15.19%
Japan 11.91%
Netherlands 8.89%
United States 8.03%
France 7.47%
Germany 4.99%
China 4.86%
Canada 4.36%
Indonesia 3.32%
 
Other
30.98%
India 2.99%
Switzerland 2.94%
Brazil 2.91%
Ireland 2.89%
Hong Kong 2.79%
Cash and net other assets 2.65%
Taiwan 2.20%
Australia 1.96%
Italy 1.58%
Denmark 1.49%
Poland 1.48%
Norway 1.44%
Philippines 1.01%
Saudi Arabia 0.91%
Russia 0.74%
Kenya 0.50%
Peru 0.50%