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 10/31/18

Category: International Multi-Cap Growth

  Percentile ranking Rank/Funds in category
10 yrs. 58% 36/62
1 yr. 82% 65/79
3 yrs. 82% 60/73
5 yrs. 72% 53/73

Risk Characteristics as of 10/31/18

Alpha (%) -1.81
Beta 1.09
R squared 0.90
Standard deviation (3 yrs.) 12.64

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 10/31/18

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 81
Turnover (fiscal year end) 105%
Net Assets $33M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 10/31/18

Unilever Nv 3.62%
Hoya Corp 2.42%
Adidas AG 2.39%
Visa 2.14%
Pernod Ricard 2.03%
Challenger Financial Service 1.95%
Dalata Hotel Group 1.95%
Aia Group 1.91%
Astrazeneca 1.90%
Bayer Ag 1.81%
Top 10 holdings, total: 22.12%

Equity Holdings as of 09/30/18

UNILEVER NV-CVA 3.30%
BURFORD CAPITAL LTD 2.71%
ADIDAS AG 2.45%
AIA GROUP LTD 2.28%
HOYA CORP 2.24%
DALATA HOTEL GROUP PLC 2.20%
VISA INC-CLASS A SHARES 2.05%
PERNOD RICARD SA 1.93%
TENCENT HOLDINGS LTD 1.93%
CHALLENGER LTD 1.86%
OCI NV 1.84%
BAE SYSTEMS PLC 1.81%
BAYER AG-REG 1.71%
TALEND SA - ADR 1.69%
COMPASS GROUP PLC 1.68%
PRUDENTIAL PLC 1.59%
SIEMENS AG 1.59%
ASTRAZENECA PLC 1.57%
SONY CORP 1.56%
AIR CANADA 1.55%
ORPEA 1.54%
AIRBUS SE 1.52%
HEINEKEN NV 1.48%
PALTAC CORPORATION 1.48%
ASHTEAD GROUP PLC 1.44%
HDFC BANK LIMITED 1.43%
KH NEOCHEM CO LTD 1.40%
KYUDENKO CORP 1.38%
WIRECARD AG 1.36%
NXP SEMICONDUCTORS NV 1.35%
CAIRN ENERGY PLC 1.32%
CAIXABANK S.A 1.27%
KERRY GROUP PLC-A 1.26%
GENTERA SAB DE CV 1.19%
SCREEN HOLDINGS CO LTD 1.19%
RIO TINTO PLC 1.18%
SOFTBANK GROUP CORP 1.18%
JAZZ PHARMACEUTICALS PLC 1.16%
KKR & CO INC -A 1.15%
NOMAD FOODS LTD 1.15%
SHISEIDO CO LTD 1.15%
RAYTHEON COMPANY 1.14%
DEUTSCHE BOERSE AG 1.11%
MERCK & CO. INC. 1.11%
CLINIGEN GROUP PLC 1.09%
DXC TECHNOLOGY CO 1.09%
KOMATSU LTD 1.08%
SINO-AMERICAN SILICON PRODUC 1.04%
RHEINMETALL AG 1.03%
DELIVERY HERO AG 1.02%
CONSTELLATION SOFTWARE INC 0.98%
ORIX CORP 0.98%
ENCANA CORP 0.96%
KION GROUP AG 0.95%
UNIVERSAL ENTERTAINMENT CORP 0.95%
CHENIERE ENERGY INC 0.93%
GRUMA S.A.B.-B 0.92%
DART GROUP PLC 0.88%
ASSA ABLOY AB-B 0.86%
SARAS SPA 0.86%
OUTSOURCING INC 0.85%
SMC CORP 0.85%
ALPHABET INC-CL A 0.84%
DBS GROUP HOLDINGS LTD 0.84%
ALCOA CORP 0.81%
FU SHOU YUAN INTERNATIONAL 0.80%
CHINA WATER AFFAIRS GROUP 0.78%
OPEN HOUSE CO LTD 0.78%
KEI INDUSTRIES LTD 0.70%
CHINA EVERBRIGHT GREENTECH L 0.69%
SUNNY OPTICAL TECH 0.69%
DAIHO CORP 0.62%
NINTENDO CO LTD 0.58%
ALIBABA GROUP HOLDING-SP ADR 0.56%
ASSOCIATED BRITISH FOODS PLC 0.54%
SLM SOLUTIONS GROUP AG 0.46%
CLEAN TEQ HOLDINGS LTD 0.33%
QUILTER PLC 0.30%
GLOBAL FASHION GRP P/P 0.04%
RAI WAY SPA 0.02%
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

UNILEVER NV-CVA 3.30%
BURFORD CAPITAL LTD 2.71%
ADIDAS AG 2.45%
AIA GROUP LTD 2.28%
HOYA CORP 2.24%
DALATA HOTEL GROUP PLC 2.20%
VISA INC-CLASS A SHARES 2.05%
PERNOD RICARD SA 1.93%
TENCENT HOLDINGS LTD 1.93%
CHALLENGER LTD 1.86%
OCI NV 1.84%
BAE SYSTEMS PLC 1.81%
BAYER AG-REG 1.71%
TALEND SA - ADR 1.69%
COMPASS GROUP PLC 1.68%
PRUDENTIAL PLC 1.59%
SIEMENS AG 1.59%
ASTRAZENECA PLC 1.57%
SONY CORP 1.56%
AIR CANADA 1.55%
ORPEA 1.54%
AIRBUS SE 1.52%
HEINEKEN NV 1.48%
PALTAC CORPORATION 1.48%
ASHTEAD GROUP PLC 1.44%
HDFC BANK LIMITED 1.43%
KH NEOCHEM CO LTD 1.40%
KYUDENKO CORP 1.38%
WIRECARD AG 1.36%
NXP SEMICONDUCTORS NV 1.35%
CAIRN ENERGY PLC 1.32%
CAIXABANK S.A 1.27%
KERRY GROUP PLC-A 1.26%
GENTERA SAB DE CV 1.19%
SCREEN HOLDINGS CO LTD 1.19%
RIO TINTO PLC 1.18%
SOFTBANK GROUP CORP 1.18%
JAZZ PHARMACEUTICALS PLC 1.16%
KKR & CO INC -A 1.15%
NOMAD FOODS LTD 1.15%
SHISEIDO CO LTD 1.15%
RAYTHEON COMPANY 1.14%
DEUTSCHE BOERSE AG 1.11%
MERCK & CO. INC. 1.11%
CLINIGEN GROUP PLC 1.09%
DXC TECHNOLOGY CO 1.09%
KOMATSU LTD 1.08%
SINO-AMERICAN SILICON PRODUC 1.04%
RHEINMETALL AG 1.03%
DELIVERY HERO AG 1.02%
CONSTELLATION SOFTWARE INC 0.98%
ORIX CORP 0.98%
ENCANA CORP 0.96%
KION GROUP AG 0.95%
UNIVERSAL ENTERTAINMENT CORP 0.95%
CHENIERE ENERGY INC 0.93%
GRUMA S.A.B.-B 0.92%
DART GROUP PLC 0.88%
ASSA ABLOY AB-B 0.86%
SARAS SPA 0.86%
OUTSOURCING INC 0.85%
SMC CORP 0.85%
ALPHABET INC-CL A 0.84%
DBS GROUP HOLDINGS LTD 0.84%
ALCOA CORP 0.81%
FU SHOU YUAN INTERNATIONAL 0.80%
CHINA WATER AFFAIRS GROUP 0.78%
OPEN HOUSE CO LTD 0.78%
KEI INDUSTRIES LTD 0.70%
CHINA EVERBRIGHT GREENTECH L 0.69%
SUNNY OPTICAL TECH 0.69%
DAIHO CORP 0.62%
NINTENDO CO LTD 0.58%
ALIBABA GROUP HOLDING-SP ADR 0.56%
ASSOCIATED BRITISH FOODS PLC 0.54%
SLM SOLUTIONS GROUP AG 0.46%
CLEAN TEQ HOLDINGS LTD 0.33%
QUILTER PLC 0.30%
EUR/USD 12/19/2018 CITI 0.05%
GLOBAL FASHION GRP P/P 0.04%
TAIWAN DOLLAR CALL ACCOUNT 0.04%
CHF/USD 12/19/2018 JPMCB 0.03%
THE EURO EUR CALL ACCOUNT 0.03%
CAD/USD 10/17/2018 CITI 0.02%
CHF/USD 12/19/2018 BCAP-FX 0.02%
RAI WAY SPA 0.02%
SEK/USD 12/19/2018 JPMCB 0.02%
SEK/USD 12/19/2018 SSBT 0.02%
CAD/USD 10/17/2018 SSBT 0.01%
DKK/USD 12/19/2018 CITI 0.01%
EUR/USD 12/19/2018 BCAP-FX 0.01%
GBP/USD 12/19/2018 JPMCB 0.01%
JPY/USD 11/19/2018 CITI 0.01%
AUD/USD 10/17/2018 BANKAM 0.00%
AUD/USD 10/17/2018 BCAP-FX 0.00%
AUD/USD 10/17/2018 CITI 0.00%
AUD/USD 10/17/2018 GSFX 0.00%
AUD/USD 10/17/2018 JPMCB 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
BRAZILIAN REAL CALL ACCOUNT 0.00%
CNH/USD 11/19/2018 GSFX 0.00%
EUR/USD 12/19/2018 JPMCB 0.00%
EUR/USD 12/19/2018 SSBT 0.00%
GBP/USD 12/19/2018 CITI 0.00%
GBP/USD 12/19/2018 GSFX 0.00%
GBP/USD 12/19/2018 SSBT 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%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 11/19/2018 JPMCB 0.00%
JPY/USD 11/19/2018 SSBT 0.00%
MXN/USD 10/17/2018 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NOK/USD 12/19/2018 JPMCB 0.00%
NZD/USD 10/17/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 12/19/2018 BCAP-FX 0.00%
SGD/USD 11/19/2018 JPMCB 0.00%
EUR/USD 12/19/2018 BANKAM -0.01%
GBP/USD 12/19/2018 BANKAM -0.01%
GBP/USD 12/19/2018 BCAP-FX -0.01%
EUR/USD 12/19/2018 HSBCB -0.03%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
1: Unilever Nv 3.62%
2: Hoya Corp 2.42%
3: Adidas AG 2.39%
4: Visa 2.14%
5: Pernod Ricard 2.03%
6: Challenger Financial Service 1.95%
7: Dalata Hotel Group 1.95%
8: Aia Group 1.91%
9: Astrazeneca 1.90%
10: Bayer Ag 1.81%
Holdings represent 22.12% of portfolio
Top 10 holdings as of 09/30/18
1: Unilever Nv 3.30%
2: Burford Capital 2.71%
3: Adidas AG 2.45%
4: Aia Group 2.28%
5: Hoya Corp 2.24%
6: Dalata Hotel Group 2.20%
7: Visa 2.05%
8: Pernod Ricard 1.93%
9: Tencent Holdings 1.93%
10: Challenger Financial Service 1.86%
Holdings represent 22.95% of portfolio
Top 10 holdings as of 08/31/18
1: Unilever Nv 3.27%
2: Burford Capital 2.66%
3: Adidas AG 2.40%
4: Dalata Hotel Group 2.20%
5: Aia Group 2.11%
6: Hoya Corp 2.11%
7: Tencent Holdings 1.94%
8: Visa 1.93%
9: Oci Nv 1.78%
10: Pernod Ricard 1.78%
Holdings represent 22.18% of portfolio
Top 10 holdings as of 07/31/18
1: Unilever Nv 3.20%
2: Burford Capital 2.42%
3: Hoya Corp 2.14%
4: Aia Group 2.09%
5: Adidas AG 2.08%
6: Dalata Hotel Group 2.06%
7: Bayer Ag 2.00%
8: Challenger Financial Service 1.99%
9: Tencent Holdings 1.85%
10: Bae Systems 1.78%
Holdings represent 21.61% of portfolio

Portfolio Composition as of 10/31/18

Common stock 94.97%
Cash and net other assets 5.03%

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 10/31/18

Industrials 17.67%
Financials 15.08%
Consumer discretionary 12.75%
Consumer staples 11.78%
Health care 11.72%
Information technology 10.67%
Cash and net other assets 5.03%
Communication services 4.82%
Materials 4.50%
 
Other
5.98%
Energy 3.90%
Utilities 1.37%
Real estate 0.71%

Country Allocation as of 10/31/18

Japan 18.73%
United Kingdom 14.22%
United States 13.50%
Germany 11.41%
Netherlands 6.69%
France 5.96%
Cash and net other assets 5.03%
China 4.06%
Canada 3.45%
 
Other
16.95%
Ireland 3.27%
Italy 2.70%
Australia 2.23%
Mexico 2.15%
India 1.96%
Hong Kong 1.91%
Sweden 0.97%
Taiwan 0.87%
Singapore 0.85%
Luxembourg 0.04%