Putnam Capital Manager

Putnam Global Health Care Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount seeks to capitalize on the strength of the health-care sector, targeting companies of all sizes. Holdings encompass an array of industries, including pharmaceuticals, health-care services, and biotechnology. The fund seeks companies that offer strong long-term growth prospects, regardless of their size.

Sales story

Investing in the health-care sectorA dynamic sector: From biotech to pharmaceuticals, the fund seeks out companies that profit from the global demand for health care.A range of companies: The fund invests worldwide in businesses at different stages of growth, from rapidly growing newer companies to established global corporations.Actively managed: Unlike passively managed ETFs, Putnam global sector funds combine rigorous fundamental research and disciplined quantitative analysis with macroeconomic views.

Management team

Risk Characteristics as of 09/30/19

Alpha (%) -2.03
Beta 1.04
R squared 0.94
Standard deviation (3 yrs.) 12.81

The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

‡ 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 09/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 47
Turnover (fiscal year end) 54%
Net Assets $129M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 09/30/19

Merck 7.40%
UnitedHealth Group 5.97%
Johnson & Johnson 5.32%
Abbvie 5.27%
Novartis Ag 5.18%
Roche Holding Ag 5.05%
Danaher Corp 5.03%
Medicines The 4.75%
Astrazeneca 4.66%
Amgen 3.82%
Top 10 holdings, total: 52.45%

Full Portfolio Holdings as of 09/30/19

MERCK & CO. INC. SEDOL 2778844 7.40%
UNITEDHEALTH GROUP INC SEDOL 2917766 5.96%
JOHNSON & JOHNSON SEDOL 2475833 5.32%
ABBVIE INC SEDOL B92SR70 5.27%
NOVARTIS AG-REG SEDOL 7103065 5.18%
ROCHE HOLDING AG-GENUSSCHEIN SEDOL 7110388 5.05%
DANAHER CORP SEDOL 2250870 5.03%
MEDICINES COMPANY SEDOL 2616773 4.76%
ASTRAZENECA PLC SEDOL 0989529 4.66%
AMGEN INC SEDOL 2023607 3.82%
VERTEX PHARMACEUTICALS INC SEDOL 2931034 3.72%
PFIZER INC SEDOL 2684703 3.44%
ABBOTT LABORATORIES SEDOL 2002305 3.42%
BOSTON SCIENTIFIC CORP SEDOL 2113434 3.27%
ELI LILLY & CO SEDOL 2516152 2.91%
HUMANA INC SEDOL 2445063 2.10%
GLAXOSMITHKLINE PLC SEDOL 0925288 1.86%
THERMO FISHER SCIENTIFIC INC SEDOL 2886907 1.82%
INTUITIVE SURGICAL INC SEDOL 2871301 1.80%
NOVO NORDISK A/S-B SEDOL BHC8X90 1.52%
CSL LTD SEDOL 6185495 1.45%
SANOFI SEDOL 5671735 1.28%
DAIICHI SANKYO CO LTD SEDOL B0J7D91 1.25%
MEDTRONIC PLC SEDOL BTN1Y11 1.24%
EDWARDS LIFESCIENCES CORP SEDOL 2567116 1.16%
CIGNA CORP SEDOL BHJ0775 1.15%
ILLUMINA INC SEDOL 2613990 1.13%
ALLERGAN PLC SEDOL BY9D546 1.08%
TAKEDA PHARMACEUTICAL CO LTD SEDOL 6870445 1.04%
IDEXX LABORATORIES INC SEDOL 2459202 1.01%
MCKESSON CORP SEDOL 2378534 0.99%
ASCENDIS PHARMA A/S - ADR SEDOL BV9G6B8 0.92%
BRISTOL-MYERS SQUIBB CO SEDOL 2126335 0.86%
BECTON DICKINSON AND CO SEDOL 2087807 0.84%
BAXTER INTERNATIONAL INC SEDOL 2085102 0.83%
LONZA GROUP AG-REG SEDOL 7333378 0.79%
ORCHARD THERAPEUTICS PLC SEDOL BGT3960 0.69%
BIOGEN INC SEDOL 2455965 0.65%
IQVIA HOLDINGS INC SEDOL BDR73G1 0.50%
ANTHEM INC SEDOL BSPHGL4 0.26%
MOMENTA PHARMACEUTICALS INC SEDOL B018VB0 0.24%
UNIQURE NV SEDOL BJFSR88 0.23%
AGIOS PHARMACEUTICALS INC SEDOL BCBVTX1 0.23%
Y-MABS THERAPEUTICS INC SEDOL BG31GH0 0.21%
MIRATI THERAPEUTICS INC SEDOL BBPK0J0 0.20%
CORREVIO PHARMA CORP SEDOL BD0M8C4 0.20%
MDCO 20200117 P 35.00BCBP 0.07%
CHF/USD 12/18/2019 JPMCB 0.03%
ILS/USD 10/16/2019 SSBT 0.01%
AUD/USD 10/16/2019 HSBCB 0.00%
CHF/USD 12/18/2019 BCAP-FX 0.00%
DKK/USD 12/18/2019 CITI 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
CAD/USD 10/16/2019 SSBT -0.00%
EUR/USD 12/18/2019 HSBCB -0.00%
GBP/USD 12/18/2019 CITI -0.00%
CAD/USD 10/16/2019 CITI -0.00%
EUR/USD 12/18/2019 SSBT -0.00%
JPY/USD 11/20/2019 CSI-FX -0.00%
JPY/USD 11/20/2019 GSFX -0.01%
GBP/USD 12/18/2019 BCAP-FX -0.02%
AUD/USD 10/16/2019 JPMCB -0.03%
MDCO 20200117 P 28.00BCBP -0.03%
EUR/USD 12/18/2019 BANKAM -0.04%

Prior top 10 holdings

Top 10 holdings as of 09/30/19
1: Merck 7.40%
2: UnitedHealth Group 5.97%
3: Johnson & Johnson 5.32%
4: Abbvie 5.27%
5: Novartis Ag 5.18%
6: Roche Holding Ag 5.05%
7: Danaher Corp 5.03%
8: Medicines The 4.75%
9: Astrazeneca 4.66%
10: Amgen 3.82%
Holdings represent 52.45% of portfolio
Top 10 holdings as of 08/31/19
1: Merck 7.44%
2: UnitedHealth Group 6.76%
3: Novartis Ag 6.07%
4: Johnson Johnson 5.17%
5: Danaher Corp 4.84%
6: Astrazeneca 4.55%
7: Abbvie 4.48%
8: Vertex Pharmaceuticals 3.87%
9: Roche Holding Ag 3.81%
10: Medicines The 3.60%
Holdings represent 50.59% of portfolio
Top 10 holdings as of 07/31/19
1: UnitedHealth Group 8.27%
2: Merck 7.28%
3: Novartis Ag 6.40%
4: Johnson&Johnson 4.89%
5: Danaher Corp 4.76%
6: Astrazeneca 4.37%
7: Vertex Pharmaceuticals 4.17%
8: Pfizer 3.86%
9: Roche Holding Ag 3.72%
10: Eli Lilly 3.43%
Holdings represent 51.15% of portfolio
Top 10 holdings as of 06/30/19
1: UnitedHealth Group 7.92%
2: Merck 7.67%
3: Novartis Ag 6.23%
4: Danaher Corp 5.83%
5: Johnson & Johnson 5.10%
6: Pfizer 4.20%
7: Astrazeneca 4.06%
8: Eli Lilly 3.86%
9: Roche Holding Ag 3.81%
10: Vertex Pharmaceuticals 3.58%
Holdings represent 52.26% of portfolio

Portfolio Composition as of 09/30/19

Common stock 98.71%
Cash and net other assets 1.29%

Portfolio allocations vary over time. The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

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.

Top Industry Sectors as of 09/30/19

Pharmaceuticals 43.04%
Biotechnology 22.38%
Health Care Equipment & Supplies 18.59%
Health Care Providers & Services 10.46%
Life Sciences Tools & Services 4.24%
Cash and net other assets 1.29%

Country Allocation as of 09/30/19

United States 72.61%
Switzerland 11.02%
United Kingdom 7.21%
Denmark 2.43%
Japan 2.28%
Australia 1.45%
Cash and net other assets 1.29%
France 1.28%
Netherlands 0.23%
 
Other
0.20%
Canada 0.20%