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 06/30/19

Alpha (%) -1.47
Beta 1.02
R squared 0.95
Standard deviation (3 yrs.) 13.17

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 06/30/19

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 $136M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 06/30/19

UnitedHealth Group 7.92%
Merck 7.67%
Novartis Ag 6.23%
Danaher Corp 5.83%
Johnson & Johnson 5.10%
Pfizer 4.20%
Astrazeneca 4.06%
Eli Lilly 3.86%
Roche Holding Ag 3.81%
Vertex Pharmaceuticals 3.58%
Top 10 holdings, total: 52.26%

Full Portfolio Holdings as of 03/31/19

UNITEDHEALTH GROUP INC 8.45%
MERCK & CO. INC. 7.72%
DANAHER CORP 7.01%
NOVARTIS AG-REG 5.71%
JOHNSON & JOHNSON 4.97%
ELI LILLY & CO 4.28%
ROCHE HOLDING AG-GENUSSCHEIN 4.02%
PFIZER INC 4.00%
INTUITIVE SURGICAL INC 3.30%
ASTRAZENECA PLC 3.12%
BOSTON SCIENTIFIC CORP 3.12%
VERTEX PHARMACEUTICALS INC 2.83%
BECTON DICKINSON AND CO 2.76%
GLAXOSMITHKLINE PLC 2.52%
BRISTOL-MYERS SQUIBB CO 2.49%
ANTHEM INC 2.44%
CIGNA CORP 2.25%
METTLER-TOLEDO INTERNATIONAL 2.17%
MEDICINES COMPANY 2.13%
NOVO NORDISK A/S-B 1.86%
SANOFI 1.73%
ABBOTT LABORATORIES 1.57%
ZIMMER BIOMET HOLDINGS INC 1.49%
BAXTER INTERNATIONAL INC 1.32%
CELGENE CORP 1.29%
ASCENDIS PHARMA A/S - ADR 1.01%
ALLERGAN PLC 0.97%
CSL LTD 0.94%
ICU MEDICAL INC 0.94%
ABBVIE INC 0.90%
EDWARDS LIFESCIENCES CORP 0.87%
AMGEN INC 0.77%
REGENERON PHARMACEUTICALS 0.73%
MOMENTA PHARMACEUTICALS INC 0.57%
FRESENIUS SE & CO KGAA 0.53%
DAIICHI SANKYO CO LTD 0.51%
BIOMARIN PHARMACEUTICAL INC 0.49%
MIRATI THERAPEUTICS INC 0.48%
TAKEDA PHARMACEUTICAL CO LTD 0.48%
ORCHARD THERAPEUTICS PLC 0.47%
CLOVIS ONCOLOGY INC 0.45%
WELLCARE HEALTH PLANS INC 0.35%
ANAPTYSBIO INC 0.33%
HUMANA INC 0.21%
MDCO 20190621 P 27.00BCBP 0.09%
FENNEC PHARMACEUTICALS INC 0.08%
EUR/USD 06/19/2019 BANKAM 0.03%
JPY/USD 05/15/2019 GSFX 0.03%
JPY/USD 05/15/2019 CSI-FX 0.01%
AUD/USD 04/17/2019 JPMCB 0.00%
CAD/USD 04/17/2019 CITI 0.00%
DKK/USD 06/19/2019 CITI 0.00%
EUR/USD 06/19/2019 HSBCB 0.00%
GBP/USD 06/19/2019 BCAP-FX 0.00%
ILS/USD 04/17/2019 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 05/15/2019 SSBT 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
POUND STERLING CALL ACCOUNT 0.00%
CHF/USD 06/19/2019 JPMCB -0.01%
JAPANESE YEN CALL ACCOUNT -0.28%

Prior top 10 holdings

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
Top 10 holdings as of 05/31/19
1: UnitedHealth Group 9.24%
2: Merck 8.33%
3: Danaher Corp 6.27%
4: Novartis Ag 6.16%
5: Johnson&Johnson 5.05%
6: Pfizer 4.24%
7: Eli Lilly 4.15%
8: Roche Holding Ag 4.15%
9: Astrazeneca 3.67%
10: Vertex Pharmaceuticals 3.13%
Holdings represent 54.39% of portfolio
Top 10 holdings as of 04/30/19
1: UnitedHealth Group 9.61%
2: Merck 8.13%
3: Danaher Corp 6.83%
4: Novartis Ag 5.75%
5: Johnson Johnson 5.34%
6: Eli Lilly 4.11%
7: Roche Holding Ag 4.10%
8: Pfizer 4.07%
9: Astrazeneca 3.64%
10: Intuitive Surgical 3.14%
Holdings represent 54.72% of portfolio
Top 10 holdings as of 03/31/19
1: UnitedHealth Group 8.45%
2: Merck 7.72%
3: Danaher Corp 7.01%
4: Novartis Ag 5.71%
5: Johnson&Johnson 4.97%
6: Eli Lilly 4.28%
7: Roche Holding Ag 4.02%
8: Pfizer 4.00%
9: Intuitive Surgical 3.30%
10: Boston Scientific Corp 3.12%
Holdings represent 52.58% of portfolio

Portfolio Composition as of 06/30/19

Common stock 99.11%
Cash and net other assets 0.89%

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 06/30/19

Pharmaceuticals 44.86%
Health Care Equipment & Supplies 18.64%
Biotechnology 17.24%
Health Care Providers & Services 12.41%
Life Sciences Tools & Services 5.96%
Cash and net other assets 0.89%

Country Allocation as of 06/30/19

United States 72.31%
Switzerland 11.55%
United Kingdom 6.90%
Denmark 3.36%
Japan 2.01%
Australia 1.32%
France 1.13%
Cash and net other assets 0.89%
Germany 0.53%