‡ 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.
Putnam Capital Manager
Putnam Multi-Cap Core Subaccount
The subaccount seeks capital appreciation.
Fund description
The subaccount invests in stocks of U.S companies of all sizes. The subaccount is managed with no predetermined style bias; its portfolio may contain both growth and value stocks.
Sales story
Seeking opportunities across a wide range of stocks"Go anywhere" approach The fund invests in stocks of U.S. companies of all sizes and has the flexibility to own both growth and value stocks.A disciplined process The portfolio managers use a disciplined, fundamental investment process with three buckets of idea generation: legacy companies, smart-money indicators, and special situations.Research focus Backed by an Equity Research team, the portfolio managers use their stock-picking expertise to identify opportunities and manage risk.
Management team
- Gerard P. Sullivan (Investing since 1982)
- Arthur Yeager (Investing since 1984)
Lipper ranking ‡ as of 11/30/21
Category: Multi-Cap Core Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 16% | 12/77 |
| 1 yr. | 7% | 7/104 |
| 3 yrs. | 16% | 15/98 |
| 5 yrs. | 18% | 16/88 |
Quick facts as of 12/31/21
| Fiscal Year End | December |
| Asset Class | Putnam Capital Manager |
| Subaccount Status | Open to new investors |
| Number of issues | 108 |
| Turnover (fiscal year end) | 47% |
| Net Assets | $176M |
| Inception Date | 04/30/98 |
Holdings
| Microsoft Corp | 8.22% |
| Apple | 7.54% |
| Alphabet | 4.12% |
| Amazon.Com | 3.83% |
| Bank Of America Corp | 3.60% |
| Meta Platforms | 2.19% |
| Berkshire Hathaway | 1.92% |
| Target Corp | 1.82% |
| Oracle Corp | 1.80% |
| UnitedHealth Group | 1.80% |
| Top 10 holdings, total: | 36.84% |
| Top 10 holdings as of 11/30/21 | |
|---|---|
| 1: Microsoft Corp | 8.22% |
| 2: Apple | 7.54% |
| 3: Alphabet | 4.12% |
| 4: Amazon.Com | 3.83% |
| 5: Bank Of America Corp | 3.60% |
| 6: Meta Platforms | 2.19% |
| 7: Berkshire Hathaway | 1.92% |
| 8: Target Corp | 1.82% |
| 9: Oracle Corp | 1.80% |
| 10: UnitedHealth Group | 1.80% |
| Holdings represent 36.84% of portfolio | |
| Top 10 holdings as of 10/31/21 | |
|---|---|
| 1: Microsoft Corp | 8.22% |
| 2: Apple | 6.87% |
| 3: Alphabet | 4.15% |
| 4: Bank Of America Corp | 3.74% |
| 5: Amazon | 3.55% |
| 6: Lowe's | 2.20% |
| 7: Meta Platforms | 2.11% |
| 8: Berkshire Hathaway | 1.93% |
| 9: Target Corp | 1.88% |
| 10: Oracle Corp | 1.84% |
| Holdings represent 36.49% of portfolio | |
| Top 10 holdings as of 09/30/21 | |
|---|---|
| 1: Microsoft Corp | 8.68% |
| 2: Apple | 7.09% |
| 3: Alphabet | 4.02% |
| 4: Amazon.Com | 3.74% |
| 5: Bank Of America Corp | 3.56% |
| 6: Facebook | 2.36% |
| 7: Lowe's | 2.04% |
| 8: Berkshire Hathaway | 1.96% |
| 9: Oracle Corp | 1.79% |
| 10: Target Corp | 1.77% |
| Holdings represent 37.01% of portfolio | |
| Top 10 holdings as of 08/31/21 | |
|---|---|
| 1: Microsoft Corp | 8.74% |
| 2: Apple | 7.14% |
| 3: Alphabet | 4.32% |
| 4: Amazon.Com | 3.71% |
| 5: Bank Of America Corp | 3.43% |
| 6: Facebook | 2.48% |
| 7: Lowe's | 1.93% |
| 8: Berkshire Hathaway | 1.93% |
| 9: Target Corp | 1.80% |
| 10: Walmart | 1.77% |
| Holdings represent 37.25% of portfolio | |
| MICROSOFT CORP SEDOL 2588173 | 8.08% | APPLE INC SEDOL 2046251 | 7.80% | ALPHABET INC-CL C SEDOL BYY88Y7 | 4.04% | AMAZON.COM INC SEDOL 2000019 | 3.52% | BANK OF AMERICA CORP SEDOL 2295677 | 3.48% | META PLATFORMS INC-CLASS A SEDOL B7TL820 | 2.19% | BERKSHIRE HATHAWAY INC-CL B SEDOL 2073390 | 2.01% | UNITEDHEALTH GROUP INC SEDOL 2917766 | 1.96% | LOWES COMPANIES INC | 1.82% | CISCO SYSTEMS INC SEDOL 2198163 | 1.70% | JOHNSON & JOHNSON SEDOL 2475833 | 1.68% | TARGET CORP SEDOL 2259101 | 1.67% | ABBVIE INC SEDOL B92SR70 | 1.62% | UNION PACIFIC CORP SEDOL 2914734 | 1.55% | MASTERCARD INC - A SEDOL B121557 | 1.51% | WALMART INC SEDOL 2936921 | 1.46% | PULTEGROUP INC SEDOL 2708841 | 1.36% | ORACLE CORP SEDOL 2661568 | 1.31% | HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 1.28% | GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.26% | LAM RESEARCH CORP SEDOL 2502247 | 1.22% | NVIDIA CORP SEDOL 2379504 | 1.12% | GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 1.11% | KKR & CO INC SEDOL BG1FRR1 | 1.09% | RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 1.06% | CBRE GROUP INC - A SEDOL B6WVMH3 | 1.06% | NORTHROP GRUMMAN CORP SEDOL 2648806 | 1.03% | OTIS WORLDWIDE CORP SEDOL BK531S8 | 1.01% | MAGNA INTERNATIONAL INC SEDOL 2554549 | 0.99% | AMGEN INC SEDOL 2023607 | 0.97% | EXELON CORP SEDOL 2670519 | 0.93% | MCKESSON CORP SEDOL 2378534 | 0.90% | COCA-COLA CO/THE SEDOL 2206657 | 0.90% | PROCTER & GAMBLE CO/THE SEDOL 2704407 | 0.89% | TENET HEALTHCARE CORP SEDOL B8DMK08 | 0.89% | INTEL CORP SEDOL 2463247 | 0.87% | MORGAN STANLEY | 0.86% | ELI LILLY & CO SEDOL 2516152 | 0.85% | NRG ENERGY INC SEDOL 2212922 | 0.80% | FREEPORT-MCMORAN INC SEDOL 2352118 | 0.79% | HEALTH CARE SELECT SECTOR SEDOL 2371823 | 0.79% | UNITED RENTALS INC SEDOL 2134781 | 0.79% | CVS HEALTH CORP SEDOL 2577609 | 0.78% | WALT DISNEY CO/THE SEDOL 2270726 | 0.75% | PERSHING SQUARE TONTINE -A SEDOL BLCB6C1 | 0.74% | ASSURED GUARANTY LTD SEDOL B00V7H8 | 0.73% | CITIGROUP INC SEDOL 2297907 | 0.73% | ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 0.72% | COMCAST CORP-CLASS A SEDOL 2044545 | 0.72% | CONSUMER STAPLES SPDR SEDOL 2369389 | 0.70% | ALTRIA GROUP INC | 0.69% | ARCH CAPITAL GROUP LTD SEDOL 2740542 | 0.67% | TEXAS INSTRUMENTS INC SEDOL 2885409 | 0.66% | LIBERTY GLOBAL PLC-A SEDOL B8W6766 | 0.66% | PFIZER INC SEDOL 2684703 | 0.66% | P G & E CORP SEDOL 2689560 | 0.65% | CONOCOPHILLIPS | 0.64% | BEST BUY CO INC SEDOL 2094670 | 0.64% | SOUTHWEST AIRLINES CO SEDOL 2831543 | 0.62% | NUCOR CORP SEDOL 2651086 | 0.61% | DYNATRACE INC SEDOL BJV2RD9 | 0.60% | HCA HEALTHCARE INC SEDOL B4MGBG6 | 0.60% | EASTMAN CHEMICAL CO SEDOL 2298386 | 0.59% | ADOBE INC SEDOL 2008154 | 0.59% | RAYMOND JAMES FINANCIAL INC SEDOL 2718992 | 0.58% | KEYCORP SEDOL 2490911 | 0.56% | SALESFORCE.COM INC SEDOL 2310525 | 0.51% | MEDTRONIC PLC SEDOL BTN1Y11 | 0.50% | ARMADA HOFFLER PROPERTIES IN SEDOL B96FTB5 | 0.48% | PAYPAL HOLDINGS INC SEDOL BYW36M8 | 0.47% | APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.46% | MCDONALD'S CORP SEDOL 2550707 | 0.46% | NCR CORPORATION SEDOL 2632650 | 0.45% | ANTHEM INC SEDOL BSPHGL4 | 0.45% | NIKE INC -CL B SEDOL 2640147 | 0.44% | QUALCOMM INC SEDOL 2714923 | 0.44% | MOLSON COORS BEVERAGE CO - B SEDOL B067BM3 | 0.43% | REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.43% | DEERE & CO SEDOL 2261203 | 0.43% | MERCK & CO. INC. SEDOL 2778844 | 0.41% | AT&T INC SEDOL 2831811 | 0.39% | BOSTON PROPERTIES INC SEDOL 2019479 | 0.36% | INTUIT INC SEDOL 2459020 | 0.36% | AVERY DENNISON CORP SEDOL 2066408 | 0.35% | PHILLIPS 66 SEDOL B78C4Y8 | 0.34% | STARBUCKS CORP SEDOL 2842255 | 0.34% | LKQ CORP SEDOL 2971029 | 0.31% | SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 | 0.30% | PENN NATIONAL GAMING CV 02.7500 05/15/2026 | 0.29% | KARAT PACKAGING INC SEDOL BKDZ6W5 | 0.26% | STARWOOD PROPERTY TRUST INC SEDOL B3PQ520 | 0.26% | COVA ACQUISITION CORP SEDOL BNC4KN3 | 0.24% | SENIOR CONNECT ACQUISITION-A SEDOL BN46WK8 | 0.20% | CHUY'S HOLDINGS INC SEDOL B88WMY1 | 0.18% | GENERAL MOTORS CO SEDOL B665KZ5 | 0.16% | KURA SUSHI USA INC-CLASS A SEDOL BKDV6G7 | 0.16% | UNIVERSAL MUSIC GROUP NV SEDOL BNZGVV1 | 0.15% | VORNADO REALTY TRUST SEDOL 2933632 | 0.14% | FIRSTMARK HORIZON ACQUISIT-A SEDOL BMD3YV8 | 0.14% | SWITCHBACK ENERGY- PIPE P/P | 0.14% | COMSTOCK RESOURCES INC SEDOL BD82PS1 | 0.13% | NYXOAH SA SEDOL BMZ4JV4 | 0.12% | ALIGNMENT HEALTHCARE INC SEDOL BNNLSZ1 | 0.12% | RINGCENTRAL INC-CLASS A SEDOL BDZCRX3 | 0.10% | ARCLIGHT II PIPE P/P | 0.10% | UPLAND SOFTWARE INC SEDOL BS7K7H4 | 0.06% | LUCID DIAGNOSTICS INC SEDOL BMCCHR3 | 0.04% | HC BRILLANT SERVICES GMBH P/P | 0.00% |
| MICROSOFT CORP SEDOL 2588173 | 8.68% | APPLE INC SEDOL 2046251 | 7.09% | ALPHABET INC-CL C SEDOL BYY88Y7 | 4.02% | AMAZON.COM INC SEDOL 2000019 | 3.74% | BANK OF AMERICA CORP SEDOL 2295677 | 3.56% | FACEBOOK INC-CLASS A SEDOL B7TL820 | 2.36% | LOWES COMPANIES INC | 2.04% | BERKSHIRE HATHAWAY INC-CL B SEDOL 2073390 | 1.96% | ORACLE CORP SEDOL 2661568 | 1.79% | TARGET CORP SEDOL 2259101 | 1.77% | WALMART INC SEDOL 2936921 | 1.77% | JOHNSON & JOHNSON SEDOL 2475833 | 1.70% | UNITEDHEALTH GROUP INC SEDOL 2917766 | 1.64% | LAM RESEARCH CORP SEDOL 2502247 | 1.58% | CISCO SYSTEMS INC SEDOL 2198163 | 1.57% | MASTERCARD INC - A SEDOL B121557 | 1.57% | HEALTH CARE SELECT SECTOR SEDOL 2371823 | 1.54% | CONSUMER STAPLES SPDR SEDOL 2369389 | 1.41% | HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 1.40% | ABBVIE INC SEDOL B92SR70 | 1.39% | CITIGROUP INC SEDOL 2297907 | 1.37% | AMGEN INC SEDOL 2023607 | 1.35% | GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.34% | COMCAST CORP-CLASS A SEDOL 2044545 | 1.31% | UNION PACIFIC CORP SEDOL 2914734 | 1.29% | PULTEGROUP INC SEDOL 2708841 | 1.17% | RAYTHEON TECHNOLOGIES CORP SEDOL BM5M5Y3 | 1.14% | GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 1.14% | OTIS WORLDWIDE CORP SEDOL BK531S8 | 1.03% | NORTHROP GRUMMAN CORP SEDOL 2648806 | 1.03% | CBRE GROUP INC - A SEDOL B6WVMH3 | 1.02% | WALT DISNEY CO/THE SEDOL 2270726 | 1.00% | SOUTHWEST AIRLINES CO SEDOL 2831543 | 1.00% | MAGNA INTERNATIONAL INC SEDOL 2554549 | 0.98% | ELI LILLY & CO SEDOL 2516152 | 0.98% | INTEL CORP SEDOL 2463247 | 0.97% | KKR & CO INC SEDOL BG1FRR1 | 0.95% | PAYPAL HOLDINGS INC SEDOL BYW36M8 | 0.93% | MORGAN STANLEY | 0.91% | UNITED RENTALS INC SEDOL 2134781 | 0.89% | COCA-COLA CO/THE SEDOL 2206657 | 0.85% | EXELON CORP SEDOL 2670519 | 0.84% | NRG ENERGY INC SEDOL 2212922 | 0.82% | BEST BUY CO INC SEDOL 2094670 | 0.81% | MCKESSON CORP SEDOL 2378534 | 0.78% | TENET HEALTHCARE CORP SEDOL B8DMK08 | 0.77% | PERSHING SQUARE TONTINE -A SEDOL BLCB6C1 | 0.77% | LIBERTY GLOBAL PLC-A SEDOL B8W6766 | 0.76% | ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 0.76% | DYNATRACE INC SEDOL BJV2RD9 | 0.76% | ASSURED GUARANTY LTD SEDOL B00V7H8 | 0.73% | TEXAS INSTRUMENTS INC SEDOL 2885409 | 0.72% | ALTRIA GROUP INC | 0.71% | CVS HEALTH CORP SEDOL 2577609 | 0.69% | FREEPORT-MCMORAN INC SEDOL 2352118 | 0.66% | EASTMAN CHEMICAL CO SEDOL 2298386 | 0.66% | MEDTRONIC PLC SEDOL BTN1Y11 | 0.65% | CONOCOPHILLIPS | 0.65% | ARCH CAPITAL GROUP LTD SEDOL 2740542 | 0.62% | HCA HEALTHCARE INC SEDOL B4MGBG6 | 0.60% | MICRON TECHNOLOGY INC SEDOL 2588184 | 0.59% | SALESFORCE.COM INC SEDOL 2310525 | 0.58% | RAYMOND JAMES FINANCIAL INC SEDOL 2718992 | 0.57% | NUCOR CORP SEDOL 2651086 | 0.56% | KEYCORP SEDOL 2490911 | 0.56% | P G & E CORP SEDOL 2689560 | 0.55% | CIGNA CORP SEDOL BHJ0775 | 0.54% | MOLSON COORS BEVERAGE CO - B SEDOL B067BM3 | 0.46% | NCR CORPORATION SEDOL 2632650 | 0.46% | AT&T INC SEDOL 2831811 | 0.46% | ARMADA HOFFLER PROPERTIES IN SEDOL B96FTB5 | 0.45% | APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.42% | PENN NATIONAL GAMING CV 02.7500 05/15/2026 | 0.41% | BOSTON PROPERTIES INC SEDOL 2019479 | 0.37% | PHILLIPS 66 SEDOL B78C4Y8 | 0.35% | SENIOR CONNECT ACQUISITION-A SEDOL BN46WK8 | 0.31% | DEERE & CO SEDOL 2261203 | 0.30% | KARAT PACKAGING INC SEDOL BKDZ6W5 | 0.29% | COMSTOCK RESOURCES INC SEDOL BD82PS1 | 0.28% | LKQ CORP SEDOL 2971029 | 0.27% | STARWOOD PROPERTY TRUST INC SEDOL B3PQ520 | 0.27% | SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 | 0.25% | COVA ACQUISITION CORP SEDOL BNC4KN3 | 0.25% | CITRIX SYSTEMS INC SEDOL 2182553 | 0.21% | CHUY'S HOLDINGS INC SEDOL B88WMY1 | 0.20% | NYXOAH SA SEDOL BMZ4JV4 | 0.16% | SWITCHBACK II CORP -CLASS A SEDOL BKP8HC9 | 0.16% | KURA SUSHI USA INC-CLASS A SEDOL BKDV6G7 | 0.14% | FIRSTMARK HORIZON ACQUISIT-A SEDOL BMD3YV8 | 0.14% | VORNADO REALTY TRUST SEDOL 2933632 | 0.14% | RINGCENTRAL INC-CLASS A SEDOL BDZCRX3 | 0.12% | SWITCHBACK ENERGY- PIPE P/P | 0.12% | VOR BIOPHARMA INC SEDOL BLCD876 | 0.12% | ENGAGESMART INC SEDOL BMHT1H7 | 0.11% | UPLAND SOFTWARE INC SEDOL BS7K7H4 | 0.11% | BETTER CHOICE CO INC SEDOL BLB1741 | 0.03% | HC BRILLANT SERVICES GMBH P/P | 0.00% | FB 20211119 C 385.00UBS | -0.00% |
Portfolio Composition as of 11/30/21
| Common stock | 99.32% |
| Cash and net other assets | 0.39% |
| Convertible bonds | 0.29% |
Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. 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 11/30/21
| Information technology | 28.38% |
|---|---|
| Financials | 14.49% |
| Health care | 12.83% |
| Consumer discretionary | 12.61% |
| Communication services | 8.94% |
| Industrials | 7.99% |
| Consumer staples | 4.83% |
| Real estate | 2.98% |
| Materials | 2.48% |
| Other | 4.47% |
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