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

Lipper ranking ‡ as of 01/31/19

Category: Multi-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 37% 36/98
1 yr. 70% 83/119
3 yrs. 28% 31/110
5 yrs. 33% 34/104

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.The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock's performance, including both general financial market conditions and factors related to a specific company or industry.

‡ 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 01/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 128
Turnover (fiscal year end) 34%
Net Assets $248M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 01/31/19

Microsoft Corp 5.09%
Apple 3.90%
JPMorgan Chase 3.07%
Bank Of America Corp 2.53%
Alphabet 2.48%
Amazon.Com 2.12%
Cisco Systems 2.11%
Walmart 1.64%
Citigroup 1.58%
Pfizer 1.54%
Top 10 holdings, total: 26.06%

Equity Holdings as of 12/31/18

MICROSOFT CORP 5.34%
APPLE INC 3.98%
JPMORGAN CHASE & CO 3.12%
ALPHABET INC-CL C 2.48%
BANK OF AMERICA CORP 2.36%
CISCO SYSTEMS INC 2.08%
AMAZON.COM INC 1.87%
WALMART INC 1.72%
AMGEN INC 1.71%
PFIZER INC 1.71%
VISA INC-CLASS A SHARES 1.61%
BERKSHIRE HATHAWAY INC-CL B 1.49%
JOHNSON & JOHNSON 1.43%
CITIGROUP INC 1.37%
BOEING CO/THE 1.36%
GOLDMAN SACHS GROUP INC 1.30%
INTEL CORP 1.30%
COMCAST CORP-CLASS A 1.27%
NRG ENERGY INC 1.23%
ROYAL DUTCH SHELL-SPON ADR-A 1.22%
FACEBOOK INC-CLASS A 1.19%
HEALTH CARE SELECT SECTOR 1.17%
WALT DISNEY CO/THE 1.15%
CONOCOPHILLIPS 1.13%
INDUSTRIAL SELECT SECT SPDR 1.06%
PEPSICO INC 1.04%
BAXTER INTERNATIONAL INC 1.02%
ENTERGY CORP 0.99%
EXELON CORP 0.92%
PULTEGROUP INC 0.91%
BIOGEN INC 0.90%
HCA HEALTHCARE INC 0.90%
HOME DEPOT INC 0.89%
AT&T INC 0.88%
ORACLE CORP 0.88%
GILEAD SCIENCES INC 0.85%
LOWES COMPANIES INC 0.83%
CAPITAL ONE FINANCIAL CORP 0.82%
HUMANA INC 0.76%
NORFOLK SOUTHERN CORP 0.73%
CATERPILLAR INC 0.72%
CVS HEALTH CORP 0.71%
CIGNA CORP 0.69%
KROGER CO 0.69%
TARGET CORP 0.69%
CELANESE CORP 0.68%
BEST BUY CO INC 0.67%
LIVE NATION ENTERTAINMENT IN 0.67%
RAYMOND JAMES FINANCIAL INC 0.67%
KINDER MORGAN INC 0.66%
UNION PACIFIC CORP 0.66%
AIR CANADA 0.65%
DOWDUPONT INC 0.64%
JAZZ PHARMACEUTICALS PLC 0.64%
HONEYWELL INTERNATIONAL INC 0.62%
HP INC 0.62%
WALGREENS BOOTS ALLIANCE INC 0.62%
LAM RESEARCH CORP 0.61%
SPDR S&P HOMEBUILDERS ETF 0.61%
ENTERPRISE PRODUCTS PARTNERS 0.60%
SOUTHWEST AIRLINES CO 0.60%
AMERIPRISE FINANCIAL INC 0.59%
MAGNA INTERNATIONAL INC 0.59%
GENERAL MOTORS CO 0.58%
VALERO ENERGY CORP 0.58%
DXC TECHNOLOGY CO 0.56%
EQUITY COMMONWEALTH 0.56%
HYATT HOTELS CORP - CL A 0.56%
INTL BUSINESS MACHINES CORP 0.56%
REPUBLIC SERVICES INC 0.56%
ADOBE INC 0.54%
MGM RESORTS INTERNATIONAL 0.53%
EXXON MOBIL CORP 0.52%
MCKESSON CORP 0.52%
LINCOLN NATIONAL CORP 0.51%
CBRE GROUP INC - A 0.50%
EMERSON ELECTRIC CO 0.50%
ASSURED GUARANTY LTD 0.49%
COCA-COLA CO/THE 0.49%
COSTCO WHOLESALE CORP 0.49%
BANK OF NEW YORK MELLON CORP 0.48%
MOLSON COORS BREWING CO -B 0.48%
PIRELLI & C SPA 0.48%
KENNEDY-WILSON HOLDINGS INC 0.47%
ARMADA HOFFLER PROPERTIES IN 0.46%
EASTERLY GOVERNMENT PROPERTI 0.45%
ENERGIZER HOLDINGS INC 0.45%
SUNCOR ENERGY INC 0.44%
MARATHON OIL CORP 0.42%
TPG PACE HOLDINGS CORP 0.42%
FREEPORT-MCMORAN INC 0.41%
QUALCOMM INC 0.41%
KKR & CO INC -A 0.37%
PENN NATIONAL GAMING INC 0.34%
STATE STREET CORP 0.34%
MICRON TECHNOLOGY INC 0.33%
SIRIUS INTERNATIONAL INSURAN 0.33%
APOLLO GLOBAL MANAGEMENT - A 0.32%
J2 ACQUISITION LTD 0.31%
FEDERAL STREET ACQUISIT-CL A 0.30%
MICHAELS COS INC/THE 0.30%
TENET HEALTHCARE CORP 0.30%
DELIVERY HERO AG 0.29%
DEUTSCHE BANK AG-REGISTERED 0.28%
ORION ENGINEERED CARBONS SA 0.28%
DIAMONDBACK ENERGY INC 0.27%
LIBERTY GLOBAL PLC-A 0.23%
ALIGNVEST ACQUISITION II C-A 0.22%
INVESCO LTD 0.22%
RADIAN GROUP INC 0.22%
AMERICAN INTERNATIONAL GROUP 0.21%
PLAINS GP HOLDINGS LP-CL A 0.21%
BLOOMIN' BRANDS INC 0.19%
CAPITOL INVESTMENT CORP IV 0.19%
NOMAD FOODS LTD 0.19%
HAYMAKER ACQUISITION CORP 0.18%
ENCANA CORP 0.16%
DELL TECHNOLOGIES -C 0.15%
DISCOVERY INC - A 0.15%
HILLTOP HOLDINGS INC 0.15%
KIMBELL ROYALTY PARTNERS LP 0.12%
US XPRESS ENTERPRISES INC -A 0.12%
GREEN BRICK PARTNERS INC 0.11%
PRIORITY TECHNOLOGY HOLDINGS 0.09%
BRIGHTVIEW HOLDINGS INC 0.08%
LARGO RESOURCES LTD 0.08%
RA MEDICAL SYSTEMS INC 0.03%
GLOBAL FASHION GRP P/P 0.02%
SIRIUS INTERNATIONAL-CW23 0.02%
FEDERAL STREET ACQ - CW22 0.01%
J2 ACQUISITION LTD-CW20 0.01%
ALIGNVEST ACQUISITION - CW22 0.00%
BRKB 20190118 C 230.00CITI 0.00%
DISCA 20190118 C 32.50BCBP 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%
E-MINI RUSS 2000 MAR19 RTYH9 -0.01%
S&P500 EMINI FUT MAR19 ESH9 -0.03%

Full Portfolio Holdings as of 12/31/18

MICROSOFT CORP 5.34%
APPLE INC 3.98%
JPMORGAN CHASE & CO 3.12%
ALPHABET INC-CL C 2.48%
BANK OF AMERICA CORP 2.36%
CISCO SYSTEMS INC 2.08%
AMAZON.COM INC 1.87%
WALMART INC 1.72%
AMGEN INC 1.71%
PFIZER INC 1.71%
VISA INC-CLASS A SHARES 1.61%
BERKSHIRE HATHAWAY INC-CL B 1.49%
JOHNSON & JOHNSON 1.43%
CITIGROUP INC 1.37%
BOEING CO/THE 1.36%
GOLDMAN SACHS GROUP INC 1.30%
INTEL CORP 1.30%
COMCAST CORP-CLASS A 1.27%
NRG ENERGY INC 1.23%
ROYAL DUTCH SHELL-SPON ADR-A 1.22%
FACEBOOK INC-CLASS A 1.19%
HEALTH CARE SELECT SECTOR 1.17%
WALT DISNEY CO/THE 1.15%
CONOCOPHILLIPS 1.13%
INDUSTRIAL SELECT SECT SPDR 1.06%
PEPSICO INC 1.04%
BAXTER INTERNATIONAL INC 1.02%
ENTERGY CORP 0.99%
EXELON CORP 0.92%
PULTEGROUP INC 0.91%
BIOGEN INC 0.90%
HCA HEALTHCARE INC 0.90%
HOME DEPOT INC 0.89%
AT&T INC 0.88%
ORACLE CORP 0.88%
GILEAD SCIENCES INC 0.85%
LOWES COMPANIES INC 0.83%
CAPITAL ONE FINANCIAL CORP 0.82%
HUMANA INC 0.76%
NORFOLK SOUTHERN CORP 0.73%
CATERPILLAR INC 0.72%
CVS HEALTH CORP 0.71%
CIGNA CORP 0.69%
KROGER CO 0.69%
TARGET CORP 0.69%
CELANESE CORP 0.68%
BEST BUY CO INC 0.67%
LIVE NATION ENTERTAINMENT IN 0.67%
RAYMOND JAMES FINANCIAL INC 0.67%
KINDER MORGAN INC 0.66%
UNION PACIFIC CORP 0.66%
AIR CANADA 0.65%
DOWDUPONT INC 0.64%
JAZZ PHARMACEUTICALS PLC 0.64%
HONEYWELL INTERNATIONAL INC 0.62%
HP INC 0.62%
WALGREENS BOOTS ALLIANCE INC 0.62%
LAM RESEARCH CORP 0.61%
SPDR S&P HOMEBUILDERS ETF 0.61%
ENTERPRISE PRODUCTS PARTNERS 0.60%
SOUTHWEST AIRLINES CO 0.60%
AMERIPRISE FINANCIAL INC 0.59%
MAGNA INTERNATIONAL INC 0.59%
GENERAL MOTORS CO 0.58%
VALERO ENERGY CORP 0.58%
DXC TECHNOLOGY CO 0.56%
EQUITY COMMONWEALTH 0.56%
HYATT HOTELS CORP - CL A 0.56%
INTL BUSINESS MACHINES CORP 0.56%
REPUBLIC SERVICES INC 0.56%
ADOBE INC 0.54%
MGM RESORTS INTERNATIONAL 0.53%
EXXON MOBIL CORP 0.52%
MCKESSON CORP 0.52%
LINCOLN NATIONAL CORP 0.51%
CBRE GROUP INC - A 0.50%
EMERSON ELECTRIC CO 0.50%
ASSURED GUARANTY LTD 0.49%
COCA-COLA CO/THE 0.49%
COSTCO WHOLESALE CORP 0.49%
BANK OF NEW YORK MELLON CORP 0.48%
MOLSON COORS BREWING CO -B 0.48%
PIRELLI & C SPA 0.48%
KENNEDY-WILSON HOLDINGS INC 0.47%
ARMADA HOFFLER PROPERTIES IN 0.46%
EASTERLY GOVERNMENT PROPERTI 0.45%
ENERGIZER HOLDINGS INC 0.45%
SUNCOR ENERGY INC 0.44%
MARATHON OIL CORP 0.42%
TPG PACE HOLDINGS CORP 0.42%
FREEPORT-MCMORAN INC 0.41%
QUALCOMM INC 0.41%
KKR & CO INC -A 0.37%
PENN NATIONAL GAMING INC 0.34%
STATE STREET CORP 0.34%
MICRON TECHNOLOGY INC 0.33%
SIRIUS INTERNATIONAL INSURAN 0.33%
APOLLO GLOBAL MANAGEMENT - A 0.32%
J2 ACQUISITION LTD 0.31%
FEDERAL STREET ACQUISIT-CL A 0.30%
MICHAELS COS INC/THE 0.30%
TENET HEALTHCARE CORP 0.30%
DELIVERY HERO AG 0.29%
DEUTSCHE BANK AG-REGISTERED 0.28%
ORION ENGINEERED CARBONS SA 0.28%
DIAMONDBACK ENERGY INC 0.27%
LIBERTY GLOBAL PLC-A 0.23%
ALIGNVEST ACQUISITION II C-A 0.22%
INVESCO LTD 0.22%
RADIAN GROUP INC 0.22%
AMERICAN INTERNATIONAL GROUP 0.21%
PLAINS GP HOLDINGS LP-CL A 0.21%
BLOOMIN' BRANDS INC 0.19%
CAPITOL INVESTMENT CORP IV 0.19%
NOMAD FOODS LTD 0.19%
HAYMAKER ACQUISITION CORP 0.18%
ENCANA CORP 0.16%
DELL TECHNOLOGIES -C 0.15%
DISCOVERY INC - A 0.15%
HILLTOP HOLDINGS INC 0.15%
KIMBELL ROYALTY PARTNERS LP 0.12%
US XPRESS ENTERPRISES INC -A 0.12%
GREEN BRICK PARTNERS INC 0.11%
PRIORITY TECHNOLOGY HOLDINGS 0.09%
BRIGHTVIEW HOLDINGS INC 0.08%
LARGO RESOURCES LTD 0.08%
RA MEDICAL SYSTEMS INC 0.03%
GLOBAL FASHION GRP P/P 0.02%
SIRIUS INTERNATIONAL-CW23 0.02%
FEDERAL STREET ACQ - CW22 0.01%
J2 ACQUISITION LTD-CW20 0.01%
ALIGNVEST ACQUISITION - CW22 0.00%
BRKB 20190118 C 230.00CITI 0.00%
DISCA 20190118 C 32.50BCBP 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%
E-MINI RUSS 2000 MAR19 RTYH9 -0.01%
S&P500 EMINI FUT MAR19 ESH9 -0.03%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Microsoft Corp 5.09%
2: Apple 3.90%
3: JPMorgan Chase 3.07%
4: Bank Of America Corp 2.53%
5: Alphabet 2.48%
6: Amazon.Com 2.12%
7: Cisco Systems 2.11%
8: Walmart 1.64%
9: Citigroup 1.58%
10: Pfizer 1.54%
Holdings represent 26.06% of portfolio
Top 10 holdings as of 12/31/18
1: Microsoft Corp 5.34%
2: Apple 3.98%
3: JPMorgan Chase 3.12%
4: Alphabet 2.48%
5: Bank Of America Corp 2.36%
6: Cisco Systems 2.08%
7: Amazon.Com 1.87%
8: Walmart 1.72%
9: Amgen 1.71%
10: Pfizer 1.71%
Holdings represent 26.37% of portfolio
Top 10 holdings as of 11/30/18
1: Microsoft Corp 5.29%
2: Apple 4.05%
3: JPMorgan Chase 3.17%
4: Bank Of America Corp 2.42%
5: Alphabet 2.36%
6: Cisco Systems 2.07%
7: Amazon.Com 1.89%
8: Amgen 1.65%
9: Pfizer 1.63%
10: Walmart 1.62%
Holdings represent 26.15% of portfolio
Top 10 holdings as of 10/31/18
1: Microsoft Corp 5.37%
2: Apple 4.96%
3: JPMorgan Chase 3.07%
4: Alphabet 2.38%
5: Bank Of America Corp 2.30%
6: Cisco Systems 1.98%
7: Amazon.Com 1.79%
8: Walmart 1.66%
9: Goldman Sachs Group The 1.58%
10: Citigroup 1.55%
Holdings represent 26.64% of portfolio

Portfolio Composition as of 01/31/19

Common stock 95.88%
Cash and net other assets 4.12%

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

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.The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock's performance, including both general financial market conditions and factors related to a specific company or industry.

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 01/31/19

Information technology 18.58%
Financials 17.42%
Health care 13.01%
Consumer discretionary 10.48%
Communication services 8.19%
Industrials 8.09%
Energy 6.51%
Consumer staples 6.01%
Cash and net other assets 4.12%
 
Other
7.59%
Utilities 3.03%
Real estate 2.50%
Materials 2.06%