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 10/31/18

Category: Large-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 22% 25/115
1 yr. 38% 60/161
3 yrs. 29% 44/153
5 yrs. 36% 52/145

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 10/31/18

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 137
Turnover (fiscal year end) 51%
Net Assets $256M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 10/31/18

Microsoft Corp 5.37%
Apple 4.96%
JPMorgan Chase 3.07%
Alphabet 2.38%
Bank Of America Corp 2.30%
Cisco Systems 1.98%
Amazon.Com 1.79%
Walmart 1.66%
Goldman Sachs Group The 1.58%
Citigroup 1.55%
Top 10 holdings, total: 26.64%

Equity Holdings as of 09/30/18

MICROSOFT CORP 5.25%
APPLE INC 4.67%
JPMORGAN CHASE & CO 2.91%
BANK OF AMERICA CORP 2.25%
AMAZON.COM INC 2.05%
CISCO SYSTEMS INC 1.92%
ALPHABET INC-CL C 1.79%
CITIGROUP INC 1.71%
AMGEN INC 1.50%
PFIZER INC 1.42%
GOLDMAN SACHS GROUP INC 1.38%
WALMART INC 1.38%
BOEING CO/THE 1.33%
FACEBOOK INC-A 1.30%
BERKSHIRE HATHAWAY INC-CL B 1.28%
JOHNSON & JOHNSON 1.26%
HOME DEPOT INC 1.23%
VISA INC-CLASS A SHARES 1.23%
ROYAL DUTCH SHELL-SPON ADR-A 1.17%
CONOCOPHILLIPS 1.15%
COMCAST CORP-CLASS A 1.08%
WALT DISNEY CO/THE 1.00%
HEALTH CARE SELECT SECTOR 0.97%
INDUSTRIAL SELECT SECT SPDR 0.95%
ALPHABET INC-CL A 0.92%
INTEL CORP 0.89%
BIOGEN INC 0.87%
NRG ENERGY INC 0.87%
GILEAD SCIENCES INC 0.86%
PEPSICO INC 0.86%
AT&T INC 0.85%
BAXTER INTERNATIONAL INC 0.85%
LOWES COMPANIES INC 0.85%
HCA HEALTHCARE INC 0.83%
HUMANA INC 0.82%
ORACLE CORP 0.82%
MASTERCARD INC - A 0.77%
BEST BUY CO INC 0.74%
NORFOLK SOUTHERN CORP 0.73%
TARGET CORP 0.73%
VALERO ENERGY CORP 0.73%
PULTEGROUP INC 0.72%
CAPITAL ONE FINANCIAL CORP 0.71%
CATERPILLAR INC 0.71%
JAZZ PHARMACEUTICALS PLC 0.71%
CVS HEALTH CORP 0.70%
AMERIPRISE FINANCIAL INC 0.69%
ENTERGY CORP 0.69%
EXELON CORP 0.68%
HP INC 0.64%
DOWDUPONT INC 0.63%
PENN NATIONAL GAMING INC 0.63%
INTL BUSINESS MACHINES CORP 0.61%
LIVE NATION ENTERTAINMENT IN 0.61%
SOUTHWEST AIRLINES CO 0.61%
ADOBE SYSTEMS INC 0.60%
KROGER CO 0.60%
APPLIED MATERIALS INC 0.59%
LEAR CORP 0.59%
ENTERPRISE PRODUCTS PARTNERS 0.57%
LAM RESEARCH CORP 0.56%
CIGNA CORP 0.55%
MARATHON OIL CORP 0.54%
WALGREENS BOOTS ALLIANCE INC 0.54%
EASTERLY GOVERNMENT PROPERTI 0.53%
EXXON MOBIL CORP 0.53%
BECTON DICKINSON AND CO 0.52%
EMERSON ELECTRIC CO 0.52%
MCKESSON CORP 0.52%
STATE STREET CORP 0.52%
AIR CANADA 0.51%
CELANESE CORP 0.50%
MGM RESORTS INTERNATIONAL 0.50%
SUNCOR ENERGY INC 0.50%
UNITED RENTALS INC 0.50%
HYATT HOTELS CORP - CL A 0.49%
PIRELLI & C SPA 0.49%
SUNTRUST BANKS INC 0.49%
GENERAL MOTORS CO 0.48%
TEXAS INSTRUMENTS INC 0.47%
CF INDUSTRIES HOLDINGS INC 0.46%
COSTCO WHOLESALE CORP 0.46%
KENNEDY-WILSON HOLDINGS INC 0.46%
REPUBLIC SERVICES INC 0.46%
FREEPORT-MCMORAN INC 0.45%
RAYMOND JAMES FINANCIAL INC 0.45%
ASSURED GUARANTY LTD 0.44%
CBRE GROUP INC - A 0.44%
LINCOLN NATIONAL CORP 0.43%
SPIRIT AEROSYSTEMS HOLD-CL A 0.43%
ARMADA HOFFLER PROPERTIES IN 0.41%
DXC TECHNOLOGY CO 0.41%
GAP INC/THE 0.41%
DELL TECHNOLOGIES INC-CL V 0.39%
AMERICAN INTERNATIONAL GROUP 0.38%
WYNDHAM HOTELS & RESORTS INC 0.38%
EASTMAN CHEMICAL CO 0.37%
FIRSTENERGY CORP 0.37%
TOTAL SA-SPON ADR 0.37%
BRUNSWICK CORP 0.35%
EASTERLY ACQUISITION CORP 0.35%
TENET HEALTHCARE CORP 0.35%
TPG PACE HOLDINGS CORP 0.35%
FEDEX CORP 0.34%
MORGAN STANLEY 0.34%
ENCANA CORP 0.32%
KKR & CO INC -A 0.32%
PRUDENTIAL FINANCIAL INC 0.32%
BANK OF NEW YORK MELLON CORP 0.31%
DELIVERY HERO AG 0.31%
DELTA AIR LINES INC 0.31%
ORION ENGINEERED CARBONS SA 0.31%
MICHAELS COS INC/THE 0.30%
COCA-COLA CO/THE 0.29%
HANESBRANDS INC 0.29%
KIMBERLY-CLARK CORP 0.29%
NOMAD FOODS LTD 0.28%
ENERGIZER HOLDINGS INC 0.27%
J2 ACQUISITION LTD 0.27%
LIBERTY GLOBAL PLC-A 0.26%
TERADYNE INC 0.26%
UNION PACIFIC CORP 0.26%
EQUITY COMMONWEALTH 0.25%
INVESCO LTD 0.25%
DIAMONDBACK ENERGY INC 0.24%
FEDERAL STREET ACQUISITION 0.24%
KINDER MORGAN INC 0.24%
US XPRESS ENTERPRISES INC -A 0.24%
RADIAN GROUP INC 0.23%
LARGO RESOURCES LTD 0.22%
BECTON DICKINSON AND CO 06.1250 CUM CV PFD 0.21%
MOLSON COORS BREWING CO -B 0.21%
APOLLO GLOBAL MANAGEMENT - A 0.20%
PLAINS GP HOLDINGS LP-CL A 0.20%
ALIGNVEST ACQUISITION II C-A 0.18%
BLOOMIN' BRANDS INC 0.17%
QUALCOMM INC 0.17%
ANADARKO PETROLEUM CORP 0.16%
CAPITOL INVESTMENT CORP IV 0.16%
DISCOVERY INC - A 0.16%
KIMBELL ROYALTY PARTNERS LP 0.16%
HAYMAKER ACQUISITION CORP 0.14%
HILLTOP HOLDINGS INC 0.14%
GORES HOLDINGS II INC 0.13%
GREEN BRICK PARTNERS INC 0.12%
YEXT INC 0.12%
BRIGHTVIEW HOLDINGS INC 0.10%
MAGNA INTERNATIONAL INC 0.10%
MICRON TECHNOLOGY INC 0.10%
PETIQ INC 0.10%
PRIORITY TECHNOLOGY HOLDINGS 0.09%
RA MEDICAL SYSTEMS INC 0.06%
US FOODS HOLDING CORP 0.05%
NLIGHT INC 0.04%
RED ROBIN GOURMET BURGERS 0.04%
EASTERLY ACQ CORP - CW20 0.02%
GLOBAL FASHION GRP P/P 0.02%
J2 ACQUISITION LTD-CW20 0.01%
ALIGNVEST ACQUISITION - CW 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%

Full Portfolio Holdings as of 09/30/18

MICROSOFT CORP 5.25%
APPLE INC 4.67%
JPMORGAN CHASE & CO 2.91%
BANK OF AMERICA CORP 2.25%
AMAZON.COM INC 2.05%
CISCO SYSTEMS INC 1.92%
ALPHABET INC-CL C 1.79%
CITIGROUP INC 1.71%
AMGEN INC 1.50%
PFIZER INC 1.42%
GOLDMAN SACHS GROUP INC 1.38%
WALMART INC 1.38%
BOEING CO/THE 1.33%
FACEBOOK INC-A 1.30%
BERKSHIRE HATHAWAY INC-CL B 1.28%
JOHNSON & JOHNSON 1.26%
HOME DEPOT INC 1.23%
VISA INC-CLASS A SHARES 1.23%
ROYAL DUTCH SHELL-SPON ADR-A 1.17%
CONOCOPHILLIPS 1.15%
COMCAST CORP-CLASS A 1.08%
WALT DISNEY CO/THE 1.00%
HEALTH CARE SELECT SECTOR 0.97%
INDUSTRIAL SELECT SECT SPDR 0.95%
ALPHABET INC-CL A 0.92%
INTEL CORP 0.89%
BIOGEN INC 0.87%
NRG ENERGY INC 0.87%
GILEAD SCIENCES INC 0.86%
PEPSICO INC 0.86%
AT&T INC 0.85%
BAXTER INTERNATIONAL INC 0.85%
LOWES COMPANIES INC 0.85%
HCA HEALTHCARE INC 0.83%
HUMANA INC 0.82%
ORACLE CORP 0.82%
MASTERCARD INC - A 0.77%
BEST BUY CO INC 0.74%
NORFOLK SOUTHERN CORP 0.73%
TARGET CORP 0.73%
VALERO ENERGY CORP 0.73%
PULTEGROUP INC 0.72%
CAPITAL ONE FINANCIAL CORP 0.71%
CATERPILLAR INC 0.71%
JAZZ PHARMACEUTICALS PLC 0.71%
CVS HEALTH CORP 0.70%
AMERIPRISE FINANCIAL INC 0.69%
ENTERGY CORP 0.69%
EXELON CORP 0.68%
HP INC 0.64%
DOWDUPONT INC 0.63%
PENN NATIONAL GAMING INC 0.63%
INTL BUSINESS MACHINES CORP 0.61%
LIVE NATION ENTERTAINMENT IN 0.61%
SOUTHWEST AIRLINES CO 0.61%
ADOBE SYSTEMS INC 0.60%
KROGER CO 0.60%
APPLIED MATERIALS INC 0.59%
LEAR CORP 0.59%
ENTERPRISE PRODUCTS PARTNERS 0.57%
LAM RESEARCH CORP 0.56%
CIGNA CORP 0.55%
MARATHON OIL CORP 0.54%
WALGREENS BOOTS ALLIANCE INC 0.54%
EASTERLY GOVERNMENT PROPERTI 0.53%
EXXON MOBIL CORP 0.53%
BECTON DICKINSON AND CO 0.52%
EMERSON ELECTRIC CO 0.52%
MCKESSON CORP 0.52%
STATE STREET CORP 0.52%
AIR CANADA 0.51%
CELANESE CORP 0.50%
MGM RESORTS INTERNATIONAL 0.50%
SUNCOR ENERGY INC 0.50%
UNITED RENTALS INC 0.50%
HYATT HOTELS CORP - CL A 0.49%
PIRELLI & C SPA 0.49%
SUNTRUST BANKS INC 0.49%
GENERAL MOTORS CO 0.48%
TEXAS INSTRUMENTS INC 0.47%
CF INDUSTRIES HOLDINGS INC 0.46%
COSTCO WHOLESALE CORP 0.46%
KENNEDY-WILSON HOLDINGS INC 0.46%
REPUBLIC SERVICES INC 0.46%
FREEPORT-MCMORAN INC 0.45%
RAYMOND JAMES FINANCIAL INC 0.45%
ASSURED GUARANTY LTD 0.44%
CBRE GROUP INC - A 0.44%
LINCOLN NATIONAL CORP 0.43%
SPIRIT AEROSYSTEMS HOLD-CL A 0.43%
ARMADA HOFFLER PROPERTIES IN 0.41%
DXC TECHNOLOGY CO 0.41%
GAP INC/THE 0.41%
DELL TECHNOLOGIES INC-CL V 0.39%
AMERICAN INTERNATIONAL GROUP 0.38%
WYNDHAM HOTELS & RESORTS INC 0.38%
EASTMAN CHEMICAL CO 0.37%
FIRSTENERGY CORP 0.37%
TOTAL SA-SPON ADR 0.37%
BRUNSWICK CORP 0.35%
EASTERLY ACQUISITION CORP 0.35%
TENET HEALTHCARE CORP 0.35%
TPG PACE HOLDINGS CORP 0.35%
FEDEX CORP 0.34%
MORGAN STANLEY 0.34%
ENCANA CORP 0.32%
KKR & CO INC -A 0.32%
PRUDENTIAL FINANCIAL INC 0.32%
BANK OF NEW YORK MELLON CORP 0.31%
DELIVERY HERO AG 0.31%
DELTA AIR LINES INC 0.31%
ORION ENGINEERED CARBONS SA 0.31%
MICHAELS COS INC/THE 0.30%
COCA-COLA CO/THE 0.29%
HANESBRANDS INC 0.29%
KIMBERLY-CLARK CORP 0.29%
NOMAD FOODS LTD 0.28%
ENERGIZER HOLDINGS INC 0.27%
J2 ACQUISITION LTD 0.27%
LIBERTY GLOBAL PLC-A 0.26%
TERADYNE INC 0.26%
UNION PACIFIC CORP 0.26%
EQUITY COMMONWEALTH 0.25%
INVESCO LTD 0.25%
DIAMONDBACK ENERGY INC 0.24%
FEDERAL STREET ACQUISITION 0.24%
KINDER MORGAN INC 0.24%
US XPRESS ENTERPRISES INC -A 0.24%
RADIAN GROUP INC 0.23%
LARGO RESOURCES LTD 0.22%
BECTON DICKINSON AND CO 06.1250 CUM CV PFD 0.21%
MOLSON COORS BREWING CO -B 0.21%
APOLLO GLOBAL MANAGEMENT - A 0.20%
PLAINS GP HOLDINGS LP-CL A 0.20%
ALIGNVEST ACQUISITION II C-A 0.18%
BLOOMIN' BRANDS INC 0.17%
QUALCOMM INC 0.17%
ANADARKO PETROLEUM CORP 0.16%
CAPITOL INVESTMENT CORP IV 0.16%
DISCOVERY INC - A 0.16%
KIMBELL ROYALTY PARTNERS LP 0.16%
HAYMAKER ACQUISITION CORP 0.14%
HILLTOP HOLDINGS INC 0.14%
GORES HOLDINGS II INC 0.13%
GREEN BRICK PARTNERS INC 0.12%
YEXT INC 0.12%
BRIGHTVIEW HOLDINGS INC 0.10%
MAGNA INTERNATIONAL INC 0.10%
MICRON TECHNOLOGY INC 0.10%
PETIQ INC 0.10%
PRIORITY TECHNOLOGY HOLDINGS 0.09%
RA MEDICAL SYSTEMS INC 0.06%
US FOODS HOLDING CORP 0.05%
NLIGHT INC 0.04%
RED ROBIN GOURMET BURGERS 0.04%
EASTERLY ACQ CORP - CW20 0.02%
GLOBAL FASHION GRP P/P 0.02%
J2 ACQUISITION LTD-CW20 0.01%
ALIGNVEST ACQUISITION - CW 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%
POUND STERLING CALL ACCOUNT 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
CANADIAN DOLLAR ACCOUNT -0.02%

Prior top 10 holdings

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
Top 10 holdings as of 09/30/18
1: Microsoft Corp 5.25%
2: Apple 4.67%
3: JPMorgan Chase 2.91%
4: Alphabet 2.71%
5: Bank Of America Corp 2.25%
6: Amazon.Com 2.05%
7: Cisco Systems 1.92%
8: Citigroup 1.71%
9: Amgen 1.50%
10: Pfizer 1.42%
Holdings represent 26.39% of portfolio
Top 10 holdings as of 08/31/18
1: Apple 4.68%
2: Alphabet 3.01%
3: JPMorgan Chase 2.93%
4: Bank Of America Corp 2.35%
5: Amazon 2.04%
6: Cisco Systems 1.87%
7: Citigroup 1.69%
8: Boeing 1.51%
9: Goldman Sachs Group The 1.45%
10: Amgen 1.44%
Holdings represent 22.97% of portfolio
Top 10 holdings as of 07/31/18
1: Microsoft Corp 4.88%
2: Apple 3.94%
3: JPMorgan Chase 3.13%
4: Alphabet 3.07%
5: Bank of America 2.36%
6: Amazon 1.82%
7: Cisco Systems 1.80%
8: Citigroup 1.71%
9: Boeing 1.58%
10: Walmart 1.47%
Holdings represent 25.76% of portfolio

Portfolio Composition as of 10/31/18

Common stock 97.47%
Cash and net other assets 2.53%

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 10/31/18

Information technology 21.15%
Financials 17.70%
Health care 12.70%
Consumer discretionary 10.49%
Communication services 7.97%
Industrials 7.73%
Energy 6.67%
Consumer staples 5.99%
Utilities 2.68%
 
Other
6.92%
Cash and net other assets 2.53%
Materials 2.28%
Real estate 2.11%