Putnam Capital Manager

Putnam Research Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount invests in stocks representing the best ideas of Putnam's global equity research analysts. The portfolio typically consists of large, U.S. companies believed to be worth more than their current stock prices indicate. The fund is managed with no predetermined style bias; its portfolio may contain both growth and value stocks.

Sales story

Seeking to capitalize on the expertise of Putnam's research teamA best-ideas fund: The fund represents the stock selections of Putnam's Global Equity Research Group, whose analysts cover more than 1,000 companies.A flexible strategy: The fund can own growth- or value-style stocks, allowing it to seek opportunities regardless of which style is in favor.A rigorous process: The fund's experienced managers use rigorous fundamental investment research to oversee the portfolio and manage risk.

Management team

Lipper ranking ‡ as of 02/28/19

Category: Large-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 17% 19/114
1 yr. 44% 71/161
3 yrs. 22% 32/151
5 yrs. 38% 55/145

Risk Characteristics as of 02/28/19

Alpha (%) 0.74
Beta 0.95
R squared 0.97
Standard deviation (3 yrs.) 10.70

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 02/28/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 151
Turnover (fiscal year end) 76%
Net Assets $45M
Inception Date 10/01/98

Holdings

Top 10 holdings as of 02/28/19

Microsoft Corp 3.90%
Alphabet 2.94%
Amazon.Com 2.84%
Apple 2.47%
Bank Of America Corp 2.26%
Visa 1.92%
Facebook 1.79%
Coca-Cola The 1.73%
Home Depot The 1.69%
Honeywell International 1.69%
Top 10 holdings, total: 23.23%

Equity Holdings as of 12/31/18

MICROSOFT CORP 3.95%
ALPHABET INC-CL A 3.07%
AMAZON.COM INC 2.90%
APPLE INC 2.67%
BANK OF AMERICA CORP 2.16%
COCA-COLA CO/THE 2.13%
VISA INC-CLASS A SHARES 1.93%
HOME DEPOT INC 1.77%
PROCTER & GAMBLE CO/THE 1.66%
FACEBOOK INC-CLASS A 1.62%
DANAHER CORP 1.57%
BP PLC 1.56%
HONEYWELL INTERNATIONAL INC 1.51%
QUALCOMM INC 1.42%
CITIGROUP INC 1.40%
MERCK & CO. INC. 1.28%
GENERAL MOTORS CO 1.19%
DOWDUPONT INC 1.11%
CENOVUS ENERGY INC 1.10%
UNION PACIFIC CORP 1.10%
BECTON DICKINSON AND CO 1.09%
EMERSON ELECTRIC CO 1.09%
SALESFORCE.COM INC 1.08%
CIGNA CORP 1.06%
ACTIVISION BLIZZARD INC 1.05%
BOEING CO/THE 1.05%
GOLDMAN SACHS GROUP INC 1.05%
ADOBE INC 1.04%
KKR & CO INC -A 1.04%
UNITEDHEALTH GROUP INC 1.04%
PFIZER INC 1.02%
JPMORGAN CHASE & CO 1.00%
AMERICAN ELECTRIC POWER 0.99%
PRUDENTIAL PLC 0.94%
INTEL CORP 0.88%
NXP SEMICONDUCTORS NV 0.88%
JOHNSON & JOHNSON 0.87%
ROPER TECHNOLOGIES INC 0.87%
ASSURED GUARANTY LTD 0.86%
WALMART INC 0.84%
WELLS FARGO & CO 0.83%
AT&T INC 0.80%
WASTE CONNECTIONS INC 0.80%
DXC TECHNOLOGY CO 0.78%
E*TRADE FINANCIAL CORPORATION 0.77%
RAYMOND JAMES FINANCIAL INC 0.75%
EXELON CORP 0.73%
TWENTY-FIRST CENTURY FOX-A 0.73%
EXXON MOBIL CORP 0.71%
SHERWIN-WILLIAMS CO/THE 0.71%
KINDER MORGAN INC 0.70%
NRG ENERGY INC 0.70%
NIKE INC -CL B 0.68%
HILTON WORLDWIDE HOLDINGS IN 0.67%
BLACKROCK INC 0.66%
BOOKING HOLDINGS INC 0.66%
ELI LILLY & CO 0.66%
VERIZON COMMUNICATIONS INC 0.66%
COMCAST CORP-CLASS A 0.65%
CHARTER COMMUNICATIONS INC-A 0.64%
HERSHEY CO/THE 0.63%
NCSOFT CORP 0.63%
NETEASE INC-ADR 0.63%
PEPSICO INC 0.59%
AMGEN INC 0.58%
BIOGEN INC 0.57%
JOHNSON CONTROLS INTERNATION 0.57%
NORFOLK SOUTHERN CORP 0.56%
AMERICAN INTERNATIONAL GROUP 0.54%
MCCORMICK & CO-NON VTG SHRS 0.54%
TJX COMPANIES INC 0.54%
YUM CHINA HOLDINGS INC 0.54%
FORTIVE CORP 0.53%
NEXTERA ENERGY INC 0.53%
CLOROX COMPANY 0.52%
ENTERPRISE PRODUCTS PARTNERS 0.51%
VERTEX PHARMACEUTICALS INC 0.51%
ON SEMICONDUCTOR CORP 0.50%
CHIPOTLE MEXICAN GRILL INC 0.49%
INTERCONTINENTAL EXCHANGE IN 0.49%
SBA COMMUNICATIONS CORP 0.49%
TEXTRON INC 0.49%
BAXTER INTERNATIONAL INC 0.47%
BJ'S WHOLESALE CLUB HOLDINGS 0.47%
DUKE ENERGY CORP 0.47%
INTUITIVE SURGICAL INC 0.47%
COSTCO WHOLESALE CORP 0.45%
EVERBRIDGE INC 0.45%
FMC CORP 0.45%
FIRST DATA CORP- CLASS A 0.44%
WYNN RESORTS LTD 0.44%
COOPER COS INC/THE 0.43%
GAMING AND LEISURE PROPERTIE 0.43%
FIDELITY NATIONAL INFO SERV 0.42%
METTLER-TOLEDO INTERNATIONAL 0.42%
YELLOW CAKE PLC 0.42%
CONOCOPHILLIPS 0.41%
ICU MEDICAL INC 0.41%
CHUBB LTD 0.40%
ANADARKO PETROLEUM CORP 0.38%
DOMINION ENERGY INC 0.37%
JAZZ PHARMACEUTICALS PLC 0.37%
LIVE NATION ENTERTAINMENT IN 0.36%
WALGREENS BOOTS ALLIANCE INC 0.35%
BALL CORP 0.34%
TENCENT HOLDINGS LTD 0.34%
CELGENE CORP 0.33%
BOSTON SCIENTIFIC CORP 0.32%
DEERE & CO 0.32%
GILEAD SCIENCES INC 0.29%
ADVANCE AUTO PARTS 0.28%
ABBVIE INC 0.27%
EDWARDS LIFESCIENCES CORP 0.27%
GODADDY INC - CLASS A 0.27%
SUMMIT MATERIALS INC -CL A 0.27%
CAIRN ENERGY PLC 0.26%
MGM RESORTS INTERNATIONAL 0.25%
BURLINGTON STORES INC 0.21%
O'REILLY AUTOMOTIVE INC 0.20%
CENTERPOINT ENERGY INC 0.19%
REGENERON PHARMACEUTICALS 0.19%
NOBLE ENERGY INC 0.18%
ALCOA CORP 0.13%
BRISTOL-MYERS SQUIBB CO 0.13%
ALIBABA GROUP HOLDING-SP ADR 0.12%
ECOLAB INC 0.12%
EDISON INTERNATIONAL 0.12%
W.R. GRACE & CO 0.11%
APOLLO GLOBAL MANAGEMENT - A 0.09%
FORTUNE BRANDS HOME & SECURI 0.08%
CELANESE CORP 0.07%
OPORTUN FIN CORP P/P SERIES H PFD 0.07%
RPM INTERNATIONAL INC 0.07%
OPORTUN FIN G-1 PFD CV P/P 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.04%
P G & E CORP 0.03%
RU20INTR P USL1M R 12/15/20 GS 0.03%
OPORTUN FIN C-1 PFD CV P/P 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
S&P500 EMINI FUT MAR19 ESH9 -0.05%

Full Portfolio Holdings as of 12/31/18

MICROSOFT CORP 3.95%
ALPHABET INC-CL A 3.07%
AMAZON.COM INC 2.90%
APPLE INC 2.67%
BANK OF AMERICA CORP 2.16%
COCA-COLA CO/THE 2.13%
VISA INC-CLASS A SHARES 1.93%
HOME DEPOT INC 1.77%
PROCTER & GAMBLE CO/THE 1.66%
FACEBOOK INC-CLASS A 1.62%
DANAHER CORP 1.57%
BP PLC 1.56%
HONEYWELL INTERNATIONAL INC 1.51%
QUALCOMM INC 1.42%
CITIGROUP INC 1.40%
MERCK & CO. INC. 1.28%
GENERAL MOTORS CO 1.19%
DOWDUPONT INC 1.11%
CENOVUS ENERGY INC 1.10%
UNION PACIFIC CORP 1.10%
BECTON DICKINSON AND CO 1.09%
EMERSON ELECTRIC CO 1.09%
SALESFORCE.COM INC 1.08%
CIGNA CORP 1.06%
ACTIVISION BLIZZARD INC 1.05%
BOEING CO/THE 1.05%
GOLDMAN SACHS GROUP INC 1.05%
ADOBE INC 1.04%
KKR & CO INC -A 1.04%
UNITEDHEALTH GROUP INC 1.04%
PFIZER INC 1.02%
JPMORGAN CHASE & CO 1.00%
AMERICAN ELECTRIC POWER 0.99%
PRUDENTIAL PLC 0.94%
INTEL CORP 0.88%
NXP SEMICONDUCTORS NV 0.88%
JOHNSON & JOHNSON 0.87%
ROPER TECHNOLOGIES INC 0.87%
ASSURED GUARANTY LTD 0.86%
WALMART INC 0.84%
WELLS FARGO & CO 0.83%
AT&T INC 0.80%
WASTE CONNECTIONS INC 0.80%
DXC TECHNOLOGY CO 0.78%
E*TRADE FINANCIAL CORPORATION 0.77%
RAYMOND JAMES FINANCIAL INC 0.75%
EXELON CORP 0.73%
TWENTY-FIRST CENTURY FOX-A 0.73%
EXXON MOBIL CORP 0.71%
SHERWIN-WILLIAMS CO/THE 0.71%
KINDER MORGAN INC 0.70%
NRG ENERGY INC 0.70%
NIKE INC -CL B 0.68%
HILTON WORLDWIDE HOLDINGS IN 0.67%
BLACKROCK INC 0.66%
BOOKING HOLDINGS INC 0.66%
ELI LILLY & CO 0.66%
VERIZON COMMUNICATIONS INC 0.66%
COMCAST CORP-CLASS A 0.65%
CHARTER COMMUNICATIONS INC-A 0.64%
HERSHEY CO/THE 0.63%
NCSOFT CORP 0.63%
NETEASE INC-ADR 0.63%
PEPSICO INC 0.59%
AMGEN INC 0.58%
BIOGEN INC 0.57%
JOHNSON CONTROLS INTERNATION 0.57%
NORFOLK SOUTHERN CORP 0.56%
AMERICAN INTERNATIONAL GROUP 0.54%
MCCORMICK & CO-NON VTG SHRS 0.54%
TJX COMPANIES INC 0.54%
YUM CHINA HOLDINGS INC 0.54%
FORTIVE CORP 0.53%
NEXTERA ENERGY INC 0.53%
CLOROX COMPANY 0.52%
ENTERPRISE PRODUCTS PARTNERS 0.51%
VERTEX PHARMACEUTICALS INC 0.51%
ON SEMICONDUCTOR CORP 0.50%
CHIPOTLE MEXICAN GRILL INC 0.49%
INTERCONTINENTAL EXCHANGE IN 0.49%
SBA COMMUNICATIONS CORP 0.49%
TEXTRON INC 0.49%
BAXTER INTERNATIONAL INC 0.47%
BJ'S WHOLESALE CLUB HOLDINGS 0.47%
DUKE ENERGY CORP 0.47%
INTUITIVE SURGICAL INC 0.47%
COSTCO WHOLESALE CORP 0.45%
EVERBRIDGE INC 0.45%
FMC CORP 0.45%
FIRST DATA CORP- CLASS A 0.44%
WYNN RESORTS LTD 0.44%
COOPER COS INC/THE 0.43%
GAMING AND LEISURE PROPERTIE 0.43%
FIDELITY NATIONAL INFO SERV 0.42%
METTLER-TOLEDO INTERNATIONAL 0.42%
YELLOW CAKE PLC 0.42%
CONOCOPHILLIPS 0.41%
ICU MEDICAL INC 0.41%
CHUBB LTD 0.40%
ANADARKO PETROLEUM CORP 0.38%
DOMINION ENERGY INC 0.37%
JAZZ PHARMACEUTICALS PLC 0.37%
LIVE NATION ENTERTAINMENT IN 0.36%
WALGREENS BOOTS ALLIANCE INC 0.35%
BALL CORP 0.34%
TENCENT HOLDINGS LTD 0.34%
CELGENE CORP 0.33%
BOSTON SCIENTIFIC CORP 0.32%
DEERE & CO 0.32%
GILEAD SCIENCES INC 0.29%
ADVANCE AUTO PARTS 0.28%
ABBVIE INC 0.27%
EDWARDS LIFESCIENCES CORP 0.27%
GODADDY INC - CLASS A 0.27%
SUMMIT MATERIALS INC -CL A 0.27%
CAIRN ENERGY PLC 0.26%
MGM RESORTS INTERNATIONAL 0.25%
BURLINGTON STORES INC 0.21%
O'REILLY AUTOMOTIVE INC 0.20%
CENTERPOINT ENERGY INC 0.19%
REGENERON PHARMACEUTICALS 0.19%
NOBLE ENERGY INC 0.18%
ALCOA CORP 0.13%
BRISTOL-MYERS SQUIBB CO 0.13%
ALIBABA GROUP HOLDING-SP ADR 0.12%
ECOLAB INC 0.12%
EDISON INTERNATIONAL 0.12%
W.R. GRACE & CO 0.11%
APOLLO GLOBAL MANAGEMENT - A 0.09%
FORTUNE BRANDS HOME & SECURI 0.08%
CELANESE CORP 0.07%
OPORTUN FIN CORP P/P SERIES H PFD 0.07%
RPM INTERNATIONAL INC 0.07%
OPORTUN FIN G-1 PFD CV P/P 0.05%
OPORTUN FIN CORP P/P 0.04%
OPORTUN FIN F-1 PFD CV P/P 0.04%
P G & E CORP 0.03%
RU20INTR P USL1M R 12/15/20 GS 0.03%
OPORTUN FIN C-1 PFD CV P/P 0.01%
OPORTUN FIN D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 BANKAM 0.00%
GBP/USD 03/20/2019 BANKAM 0.00%
ILS/USD 01/16/2019 SSBT 0.00%
KRW/USD 02/20/2019 JPMCB 0.00%
NOK/USD 03/20/2019 JPMCB 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
GBP/USD 03/20/2019 BCAP-FX -0.01%
GBP/USD 03/20/2019 GSFX -0.01%
GBP/USD 03/20/2019 JPMCB -0.01%
S&P500 EMINI FUT MAR19 ESH9 -0.05%

Prior top 10 holdings

Top 10 holdings as of 02/28/19
1: Microsoft Corp 3.90%
2: Alphabet 2.94%
3: Amazon.Com 2.84%
4: Apple 2.47%
5: Bank Of America Corp 2.26%
6: Visa 1.92%
7: Facebook 1.79%
8: Coca-Cola The 1.73%
9: Home Depot The 1.69%
10: Honeywell International 1.69%
Holdings represent 23.23% of portfolio
Top 10 holdings as of 01/31/19
1: Microsoft Corp 3.71%
2: Amazon.Com 3.03%
3: Alphabet 2.99%
4: Apple 2.42%
5: Bank Of America Corp 2.26%
6: Coca-Cola The 1.97%
7: Facebook 1.88%
8: Visa 1.78%
9: Home Depot The 1.71%
10: Citigroup 1.61%
Holdings represent 23.36% of portfolio
Top 10 holdings as of 12/31/18
1: Microsoft Corp 3.95%
2: Alphabet 3.07%
3: Amazon.Com 2.90%
4: Apple 2.67%
5: Bank Of America Corp 2.16%
6: Coca-Cola The 2.13%
7: Visa 1.93%
8: Home Depot The 1.77%
9: Procter Gamble The 1.66%
10: Facebook 1.62%
Holdings represent 23.86% of portfolio
Top 10 holdings as of 11/30/18
1: Microsoft Corp 3.98%
2: Alphabet 3.21%
3: Amazon.Com 3.01%
4: Apple 2.79%
5: Bank Of America Corp 2.29%
6: Coca-Cola The 2.10%
7: Visa 1.99%
8: Home Depot The 1.64%
9: Facebook 1.61%
10: Citigroup 1.60%
Holdings represent 24.22% of portfolio

Portfolio Composition as of 02/28/19

Common stock 98.91%
Cash and net other assets 0.92%
Convertible preferred stock 0.17%

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 02/28/19

Information technology 17.16%
Health care 14.38%
Financials 13.71%
Consumer discretionary 11.04%
Communication services 10.70%
Industrials 9.62%
Consumer staples 7.95%
Energy 5.52%
Materials 4.12%
 
Other
5.80%
Utilities 3.98%
Cash and net other assets 0.92%
Real estate 0.90%