Putnam Capital Manager

Putnam Small Cap Value Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount pursues its objective of long-term capital appreciation by investing in stocks of small companies that are undergoing positive changes. In accordance with its value strategy, it seeks holdings that have below-average price/earnings ratios and that are priced below their long-term business value. The subaccount's focus on low valuation helps to manage the risk associated with investing in small companies.

Sales story

Pursuing capital appreciation through undervalued small companiesSmall companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities to firms with strong research capabilities.A value strategy: The fund focuses on finding small companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Management team

Lipper ranking ‡ as of 04/30/19

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 29% 11/37
1 yr. 74% 30/40
3 yrs. 47% 19/40
5 yrs. 66% 26/39

Risk Characteristics as of 04/30/19

Alpha (%) -1.74
Beta 1.00
R squared 0.94
Standard deviation (3 yrs.) 16.54

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 04/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 130
Turnover (fiscal year end) 561%
Net Assets $131M
Inception Date 04/30/99

Holdings

Top 10 holdings as of 04/30/19

Vermilion Energy 1.60%
Cedar Fair Lp 1.48%
Scorpio Tankers 1.48%
Tronox Holdings 1.36%
Synnex Corp 1.33%
Iberiabank Corp 1.27%
Hancock Whitney Corp 1.26%
Sp Plus Corp 1.25%
Premier 1.24%
Perficient 1.23%
Top 10 holdings, total: 13.50%

Full Portfolio Holdings as of 03/31/19

VERMILION ENERGY INC 1.84%
ENCANA CORP 1.52%
CEDAR FAIR LP 1.50%
TRONOX HOLDINGS PLC-CLASS A 1.39%
PREMIER INC-CLASS A 1.35%
MADISON SQUARE GARDEN CO- A 1.31%
SP PLUS CORP 1.29%
SYNNEX CORP 1.23%
AMERICAN EQUITY INVT LIFE HL 1.22%
HANCOCK WHITNEY CORP 1.22%
SCORPIO TANKERS INC 1.22%
IBERIABANK CORP 1.19%
APOGEE ENTERPRISES INC 1.16%
CHEMICAL FINANCIAL CORP 1.16%
BIG LOTS INC 1.15%
DAVE & BUSTER'S ENTERTAINMEN 1.15%
FEDERAL SIGNAL CORP 1.14%
WESCO INTERNATIONAL INC 1.13%
DONNELLEY FINANCIAL SOLUTION 1.12%
ELECTRONICS FOR IMAGING 1.09%
HERMAN MILLER INC 1.09%
PERFICIENT INC 1.09%
PLANTRONICS INC 1.08%
STERLING BANCORP/DE 1.07%
CACI INTERNATIONAL INC -CL A 1.05%
WILLIAM LYON HOMES-CL A 1.05%
WILLSCOT CORP 1.05%
ALLETE INC 1.02%
J2 GLOBAL INC 1.00%
JABIL INC 1.00%
MESA AIR GROUP INC 1.00%
QTS REALTY TRUST INC-CL A 1.00%
FIRST HORIZON NATIONAL CORP 0.99%
SYNOVUS FINANCIAL CORP 0.99%
BLOOMIN' BRANDS INC 0.97%
GRANITE POINT MORTGAGE TRUST 0.97%
MARINEMAX INC 0.96%
PORTLAND GENERAL ELECTRIC CO 0.96%
PERSPECTA INC 0.93%
LUMENTUM HOLDINGS INC 0.90%
HERITAGE INSURANCE HOLDINGS 0.89%
CHEESECAKE FACTORY INC/THE 0.87%
UNIVEST FINANCIAL CORP 0.87%
WESTERN ALLIANCE BANCORP 0.87%
COOPER TIRE & RUBBER 0.86%
II-VI INC 0.86%
IMAX CORP 0.85%
LADDER CAPITAL CORP-REIT 0.85%
MAGELLAN HEALTH INC 0.85%
WINTRUST FINANCIAL CORP 0.84%
SAIA INC 0.83%
ANDEAVOR LOGISTICS LP 0.82%
GAMING AND LEISURE PROPERTIE 0.81%
MYR GROUP INC/DELAWARE 0.81%
PROPETRO HOLDING CORP 0.81%
VERSO CORP - A 0.81%
ZAYO GROUP HOLDINGS INC 0.81%
FIRST MERCHANTS CORP 0.80%
PHOTRONICS INC 0.80%
JETBLUE AIRWAYS CORP 0.79%
PAPA JOHN S INTL 0.78%
REXNORD CORP 0.78%
DMC GLOBAL INC 0.77%
QUAD GRAPHICS INC 0.76%
CLARUS CORP 0.75%
CLEAN HARBORS INC 0.75%
RANGE RESOURCES CORP 0.75%
CARROLS RESTAURANT GROUP INC 0.73%
EL PASO ELECTRIC CO 0.73%
KNOWLES CORP 0.73%
ARES CAPITAL CORP 0.72%
DINE BRANDS GLOBAL INC 0.72%
INDEPENDENT BANK GROUP INC 0.70%
COMMSCOPE HOLDING CO INC 0.69%
SHENANDOAH TELECOMMUNICATION 0.69%
COLUMBIA PROPERTY TRUST INC 0.68%
EAGLE MATERIALS INC 0.68%
OLIN CORP 0.67%
AMERIS BANCORP 0.66%
MATTHEWS INTL CORP-CLASS A 0.65%
MAGNOLIA OIL & GAS CORP 0.64%
LIONS GATE ENTERTAINMENT-A 0.61%
PENNANTPARK INVESTMENT CORP 0.61%
SPORTSMAN'S WAREHOUSE HOLDIN 0.61%
BAIN CAPITAL SPECIALTY FINAN 0.60%
CONNECTONE BANCORP INC 0.59%
TRIPLEPOINT VENTURE GROWTH B 0.59%
VECTRUS INC 0.59%
CARS.COM INC 0.58%
COHU INC 0.58%
INVESTORS BANCORP INC 0.56%
CRAFT BREW ALLIANCE INC 0.54%
TRIBUNE PUBLISHING CO 0.53%
BROOKDALE SENIOR LIVING INC 0.51%
TPG SPECIALTY LENDING INC 0.51%
ALLEGHENY TECHNOLOGIES INC 0.50%
QUANEX BUILDING PRODUCTS 0.49%
UNION BANKSHARES CORP 0.49%
BRUNSWICK CORP 0.48%
OMNOVA SOLUTIONS INC 0.48%
COLUMBUS MCKINNON CORP/NY 0.47%
ALAMO GROUP INC 0.45%
TIVO CORP 0.45%
MASTERCRAFT BOAT HOLDINGS IN 0.44%
SELECT ENERGY SERVICES INC-A 0.44%
ACADIA HEALTHCARE CO INC 0.42%
OCEANFIRST FINANCIAL CORP 0.41%
MANITEX INTERNATIONAL INC 0.40%
RLJ LODGING TRUST 0.39%
AMERICAN EAGLE OUTFITTERS 0.38%
NEWMARK GROUP INC-CLASS A 0.38%
SELECT MEDICAL HOLDINGS CORP 0.37%
CECO ENVIRONMENTAL CORP 0.36%
FIRST DEFIANCE FINL CORP 0.36%
BERRY GLOBAL GROUP INC 0.35%
STERLING CONSTRUCTION CO 0.33%
ADVANSIX INC 0.32%
NVENT ELECTRIC PLC 0.32%
CONSTRUCTION PARTNERS INC-A 0.31%
CAMDEN NATIONAL CORP 0.30%
WILLDAN GROUP INC 0.30%
FRANKLIN FINANCIAL NETWORK 0.28%
POWELL INDUSTRIES INC 0.28%
BEL FUSE INC-CL B 0.23%
ORION ENGINEERED CARBONS SA 0.23%
SCHNEIDER NATIONAL INC-CL B 0.23%
ATS AUTOMATION TOOLING SYS 0.22%
COASTAL FINANCIAL CORP/WA 0.19%
SEVEN GENERATIONS ENERGY - A 0.19%
VOXX INTERNATIONAL CORP 0.18%
FGL HOLDINGS 0.15%
TESSCO TECHNOLOGIES INC 0.08%
CITI TRENDS INC 0.06%
CHARAH SOLUTIONS INC 0.03%
INFORMATION SERVICES GROUP 0.01%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%
CANADIAN DOLLAR ACCOUNT -0.16%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
1: Vermilion Energy 1.60%
2: Cedar Fair Lp 1.48%
3: Scorpio Tankers 1.48%
4: Tronox Holdings 1.36%
5: Synnex Corp 1.33%
6: Iberiabank Corp 1.27%
7: Hancock Whitney Corp 1.26%
8: Sp Plus Corp 1.25%
9: Premier 1.24%
10: Perficient 1.23%
Holdings represent 13.50% of portfolio
Top 10 holdings as of 03/31/19
1: Vermilion Energy 1.94%
2: Encana Corp 1.52%
3: Cedar Fair Lp 1.50%
4: Tronox Holdings 1.39%
5: Premier 1.35%
6: Madison Square Garden The 1.31%
7: Sp Plus Corp 1.29%
8: Synnex Corp 1.23%
9: Scorpio Tankers 1.22%
10: Hancock Whitney Corp 1.22%
Holdings represent 13.97% of portfolio
Top 10 holdings as of 02/28/19
1: Vermilion Energy 2.02%
2: Cedar Fair Lp 1.46%
3: Encana Corp 1.46%
4: American Equity Investment Life Holding 1.36%
5: Iberiabank Corp 1.24%
6: Sp Plus Corp 1.24%
7: Chemical Financial Corp 1.23%
8: Dave Buster'S Entertainment 1.23%
9: Madison Square Garden The 1.23%
10: Hancock Whitney Corp 1.21%
Holdings represent 13.68% of portfolio
Top 10 holdings as of 01/31/19
1: Cedar Fair Lp 2.86%
2: Vermilion Energy 1.99%
3: Dave Buster'S Entertainment 1.51%
4: Caesars Entertainment Corp 1.40%
5: American Equity Investment Life Holding 1.38%
6: Talend 1.36%
7: Imax Corp 1.29%
8: Madison Square Garden The 1.22%
9: Vipshop Holdings 1.14%
10: Celestica 0.95%
Holdings represent 15.10% of portfolio

Portfolio Composition as of 04/30/19

Common stock 98.08%
Cash and net other assets 1.92%

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.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 04/30/19

Financials 26.22%
Industrials 17.32%
Consumer discretionary 13.09%
Information technology 12.42%
Energy 8.02%
Communication services 5.60%
Materials 4.93%
Real estate 4.20%
Health care 3.01%
 
Other
5.19%
Utilities 2.75%
Cash and net other assets 1.92%
Consumer staples 0.52%