Putnam Capital Manager

Putnam Growth Opportunities Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount invests in large U.S. companies with strong revenue and earnings growth prospects. Members of the management team target established companies that are believed to be leaders in their industries with the potential to grow rapidly. The fund's portfolio typically includes world-renowned businesses whose size and scale give them a competitive advantage.

Sales story

Seeking to harness the growth potential of large U.S. companiesSeeks above-average growth: The fund focuses on businesses that exhibit both a high level of growth and an above-average duration of growth.A thematic approach: The portfolio managers combine top-down investment themes with bottom-up research to select securities that can benefit from growth trends.Rigorous analysis: Backed by fundamental research, the managers focus on identifying management teams that act like owners.

Management team

Lipper ranking ‡ as of 01/31/19

Category: Large-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 35% 55/159
1 yr. 23% 46/202
3 yrs. 13% 24/192
5 yrs. 31% 57/186

Risk Characteristics as of 01/31/19

Alpha (%) 1.89
Beta 1.00
R squared 0.96
Standard deviation (3 yrs.) 12.60

This fund concentrates its assets in fewer stocks, which can affect your fund's performance. 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. Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

‡ 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 60
Turnover (fiscal year end) 56%
Net Assets $797M
Inception Date 02/01/00

Holdings

Top 10 holdings as of 01/31/19

Microsoft Corp 7.77%
Alphabet 6.69%
Apple 5.12%
Amazon.Com 4.69%
Visa 4.05%
UnitedHealth Group 2.98%
Paypal Holdings 2.93%
Boeing The 2.72%
Salesforce.Com 2.64%
American Tower Corp 2.45%
Top 10 holdings, total: 42.04%

Equity Holdings as of 12/31/18

MICROSOFT CORP 8.18%
ALPHABET INC-CL C 6.72%
APPLE INC 5.67%
AMAZON.COM INC 4.44%
VISA INC-CLASS A SHARES 4.28%
PAYPAL HOLDINGS INC 3.00%
UNITEDHEALTH GROUP INC 2.97%
AMERICAN TOWER CORP 2.65%
BOEING CO/THE 2.57%
SALESFORCE.COM INC 2.57%
DANAHER CORP 2.44%
HOME DEPOT INC 2.34%
LINDE PLC 2.33%
CHARTER COMMUNICATIONS INC-A 2.30%
INTERCONTINENTAL EXCHANGE IN 2.18%
SHERWIN-WILLIAMS CO/THE 2.10%
UNION PACIFIC CORP 2.09%
MCCORMICK & CO-NON VTG SHRS 1.85%
ADOBE INC 1.80%
NIKE INC -CL B 1.77%
HONEYWELL INTERNATIONAL INC 1.65%
BECTON DICKINSON AND CO 1.60%
SERVICENOW INC 1.60%
COSTAR GROUP INC 1.58%
LIVE NATION ENTERTAINMENT IN 1.53%
WORLDPAY INC-CLASS A 1.50%
VERTEX PHARMACEUTICALS INC 1.43%
WASTE CONNECTIONS INC 1.40%
BIOGEN INC 1.38%
FORTIVE CORP 1.28%
BIOMARIN PHARMACEUTICAL INC 1.27%
FACEBOOK INC-CLASS A 1.27%
METTLER-TOLEDO INTERNATIONAL 1.22%
TRANSDIGM GROUP INC 1.21%
WALMART INC 1.19%
INTUITIVE SURGICAL INC 1.14%
RAYTHEON COMPANY 1.10%
LONZA GROUP AG-REG 1.02%
PRUDENTIAL PLC 0.94%
ACTIVISION BLIZZARD INC 0.91%
REALPAGE INC 0.84%
ROPER TECHNOLOGIES INC 0.79%
DOCUSIGN INC 0.76%
UBER TECH INC P/P CV PFD 0.75%
BOSTON SCIENTIFIC CORP 0.74%
NETFLIX INC 0.74%
HILTON WORLDWIDE HOLDINGS IN 0.71%
ICU MEDICAL INC 0.69%
OKTA INC 0.68%
LIBERTY MEDIA CORP-LIBERTY-C 0.37%
OPORTUN FIN CORP P/P 0.28%
GLOBAL FASHION GRP P/P 0.06%
RESIDEO TECHNOLOGIES INC 0.01%
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%
S&P500 EMINI FUT MAR19 ESH9 -0.09%

Full Portfolio Holdings as of 12/31/18

MICROSOFT CORP 8.18%
ALPHABET INC-CL C 6.72%
APPLE INC 5.67%
AMAZON.COM INC 4.44%
VISA INC-CLASS A SHARES 4.28%
PAYPAL HOLDINGS INC 3.00%
UNITEDHEALTH GROUP INC 2.97%
AMERICAN TOWER CORP 2.65%
BOEING CO/THE 2.57%
SALESFORCE.COM INC 2.57%
DANAHER CORP 2.44%
HOME DEPOT INC 2.34%
LINDE PLC 2.33%
CHARTER COMMUNICATIONS INC-A 2.30%
INTERCONTINENTAL EXCHANGE IN 2.18%
SHERWIN-WILLIAMS CO/THE 2.10%
UNION PACIFIC CORP 2.09%
MCCORMICK & CO-NON VTG SHRS 1.85%
ADOBE INC 1.80%
NIKE INC -CL B 1.77%
HONEYWELL INTERNATIONAL INC 1.65%
BECTON DICKINSON AND CO 1.60%
SERVICENOW INC 1.60%
COSTAR GROUP INC 1.58%
LIVE NATION ENTERTAINMENT IN 1.53%
WORLDPAY INC-CLASS A 1.50%
VERTEX PHARMACEUTICALS INC 1.43%
WASTE CONNECTIONS INC 1.40%
BIOGEN INC 1.38%
FORTIVE CORP 1.28%
BIOMARIN PHARMACEUTICAL INC 1.27%
FACEBOOK INC-CLASS A 1.27%
METTLER-TOLEDO INTERNATIONAL 1.22%
TRANSDIGM GROUP INC 1.21%
WALMART INC 1.19%
INTUITIVE SURGICAL INC 1.14%
RAYTHEON COMPANY 1.10%
LONZA GROUP AG-REG 1.02%
PRUDENTIAL PLC 0.94%
ACTIVISION BLIZZARD INC 0.91%
REALPAGE INC 0.84%
ROPER TECHNOLOGIES INC 0.79%
DOCUSIGN INC 0.76%
UBER TECH INC P/P CV PFD 0.75%
BOSTON SCIENTIFIC CORP 0.74%
NETFLIX INC 0.74%
HILTON WORLDWIDE HOLDINGS IN 0.71%
ICU MEDICAL INC 0.69%
OKTA INC 0.68%
LIBERTY MEDIA CORP-LIBERTY-C 0.37%
OPORTUN FIN CORP P/P 0.28%
GLOBAL FASHION GRP P/P 0.06%
RESIDEO TECHNOLOGIES INC 0.01%
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%
GBP/USD 03/20/2019 BANKAM -0.01%
S&P500 EMINI FUT MAR19 ESH9 -0.09%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Microsoft Corp 7.77%
2: Alphabet 6.69%
3: Apple 5.12%
4: Amazon.Com 4.69%
5: Visa 4.05%
6: UnitedHealth Group 2.98%
7: Paypal Holdings 2.93%
8: Boeing The 2.72%
9: Salesforce.Com 2.64%
10: American Tower Corp 2.45%
Holdings represent 42.04% of portfolio
Top 10 holdings as of 12/31/18
1: Microsoft Corp 8.18%
2: Alphabet 6.72%
3: Apple 5.67%
4: Amazon.Com 4.44%
5: Visa 4.28%
6: Paypal Holdings 3.00%
7: UnitedHealth Group 2.97%
8: American Tower Corp 2.65%
9: Salesforce.Com 2.57%
10: Boeing The 2.57%
Holdings represent 43.05% of portfolio
Top 10 holdings as of 11/30/18
1: Microsoft Corp 8.17%
2: Alphabet 6.50%
3: Apple 5.87%
4: Amazon.Com 4.57%
5: Visa 4.21%
6: UnitedHealth Group 3.07%
7: Paypal Holdings 2.80%
8: Boeing The 2.53%
9: American Tower Corp 2.52%
10: Salesforce.Com 2.45%
Holdings represent 42.69% of portfolio
Top 10 holdings as of 10/31/18
1: Microsoft Corp 7.93%
2: Apple 6.84%
3: Alphabet 6.44%
4: Amazon.Com 4.35%
5: Visa 4.12%
6: UnitedHealth Group 2.87%
7: Paypal Holdings 2.74%
8: Boeing The 2.53%
9: American Tower Corp 2.40%
10: Charter Communications 2.38%
Holdings represent 42.60% of portfolio

Portfolio Composition as of 01/31/19

Common stock 98.73%
Convertible preferred stock 0.69%
Cash and net other assets 0.58%

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

This fund concentrates its assets in fewer stocks, which can affect your fund's performance. 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. Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

Top Industry Sectors as of 01/31/19

Information technology 30.93%
Health care 16.04%
Communication services 14.20%
Industrials 14.19%
Consumer discretionary 11.79%
Materials 4.32%
Financials 3.26%
Real estate 2.45%
Consumer staples 2.24%
 
Other
0.58%
Cash and net other assets 0.58%