As of September 14, 2018, Putnam VT Capital Opportunities Fund was renamed Putnam VT Small Cap Growth Fund.

Putnam Capital Manager

Putnam Small Cap Growth Subaccount

The subaccount seeks long-term growth of capital.

Fund description

The subaccount invests primarily in small and midsize companies, seeking hidden opportunities in stocks with growth potential that has been relatively unnoticed by investors. The portfolio can own growth and value stocks without a bias toward either style.

Sales story

Uncovering high-quality and fast-growing small-cap companiesCombining quality and aggressive growthWe believe portfolios that balance exposure to high-quality and aggressive growth small-cap stocks can offer strong risk-adjusted return potential.Research-intensive processOur fundamental investment process focuses on identifying growth opportunities where the market has undervalued the duration or magnitude of a company's growth potential.Long-term investment horizonWe seek to invest over a multiyear horizon to harness the power of compounding growth and embed risk management at multiple levels.

Management team

Lipper ranking ‡ as of 05/31/24

Category: Small-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 41% 33/81
1 yr. 4% 3/85
3 yrs. 3% 2/85
5 yrs. 3% 2/85

Risk Characteristics as of 05/31/24

Alpha (%) 6.20
Beta 0.94
R squared 0.92
Standard deviation (3 yrs.) 22.13

‡ 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 06/30/24

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 92
Turnover (fiscal year end) 58%
Net Assets $31M
Inception Date 05/01/03

Holdings

Super Micro Computer 2.68%
Comfort Systems Usa 2.46%
Medpace Holdings 2.09%
Nova 2.08%
Encompass Health Corp 2.02%
Carpenter Technology Corp 1.92%
Descartes Systems Group The 1.92%
Texas Roadhouse 1.77%
Verra Mobility Corp 1.76%
Vertex 1.75%
Top 10 holdings, total: 20.47%


Top 10 holdings as of 05/31/24
1: Super Micro Computer 2.68%
2: Comfort Systems Usa 2.46%
3: Medpace Holdings 2.09%
4: Nova 2.08%
5: Encompass Health Corp 2.02%
6: Carpenter Technology Corp 1.92%
7: Descartes Systems Group The 1.92%
8: Texas Roadhouse 1.77%
9: Verra Mobility Corp 1.76%
10: Vertex 1.75%
Holdings represent 20.47% of portfolio
Top 10 holdings as of 04/30/24
1: Super Micro Computer 3.16%
2: Comfort Systems Usa 2.77%
3: Medpace Holdings 2.30%
4: Encompass Health Corp 2.08%
5: Installed Building Products 2.01%
6: Descartes Systems Group The 1.98%
7: Eagle Materials 1.89%
8: Nova 1.83%
9: Ati 1.75%
10: Onto Innovation 1.72%
Holdings represent 21.48% of portfolio
Top 10 holdings as of 03/31/24
1: Super Micro Computer 3.52%
2: Comfort Systems Usa 2.73%
3: Medpace Holdings 2.27%
4: Kinsale Capital Group 2.23%
5: Installed Building Products 2.13%
6: Eagle Materials 1.97%
7: Nova 1.80%
8: Encompass Health Corp 1.78%
9: Manhattan Associates 1.76%
10: Onto Innovation 1.72%
Holdings represent 21.91% of portfolio
Top 10 holdings as of 02/29/24
1: Super Micro Computer 3.02%
2: Comfort Systems Usa 2.81%
3: Kinsale Capital Group 2.37%
4: Medpace Holdings 2.36%
5: Installed Building Products 2.10%
6: Eagle Materials 1.93%
7: Manhattan Associates 1.91%
8: Nova 1.87%
9: Onto Innovation 1.85%
10: Simpson Manufacturing 1.82%
Holdings represent 22.03% of portfolio


Portfolio Composition as of 05/31/24

Common stock 99.86%
Cash and net other assets 0.14%

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. 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.

Sector weightings as of 05/31/24

Industrials 25.55%
Information technology 23.45%
Health care 18.42%
Consumer discretionary 11.81%
Materials 6.46%
Financials 4.87%
Energy 4.20%
Consumer staples 3.64%
Real estate 1.47%
 
Other
0.14%
Cash and net other assets 0.14%