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

Seeking opportunities in small and midsize companiesSmaller companies: Often overlooked by Wall Street analysts, the stocks of smaller companies can represent attractive opportunities to firms with strong research capabilities.A flexible strategy: The fund can own growth- or value-style stocks, allowing it to seek opportunities regardless of which style is in favor.Differentiated research: The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.

Management team

Lipper ranking ‡ as of 04/30/19

Category: Small-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 95% 72/75
1 yr. 83% 78/94
3 yrs. 98% 90/91
5 yrs. 98% 88/89

The subaccount invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

‡ 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 82
Turnover (fiscal year end) 138%
Net Assets $26M
Inception Date 05/01/03

Holdings

Top 10 holdings as of 04/30/19

Five Below 3.84%
Wingstop 3.14%
Mercury Systems 2.88%
Heico Corp 2.62%
Planet Fitness 2.59%
Realpage 2.58%
Novanta 2.54%
Bright Horizons Family Solutions 2.50%
Merit Medical Systems 2.16%
Cable One 2.14%
Top 10 holdings, total: 26.99%

Full Portfolio Holdings as of 03/31/19

FIVE BELOW 3.35%
WINGSTOP INC 3.26%
MERCURY SYSTEMS INC 2.60%
BRIGHT HORIZONS FAMILY SOLUT 2.55%
NOVANTA INC 2.55%
HEICO CORP-CLASS A 2.53%
REALPAGE INC 2.47%
MERIT MEDICAL SYSTEMS INC 2.44%
PLANET FITNESS INC - CL A 2.42%
EVERBRIDGE INC 2.24%
GRAND CANYON EDUCATION INC 2.15%
CABLE ONE INC 2.04%
HAMILTON LANE INC-CLASS A 1.93%
QUIDEL CORP 1.92%
TREX COMPANY INC 1.89%
ENVESTNET INC 1.74%
EVERCORE INC - A 1.72%
EVO PAYMENTS INC-CLASS A 1.65%
LIVE NATION ENTERTAINMENT IN 1.61%
PAYLOCITY HOLDING CORP 1.55%
WORLD WRESTLING ENTERTAIN-A 1.54%
SITEONE LANDSCAPE SUPPLY INC 1.52%
EMERGENT BIOSOLUTIONS INC 1.48%
CONMED CORP 1.43%
ALTERYX INC - CLASS A 1.39%
INSULET CORP 1.37%
RBC BEARINGS INC 1.37%
KINSALE CAPITAL GROUP INC 1.34%
ENTEGRIS INC 1.31%
MEDPACE HOLDINGS INC 1.30%
MGP INGREDIENTS INC 1.29%
FOCUS FINANCIAL PARTNERS-A 1.20%
FERRO CORP 1.18%
QAD INC-A 1.11%
REPLIGEN CORP 1.09%
Q2 HOLDINGS INC 1.08%
PROS HOLDINGS INC 1.07%
BWX TECHNOLOGIES INC 1.04%
ALBANY INTL CORP-CL A 1.02%
LIGAND PHARMACEUTICALS 1.02%
ASCENDIS PHARMA A/S - ADR 1.01%
BOOT BARN HOLDINGS INC 1.00%
LITTELFUSE INC 1.00%
INTEGRATED DEVICE TECH INC 0.99%
CHEGG INC 0.96%
HEALTHEQUITY INC 0.96%
ARRAY BIOPHARMA INC 0.94%
PENUMBRA INC 0.93%
TACTILE SYSTEMS TECHNOLOGY I 0.91%
EXACT SCIENCES CORP 0.90%
SAIA INC 0.90%
CODEXIS INC 0.89%
MIMECAST LTD 0.85%
MIRATI THERAPEUTICS INC 0.84%
HARSCO CORP 0.83%
TABULA RASA HEALTHCARE INC 0.82%
J2 GLOBAL INC 0.77%
BROOKS AUTOMATION INC 0.75%
SAREPTA THERAPEUTICS INC 0.74%
ANAPLAN INC 0.68%
CADENCE BANCORP 0.68%
ACCELERON PHARMA INC 0.66%
GLOBAL BLOOD THERAPEUTICS IN 0.65%
2U INC 0.64%
TELADOC HEALTH INC 0.61%
AMICUS THERAPEUTICS INC 0.56%
PLURALSIGHT INC - A 0.53%
AERIE PHARMACEUTICALS INC 0.52%
LIVEPERSON INC 0.52%
VERICEL CORP 0.51%
FIVE9 INC 0.49%
BLACKLINE INC 0.46%
VOCERA COMMUNICATIONS INC 0.46%
PROTO LABS INC 0.45%
TANDEM DIABETES CARE INC 0.44%
NOVA MEASURING INSTRUMENTS 0.38%
ORION ENGINEERED CARBONS SA 0.37%
ANTARES PHARMA INC 0.35%
ATARA BIOTHERAPEUTICS INC 0.31%
INTERCEPT PHARMACEUTICALS IN 0.30%
VERRA MOBILITY CORP 0.08%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
1: Five Below 3.84%
2: Wingstop 3.14%
3: Mercury Systems 2.88%
4: Heico Corp 2.62%
5: Planet Fitness 2.59%
6: Realpage 2.58%
7: Novanta 2.54%
8: Bright Horizons Family Solutions 2.50%
9: Merit Medical Systems 2.16%
10: Cable One 2.14%
Holdings represent 26.99% of portfolio
Top 10 holdings as of 03/31/19
1: Five Below 3.35%
2: Wingstop 3.26%
3: Mercury Systems 2.60%
4: Bright Horizons Family Solutions 2.55%
5: Novanta 2.55%
6: Heico Corp 2.53%
7: Realpage 2.47%
8: Merit Medical Systems 2.44%
9: Planet Fitness 2.42%
10: Everbridge 2.24%
Holdings represent 26.41% of portfolio
Top 10 holdings as of 02/28/19
1: Five Below 3.22%
2: Wingstop 2.83%
3: Mercury Systems 2.55%
4: Realpage 2.47%
5: Bright Horizons Family Solutions 2.46%
6: Novanta 2.44%
7: Heico Corp 2.39%
8: Trex 2.29%
9: Merit Medical Systems 2.18%
10: Grand Canyon Education 2.15%
Holdings represent 24.98% of portfolio
Top 10 holdings as of 01/31/19
1: Five Below 3.75%
2: Wingstop 3.02%
3: Mercury Systems 2.54%
4: Bright Horizons Family Solutions 2.49%
5: Realpage 2.43%
6: Merit Medical Systems 2.39%
7: Trex 2.30%
8: Heico Corp 2.26%
9: Novanta 2.24%
10: Planet Fitness 2.18%
Holdings represent 25.60% of portfolio

Portfolio Composition as of 04/30/19

Common stock 99.22%
Cash and net other assets 0.78%

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.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 04/30/19

Information technology 26.21%
Health care 25.02%
Consumer discretionary 15.99%
Industrials 15.46%
Financials 8.45%
Communication services 5.74%
Consumer staples 1.43%
Materials 0.92%
Cash and net other assets 0.78%