‡ 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.
Putnam Capital Manager
Putnam Large Cap Value Subaccount
The subaccount seeks capital growth and current income.
Fund description
The subaccount employs Putnam's value strategy, investing primarily in stocks of large companies with underappreciated fundamentals and income potential from growing dividends. The portfolio managers pursue returns for investors across the U.S. equity universe.
Sales story
A multidimensional approach to value investingRelative value approachDefines the value universe daily with fundamental and quantitative tools to identify unique value opportunities.Focus on cash flowsPuts distinct emphasis on companies able and willing to return cash to shareholders, and focuses on future cash flows instead of earnings to evaluate value creation.Disciplined risk managementUtilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle.
Management team
- Darren A. Jaroch, CFA (Investing since 1996)
- Lauren B. DeMore, CFA (Investing since 2002)
Lipper ranking ‡ as of 06/30/24
Category: Large-Cap Value Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 11% | 5/45 |
| 1 yr. | 6% | 3/54 |
| 3 yrs. | 4% | 2/54 |
| 5 yrs. | 12% | 6/53 |
Risk Characteristics as of 06/30/24
| Alpha (%) | 5.78 |
| Beta | 0.94 |
| R squared | 0.98 |
| Standard deviation (3 yrs.) | 15.48 |
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 | 68 |
| Turnover (fiscal year end) | 14% |
| Net Assets | $1,961M |
| Inception Date | 05/01/03 |
Holdings
| Exxon Mobil Corp | 3.02% |
| Citigroup | 2.94% |
| Microsoft Corp | 2.91% |
| Walmart | 2.67% |
| Bank Of America Corp | 2.53% |
| Coca-Cola The | 2.38% |
| Regeneron Pharmaceuticals | 2.30% |
| AbbVie | 2.24% |
| Mckesson Corp | 2.21% |
| Procter Gamble The | 2.19% |
| Top 10 holdings, total: | 25.39% |
| Top 10 holdings as of 06/30/24 | |
|---|---|
| 1: Exxon Mobil Corp | 3.02% |
| 2: Citigroup | 2.94% |
| 3: Microsoft Corp | 2.91% |
| 4: Walmart | 2.67% |
| 5: Bank Of America Corp | 2.53% |
| 6: Coca-Cola The | 2.38% |
| 7: Regeneron Pharmaceuticals | 2.30% |
| 8: AbbVie | 2.24% |
| 9: Mckesson Corp | 2.21% |
| 10: Procter Gamble The | 2.19% |
| Holdings represent 25.39% of portfolio | |
| Top 10 holdings as of 05/31/24 | |
|---|---|
| 1: Exxon Mobil Corp | 3.09% |
| 2: Citigroup | 2.73% |
| 3: Microsoft Corp | 2.72% |
| 4: Qualcomm | 2.63% |
| 5: Walmart | 2.61% |
| 6: Bank Of America Corp | 2.56% |
| 7: Coca-Cola The | 2.36% |
| 8: Pultegroup | 2.34% |
| 9: Mckesson Corp | 2.22% |
| 10: Procter Gamble The | 2.20% |
| Holdings represent 25.45% of portfolio | |
| Top 10 holdings as of 04/30/24 | |
|---|---|
| 1: Exxon Mobil Corp | 3.27% |
| 2: Citigroup | 2.82% |
| 3: Pultegroup | 2.76% |
| 4: Microsoft Corp | 2.68% |
| 5: Bank Of America Corp | 2.49% |
| 6: Walmart | 2.47% |
| 7: Coca-Cola The | 2.43% |
| 8: Procter Gamble The | 2.28% |
| 9: Qualcomm | 2.24% |
| 10: Mckesson Corp | 2.20% |
| Holdings represent 25.64% of portfolio | |
| Top 10 holdings as of 03/31/24 | |
|---|---|
| 1: Exxon Mobil Corp | 3.20% |
| 2: Pultegroup | 2.98% |
| 3: Citigroup | 2.89% |
| 4: Microsoft Corp | 2.88% |
| 5: Bank Of America Corp | 2.53% |
| 6: Walmart | 2.49% |
| 7: Coca-Cola | 2.40% |
| 8: Oracle Corp | 2.36% |
| 9: Qualcomm | 2.27% |
| 10: Regeneron Pharmaceuticals | 2.21% |
| Holdings represent 26.22% of portfolio | |
Portfolio Composition as of 06/30/24
| Common stock | 94.89% |
| Cash and net other assets | 5.11% |
Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of investments in the fundâs 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 fundâs portfolio holdings. 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 fundâs 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 06/30/24
| Financials | 17.25% |
|---|---|
| Health care | 16.19% |
| Consumer staples | 10.86% |
| Industrials | 10.77% |
| Information technology | 9.14% |
| Materials | 7.40% |
| Energy | 7.05% |
| Consumer discretionary | 6.23% |
| Utilities | 5.15% |
| Other | 9.96% |
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