Putnam Allstate Advisor Preferred

Putnam Equity Income Subaccount

The subaccount seeks current income. Capital growth is a secondary objective when consistent with seeking current income.

Fund description

The subaccount employs Putnam's value strategy to invest primarily in stocks of large and mid-sized companies that are undervalued and poised for positive change. The subaccount favors dividend-paying companies and is broadly diversified across market sectors. To help manage volatility and increase current income, up to 20% of the portfolio can be invested in high quality, fixed-income securities.

Sales story

A multidimensional approach that defines value on a daily basisA large-value focus: The fund focuses on large companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Dividend growth: The fund places a distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.A disciplined process: The portfolio managers invest using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.

Management team

Daily pricing as of 04/09/21

with optional enhanced death benefits
Unit Value $43.853757 $42.673839
Unit Value Change 0.17356 0.168716

Lipper ranking ‡ as of 02/28/21

Category: Equity Income Funds

  Percentile ranking Rank/Funds in category
10 yrs. 13% 7/56
1 yr. 17% 13/79
3 yrs. 12% 9/76
5 yrs. 15% 10/70

‡ 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 03/31/21

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 83
Turnover (fiscal year end) 20%
Net Assets $1,545M
Inception Date 05/01/03


Performance as of 03/31/21

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
Restated performance
Unit Value 10.78% 10.78% 55.49% 10.91% 11.69% 10.05% 8.48%
Standardized 8.78% 8.78% 53.49% 10.91% 11.69% 10.05% 8.48%
With optional enhanced death benefit
Unit Value 10.74% 10.74% 55.26% 10.74% 11.53% 9.88% 8.32%
Standardized 8.74% 8.74% 53.26% 10.74% 11.53% 9.88% 8.32%
Actual performance
Unit Value 10.78% 10.78% 55.49% 10.91% 11.69% 10.05% 8.48%
Standardized 8.78% 8.78% 53.49% 10.91% 11.69% 10.05% 8.48%
With optional enhanced death benefit
Unit Value -- -- -- -- -- -- --
Standardized -- -- -- -- -- -- --

Annual Performance at NAV

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0.24% 17.33% 30.23% 10.80% -4.64% 11.77% 16.82% -10.01% 28.25% 4.06%
With optional enhanced death benefit
0.09% 17.15% 30.03% 10.63% -4.79% 11.60% 16.64% -10.14% 28.06% 3.90%

Restated performance

Monthly as of 03/31/21

Unit Value 5.29%
Standardized 3.29%

YTD as of 04/09/21

Unit Value 13.00%
Standardized 11.00%

With optional enhanced death benefit

Monthly as of 03/31/21

Unit Value 5.28%
Standardized 3.28%

YTD as of 04/09/21

Unit Value 12.95%
Standardized 10.95%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., Simsbury, CT.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277.

Risk Characteristics as of 02/28/21

Alpha (%) 1.75
Beta 1.00
R Squared 0.98
Standard Deviation (3 yrs.) 19.67


JPMorgan Chase 3.50%
Bank Of America Corp 3.36%
Microsoft Corp 3.13%
Citigroup 3.04%
Freeport-Mcmoran 2.74%
Walmart 2.59%
Southwest Airlines 2.10%
General Motors 2.08%
Johnson&Johnson 2.03%
T-Mobile Us 1.78%
Top 10 holdings, total: 26.35%

Top 10 holdings as of 02/28/21
1: JPMorgan Chase 3.50%
2: Bank Of America Corp 3.36%
3: Microsoft Corp 3.13%
4: Citigroup 3.04%
5: Freeport-Mcmoran 2.74%
6: Walmart 2.59%
7: Southwest Airlines 2.10%
8: General Motors 2.08%
9: Johnson&Johnson 2.03%
10: T-Mobile Us 1.78%
Holdings represent 26.35% of portfolio
Top 10 holdings as of 01/31/21
1: Microsoft Corp 3.32%
2: JPMorgan Chase 3.25%
3: Bank Of America Corp 3.05%
4: Walmart 2.97%
5: Citigroup 2.84%
6: Freeport-Mcmoran 2.31%
7: Johnson&Johnson 2.22%
8: General Motors 2.18%
9: Qualcomm 2.01%
10: Eli Lilly And 1.99%
Holdings represent 26.14% of portfolio
Top 10 holdings as of 12/31/20
1: JPMorgan Chase 3.18%
2: Microsoft Corp 3.15%
3: Bank Of America Corp 3.08%
4: Walmart 3.02%
5: Citigroup 2.99%
6: Freeport-Mcmoran 2.21%
7: Johnson&Johnson 2.12%
8: T-Mobile Us 2.05%
9: Qualcomm 1.94%
10: Charter Communications 1.85%
Holdings represent 25.59% of portfolio
Top 10 holdings as of 11/30/20
1: Walmart 3.36%
2: Microsoft Corp 3.16%
3: JPMorgan Chase 3.09%
4: Bank Of America Corp 3.02%
5: Citigroup 2.77%
6: Johnson&Johnson 2.04%
7: Freeport-Mcmoran 2.04%
8: Fidelity National Information Services 2.01%
9: Qualcomm 1.98%
10: T-Mobile Us 1.98%
Holdings represent 25.45% of portfolio

Portfolio Composition as of 02/28/21

Common stock 97.20%
Convertible preferred stock 1.57%
Cash and net other assets 1.23%

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 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. 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.

Top Industry Sectors as of 02/28/21

Financials 20.88%
Health care 13.89%
Industrials 11.70%
Information technology 9.88%
Materials 7.44%
Consumer discretionary 7.36%
Consumer staples 6.85%
Energy 6.71%
Communication services 6.09%
Utilities 4.68%
Real estate 3.29%
Cash and net other assets 1.23%


Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N


Year Percent
1 2.00%
2 1.00%
3+ 0.00%