Putnam Hartford Capital Manager

Putnam Multi-Cap Value Subaccount

The subaccount seeks capital appreciation and, as a secondary objective, current income.

Fund description

The subaccount employs a value strategy to identify undervalued, high-quality companies among the market's mid-cap offerings. The subaccount's managers seek stocks they believe have been under-estimated by the market. They target profitable, established companies of two kinds: smaller companies that have grown to midsize, and larger companies that have fallen out of favor temporarily but are expected to recover.

Sales story

Pursuing capital appreciation through undervalued companies Flexibility: The fund's portfolio manager can invest in companies of all sizes.A value strategy: The fund targets companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Research focus: Backed by an Equity Research team, the portfolio manager uses his stock-picking expertise to identify opportunities and manage risk.

Management team

Lipper ranking ‡ as of 10/31/17

Category: Multi-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 40% 15/37
1 yr. 79% 44/55
3 yrs. 68% 37/54
5 yrs. 49% 25/51

Risk Characteristics as of 10/31/17

Alpha (%) -0.91
Beta 0.91
R squared 0.84
Standard deviation (3 yrs.) 10.25

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 10/31/17

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 80
Turnover (fiscal year end) 84%
Net Assets $37M
Inception Date 05/01/03

Holdings

Top 10 holdings as of 10/31/17

Dxc Technology 3.79%
First Republic Bank/Ca 3.24%
Jazz Pharmaceuticals 3.15%
Bank Of America Corp 2.92%
Union Pacific Corp 2.59%
Allergan 2.41%
Nrg Energy 2.41%
Snap-On 2.39%
Boston Scientific Corp 2.36%
Northrop Grumman Corp 2.35%
Top 10 holdings, total: 27.61%

Equity Holdings as of 09/30/17

UNION PACIFIC CORP 3.71%
DXC TECHNOLOGY CO 3.48%
FIRST REPUBLIC BANK/CA 3.40%
JAZZ PHARMACEUTICALS PLC 3.19%
NRG ENERGY INC 2.41%
BOSTON SCIENTIFIC CORP 2.39%
BALL CORP 2.38%
ALLERGAN PLC 2.28%
SNAP-ON INC 2.21%
BANK OF AMERICA CORP 2.20%
MALLINCKRODT PLC 2.14%
AMETEK INC 2.13%
E*TRADE FINANCIAL CORPORATION 1.92%
HARRIS CORP 1.86%
DANAHER CORP 1.81%
NORTHROP GRUMMAN CORP 1.79%
PACWEST BANCORP 1.79%
CONOCOPHILLIPS 1.75%
EXELON CORP 1.72%
LAM RESEARCH CORP 1.72%
XEROX CORP 1.67%
JOHNSON CONTROLS INTERNATION 1.64%
FIDELITY NATIONAL INFO SERV 1.62%
AMEREN CORPORATION 1.61%
JPMORGAN CHASE & CO 1.58%
WYNN RESORTS LTD 1.58%
EOG RESOURCES INC 1.57%
BECTON DICKINSON AND CO 1.47%
L3 TECHNOLOGIES INC 1.43%
INVESCO LTD 1.39%
KEYCORP 1.36%
W.R. GRACE & CO 1.29%
ARAMARK 1.28%
ALLERGAN PLC 05.5000 CV PFD 1.23%
HARTFORD FINANCIAL SVCS GRP 1.17%
EAST WEST BANCORP INC 1.16%
PINNACLE FOODS INC 1.12%
JM SMUCKER CO/THE 1.11%
HANESBRANDS INC 1.08%
ENCANA CORP 1.05%
GOODYEAR TIRE & RUBBER CO 1.02%
TJX COMPANIES INC 1.02%
HOST HOTELS & RESORTS INC 0.96%
OLIN CORP 0.96%
AMERICAN INTERNATIONAL GROUP 0.90%
CMS ENERGY CORP 0.85%
GRAPHIC PACKAGING HOLDING CO 0.84%
ALCOA CORP 0.82%
BRUNSWICK CORP 0.81%
AGILENT TECHNOLOGIES INC 0.76%
OLD NATIONAL BANCORP 0.75%
CUMMINS INC 0.73%
MARATHON OIL CORP 0.68%
AMERICAN AIRLINES GROUP INC 0.67%
ASSURED GUARANTY LTD 0.67%
CELANESE CORP-SERIES A 0.63%
HILTON WORLDWIDE HOLDINGS IN 0.62%
ANADARKO PETROLEUM CORP 0.61%
APACHE CORP 0.60%
GAP INC/THE 0.59%
SEALED AIR CORP 0.57%
PULTEGROUP INC 0.54%
EDGEWELL PERSONAL CARE CO 0.53%
J. JILL INC 0.50%
SUMMIT MATERIALS INC -CL A 0.50%
PENN NATIONAL GAMING INC 0.48%
CF INDUSTRIES HOLDINGS INC 0.46%
MICRO FOCUS INTL-SPN ADR 0.46%
CLEVELAND-CLIFFS INC 0.44%
MBIA INC 0.37%
WESTERN DIGITAL CORP 0.36%
AVON PRODUCTS INC 0.33%
UNITED STATES STEEL CORP 0.33%
ENDO INTERNATIONAL PLC 0.32%
OWENS CORNING 0.31%
DOVER CORP 0.30%
EQT CORP 0.29%
MICHAELS COS INC/THE 0.28%
NEWELL BRANDS INC 0.24%
PIONEER NAT RES CO 0.21%

Full Portfolio Holdings as of 09/30/17

UNION PACIFIC CORP 3.71%
DXC TECHNOLOGY CO 3.48%
FIRST REPUBLIC BANK/CA 3.40%
JAZZ PHARMACEUTICALS PLC 3.19%
NRG ENERGY INC 2.41%
BOSTON SCIENTIFIC CORP 2.39%
BALL CORP 2.38%
ALLERGAN PLC 2.28%
SNAP-ON INC 2.21%
BANK OF AMERICA CORP 2.20%
MALLINCKRODT PLC 2.14%
AMETEK INC 2.13%
E*TRADE FINANCIAL CORPORATION 1.92%
HARRIS CORP 1.86%
DANAHER CORP 1.81%
NORTHROP GRUMMAN CORP 1.79%
PACWEST BANCORP 1.79%
CONOCOPHILLIPS 1.75%
EXELON CORP 1.72%
LAM RESEARCH CORP 1.72%
XEROX CORP 1.67%
JOHNSON CONTROLS INTERNATION 1.64%
FIDELITY NATIONAL INFO SERV 1.62%
AMEREN CORPORATION 1.61%
JPMORGAN CHASE & CO 1.58%
WYNN RESORTS LTD 1.58%
EOG RESOURCES INC 1.57%
BECTON DICKINSON AND CO 1.47%
L3 TECHNOLOGIES INC 1.43%
INVESCO LTD 1.39%
KEYCORP 1.36%
W.R. GRACE & CO 1.29%
ARAMARK 1.28%
ALLERGAN PLC 05.5000 CV PFD 1.23%
HARTFORD FINANCIAL SVCS GRP 1.17%
EAST WEST BANCORP INC 1.16%
PINNACLE FOODS INC 1.12%
JM SMUCKER CO/THE 1.11%
HANESBRANDS INC 1.08%
ENCANA CORP 1.05%
GOODYEAR TIRE & RUBBER CO 1.02%
TJX COMPANIES INC 1.02%
HOST HOTELS & RESORTS INC 0.96%
OLIN CORP 0.96%
AMERICAN INTERNATIONAL GROUP 0.90%
CMS ENERGY CORP 0.85%
GRAPHIC PACKAGING HOLDING CO 0.84%
ALCOA CORP 0.82%
BRUNSWICK CORP 0.81%
AGILENT TECHNOLOGIES INC 0.76%
OLD NATIONAL BANCORP 0.75%
CUMMINS INC 0.73%
MARATHON OIL CORP 0.68%
AMERICAN AIRLINES GROUP INC 0.67%
ASSURED GUARANTY LTD 0.67%
CELANESE CORP-SERIES A 0.63%
HILTON WORLDWIDE HOLDINGS IN 0.62%
ANADARKO PETROLEUM CORP 0.61%
APACHE CORP 0.60%
GAP INC/THE 0.59%
SEALED AIR CORP 0.57%
PULTEGROUP INC 0.54%
EDGEWELL PERSONAL CARE CO 0.53%
J. JILL INC 0.50%
SUMMIT MATERIALS INC -CL A 0.50%
PENN NATIONAL GAMING INC 0.48%
CF INDUSTRIES HOLDINGS INC 0.46%
MICRO FOCUS INTL-SPN ADR 0.46%
CLEVELAND-CLIFFS INC 0.44%
MBIA INC 0.37%
WESTERN DIGITAL CORP 0.36%
AVON PRODUCTS INC 0.33%
UNITED STATES STEEL CORP 0.33%
ENDO INTERNATIONAL PLC 0.32%
OWENS CORNING 0.31%
DOVER CORP 0.30%
EQT CORP 0.29%
MICHAELS COS INC/THE 0.28%
NEWELL BRANDS INC 0.24%
PIONEER NAT RES CO 0.21%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
1: Dxc Technology 3.79%
2: First Republic Bank/Ca 3.24%
3: Jazz Pharmaceuticals 3.15%
4: Bank Of America Corp 2.92%
5: Union Pacific Corp 2.59%
6: Allergan 2.41%
7: Nrg Energy 2.41%
8: Snap-On 2.39%
9: Boston Scientific Corp 2.36%
10: Northrop Grumman Corp 2.35%
Holdings represent 27.61% of portfolio
Top 10 holdings as of 09/30/17
1: Union Pacific Corp 3.71%
2: Allergan 3.51%
3: Dxc Technology 3.48%
4: First Republic Bank/Ca 3.40%
5: Jazz Pharmaceuticals 3.19%
6: Nrg Energy 2.41%
7: Boston Scientific Corp 2.39%
8: Ball Corp 2.38%
9: Snap-On 2.21%
10: Bank Of America Corp 2.20%
Holdings represent 28.88% of portfolio
Top 10 holdings as of 08/31/17
1: Allergan 4.01%
2: Dxc Technology 3.52%
3: Union Pacific Corp 3.44%
4: Jazz Pharmaceuticals 3.33%
5: First Republic Bank/Ca 3.23%
6: Boston Scientific Corp 2.40%
7: Mallinckrodt 2.40%
8: Nrg Energy 2.40%
9: Ball Corp 2.35%
10: Ametek 2.27%
Holdings represent 29.35% of portfolio
Top 10 holdings as of 07/31/17
1: Allergan 4.29%
2: Jazz Pharmaceuticals 3.34%
3: EOG Resources 3.30%
4: Union Pacific Corp 3.28%
5: First Republic Bank/Ca 3.25%
6: Dxc Technology 3.16%
7: Ball Corp 2.68%
8: Mallinckrodt 2.61%
9: Ametek 2.51%
10: Nrg Energy 2.31%
Holdings represent 30.73% of portfolio

Portfolio Composition as of 10/31/17

Common stock 95.36%
Cash and net other assets 4.64%

Portfolio allocations 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. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 10/31/17

Financials 18.20%
Industrials 16.41%
Health care 13.65%
Information technology 11.52%
Materials 9.28%
Consumer discretionary 8.18%
Energy 7.39%
Utilities 6.94%
Cash and net other assets 4.64%
 
Other
3.79%
Consumer staples 2.76%
Real estate 1.03%