Putnam Capital Manager

Putnam Sustainable Future Subaccount

The subaccount seeks long-term capital appreciation.

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

Investing in growing companies solving sustainability challengesImpact companies: The fund invests in growth companies that directly demonstrate positive impact in social, environmental, or economic development.Active strategy: The managers utilize bottom-up research to identify companies with attractive sustainability, fundamental, and valuation characteristics.Veteran team: A dedicated sustainable investing team is backed by Putnam's equity research and quantitative/risk analysis groups.

Management team

Lipper ranking ‡ as of 09/30/19

Category: Multi-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 93% 70/75
1 yr. 58% 53/91
3 yrs. 95% 87/91
5 yrs. 92% 83/90

Risk Characteristics as of 09/30/19

Alpha (%) -1.29
Beta 0.89
R squared 0.94
Standard deviation (3 yrs.) 13.11

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 09/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 62
Turnover (fiscal year end) 99%
Net Assets $32M
Inception Date 05/01/03

Holdings

Top 10 holdings as of 09/30/19

Salesforce.Com 4.39%
Mastercard 3.75%
Danaher Corp 3.70%
Mccormick Md 3.36%
Chipotle Mexican Grill 3.27%
Unilever 3.17%
Vail Resorts 2.98%
Adobe 2.49%
Edwards Lifesciences Corp 2.42%
Novozymes A/S - B Shares 2.41%
Top 10 holdings, total: 31.94%

Full Portfolio Holdings as of 09/30/19

SALESFORCE.COM INC SEDOL 2310525 4.39%
MASTERCARD INC - A SEDOL B121557 3.75%
DANAHER CORP SEDOL 2250870 3.70%
MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 3.36%
CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 3.27%
UNILEVER PLC SEDOL B10RZP7 3.17%
VAIL RESORTS INC SEDOL 2954194 2.98%
ADOBE INC SEDOL 2008154 2.49%
EDWARDS LIFESCIENCES CORP SEDOL 2567116 2.42%
NOVOZYMES A/S-B SHARES SEDOL B798FW0 2.41%
BECTON DICKINSON AND CO SEDOL 2087807 2.40%
DOCUSIGN INC SEDOL BFYT7B7 2.35%
WEBSTER FINANCIAL CORP SEDOL 2945143 2.34%
FIRST REPUBLIC BANK/CA SEDOL B4WHY15 2.23%
ALPHABET INC-CL A SEDOL BYVY8G0 2.20%
TELADOC HEALTH INC SEDOL BYQRFY1 2.20%
NXP SEMICONDUCTORS NV SEDOL B505PN7 2.12%
THERMO FISHER SCIENTIFIC INC SEDOL 2886907 2.03%
BALL CORP SEDOL 2073022 1.99%
ADIDAS AG SEDOL 4031976 1.95%
VERTEX PHARMACEUTICALS INC SEDOL 2931034 1.94%
BLACKROCK INC SEDOL 2494504 1.91%
NEXTERA ENERGY INC SEDOL 2328915 1.70%
ON SEMICONDUCTOR CORP SEDOL 2583576 1.58%
GODADDY INC - CLASS A SEDOL BWFRFC6 1.56%
SUNRUN INC SEDOL BYXB1Y8 1.52%
KONINKLIJKE DSM NV SEDOL B0HZL93 1.52%
EVERBRIDGE INC SEDOL BYY5ZB4 1.45%
TREX COMPANY INC SEDOL 2483074 1.42%
PINTEREST INC- CLASS A SEDOL BJ2Z0H2 1.38%
MSCI INC SEDOL B2972D2 1.37%
INTERFACE INC SEDOL B86V808 1.33%
FIRST SOLAR INC SEDOL B1HMF22 1.31%
EURAZEO SE SEDOL 7042395 1.29%
BIO-RAD LABORATORIES-A SEDOL 2098508 1.23%
NOMAD FOODS LTD SEDOL BQFJGK5 1.21%
TALEND SA - ADR SEDOL BD39HN6 1.20%
HEALTHEQUITY INC SEDOL BP8XZL1 1.17%
PENUMBRA INC SEDOL BZ0V201 1.15%
SIMPLY GOOD FOODS CO/THE SEDOL BF27XF9 1.10%
CHR HANSEN HOLDING A/S SEDOL B573M11 1.01%
PLANET FITNESS INC - CL A SEDOL BYSFJV8 1.01%
PVH CORP SEDOL B3V9F12 0.99%
UNITED RENTALS INC SEDOL 2134781 0.94%
APPLIED MATERIALS INC SEDOL 2046552 0.94%
BANDWIDTH INC-CLASS A SEDOL BD3FZ18 0.94%
LYFT INC-A SEDOL BJT1RW7 0.86%
ECOLAB INC SEDOL 2304227 0.85%
CREE INC SEDOL 2232351 0.82%
FORTIVE CORP SEDOL BYT3MK1 0.80%
STITCH FIX INC-CLASS A SEDOL BF3FPW3 0.80%
PLURALSIGHT INC - A SEDOL BFZCT75 0.75%
MESA LABORATORIES INC SEDOL 2553814 0.71%
IDEXX LABORATORIES INC SEDOL 2459202 0.56%
GALAPAGOS NV-SPON ADR SEDOL B292NQ7 0.52%
TIVITY HEALTH INC SEDOL BD8Q1B8 0.46%
ASML HOLDING NV-NY REG SHS SEDOL B908F01 0.42%
LIVONGO HEALTH INC SEDOL BK74NR2 0.33%
ORCHARD THERAPEUTICS PLC SEDOL BGT3960 0.25%
JAZZ PHARMACEUTICALS PLC SEDOL B4Q5ZN4 0.21%
BLUEBIRD BIO INC SEDOL BBFL7S1 0.18%
CROWDSTRIKE HOLDINGS INC - A SEDOL BJJP138 0.15%
EUR/USD 12/18/2019 BANKAM 0.01%
EUR/USD 12/18/2019 JPMCB 0.00%
EUR/USD 12/18/2019 SSBT 0.00%
EUR/USD 12/18/2019 UBS 0.00%
GBP/USD 12/18/2019 BANKAM 0.00%
GBP/USD 12/18/2019 BCAP-FX -0.01%

Prior top 10 holdings

Top 10 holdings as of 09/30/19
1: Salesforce.Com 4.39%
2: Mastercard 3.75%
3: Danaher Corp 3.70%
4: Mccormick Md 3.36%
5: Chipotle Mexican Grill 3.27%
6: Unilever 3.17%
7: Vail Resorts 2.98%
8: Adobe 2.49%
9: Edwards Lifesciences Corp 2.42%
10: Novozymes A/S - B Shares 2.41%
Holdings represent 31.94% of portfolio
Top 10 holdings as of 08/31/19
1: Danaher Corp 4.93%
2: Salesforce.Com 4.53%
3: Mastercard 3.81%
4: Mccormick Md 3.76%
5: Unilever 3.24%
6: Chipotle Mexican Grill 3.20%
7: Vail Resorts 3.04%
8: Adobe 2.96%
9: Everbridge 2.78%
10: Novozymes A/S - B Shares 2.39%
Holdings represent 34.64% of portfolio
Top 10 holdings as of 07/31/19
1: Danaher Corp 4.61%
2: Salesforce.Com 4.24%
3: Mccormick Md 3.86%
4: Mastercard 3.49%
5: Vail Resorts 3.38%
6: Everbridge 3.22%
7: Novozymes A/S - B Shares 3.21%
8: Penumbra 3.13%
9: Adobe 2.94%
10: Unilever 2.92%
Holdings represent 35.00% of portfolio
Top 10 holdings as of 06/30/19
1: Danaher Corp 4.72%
2: Salesforce.Com 4.19%
3: Mccormick Md 3.81%
4: Mastercard 3.41%
5: Novozymes A/S - B Shares 3.25%
6: Vail Resorts 3.08%
7: Unilever 3.04%
8: Penumbra 3.01%
9: First Republic Bank/Ca 2.93%
10: Adobe 2.92%
Holdings represent 34.36% of portfolio

Portfolio Composition as of 09/30/19

Common stock 96.60%
Cash and net other assets 3.40%

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 09/30/19

Information technology 25.31%
Health care 21.45%
Consumer discretionary 11.00%
Financials 9.14%
Consumer staples 8.84%
Materials 7.76%
Industrials 6.88%
Communication services 4.52%
Cash and net other assets 3.40%
 
Other
1.70%
Utilities 1.70%