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 01/31/18

Category: Multi-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 48% 19/39
1 yr. 97% 53/54
3 yrs. 85% 45/52
5 yrs. 57% 28/49

Risk Characteristics as of 01/31/18

Alpha (%) -2.15
Beta 0.94
R squared 0.84
Standard deviation (3 yrs.) 10.30

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 01/31/18

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 79
Turnover (fiscal year end) 84%
Net Assets $38M
Inception Date 05/01/03

Holdings

Top 10 holdings as of 01/31/18

Dxc Technology 4.02%
Bank Of America Corp 3.67%
Union Pacific Corp 2.92%
Becton Dickinson And 2.90%
Northrop Grumman Corp 2.82%
E*Trade Financial Corp 2.75%
First Republic Bank/Ca 2.37%
ConocoPhillips 2.29%
Jazz Pharmaceuticals 2.25%
Ametek 2.23%
Top 10 holdings, total: 28.22%

Equity Holdings as of 12/31/17

DXC TECHNOLOGY CO 3.92%
BANK OF AMERICA CORP 3.46%
UNION PACIFIC CORP 3.00%
SNAP-ON INC 2.64%
NORTHROP GRUMMAN CORP 2.60%
E*TRADE FINANCIAL CORPORATION 2.26%
JAZZ PHARMACEUTICALS PLC 2.23%
FIRST REPUBLIC BANK/CA 2.22%
CONOCOPHILLIPS 2.18%
AMETEK INC 2.17%
BOSTON SCIENTIFIC CORP 2.07%
HARRIS CORP 2.04%
DANAHER CORP 2.00%
CITIGROUP INC 1.93%
BECTON DICKINSON AND CO 1.85%
EXELON CORP 1.83%
WYNN RESORTS LTD 1.83%
BALL CORP 1.78%
EOG RESOURCES INC 1.78%
AMEREN CORPORATION 1.67%
FIDELITY NATIONAL INFO SERV 1.66%
JOHNSON CONTROLS INTERNATION 1.58%
KEYCORP 1.58%
ALLERGAN PLC 1.57%
L3 TECHNOLOGIES INC 1.53%
XEROX CORP 1.51%
EAST WEST BANCORP INC 1.48%
GOLDMAN SACHS GROUP INC 1.48%
INVESCO LTD 1.47%
PINNACLE FOODS INC 1.40%
ENCANA CORP 1.38%
W.R. GRACE & CO 1.38%
LAM RESEARCH CORP 1.32%
HARTFORD FINANCIAL SVCS GRP 1.21%
ALCOA CORP 1.18%
CMS ENERGY CORP 1.10%
NORFOLK SOUTHERN CORP 1.07%
PACWEST BANCORP 1.06%
HOST HOTELS & RESORTS INC 1.05%
OLIN CORP 1.02%
KRAFT HEINZ CO/THE 1.00%
NRG ENERGY INC 0.96%
GRAPHIC PACKAGING HOLDING CO 0.95%
AMERICAN INTERNATIONAL GROUP 0.89%
PULTEGROUP INC 0.89%
DENTSPLY SIRONA INC 0.88%
JM SMUCKER CO/THE 0.86%
MARATHON OIL CORP 0.86%
AGILENT TECHNOLOGIES INC 0.81%
AMERICAN AIRLINES GROUP INC 0.74%
HILTON WORLDWIDE HOLDINGS IN 0.73%
OLD NATIONAL BANCORP 0.73%
TIFFANY & CO 0.69%
ANADARKO PETROLEUM CORP 0.68%
TJX COMPANIES INC 0.67%
CELANESE CORP-SERIES A 0.66%
CF INDUSTRIES HOLDINGS INC 0.66%
OWENS CORNING 0.66%
PENN NATIONAL GAMING INC 0.65%
BRUNSWICK CORP 0.63%
MICHAELS COS INC/THE 0.62%
ASSURED GUARANTY LTD 0.61%
APACHE CORP 0.56%
REGIONS FINANCIAL CORP 0.53%
UNITED STATES STEEL CORP 0.53%
GAP INC/THE 0.51%
SUMMIT MATERIALS INC -CL A 0.51%
MICRO FOCUS INTL-SPN ADR 0.49%
GOODYEAR TIRE & RUBBER CO 0.45%
MILACRON HOLDINGS CORP 0.44%
ARAMARK 0.41%
OSHKOSH CORP 0.36%
DEVON ENERGY CORP 0.35%
DOVER CORP 0.33%
AVON PRODUCTS INC 0.31%
MEDICINES COMPANY 0.30%
TRANSOCEAN LTD 0.29%
HASBRO INC 0.28%
EQT CORP 0.26%

Full Portfolio Holdings as of 12/31/17

DXC TECHNOLOGY CO 3.92%
BANK OF AMERICA CORP 3.46%
UNION PACIFIC CORP 3.00%
SNAP-ON INC 2.64%
NORTHROP GRUMMAN CORP 2.60%
E*TRADE FINANCIAL CORPORATION 2.26%
JAZZ PHARMACEUTICALS PLC 2.23%
FIRST REPUBLIC BANK/CA 2.22%
CONOCOPHILLIPS 2.18%
AMETEK INC 2.17%
BOSTON SCIENTIFIC CORP 2.07%
HARRIS CORP 2.04%
DANAHER CORP 2.00%
CITIGROUP INC 1.93%
BECTON DICKINSON AND CO 1.85%
EXELON CORP 1.83%
WYNN RESORTS LTD 1.83%
BALL CORP 1.78%
EOG RESOURCES INC 1.78%
AMEREN CORPORATION 1.67%
FIDELITY NATIONAL INFO SERV 1.66%
JOHNSON CONTROLS INTERNATION 1.58%
KEYCORP 1.58%
ALLERGAN PLC 1.57%
L3 TECHNOLOGIES INC 1.53%
XEROX CORP 1.51%
EAST WEST BANCORP INC 1.48%
GOLDMAN SACHS GROUP INC 1.48%
INVESCO LTD 1.47%
PINNACLE FOODS INC 1.40%
ENCANA CORP 1.38%
W.R. GRACE & CO 1.38%
LAM RESEARCH CORP 1.32%
HARTFORD FINANCIAL SVCS GRP 1.21%
ALCOA CORP 1.18%
CMS ENERGY CORP 1.10%
NORFOLK SOUTHERN CORP 1.07%
PACWEST BANCORP 1.06%
HOST HOTELS & RESORTS INC 1.05%
OLIN CORP 1.02%
KRAFT HEINZ CO/THE 1.00%
NRG ENERGY INC 0.96%
GRAPHIC PACKAGING HOLDING CO 0.95%
AMERICAN INTERNATIONAL GROUP 0.89%
PULTEGROUP INC 0.89%
DENTSPLY SIRONA INC 0.88%
JM SMUCKER CO/THE 0.86%
MARATHON OIL CORP 0.86%
AGILENT TECHNOLOGIES INC 0.81%
AMERICAN AIRLINES GROUP INC 0.74%
HILTON WORLDWIDE HOLDINGS IN 0.73%
OLD NATIONAL BANCORP 0.73%
TIFFANY & CO 0.69%
ANADARKO PETROLEUM CORP 0.68%
TJX COMPANIES INC 0.67%
CELANESE CORP-SERIES A 0.66%
CF INDUSTRIES HOLDINGS INC 0.66%
OWENS CORNING 0.66%
PENN NATIONAL GAMING INC 0.65%
BRUNSWICK CORP 0.63%
MICHAELS COS INC/THE 0.62%
ASSURED GUARANTY LTD 0.61%
APACHE CORP 0.56%
REGIONS FINANCIAL CORP 0.53%
UNITED STATES STEEL CORP 0.53%
GAP INC/THE 0.51%
SUMMIT MATERIALS INC -CL A 0.51%
MICRO FOCUS INTL-SPN ADR 0.49%
GOODYEAR TIRE & RUBBER CO 0.45%
MILACRON HOLDINGS CORP 0.44%
ARAMARK 0.41%
OSHKOSH CORP 0.36%
DEVON ENERGY CORP 0.35%
DOVER CORP 0.33%
AVON PRODUCTS INC 0.31%
MEDICINES COMPANY 0.30%
TRANSOCEAN LTD 0.29%
HASBRO INC 0.28%
EQT CORP 0.26%
S&P500 EMINI FUT MAR18 ESH8 0.01%
S&P MID 400 EMINI MAR18 FAH8 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
1: Dxc Technology 4.02%
2: Bank Of America Corp 3.67%
3: Union Pacific Corp 2.92%
4: Becton Dickinson And 2.90%
5: Northrop Grumman Corp 2.82%
6: E*Trade Financial Corp 2.75%
7: First Republic Bank/Ca 2.37%
8: ConocoPhillips 2.29%
9: Jazz Pharmaceuticals 2.25%
10: Ametek 2.23%
Holdings represent 28.22% of portfolio
Top 10 holdings as of 12/31/17
1: Dxc Technology 3.92%
2: Bank Of America Corp 3.46%
3: Union Pacific Corp 3.00%
4: Snap-On 2.64%
5: Northrop Grumman Corp 2.60%
6: E*Trade Financial Corp 2.26%
7: Jazz Pharmaceuticals 2.23%
8: First Republic Bank/Ca 2.22%
9: ConocoPhillips 2.18%
10: Ametek 2.17%
Holdings represent 26.68% of portfolio
Top 10 holdings as of 11/30/17
1: Dxc Technology 3.96%
2: Bank Of America Corp 3.06%
3: Union Pacific Corp 2.82%
4: Nrg Energy 2.65%
5: Northrop Grumman Corp 2.59%
6: Snap-On 2.55%
7: First Republic Bank/Ca 2.44%
8: Jazz Pharmaceuticals 2.31%
9: E*Trade Financial Corp 2.19%
10: Boston Scientific Corp 2.19%
Holdings represent 26.76% of portfolio
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

Portfolio Composition as of 01/31/18

Common stock 92.90%
Cash and net other assets 7.10%

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 01/31/18

Financials 24.44%
Industrials 15.93%
Health care 12.01%
Materials 9.03%
Information technology 8.55%
Energy 8.30%
Cash and net other assets 7.10%
Consumer discretionary 5.33%
Utilities 4.73%
 
Other
4.58%
Consumer staples 3.51%
Real estate 1.07%