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 01/31/19

Category: Multi-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 78% 55/70
1 yr. 63% 53/84
3 yrs. 95% 80/84
5 yrs. 93% 77/82

Risk Characteristics as of 01/31/19

Alpha (%) -0.53
Beta 0.89
R squared 0.93
Standard deviation (3 yrs.) 12.17

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 01/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 51
Turnover (fiscal year end) 99%
Net Assets $31M
Inception Date 05/01/03

Holdings

Top 10 holdings as of 01/31/19

Salesforce.Com 4.58%
Becton Dickinson And 4.40%
Danaher Corp 3.69%
Everbridge 3.52%
Unilever 3.43%
Adobe 3.35%
Alphabet 3.07%
Mccormick Md 3.05%
Novozymes A/S - B Shares 2.93%
First Republic Bank/Ca 2.89%
Top 10 holdings, total: 34.91%

Equity Holdings as of 12/31/18

SALESFORCE.COM INC 4.46%
BECTON DICKINSON AND CO 4.29%
UNILEVER PLC 3.72%
DANAHER CORP 3.71%
MCCORMICK & CO-NON VTG SHRS 3.71%
EVERBRIDGE INC 3.63%
NOVOZYMES A/S-B SHARES 3.39%
CHIPOTLE MEXICAN GRILL INC 3.35%
ADOBE INC 3.31%
ALPHABET INC-CL A 3.08%
VAIL RESORTS INC 2.94%
FIRST REPUBLIC BANK/CA 2.81%
FORTIVE CORP 2.65%
MASTERCARD INC - A 2.57%
PENUMBRA INC 2.51%
DXC TECHNOLOGY CO 2.49%
WEBSTER FINANCIAL CORP 2.46%
BLACKROCK INC 2.22%
TELADOC HEALTH INC 2.04%
CHR HANSEN HOLDING A/S 1.90%
NEXTERA ENERGY INC 1.75%
MSCI INC 1.74%
JAZZ PHARMACEUTICALS PLC 1.73%
EDWARDS LIFESCIENCES CORP 1.71%
PRUDENTIAL PLC 1.67%
ADIDAS AG 1.63%
BALL CORP 1.60%
DOCUSIGN INC 1.36%
XYLEM INC 1.36%
TJX COMPANIES INC 1.29%
VERTEX PHARMACEUTICALS INC 1.28%
KEURIG DR PEPPER INC 1.25%
EURAZEO SE 1.20%
NXP SEMICONDUCTORS NV 1.11%
ON SEMICONDUCTOR CORP 1.11%
EVENTBRITE INC-CLASS A 1.09%
INTERFACE INC 1.09%
ECOLAB INC 1.08%
TALEND SA - ADR 1.03%
STITCH FIX INC-CLASS A 1.01%
HEALTHEQUITY INC 0.95%
SUNRUN INC 0.94%
BIO-RAD LABORATORIES-A 0.89%
KION GROUP AG 0.83%
ASML HOLDING NV-NY REG SHS 0.76%
APPLIED MATERIALS INC 0.62%
GALAPAGOS NV-SPON ADR 0.56%
RAYMOND JAMES FINANCIAL INC 0.44%
E*TRADE FINANCIAL CORPORATION 0.43%
MEDICINES COMPANY 0.43%
OWENS CORNING 0.42%
FIRST SOLAR INC 0.38%
BLUEBIRD BIO INC 0.33%
BANK OF AMERICA CORP 0.25%
CLOVIS ONCOLOGY INC 0.20%

Full Portfolio Holdings as of 12/31/18

SALESFORCE.COM INC 4.46%
BECTON DICKINSON AND CO 4.29%
UNILEVER PLC 3.72%
DANAHER CORP 3.71%
MCCORMICK & CO-NON VTG SHRS 3.71%
EVERBRIDGE INC 3.63%
NOVOZYMES A/S-B SHARES 3.39%
CHIPOTLE MEXICAN GRILL INC 3.35%
ADOBE INC 3.31%
ALPHABET INC-CL A 3.08%
VAIL RESORTS INC 2.94%
FIRST REPUBLIC BANK/CA 2.81%
FORTIVE CORP 2.65%
MASTERCARD INC - A 2.57%
PENUMBRA INC 2.51%
DXC TECHNOLOGY CO 2.49%
WEBSTER FINANCIAL CORP 2.46%
BLACKROCK INC 2.22%
TELADOC HEALTH INC 2.04%
CHR HANSEN HOLDING A/S 1.90%
NEXTERA ENERGY INC 1.75%
MSCI INC 1.74%
JAZZ PHARMACEUTICALS PLC 1.73%
EDWARDS LIFESCIENCES CORP 1.71%
PRUDENTIAL PLC 1.67%
ADIDAS AG 1.63%
BALL CORP 1.60%
DOCUSIGN INC 1.36%
XYLEM INC 1.36%
TJX COMPANIES INC 1.29%
VERTEX PHARMACEUTICALS INC 1.28%
KEURIG DR PEPPER INC 1.25%
EURAZEO SE 1.20%
NXP SEMICONDUCTORS NV 1.11%
ON SEMICONDUCTOR CORP 1.11%
EVENTBRITE INC-CLASS A 1.09%
INTERFACE INC 1.09%
ECOLAB INC 1.08%
TALEND SA - ADR 1.03%
STITCH FIX INC-CLASS A 1.01%
HEALTHEQUITY INC 0.95%
SUNRUN INC 0.94%
BIO-RAD LABORATORIES-A 0.89%
KION GROUP AG 0.83%
ASML HOLDING NV-NY REG SHS 0.76%
APPLIED MATERIALS INC 0.62%
GALAPAGOS NV-SPON ADR 0.56%
RAYMOND JAMES FINANCIAL INC 0.44%
E*TRADE FINANCIAL CORPORATION 0.43%
MEDICINES COMPANY 0.43%
OWENS CORNING 0.42%
FIRST SOLAR INC 0.38%
BLUEBIRD BIO INC 0.33%
BANK OF AMERICA CORP 0.25%
CLOVIS ONCOLOGY INC 0.20%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Salesforce.Com 4.58%
2: Becton Dickinson And 4.40%
3: Danaher Corp 3.69%
4: Everbridge 3.52%
5: Unilever 3.43%
6: Adobe 3.35%
7: Alphabet 3.07%
8: Mccormick Md 3.05%
9: Novozymes A/S - B Shares 2.93%
10: First Republic Bank/Ca 2.89%
Holdings represent 34.91% of portfolio
Top 10 holdings as of 12/31/18
1: Salesforce.Com 4.46%
2: Becton Dickinson And 4.29%
3: Unilever 3.72%
4: Mccormick Md 3.71%
5: Danaher Corp 3.71%
6: Everbridge 3.63%
7: Novozymes A/S - B Shares 3.39%
8: Chipotle Mexican Grill 3.35%
9: Adobe 3.31%
10: Alphabet 3.08%
Holdings represent 36.65% of portfolio
Top 10 holdings as of 11/30/18
1: Becton Dickinson And 4.19%
2: Salesforce.Com 4.04%
3: Mccormick Md 3.48%
4: Danaher Corp 3.43%
5: Unilever 3.35%
6: Chipotle Mexican Grill 3.19%
7: Adobe 3.19%
8: Vail Resorts 3.10%
9: Novozymes A/S - B Shares 3.08%
10: Everbridge 3.05%
Holdings represent 34.10% of portfolio
Top 10 holdings as of 10/31/18
1: Mccormick Md 4.66%
2: Becton Dickinson And 3.92%
3: Salesforce.Com 3.65%
4: Unilever 3.36%
5: Novozymes A/S - B Shares 3.35%
6: Danaher Corp 3.19%
7: Chipotle Mexican Grill 3.18%
8: Dxc Technology 3.05%
9: Adobe 2.96%
10: Everbridge 2.90%
Holdings represent 34.22% of portfolio

Portfolio Composition as of 01/31/19

Common stock 94.21%
Cash and net other assets 5.79%

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 01/31/19

Information technology 23.77%
Health care 21.58%
Financials 12.25%
Consumer discretionary 8.72%
Consumer staples 7.71%
Materials 7.57%
Industrials 6.79%
Cash and net other assets 5.79%
Communication services 4.16%
 
Other
1.66%
Utilities 1.66%