Putnam Capital Manager

Putnam Global Asset Allocation Subaccount

The subaccount seeks a high level of long-term total return consistent with the preservation of capital.

Fund description

The subaccount invests in a wide variety of equity and fixed-incomesecurities, both of U.S. and foreign issuers. It may invest in securitiesin the following four investment categories: U.S. equities, internationalequities, U.S. fixed income, and international fixed income.

Sales story

A globally diversified fund pursuing a balance of growth and income Multiple asset classes: The fund holds a variety of investments in all market conditions to benefit from a wide range of opportunities.Individual securities: The managers select individual stocks and bonds, not other funds, to finely tune the portfolio and avoid overlap in holdings.Active rebalancing: The managers proactively purse opportunities and regularly rebalance the portfolio to maintain a consistent risk profile.

Management team

Lipper ranking ‡ as of 02/29/20

Category: Mixed-Asset Trgt Alloc Mod Fds

  Percentile ranking Rank/Funds in category
10 yrs. 18% 27/152
1 yr. 92% 273/297
3 yrs. 69% 179/262
5 yrs. 52% 124/241

Risk characteristics as of 02/29/20

Avg. Eff. Maturity 8.36
Avg. Eff. Duration 2.33
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) --
Beta --
R squared --
Standard deviation (3 yrs.) 8.39

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. 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.

‡ 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 02/29/20

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 0
Turnover (fiscal year end) 164%
Net Assets $117M
Inception Date 02/01/88

Holdings

Gnma Gii30 Tba 03.5000 03/01/2050 3.55%
Apple Inc Sedol 2046251 2.47%
Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.22%
Amazon.Com Inc Sedol 2000019 2.02%
Alphabet Inc-Cl A Sedol Byvy8g0 1.87%
Fnma Fn30 Tba Umbs 04.0000 03/01/2050 1.80%
Microsoft Corp Sedol 2588173 1.45%
Jpmorgan Chase & Co Sedol 2190385 1.39%
Adobe Inc Sedol 2008154 1.09%
Verizon Communications Inc Sedol 2090571 1.07%
Top 10 holdings, total: 18.93%

Represents equity portion of portfolio.


Top 10 holdings as of 02/29/20
1: Gnma Gii30 Tba 03.5000 03/01/2050 3.55%
2: Apple Inc Sedol 2046251 2.47%
3: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.22%
4: Amazon.Com Inc Sedol 2000019 2.02%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.87%
6: Fnma Fn30 Tba Umbs 04.0000 03/01/2050 1.80%
7: Microsoft Corp Sedol 2588173 1.45%
8: Jpmorgan Chase & Co Sedol 2190385 1.39%
9: Adobe Inc Sedol 2008154 1.09%
10: Verizon Communications Inc Sedol 2090571 1.07%
Holdings represent 18.93% of portfolio
Top 10 holdings as of 01/31/20
1: Apple Inc Sedol 2046251 2.67%
2: Gnma Gii30 Tba 03.5000 02/01/2050 2.49%
3: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.09%
4: Amazon.Com Inc Sedol 2000019 2.06%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.91%
6: Jpmorgan Chase & Co Sedol 2190385 1.51%
7: Microsoft Corp Sedol 2588173 1.46%
8: Verizon Communications Inc Sedol 2090571 1.12%
9: Procter & Gamble Co/The Sedol 2704407 1.10%
10: Adobe Inc Sedol 2008154 1.06%
Holdings represent 17.47% of portfolio
Top 10 holdings as of 12/31/19
1: Gnma Gii30 Tba 03.5000 01/01/2050 2.46%
2: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.07%
3: Apple Inc Sedol 2046251 1.87%
4: Amazon.Com Inc Sedol 2000019 1.85%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.77%
6: Jpmorgan Chase & Co Sedol 2190385 1.59%
7: Microsoft Corp Sedol 2588173 1.34%
8: Verizon Communications Inc Sedol 2090571 1.14%
9: Chevron Corp 1.12%
10: Citigroup Inc Sedol 2297907 1.12%
Holdings represent 16.33% of portfolio
Top 10 holdings as of 11/30/19
1: Gnma Gii30 Tba 03.5000 12/01/2049 3.29%
2: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.10%
3: Amazon.Com Inc Sedol 2000019 1.84%
4: Alphabet Inc-Cl A Sedol Byvy8g0 1.76%
5: Apple Inc Sedol 2046251 1.73%
6: Jpmorgan Chase & Co Sedol 2190385 1.54%
7: Microsoft Corp Sedol 2588173 1.31%
8: Verizon Communications Inc Sedol 2090571 1.14%
9: Chevron Corp 1.11%
10: Citigroup Inc Sedol 2297907 1.07%
Holdings represent 16.89% of portfolio


Portfolio Composition as of 02/29/20

U.S. large-cap equity 40.49%
U.S. Investment-grade bonds 38.51%
U.S. small- and mid-cap equity 8.38%
International equity 8.17%
U.S. High-yield bonds 2.46%
U.S. money markets 2.00%

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.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. 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.