Putnam Hartford Capital Manager

Putnam Income Subaccount

The fund seeks high current income consistent with what Putnam Management believes to be prudent risk.

  • Highlights
  • Holdings

Fund description

The subaccount takes a flexible approach to pursuing high current income by diversifying across a range of fixed-income sectors. These sectors include, but are not limited to, investment-grade corporate bonds, mortgage-backed securities, U.S. Treasuries, and high-yield corporate bonds. The subaccount seeks to capitalize on those market sectors and maturities

Sales story

Pursuing income with an all-weather bond portfolioDiverse opportunities: The fund invests across all sectors of the U.S. bond market, including mortgage-backed, corporate, and government bonds.A flexible strategy: The portfolio managers pursue an attractive level of income, adjusting the portfolio to favor attractive sectors as interest rates and market conditions change.Leading research: The managers, supported by Putnam's fixed-income research division, analyze a range of bonds to build a competitive portfolio.

Management team

Lipper ranking ‡ as of 07/31/17

Category: Core Bond Funds

  Percentile ranking Rank/Funds in category
10 yrs. 6% 4/69
1 yr. 2% 2/102
3 yrs. 97% 93/95
5 yrs. 8% 7/88

Risk characteristics as of 07/31/17

Avg. Eff. Maturity 12.16
Avg. Price 90.40
Avg. Eff. Duration 5.55
Avg. Coupon 5.03
Avg. Yield to Maturity 4.19
Alpha (%) --
Beta 0.52
R squared 0.26
Standard deviation (3 yrs.) 2.92

Maturity details

0 to 1 yr. -14.04%
1 to 5 yrs. 13.40%
5 to 10 yrs. 86.60%
10 to 15 yrs. 2.25%
Over 15 yrs. 11.79%

Quality ratings

AAA 68.31%
AA 2.55%
A 11.58%
BBB 24.17%
BB 7.88%
B 4.90%
CCC and Below 2.20%
Not Rated -21.59%

Maturity detail includes only cash bonds and cash equivalents.

Lower rated bonds may offer higher yields in return for more risk. 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.

Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

‡ 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.