Putnam Hartford Capital Manager

Putnam Global Utilities Subaccount

The subaccount seeks capital growth and current income.

Fund description

The subaccount pursues its objective of growth and income by targeting a wide range of utilities, including natural gas, electric, and communication services companies. By investing in stocks and bonds of well-managed utilities that Putnam believes are priced below their underlying worth, the subaccount seeks consistent performance in all market environments.

Sales story

Investing in the utilities sectorA dynamic sector: From distribution to power storage, the fund seeks out companies that profit from the growth of and demand for utilities.A diversified approach: The fund may invest in domestic and foreign markets, and companies of different sizes across several industries and varying degrees of regulation.Actively managed: Unlike passively managed ETFs, Putnam global sector funds combine rigorous fundamental research and disciplined quantitative analysis with macroeconomic views.

Management team

The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

‡ 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 05/31/18

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 38
Turnover (fiscal year end) 43%
Net Assets $64M
Inception Date 05/01/92

Holdings

Top 10 holdings as of 05/31/18

Nextera Energy 9.82%
Exelon Corp 6.92%
American Electric Power 6.92%
Dominion Energy 5.78%
Sse 4.48%
Veolia Environnement 4.21%
Fortum Oyj 3.78%
Duke Energy Corp 3.59%
Uniper 3.57%
Edison International 3.48%
Top 10 holdings, total: 52.55%

Represents equity portion of portfolio.

Equity Holdings as of 03/31/18

NEXTERA ENERGY INC 9.91%
EXELON CORP 7.23%
AMERICAN ELECTRIC POWER 7.13%
ENEL SPA 5.52%
SSE PLC 4.68%
VEOLIA ENVIRONNEMENT 4.32%
DOMINION ENERGY INC 4.28%
NRG ENERGY INC 4.04%
FORTUM OYJ 3.64%
UNIPER SE 3.39%
IBERDROLA SA 3.09%
XCEL ENERGY INC 3.01%
AMEREN CORPORATION 2.69%
EDISON INTERNATIONAL 2.54%
DUKE ENERGY CORP 2.34%
P G & E CORP 2.19%
CMS ENERGY CORP 2.12%
FIRSTENERGY CORP 2.11%
KINDER MORGAN INC 2.00%
NATIONAL GRID PLC 1.98%
E.ON SE 1.64%
SEMPRA ENERGY 1.62%
ENTERPRISE PRODUCTS PARTNERS 1.53%
KDDI CORP 1.53%
ENGIE 1.50%
EVERSOURCE ENERGY 1.49%
CELLNEX TELECOM SAU 1.46%
SOUTHERN CO/THE 1.42%
PPL CORP 1.19%
KANSAI ELECTRIC POWER CO INC 1.07%
CLP HOLDINGS LTD 0.80%
PUBLIC SERVICE ENTERPRISE GP 0.79%
ELECTRIC POWER DEVELOPMENT C 0.76%
WEC ENERGY GROUP INC 0.76%
CHUBU ELECTRIC POWER CO INC 0.60%
TOKYO GAS CO LTD 0.60%
KYUSHU ELECTRIC POWER CO INC 0.58%
HONG KONG & CHINA GAS 0.53%
SCANA CORP 0.23%

Full Portfolio Holdings as of 03/31/18

NEXTERA ENERGY INC 9.91%
EXELON CORP 7.23%
AMERICAN ELECTRIC POWER 7.13%
ENEL SPA 5.52%
SSE PLC 4.68%
VEOLIA ENVIRONNEMENT 4.32%
DOMINION ENERGY INC 4.28%
NRG ENERGY INC 4.04%
FORTUM OYJ 3.64%
UNIPER SE 3.39%
IBERDROLA SA 3.09%
XCEL ENERGY INC 3.01%
AMEREN CORPORATION 2.69%
EDISON INTERNATIONAL 2.54%
DUKE ENERGY CORP 2.34%
P G & E CORP 2.19%
CMS ENERGY CORP 2.12%
FIRSTENERGY CORP 2.11%
KINDER MORGAN INC 2.00%
NATIONAL GRID PLC 1.98%
E.ON SE 1.64%
SEMPRA ENERGY 1.62%
ENTERPRISE PRODUCTS PARTNERS 1.53%
KDDI CORP 1.53%
ENGIE 1.50%
EVERSOURCE ENERGY 1.49%
CELLNEX TELECOM SAU 1.46%
SOUTHERN CO/THE 1.42%
PPL CORP 1.19%
KANSAI ELECTRIC POWER CO INC 1.07%
CLP HOLDINGS LTD 0.80%
PUBLIC SERVICE ENTERPRISE GP 0.79%
ELECTRIC POWER DEVELOPMENT C 0.76%
WEC ENERGY GROUP INC 0.76%
CHUBU ELECTRIC POWER CO INC 0.60%
TOKYO GAS CO LTD 0.60%
KYUSHU ELECTRIC POWER CO INC 0.58%
HONG KONG & CHINA GAS 0.53%
SCANA CORP 0.23%
CAD/USD 04/18/2018 JPMCB 0.01%
EUR/USD 06/20/2018 JPMCB 0.01%
AUD/USD 04/18/2018 BANKAM 0.00%
AUD/USD 04/18/2018 CITI 0.00%
AUD/USD 04/18/2018 UBS 0.00%
CAD/USD 04/18/2018 CITI 0.00%
DKK/USD 06/20/2018 CITI 0.00%
EUR/USD 06/20/2018 BANKAM 0.00%
EUR/USD 06/20/2018 CITI 0.00%
EUR/USD 06/20/2018 GSFX 0.00%
GBP/USD 06/20/2018 BANKAM 0.00%
GBP/USD 06/20/2018 BCAP-FX 0.00%
GBP/USD 06/20/2018 CITI 0.00%
HKD/USD 05/16/2018 BANKAM 0.00%
HKD/USD 05/16/2018 BCAP-FX 0.00%
JPY/USD 05/16/2018 GSFX 0.00%
NZD/USD 04/18/2018 GSFX 0.00%
POUND STERLING CALL ACCOUNT 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
EUR/USD 06/20/2018 BCAP-FX -0.01%
EUR/USD 06/20/2018 SSBT -0.01%
EUR/USD 06/20/2018 HSBCB -0.02%

Prior top 10 holdings

Top 10 holdings as of 05/31/18
1: Nextera Energy 9.82%
2: Exelon Corp 6.92%
3: American Electric Power 6.92%
4: Dominion Energy 5.78%
5: Sse 4.48%
6: Veolia Environnement 4.21%
7: Fortum Oyj 3.78%
8: Duke Energy Corp 3.59%
9: Uniper 3.57%
10: Edison International 3.48%
Holdings represent 52.55% of portfolio
Top 10 holdings as of 04/30/18
1: Nextera Energy 9.44%
2: American Electric Power 6.93%
3: Exelon Corp 6.72%
4: Enel Spa 5.63%
5: Dominion Energy 5.34%
6: Sse 4.54%
7: Veolia Environnement 4.26%
8: Fortum Oyj 3.85%
9: Edison International 3.56%
10: Uniper 3.39%
Holdings represent 53.66% of portfolio
Top 10 holdings as of 03/31/18
1: Nextera Energy 10.44%
2: Exelon Corp 7.54%
3: American Electric Power 7.37%
4: Enel Spa 5.52%
5: Sse 4.68%
6: Veolia Environnement 4.32%
7: Dominion Energy 4.28%
8: Nrg Energy 4.04%
9: Fortum Oyj 3.64%
10: Uniper 3.39%
Holdings represent 55.22% of portfolio
Top 10 holdings as of 02/28/18
1: Nextera Energy 9.96%
2: Exelon Corp 7.33%
3: American Electric Power 7.22%
4: Dominion Energy 5.87%
5: Enel Spa 5.35%
6: Veolia Environnement 4.53%
7: Iberdrola 4.19%
8: Nrg Energy 3.72%
9: Sse 3.66%
10: Uniper 3.21%
Holdings represent 55.04% of portfolio

Portfolio Composition as of 05/31/18

Common stock 98.84%
Cash and net other assets 1.16%

Portfolio allocations vary over time. The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

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.

Top Industry Sectors as of 05/31/18

Electric Utilities 59.86%
Multi-Utilities 23.92%
Independent Power and Renewable Electricity Producers 7.44%
Oil, Gas & Consumable Fuels 4.28%
Gas Utilities 3.34%
Cash and net other assets 1.16%

Country Allocation as of 05/31/18

United States 62.47%
United Kingdom 6.44%
France 5.66%
Japan 5.41%
Spain 5.18%
Germany 5.16%
Finland 3.78%
Italy 3.35%
Hong Kong 1.39%
 
Other
1.16%
Cash and net other assets 1.16%