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 07/31/18

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 37
Turnover (fiscal year end) 43%
Net Assets $64M
Inception Date 05/01/92

Holdings

Top 10 holdings as of 06/30/18

Nextera Energy 9.96%
Exelon Corp 6.91%
American Electric Power 6.80%
Dominion Energy 6.18%
Sse 4.43%
Veolia Environnement 3.98%
Fortum Oyj 3.86%
Iberdrola 3.58%
Enel Spa 3.41%
Uniper 3.38%
Top 10 holdings, total: 52.49%

Represents equity portion of portfolio.

Equity Holdings as of 06/30/18

NEXTERA ENERGY INC 9.96%
AMERICAN ELECTRIC POWER 6.80%
DOMINION ENERGY INC 6.18%
EXELON CORP 6.12%
SSE PLC 4.43%
FORTUM OYJ 3.86%
VEOLIA ENVIRONNEMENT 3.83%
IBERDROLA SA 3.46%
ENEL SPA 3.41%
UNIPER SE 3.38%
SEMPRA ENERGY 3.35%
EDISON INTERNATIONAL 3.29%
AMEREN CORPORATION 2.90%
DUKE ENERGY CORP 2.85%
PPL CORP 2.65%
FIRSTENERGY CORP 2.38%
XCEL ENERGY INC 2.28%
NRG ENERGY INC 2.25%
KINDER MORGAN INC 2.24%
CMS ENERGY CORP 2.19%
GAS NATURAL SDG SA 2.08%
EVERSOURCE ENERGY 2.05%
ENTERPRISE PRODUCTS PARTNERS 1.78%
E.ON SE 1.61%
ENDESA S.A. 1.56%
ENGIE 1.40%
P G & E CORP 1.34%
KANSAI ELECTRIC POWER CO INC 1.32%
TOKYO GAS CO LTD 1.31%
SOUTHERN CO/THE 1.25%
CHUBU ELECTRIC POWER CO INC 1.13%
NATIONAL GRID PLC 0.98%
CLP HOLDINGS LTD 0.86%
KYUSHU ELECTRIC POWER CO INC 0.80%
PUBLIC SERVICE ENTERPRISE GP 0.75%
HONG KONG & CHINA GAS 0.55%
SCANA CORP 0.24%

Full Portfolio Holdings as of 06/30/18

NEXTERA ENERGY INC 9.96%
AMERICAN ELECTRIC POWER 6.80%
DOMINION ENERGY INC 6.18%
EXELON CORP 6.12%
SSE PLC 4.43%
FORTUM OYJ 3.86%
VEOLIA ENVIRONNEMENT 3.83%
IBERDROLA SA 3.46%
ENEL SPA 3.41%
UNIPER SE 3.38%
SEMPRA ENERGY 3.35%
EDISON INTERNATIONAL 3.29%
AMEREN CORPORATION 2.90%
DUKE ENERGY CORP 2.85%
PPL CORP 2.65%
FIRSTENERGY CORP 2.38%
XCEL ENERGY INC 2.28%
NRG ENERGY INC 2.25%
KINDER MORGAN INC 2.24%
CMS ENERGY CORP 2.19%
GAS NATURAL SDG SA 2.08%
EVERSOURCE ENERGY 2.05%
ENTERPRISE PRODUCTS PARTNERS 1.78%
E.ON SE 1.61%
ENDESA S.A. 1.56%
ENGIE 1.40%
P G & E CORP 1.34%
KANSAI ELECTRIC POWER CO INC 1.32%
TOKYO GAS CO LTD 1.31%
SOUTHERN CO/THE 1.25%
CHUBU ELECTRIC POWER CO INC 1.13%
NATIONAL GRID PLC 0.98%
CLP HOLDINGS LTD 0.86%
KYUSHU ELECTRIC POWER CO INC 0.80%
PUBLIC SERVICE ENTERPRISE GP 0.75%
HONG KONG & CHINA GAS 0.55%
SCANA CORP 0.24%
EUR/USD 09/19/2018 JPMCB 0.03%
AUD/USD 07/18/2018 CITI 0.01%
AUD/USD 07/18/2018 UBS 0.01%
CAD/USD 07/18/2018 JPMCB 0.01%
DKK/USD 09/19/2018 CITI 0.01%
GBP/USD 09/19/2018 BANKAM 0.01%
AUD/USD 07/18/2018 BANKAM 0.00%
CAD/USD 07/18/2018 CITI 0.00%
HKD/USD 08/16/2018 BANKAM 0.00%
HKD/USD 08/16/2018 BCAP-FX 0.00%
JPY/USD 08/16/2018 GSFX 0.00%
JPY/USD 08/16/2018 JPMCB 0.00%
NZD/USD 07/18/2018 GSFX 0.00%
POUND STERLING CALL ACCOUNT 0.00%
EUR/USD 09/19/2018 BCAP-FX -0.01%
EUR/USD 09/19/2018 SSBT -0.01%
EUR/USD 09/19/2018 BANKAM -0.02%
THE EURO EUR CALL ACCOUNT -0.02%
EUR/USD 09/19/2018 HSBCB -0.03%

Prior top 10 holdings

Top 10 holdings as of 06/30/18
1: Nextera Energy 9.96%
2: Exelon Corp 6.91%
3: American Electric Power 6.80%
4: Dominion Energy 6.18%
5: Sse 4.43%
6: Veolia Environnement 3.98%
7: Fortum Oyj 3.86%
8: Iberdrola 3.58%
9: Enel Spa 3.41%
10: Uniper 3.38%
Holdings represent 52.49% of portfolio
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

Portfolio Composition as of 06/30/18

Common stock 98.89%
Cash and net other assets 1.11%

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 06/30/18

Electric Utilities 61.18%
Multi-Utilities 24.37%
Independent Power and Renewable Electricity Producers 5.63%
Oil, Gas & Consumable Fuels 4.02%
Gas Utilities 3.69%
Cash and net other assets 1.11%

Country Allocation as of 06/30/18

United States 62.90%
Spain 6.97%
United Kingdom 5.41%
France 5.38%
Germany 4.99%
Japan 4.56%
Finland 3.86%
Italy 3.41%
Hong Kong 1.41%
 
Other
1.11%
Cash and net other assets 1.11%