Putnam 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 04/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 40
Turnover (fiscal year end) 83%
Net Assets $62M
Inception Date 05/01/92

Holdings

Top 10 holdings as of 04/30/19

Nextera Energy 9.68%
Exelon Corp 7.37%
American Electric Power 7.32%
Enel Spa 4.97%
Southern The 4.42%
Enterprise Products Partn 3.81%
Iberdrola 3.79%
Veolia Environnement 3.67%
Sempra Energy 3.60%
Duke Energy Corp 3.50%
Top 10 holdings, total: 52.13%

Represents equity portion of portfolio.

Full Portfolio Holdings as of 03/31/19

NEXTERA ENERGY INC 9.49%
AMERICAN ELECTRIC POWER 7.07%
EXELON CORP 6.98%
ENEL SPA 4.95%
SOUTHERN CO/THE 4.13%
SEMPRA ENERGY 3.88%
IBERDROLA SA 3.61%
ENTERPRISE PRODUCTS PARTNERS 3.44%
DUKE ENERGY CORP 3.41%
VEOLIA ENVIRONNEMENT 3.41%
FIRSTENERGY CORP 3.37%
DOMINION ENERGY INC 3.27%
AMEREN CORPORATION 3.05%
EVERSOURCE ENERGY 3.05%
NATIONAL GRID PLC 2.99%
SSE PLC 2.92%
NRG ENERGY INC 2.80%
CMS ENERGY CORP 2.68%
EDISON INTERNATIONAL 2.52%
NATURGY ENERGY GROUP SA 2.43%
FORTUM OYJ 2.26%
PUBLIC SERVICE ENTERPRISE GP 1.48%
TOKYO GAS CO LTD 1.38%
KANSAI ELECTRIC POWER CO INC 1.37%
E.ON SE 1.33%
UNIPER SE 1.23%
CHUBU ELECTRIC POWER CO INC 1.21%
CK INFRASTRUCTURE HOLDINGS L 1.12%
KINDER MORGAN INC 1.02%
ENGIE 0.94%
HONG KONG & CHINA GAS 0.90%
WEC ENERGY GROUP INC 0.83%
CLP HOLDINGS LTD 0.73%
XCEL ENERGY INC 0.69%
ELECTRIC POWER DEVELOPMENT C 0.68%
CONSOLIDATED EDISON INC 0.51%
CHINA WATER AFFAIRS GROUP 0.48%
PPL CORP 0.48%
ORSTED A/S 0.43%
AGL ENERGY LTD 0.24%
AUSTRALIAN DOLLAR ACCOUNT 0.24%
THE EURO EUR CALL ACCOUNT 0.06%
EUR/USD 06/19/2019 JPMCB 0.01%
AUD/USD 04/17/2019 BANKAM 0.00%
AUD/USD 04/17/2019 CITI 0.00%
AUD/USD 04/17/2019 UBS 0.00%
CAD/USD 04/17/2019 CITI 0.00%
CNH/USD 05/15/2019 HSBCB 0.00%
DKK/USD 06/19/2019 CITI 0.00%
EUR/USD 06/19/2019 CITI 0.00%
GBP/USD 06/19/2019 BCAP-FX 0.00%
GBP/USD 06/19/2019 SSBT 0.00%
HKD/USD 05/15/2019 BCAP-FX 0.00%
JPY/USD 05/15/2019 JPMCB 0.00%
JPY/USD 05/15/2019 SSBT 0.00%
NZD/USD 04/17/2019 GSFX 0.00%
CAD/USD 04/17/2019 JPMCB -0.01%
EUR/USD 06/19/2019 BANKAM -0.01%
POUND STERLING CALL ACCOUNT -0.42%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
1: Nextera Energy 9.68%
2: Exelon Corp 7.37%
3: American Electric Power 7.32%
4: Enel Spa 4.97%
5: Southern The 4.42%
6: Enterprise Products Partn 3.81%
7: Iberdrola 3.79%
8: Veolia Environnement 3.67%
9: Sempra Energy 3.60%
10: Duke Energy Corp 3.50%
Holdings represent 52.13% of portfolio
Top 10 holdings as of 03/31/19
1: Nextera Energy 9.49%
2: American Electric Power 7.07%
3: Exelon Corp 6.98%
4: Enel Spa 4.95%
5: Iberdrola 3.61%
6: Sempra Energy 3.58%
7: Enterprise Products Partn 3.44%
8: Veolia Environnement 3.41%
9: Duke Energy Corp 3.41%
10: Southern The 3.40%
Holdings represent 49.34% of portfolio
Top 10 holdings as of 02/28/19
1: Nextera Energy 9.74%
2: American Electric Power 7.17%
3: Exelon Corp 5.83%
4: Enel Spa 4.57%
5: Sempra Energy 4.32%
6: Enterprise Products Partn 4.10%
7: Dominion Energy 3.48%
8: Duke Energy Corp 3.42%
9: Firstenergy Corp 3.41%
10: National Grid 3.41%
Holdings represent 49.45% of portfolio
Top 10 holdings as of 01/31/19
1: Nextera Energy 9.18%
2: American Electric Power 7.08%
3: Exelon Corp 5.38%
4: Enel Spa 4.61%
5: Sempra Energy 4.00%
6: Enterprise Products Partn 3.90%
7: Nrg Energy 3.89%
8: Dominion Energy 3.59%
9: Duke Energy Corp 3.51%
10: Eversource Energy 3.48%
Holdings represent 48.62% of portfolio

Portfolio Composition as of 04/30/19

Common stock 99.56%
Cash and net other assets 0.44%

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 04/30/19

Electric Utilities 61.09%
Multi-Utilities 24.36%
Gas Utilities 4.73%
Oil, Gas & Consumable Fuels 4.63%
Independent Power and Renewable Electricity Producers 4.27%
Water Utilities 0.48%
Cash and net other assets 0.44%

Country Allocation as of 04/30/19

United States 65.13%
Spain 6.30%
United Kingdom 5.45%
Italy 4.97%
France 4.61%
Japan 4.25%
Hong Kong 2.75%
Germany 2.56%
Finland 2.37%
 
Other
1.61%
China 0.48%
Cash and net other assets 0.44%
Denmark 0.44%
Australia 0.25%