Putnam Capital Manager

Putnam International Equity Subaccount

The subaccount seeks capital appreciation.

Fund description

Formerly Putnam International Growth Subaccount. The name change does not reflect a shift in subaccount objective or strategy.The subaccount invests in large and midsize international stocks, targeting companies with established earnings growth that are priced below their fundamental worth. The fund has no bias toward growth or value. It offers access to a broad range of investment opportunities in many markets of the world.

Sales story

Pursuing the growth potential of overseas marketsEstablished companies: The fund invests in established large and midsize companies mainly in developed markets to benefit from opportunities unfolding outside the United States.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads international markets.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Lipper ranking ‡ as of 08/31/19

Category: International Multi-Cp Core Fds

  Percentile ranking Rank/Funds in category
10 yrs. 27% 11/40
1 yr. 76% 57/75
3 yrs. 78% 53/67
5 yrs. 71% 46/64

Risk Characteristics as of 08/31/19

Alpha (%) -1.80
Beta 1.08
R squared 0.94
Standard deviation (3 yrs.) 12.11

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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 08/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 62
Turnover (fiscal year end) 68%
Net Assets $212M
Inception Date 01/02/97

Holdings

Top 10 holdings as of 08/31/19

Novartis Ag 3.85%
Prudential 3.09%
Unilever Nv 3.09%
Aia Group 3.01%
Astrazeneca 3.01%
Vinci 2.65%
Airbus 2.64%
Sony Corp 2.63%
Crh 2.51%
Axa 2.50%
Top 10 holdings, total: 28.98%

Full Portfolio Holdings as of 06/30/19

NOVARTIS AG-REG 3.70%
PRUDENTIAL PLC 3.63%
AIA GROUP LTD 3.18%
AXA SA 2.70%
AIRBUS SE 2.57%
UNILEVER NV-CVA 2.50%
ASTRAZENECA PLC 2.40%
SONY CORP 2.28%
BP PLC 2.24%
VEOLIA ENVIRONNEMENT 2.22%
CRH PLC 2.11%
TOTAL SA 2.04%
KERING 2.02%
SUMITOMO MITSUI FINANCIAL GR 2.02%
COCA-COLA HBC AG-DI 1.98%
TOYOTA MOTOR CORP 1.97%
HOYA CORP 1.95%
ADIDAS AG 1.93%
ASAHI GROUP HOLDINGS LTD 1.81%
RHEINMETALL AG 1.81%
ASHTEAD GROUP PLC 1.80%
SOFTBANK GROUP CORP 1.70%
HEINEKEN NV 1.70%
DEUTSCHE BOERSE AG 1.63%
HONG KONG EXCHANGES & CLEAR 1.62%
COMPASS GROUP PLC 1.61%
ALCON INC 1.60%
HDFC BANK LTD-ADR 1.58%
BARRY CALLEBAUT AG-REG 1.51%
VODAFONE GROUP PLC 1.46%
SAMSUNG ELECTRONICS-PREF 1.43%
VINCI SA 1.43%
KERRY GROUP PLC-A 1.40%
DASSAULT SYSTEMES SA 1.40%
KONINKLIJKE DSM NV 1.40%
LINDE PLC 1.34%
ANGLO AMER PLC 1.32%
NESTLE SA-REG 1.32%
CELLNEX TELECOM SA 1.29%
ASSA ABLOY AB-B 1.29%
LLOYDS BANKING GROUP PLC 1.28%
LONZA GROUP AG-REG 1.24%
ASSOCIATED BRITISH FOODS PLC 1.24%
QBE INSURANCE GROUP LTD 1.21%
IMPERIAL BRANDS PLC 1.21%
NXP SEMICONDUCTORS NV 1.17%
MITSUBISHI CORP 1.11%
DAIKIN INDUSTRIES LTD 1.11%
KONINKLIJKE AHOLD DELHAIZE N 1.09%
FORTUM OYJ 1.08%
YUM CHINA HOLDINGS INC 1.08%
SSE PLC 1.07%
BANK OF IRELAND GROUP PLC 1.00%
SIG COMBIBLOC GROUP AG 0.99%
QANTAS AIRWAYS LTD 0.93%
EURAZEO SE 0.84%
PIRELLI & C SPA 0.79%
SEVEN & I HOLDINGS CO LTD 0.74%
MINEBEA CO LTD 0.62%
QUILTER PLC 0.56%
NATIXIS 0.52%
NESTLE INDIA LTD 0.50%
TREASURY BILL 00.0000 07/18/2019 0.16%
TREASURY BILL 00.0000 07/25/2019 0.09%
JPY/USD 08/21/2019 JPMCB 0.07%
JPY/USD 08/21/2019 SSBT 0.07%
JPY/USD 08/21/2019 BANKAM 0.03%
CAD/USD 07/17/2019 BCAP-FX 0.02%
DKK/USD 09/18/2019 CITI 0.02%
CAD/USD 07/17/2019 JPMCB 0.02%
SEK/USD 09/18/2019 JPMCB 0.02%
GLOBAL FASHION GRP P/P 0.02%
CNH/USD 08/21/2019 HSBCB 0.02%
GLOBAL FASHION GRP 0.02%
NOK/USD 09/18/2019 JPMCB 0.02%
SGD/USD 08/21/2019 JPMCB 0.01%
EUR/USD 09/18/2019 BANKAM 0.01%
CAD/USD 07/17/2019 CITI 0.00%
ILS/USD 07/17/2019 SSBT 0.00%
EUR/USD 09/18/2019 GSFX 0.00%
JPY/USD 08/21/2019 GSFX 0.00%
CHF/USD 09/18/2019 JPMCB 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
TWD/USD 08/21/2019 GSFX 0.00%
GBP/USD 09/18/2019 CITI -0.00%
JPY/USD 08/21/2019 CITI -0.00%
GBP/USD 09/18/2019 GSFX -0.00%
GBP/USD 09/18/2019 BCAP-FX -0.00%
KRW/USD 08/21/2019 JPMCB -0.00%
NZD/USD 07/17/2019 CITI -0.00%
AUD/USD 07/17/2019 HSBCB -0.00%
AUD/USD 07/17/2019 SSBT -0.00%
HKD/USD 08/21/2019 BCAP-FX -0.00%
GBP/USD 09/18/2019 BANKAM -0.01%
EUR/USD 09/18/2019 HSBCB -0.01%
EUR/USD 09/18/2019 BCAP-FX -0.02%
AUD/USD 07/17/2019 CITI -0.02%
AUD/USD 07/17/2019 JPMCB -0.03%
CHF/USD 09/18/2019 BCAP-FX -0.04%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1: Novartis Ag 3.85%
2: Prudential 3.09%
3: Unilever Nv 3.09%
4: Aia Group 3.01%
5: Astrazeneca 3.01%
6: Vinci 2.65%
7: Airbus 2.64%
8: Sony Corp 2.63%
9: Crh 2.51%
10: Axa 2.50%
Holdings represent 28.98% of portfolio
Top 10 holdings as of 07/31/19
1: Novartis Ag 3.83%
2: Prudential 3.54%
3: Aia Group 3.09%
4: Axa 2.68%
5: Airbus 2.64%
6: Astrazeneca 2.60%
7: Sony Corp 2.56%
8: Unilever Nv 2.44%
9: Veolia Environnement 2.36%
10: Toyota Motor Corp 2.35%
Holdings represent 28.09% of portfolio
Top 10 holdings as of 06/30/19
1: Novartis Ag 3.70%
2: Prudential 3.63%
3: Aia Group 3.18%
4: Axa 2.70%
5: Airbus 2.57%
6: Unilever Nv 2.50%
7: Astrazeneca 2.40%
8: Sony Corp 2.28%
9: Bp 2.24%
10: Veolia Environnement 2.22%
Holdings represent 27.42% of portfolio
Top 10 holdings as of 05/31/19
1: Novartis Ag 3.48%
2: Prudential 3.22%
3: Aia Group 2.90%
4: Bp 2.83%
5: Unilever Nv 2.61%
6: Airbus 2.45%
7: Astrazeneca 2.28%
8: Sony Corp 2.21%
9: Crh 2.13%
10: Sumitomo Mitsui Financial Group 2.08%
Holdings represent 26.19% of portfolio

Portfolio Composition as of 08/31/19

Common stock 95.33%
Cash and net other assets 3.18%
Preferred stock 1.49%

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. 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.

Top Industry Sectors as of 08/31/19

Financials 18.47%
Consumer staples 17.92%
Industrials 13.82%
Health care 11.91%
Consumer discretionary 11.76%
Materials 8.14%
Utilities 4.91%
Information technology 4.37%
Communication services 3.89%
 
Other
4.81%
Cash and net other assets 3.18%
Energy 1.63%

Country Allocation as of 08/31/19

United Kingdom 18.90%
Japan 15.96%
France 14.62%
Switzerland 13.83%
Netherlands 7.65%
Germany 4.92%
Hong Kong 4.49%
Ireland 3.70%
Cash and net other assets 3.18%
 
Other
12.75%
United States 2.78%
Australia 2.37%
South Korea 1.49%
India 1.38%
Sweden 1.26%
Spain 1.19%
Finland 1.14%
China 1.12%
Luxembourg 0.02%