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 04/30/20

Category: International Multi-Cp Core Fds

  Percentile ranking Rank/Funds in category
10 yrs. 14% 6/43
1 yr. 7% 5/79
3 yrs. 26% 18/71
5 yrs. 55% 37/67

Risk Characteristics as of 04/30/20

Alpha (%) -0.22
Beta 0.99
R squared 0.95
Standard deviation (3 yrs.) 15.04

‡ 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 04/30/20

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 63
Turnover (fiscal year end) 80%
Net Assets $193M
Inception Date 01/02/97

Holdings

Sony Corp 3.45%
Prudential 3.37%
Aia Group 3.29%
Novartis Ag 3.01%
Astrazeneca 2.92%
Roche Holding Ag 2.76%
Unilever Nv 2.71%
Nintendo 2.25%
Crh 1.97%
Imperial Brands 1.96%
Top 10 holdings, total: 27.69%


Top 10 holdings as of 04/30/20
1: Sony Corp 3.45%
2: Prudential 3.37%
3: Aia Group 3.29%
4: Novartis Ag 3.01%
5: Astrazeneca 2.92%
6: Roche Holding Ag 2.76%
7: Unilever Nv 2.71%
8: Nintendo 2.25%
9: Crh 1.97%
10: Imperial Brands 1.96%
Holdings represent 27.69% of portfolio
Top 10 holdings as of 03/31/20
1: Novartis Ag 3.91%
2: Sony Corp 3.74%
3: Aia Group 3.62%
4: Prudential 3.13%
5: Unilever Nv 2.80%
6: Astrazeneca 2.70%
7: Nintendo 2.47%
8: Axa 2.46%
9: Samsung Electronics 2.30%
10: Hoya Corp 2.27%
Holdings represent 29.40% of portfolio
Top 10 holdings as of 02/29/20
1: Novartis Ag 3.33%
2: Sony Corp 3.29%
3: Aia Group 3.23%
4: Prudential 3.14%
5: Veolia Environnement 2.61%
6: Axa 2.59%
7: Astrazeneca 2.26%
8: Samsung Electronics 2.22%
9: Kering 2.20%
10: Sse 2.08%
Holdings represent 26.95% of portfolio
Top 10 holdings as of 01/31/20
1: Novartis Ag 3.43%
2: Sony Corp 3.41%
3: Aia Group 3.00%
4: Prudential 3.00%
5: Axa 2.56%
6: Veolia Environnement 2.43%
7: Astrazeneca 2.31%
8: Hoya Corp 2.16%
9: Kering 2.15%
10: Samsung Electronics 2.11%
Holdings represent 26.56% of portfolio


Portfolio Composition as of 04/30/20

Common stock 95.61%
Cash and net other assets 2.66%
Preferred stock 1.73%

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. Because the fund currently, and may in the future, invest significantly in European companies, the fund is particularly susceptible to economic, political, regulatory, or other events or conditions affecting issuers in Europe. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits, and unemployment. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund. 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 04/30/20

Financials 15.39%
Health care 14.63%
Consumer staples 14.49%
Consumer discretionary 12.78%
Materials 10.02%
Industrials 8.68%
Communication services 8.68%
Information technology 7.99%
Utilities 2.97%
 
Other
4.37%
Cash and net other assets 2.66%
Real estate 1.31%
Energy 0.40%

Country Allocation as of 04/30/20

Japan 20.26%
United Kingdom 17.69%
Switzerland 12.12%
France 10.78%
Netherlands 9.72%
Germany 7.47%
Ireland 3.67%
Hong Kong 3.29%
Cash and net other assets 2.66%
 
Other
12.34%
South Korea 1.73%
Italy 1.69%
Denmark 1.52%
United Arab Emirates 1.47%
United States 1.41%
China 1.33%
Taiwan 1.26%
Canada 1.15%
Norway 0.78%