‡ 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.
Putnam Capital Manager
Putnam Emerging Markets Equity Subaccount
The subaccount seeks long-term capital appreciation.
Fund description
The subaccount invests at least 80% of its assets in stocks of emerging market companies believed to have favorable investment potential. It may invest in growth and value stocks of companies of all sizes. The management team focuses on a number of factors when making investment decisions, including company valuation, financial strength, and competitive position within the industry. The team also evaluates projected future earnings and cash flow, as well as dividend yields within the context of current macroeconomic themes.
Sales story
Pursuing growth opportunities in developing economies
- Mispriced earnings potentialWe invest across emerging markets with the philosophy that identifying high-quality companies with mispriced earnings growth can potentially deliver alpha.
- Durable growth driversOur investment process seeks to develop a differentiated view on future company earnings through insights on durable moats that sustain a company’s drivers of growth.
- Focused, best ideas fundThe team seeks to smooth performance volatility by building a portfolio with emphasis on companies we believe have strong balance sheets and potential for above-average profitability.
Management team
- Brian S. Freiwald, CFA (Investing since 2004)
Lipper ranking ‡ as of 02/28/22
Category: Emerging Markets Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 17% | 10/61 |
| 1 yr. | 66% | 51/77 |
| 3 yrs. | 22% | 16/75 |
| 5 yrs. | 28% | 19/68 |
Quick facts as of 02/28/22
| Fiscal Year End | December |
| Asset Class | Putnam Capital Manager |
| Subaccount Status | Open to new investors |
| Number of issues | 68 |
| Turnover (fiscal year end) | 78% |
| Net Assets | $29M |
| Inception Date | 01/02/97 |
Holdings
| Taiwan Semiconductor Manufacturing | 9.48% |
| Tencent Holdings | 6.61% |
| Samsung Electronics | 5.68% |
| Wal-Mart De Mexico Sab De Cv | 4.23% |
| Icici Bank | 3.97% |
| Tata Consultancy Services | 3.59% |
| Reliance Industries | 3.17% |
| China Merchants Bank | 3.12% |
| Bank Central Asia Tbk Pt | 2.65% |
| Mediatek | 2.44% |
| Top 10 holdings, total: | 44.94% |
| Top 10 holdings as of 02/28/22 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 9.48% |
| 2: Tencent Holdings | 6.61% |
| 3: Samsung Electronics | 5.68% |
| 4: Wal-Mart De Mexico Sab De Cv | 4.23% |
| 5: Icici Bank | 3.97% |
| 6: Tata Consultancy Services | 3.59% |
| 7: Reliance Industries | 3.17% |
| 8: China Merchants Bank | 3.12% |
| 9: Bank Central Asia Tbk Pt | 2.65% |
| 10: Mediatek | 2.44% |
| Holdings represent 44.94% of portfolio | |
| Top 10 holdings as of 01/31/22 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 11.69% |
| 2: Tencent Holdings | 8.23% |
| 3: Samsung Electronics | 6.54% |
| 4: Icici Bank | 4.12% |
| 5: Tata Consultancy Services | 4.00% |
| 6: Wal-Mart De Mexico Sab De Cv | 3.64% |
| 7: Reliance Industries | 3.13% |
| 8: Alibaba Group Holding | 2.89% |
| 9: Bank Central Asia Tbk Pt | 2.42% |
| 10: China Merchants Bank | 2.41% |
| Holdings represent 49.07% of portfolio | |
| Top 10 holdings as of 12/31/21 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 10.56% |
| 2: Tencent Holdings | 7.35% |
| 3: Samsung Electronics | 6.44% |
| 4: Tata Consultancy Services | 3.94% |
| 5: Wal-Mart De Mexico Sab De Cv | 3.71% |
| 6: Icici Bank | 3.38% |
| 7: Mercadolibre | 2.73% |
| 8: Alibaba Group Holding | 2.72% |
| 9: Reliance Industries | 2.65% |
| 10: Mediatek | 2.50% |
| Holdings represent 45.98% of portfolio | |
| Top 10 holdings as of 11/30/21 | |
|---|---|
| 1: Taiwan Semiconductor Manufacturing | 10.09% |
| 2: Tencent Holdings | 7.33% |
| 3: Samsung Electronics | 5.89% |
| 4: Jd.Com | 3.98% |
| 5: Tata Consultancy Services | 3.66% |
| 6: Apollo Hospitals Enterprise | 3.46% |
| 7: Icici Bank | 3.21% |
| 8: Wal-Mart De Mexico Sab De Cv | 2.98% |
| 9: Alibaba Group Holding | 2.89% |
| 10: Sea | 2.74% |
| Holdings represent 46.23% of portfolio | |
| TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106 | 8.90% | SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 6.15% | TENCENT HOLDINGS LTD SEDOL BMMV2K8 | 5.01% | REPO TRIPA MORTG 0.3 04/01/2022 | 4.18% | ICICI BANK LTD SEDOL BSZ2BY7 | 3.93% | WALMART DE MEXICO SAB DE CV SEDOL BW1YVH8 | 3.75% | RELIANCE INDUSTRIES LTD SEDOL 6099626 | 3.67% | CHINA MERCHANTS BANK-H SEDOL B1DYPZ5 | 3.60% | TATA CONSULTANCY SVS LTD SEDOL B01NPJ1 | 3.42% | ALIBABA GROUP HOLDING LTD SEDOL BK6YZP5 | 3.30% | BANK CENTRAL ASIA TBK PT SEDOL B01C1P6 | 3.05% | TOTVS SA SEDOL B10LQP6 | 2.48% | KB FINANCIAL GROUP INC SEDOL B3DF0Y6 | 2.46% | AIA GROUP LTD SEDOL B4TX8S1 | 2.44% | NAVER CORP SEDOL 6560393 | 2.28% | APOLLO HOSPITALS ENTERPRISE SEDOL 6273583 | 2.16% | CHINA MENGNIU DAIRY CO SEDOL B01B1L9 | 2.06% | ANGLO AMERICAN PLC SEDOL B1YW0L9 | 1.74% | ALINMA AB R SOFR P 06/20/23 BA | 1.71% | ALIBABA GROUP HOLDING-SP ADR SEDOL BP41ZD1 | 1.59% | MEDIATEK INC SEDOL 6372480 | 1.56% | TECHTRONIC INDUSTRIES CO LTD SEDOL B0190C7 | 1.56% | MTN GROUP LTD SEDOL 6563206 | 1.46% | ASML HOLDING NV SEDOL B929F46 | 1.35% | MERCADOLIBRE INC SEDOL B23X1H3 | 1.20% | ADVANCED MICRO DEVICES SEDOL 2007849 | 1.13% | PARADE TECHNOLOGIES LTD SEDOL B6RV676 | 1.12% | SHOPRITE HOLDINGS LTD SEDOL 6801575 | 1.11% | DINO POLSKA SA SEDOL BD0YVN2 | 1.09% | INTL CONTAINER TERM SVCS INC SEDOL 6455819 | 1.08% | APPLIED MATERIALS INC SEDOL 2046552 | 1.04% | FERTIGLOBE PLC SEDOL BMXCL70 | 1.04% | MAX HEALTHCARE INSTITUTE LTD SEDOL BMB2291 | 1.01% | COPA HOLDINGS SA-CLASS A SEDOL B0TNJH9 | 1.00% | HONG KONG EXCHANGES & CLEAR SEDOL 6267359 | 0.93% | ASIAN PAINTS LTD SEDOL BCRWL65 | 0.90% | LI NING CO LTD SEDOL B01JCK9 | 0.89% | CONTEMPORARY AMPEREX TECHN-A SEDOL BHQPSY7 | 0.86% | ASPEED TECHNOLOGY INC SEDOL B80VKP3 | 0.81% | PAGSEGURO DIGITAL LTD-CL A SEDOL BFWK4R7 | 0.78% | SHENZHEN INOVANCE TECHNOLO-A SEDOL BD5CMN8 | 0.78% | CENTRE TESTING INTL GROUP-A SEDOL BD5C7D3 | 0.76% | SHENZHEN MINDRAY BIO-MEDIC-A SEDOL BHQK864 | 0.74% | HINDALCO INDUSTRIES LTD SEDOL B0GWF48 | 0.70% | PETROBRAS - PETROLEO BRAS-PR SEDOL 2684532 | 0.67% | GLOBANT SA SEDOL BP40HF4 | 0.65% | SINBON ELECTRONICS CO LTD SEDOL 6349354 | 0.65% | PTT EXPLORATION & PROD-FOR SEDOL B1359J0 | 0.64% | JD.COM INC - CL A SEDOL BKPQZT6 | 0.63% | LVMH MOET HENNESSY LOUIS VUI SEDOL 4061412 | 0.61% | VALE INDONESIA TBK SEDOL B0217K9 | 0.58% | JD.COM INC-ADR SEDOL BMM27D9 | 0.58% | ALINMA AB R SOFR P 06/23/23 BA | 0.54% | DIXON TECHNOLOGIES INDIA LTD SEDOL BNC5412 | 0.52% | SIBANYE STILLWATER LTD SEDOL BL0L913 | 0.43% | ALINMA AB R SOFR P 06/20/23 BA | 0.39% | ISHARES CORE MSCI EMERGING SEDOL B8NDCB6 | 0.34% | COUNTRY GARDEN SERVICES HOLD SEDOL BDQZP48 | 0.34% | PEARL ABYSS CORP SEDOL BYX56S9 | 0.32% | ALINMA AB R SOFR P 06/23/23 BA | 0.27% | MOUWASAT AB R SOFR P 06/20/23 BA | 0.23% | MOUWASAT AB R SOFR P 06/20/23 BA | 0.23% | ACM RESEARCH INC-CLASS A SEDOL BF5C2N2 | 0.21% | MOUWASAT AB R SOFR P 06/23/23 BA | 0.17% | LEEJAM AB R SOFR P 06/20/23 BA | 0.16% | LEEJAM AB R SOFR P 06/20/23 BA | 0.16% | LEEJAM AB R SOFR P 06/23/23 BA | 0.16% | LEEJAM AB R SOFR P 06/20/23 BA | 0.13% | MOUWASAT AB R SOFR P 06/20/23 BA | 0.10% | LEEJAM AB R SOFR P 06/20/23 BA | 0.07% | LEEJAM AB R SOFR P 06/20/23 BA | 0.06% | MOUWASAT AB R SOFR P 06/20/23 BA | 0.04% |
| TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106 | 10.56% | TENCENT HOLDINGS LTD SEDOL BMMV2K8 | 7.35% | SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 6.44% | TATA CONSULTANCY SVS LTD SEDOL B01NPJ1 | 3.94% | WALMART DE MEXICO SAB DE CV SEDOL BW1YVH8 | 3.71% | ICICI BANK LTD SEDOL BSZ2BY7 | 3.38% | MERCADOLIBRE INC SEDOL B23X1H3 | 2.73% | ALIBABA GROUP HOLDING LTD SEDOL BK6YZP5 | 2.72% | RELIANCE INDUSTRIES LTD SEDOL 6099626 | 2.65% | MEDIATEK INC SEDOL 6372480 | 2.50% | NAVER CORP SEDOL 6560393 | 2.34% | APOLLO HOSPITALS ENTERPRISE SEDOL 6273583 | 2.30% | TECHTRONIC INDUSTRIES CO LTD SEDOL B0190C7 | 2.27% | LI NING CO LTD SEDOL B01JCK9 | 2.24% | ASPEED TECHNOLOGY INC SEDOL B80VKP3 | 1.98% | ASIAN PAINTS LTD SEDOL BCRWL65 | 1.88% | GLOBANT SA SEDOL BP40HF4 | 1.88% | WUXI APPTEC CO LTD-H SEDOL BGHH0L6 | 1.88% | PARADE TECHNOLOGIES LTD SEDOL B6RV676 | 1.87% | JD.COM INC-ADR SEDOL BMM27D9 | 1.75% | SHENZHEN INOVANCE TECHNOLO-A SEDOL BD5CMN8 | 1.74% | TCS GROUP HOLDING-GDR REG S SEDOL BF233S0 | 1.73% | SILERGY CORP SEDOL BH4DMW9 | 1.67% | YANDEX NV-A SEDOL B5BSZB3 | 1.66% | JUBILANT FOODWORKS LTD SEDOL B3PRM66 | 1.57% | CONTEMPORARY AMPEREX TECHN-A SEDOL BHQPSY7 | 1.56% | NOVATEK MICROELECTRONICS COR SEDOL 6346333 | 1.55% | AIA GROUP LTD SEDOL B4TX8S1 | 1.52% | CENTRE TESTING INTL GROUP-A SEDOL BD5C7D3 | 1.45% | TOTVS SA SEDOL B10LQP6 | 1.43% | KAKAO CORP SEDOL 6194037 | 1.41% | DINO POLSKA SA SEDOL BD0YVN2 | 1.39% | HDFC BANK LIMITED SEDOL BK1N461 | 1.38% | PEARL ABYSS CORP SEDOL BYX56S9 | 1.32% | BANK CENTRAL ASIA TBK PT SEDOL B01C1P6 | 1.28% | SBERBANK PJSC -SPONSORED ADR SEDOL B5SC091 | 1.26% | COPA HOLDINGS SA-CLASS A SEDOL B0TNJH9 | 1.24% | DIXON TECHNOLOGIES INDIA LTD SEDOL BNC5412 | 1.14% | SHENZHEN MINDRAY BIO-MEDIC-A SEDOL BHQK864 | 1.14% | HONG KONG EXCHANGES & CLEAR SEDOL 6267359 | 0.94% | AFREECATV CO LTD SEDOL 6724508 | 0.86% | YUM CHINA HOLDINGS INC SEDOL BN2BD13 | 0.86% | SEA LTD-ADR SEDOL BYWD7L4 | 0.86% | MAX HEALTHCARE INSTITUTE LTD SEDOL BMB2291 | 0.84% | ISHARES CORE MSCI EMERGING SEDOL B8NDCB6 | 0.74% | THOUGHTWORKS HOLDING INC SEDOL BMYR6Y6 | 0.64% | SINBON ELECTRONICS CO LTD SEDOL 6349354 | 0.63% | HC BRILLANT SERVICES GMBH P/P | 0.00% |
Portfolio Composition as of 02/28/22
| Common stock | 93.52% |
| Cash and net other assets | 4.45% |
| Preferred stock | 2.03% |
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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. 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. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. 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 02/28/22
| Information technology | 31.13% |
|---|---|
| Financials | 15.60% |
| Communication services | 10.17% |
| Consumer discretionary | 8.91% |
| Consumer staples | 8.17% |
| Industrials | 5.79% |
| Energy | 5.20% |
| Cash and net other assets | 4.45% |
| Health care | 4.03% |
| Other | 6.55% |
0
Country Allocation as of 02/28/22
| China | 23.33% |
|---|---|
| India | 17.59% |
| Taiwan | 15.06% |
| South Korea | 9.79% |
| Cash and net other assets | 4.45% |
| Mexico | 4.23% |
| Brazil | 4.02% |
| Hong Kong | 4.01% |
| United States | 3.95% |
| Other | 13.57% |
0