Putnam Capital Manager

Putnam Global Health Care Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount seeks to capitalize on the strength of the health-care sector, targeting companies of all sizes. Holdings encompass an array of industries, including pharmaceuticals, health-care services, and biotechnology. The fund seeks companies that offer strong long-term growth prospects, regardless of their size.

Sales story

Investing in the health-care sectorA dynamic sector: From biotech to pharmaceuticals, the fund seeks out companies that profit from the global demand for health care.A range of companies: The fund invests worldwide in businesses at different stages of growth, from rapidly growing newer companies to established global corporations.Actively managed: Unlike passively managed ETFs, Putnam global sector funds combine rigorous fundamental research and disciplined quantitative analysis with macroeconomic views.

Management team

Risk Characteristics as of 06/30/19

Alpha (%) -1.47
Beta 1.02
R squared 0.95
Standard deviation (3 yrs.) 13.17

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 06/30/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 47
Turnover (fiscal year end) 54%
Net Assets $136M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 06/30/19

UnitedHealth Group 7.92%
Merck 7.67%
Novartis Ag 6.23%
Danaher Corp 5.83%
Johnson & Johnson 5.10%
Pfizer 4.20%
Astrazeneca 4.06%
Eli Lilly 3.86%
Roche Holding Ag 3.81%
Vertex Pharmaceuticals 3.58%
Top 10 holdings, total: 52.26%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
1: UnitedHealth Group 7.92%
2: Merck 7.67%
3: Novartis Ag 6.23%
4: Danaher Corp 5.83%
5: Johnson & Johnson 5.10%
6: Pfizer 4.20%
7: Astrazeneca 4.06%
8: Eli Lilly 3.86%
9: Roche Holding Ag 3.81%
10: Vertex Pharmaceuticals 3.58%
Holdings represent 52.26% of portfolio
Top 10 holdings as of 05/31/19
1: UnitedHealth Group 9.24%
2: Merck 8.33%
3: Danaher Corp 6.27%
4: Novartis Ag 6.16%
5: Johnson&Johnson 5.05%
6: Pfizer 4.24%
7: Eli Lilly 4.15%
8: Roche Holding Ag 4.15%
9: Astrazeneca 3.67%
10: Vertex Pharmaceuticals 3.13%
Holdings represent 54.39% of portfolio
Top 10 holdings as of 04/30/19
1: UnitedHealth Group 9.61%
2: Merck 8.13%
3: Danaher Corp 6.83%
4: Novartis Ag 5.75%
5: Johnson Johnson 5.34%
6: Eli Lilly 4.11%
7: Roche Holding Ag 4.10%
8: Pfizer 4.07%
9: Astrazeneca 3.64%
10: Intuitive Surgical 3.14%
Holdings represent 54.72% of portfolio
Top 10 holdings as of 03/31/19
1: UnitedHealth Group 8.45%
2: Merck 7.72%
3: Danaher Corp 7.01%
4: Novartis Ag 5.71%
5: Johnson&Johnson 4.97%
6: Eli Lilly 4.28%
7: Roche Holding Ag 4.02%
8: Pfizer 4.00%
9: Intuitive Surgical 3.30%
10: Boston Scientific Corp 3.12%
Holdings represent 52.58% of portfolio

Portfolio Composition as of 06/30/19

Common stock 99.11%
Cash and net other assets 0.89%

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 06/30/19

Pharmaceuticals 44.86%
Health Care Equipment & Supplies 18.64%
Biotechnology 17.24%
Health Care Providers & Services 12.41%
Life Sciences Tools & Services 5.96%
Cash and net other assets 0.89%

Country Allocation as of 06/30/19

United States 72.31%
Switzerland 11.55%
United Kingdom 6.90%
Denmark 3.36%
Japan 2.01%
Australia 1.32%
France 1.13%
Cash and net other assets 0.89%
Germany 0.53%