Putnam Capital Manager

Putnam Small Cap Value Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount pursues its objective of long-term capital appreciation by investing in stocks of small companies that are undergoing positive changes. In accordance with its value strategy, it seeks holdings that have below-average price/earnings ratios and that are priced below their long-term business value. The subaccount's focus on low valuation helps to manage the risk associated with investing in small companies.

Sales story

Pursuing capital appreciation through undervalued small companiesSmall companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities to firms with strong research capabilities.A value strategy: The fund focuses on finding small companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Management team

Lipper ranking ‡ as of 06/30/19

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 51% 19/37
1 yr. 79% 32/40
3 yrs. 59% 24/40
5 yrs. 61% 24/39

Risk Characteristics as of 06/30/19

Alpha (%) -2.08
Beta 1.01
R squared 0.95
Standard deviation (3 yrs.) 17.66

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 120
Turnover (fiscal year end) 561%
Net Assets $123M
Inception Date 04/30/99

Holdings

Top 10 holdings as of 06/30/19

Premier 1.55%
Scorpio Tankers 1.51%
Vermilion Energy 1.44%
Cedar Fair Lp 1.38%
Tronox Holdings 1.35%
William Lyon Homes 1.32%
Synnex Corp 1.29%
Jabil 1.26%
Allete 1.23%
Mesa Air Group 1.22%
Top 10 holdings, total: 13.55%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
1: Premier 1.55%
2: Scorpio Tankers 1.51%
3: Vermilion Energy 1.44%
4: Cedar Fair Lp 1.38%
5: Tronox Holdings 1.35%
6: William Lyon Homes 1.32%
7: Synnex Corp 1.29%
8: Jabil 1.26%
9: Allete 1.23%
10: Mesa Air Group 1.22%
Holdings represent 13.55% of portfolio
Top 10 holdings as of 05/31/19
1: Cedar Fair Lp 1.55%
2: Premier 1.52%
3: Vermilion Energy 1.46%
4: William Lyon Homes 1.41%
5: Scorpio Tankers 1.40%
6: Mesa Air Group 1.32%
7: Caci International 1.24%
8: Sp Plus Corp 1.24%
9: Allete 1.22%
10: Hancock Whitney Corp 1.22%
Holdings represent 13.58% of portfolio
Top 10 holdings as of 04/30/19
1: Vermilion Energy 1.60%
2: Cedar Fair Lp 1.48%
3: Scorpio Tankers 1.48%
4: Tronox Holdings 1.36%
5: Synnex Corp 1.33%
6: Iberiabank Corp 1.27%
7: Hancock Whitney Corp 1.26%
8: Sp Plus Corp 1.25%
9: Premier 1.24%
10: Perficient 1.23%
Holdings represent 13.50% of portfolio
Top 10 holdings as of 03/31/19
1: Vermilion Energy 1.94%
2: Encana Corp 1.52%
3: Cedar Fair Lp 1.50%
4: Tronox Holdings 1.39%
5: Premier 1.35%
6: Madison Square Garden The 1.31%
7: Sp Plus Corp 1.29%
8: Synnex Corp 1.23%
9: Scorpio Tankers 1.22%
10: Hancock Whitney Corp 1.22%
Holdings represent 13.97% of portfolio

Portfolio Composition as of 06/30/19

Common stock 99.15%
Cash and net other assets 0.85%

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.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 06/30/19

Financials 27.72%
Industrials 17.20%
Consumer discretionary 11.18%
Information technology 9.27%
Energy 8.49%
Real estate 6.13%
Materials 6.09%
Communication services 4.34%
Health care 4.31%
 
Other
5.27%
Utilities 3.93%
Cash and net other assets 0.85%
Consumer staples 0.49%