Putnam Capital Manager

Putnam Large Cap Value Subaccount

The subaccount seeks capital growth and current income.

Fund description

The subaccount employs Putnam's value strategy, investing primarily in stocks of large companies with underappreciated fundamentals and income potential from growing dividends. The portfolio managers pursue returns for investors across the U.S. equity universe.

Sales story

A multidimensional approach to value investingA relative-value focus The fund focuses on large companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Dividend growth The fund places a distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.A disciplined process The portfolio managers invest using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.

Management team

Lipper ranking ‡ as of 02/28/22

Category: Large-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 18% 12/66
1 yr. 39% 30/76
3 yrs. 20% 15/76
5 yrs. 14% 10/71

Risk Characteristics as of 02/28/22

Alpha (%) 3.44
Beta 0.99
R squared 0.99
Standard deviation (3 yrs.) 18.67

‡ 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 02/28/22

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 78
Turnover (fiscal year end) 20%
Net Assets $1,662M
Inception Date 05/01/03

Holdings

Bank Of America Corp 3.64%
Microsoft Corp 3.43%
JPMorgan Chase 2.87%
Walmart 2.61%
Northrop Grumman Corp 2.60%
ConocoPhillips 2.36%
Citigroup 2.33%
AbbVie 2.25%
Freeport-Mcmoran 2.15%
Regeneron Pharmaceuticals 2.00%
Top 10 holdings, total: 26.26%


Top 10 holdings as of 02/28/22
1: Bank Of America Corp 3.64%
2: Microsoft Corp 3.43%
3: JPMorgan Chase 2.87%
4: Walmart 2.61%
5: Northrop Grumman Corp 2.60%
6: ConocoPhillips 2.36%
7: Citigroup 2.33%
8: AbbVie 2.25%
9: Freeport-Mcmoran 2.15%
10: Regeneron Pharmaceuticals 2.00%
Holdings represent 26.26% of portfolio
Top 10 holdings as of 01/31/22
1: Bank Of America Corp 3.75%
2: Microsoft Corp 3.52%
3: JPMorgan Chase 2.97%
4: Walmart 2.67%
5: Citigroup 2.53%
6: ConocoPhillips 2.18%
7: Northrop Grumman Corp 2.15%
8: AbbVie 2.06%
9: Regeneron Pharmaceuticals 1.95%
10: Anthem 1.87%
Holdings represent 25.65% of portfolio
Top 10 holdings as of 12/31/21
1: Microsoft Corp 3.75%
2: Bank Of America Corp 3.56%
3: JPMorgan Chase 3.11%
4: Walmart 2.72%
5: Citigroup 2.31%
6: Northrop Grumman Corp 2.21%
7: AbbVie 2.01%
8: Regeneron Pharmaceuticals 1.99%
9: General Motors 1.96%
10: Anthem 1.93%
Holdings represent 25.55% of portfolio
Top 10 holdings as of 11/30/21
1: Microsoft Corp 3.86%
2: Bank Of America Corp 3.73%
3: JPMorgan Chase 3.27%
4: Walmart 2.77%
5: Citigroup 2.55%
6: Regeneron Pharmaceuticals 2.10%
7: Northrop Grumman Corp 2.09%
8: General Motors 2.03%
9: Goldman Sachs Group The 1.99%
10: Qualcomm 1.89%
Holdings represent 26.28% of portfolio


Portfolio Composition as of 02/28/22

Common stock 97.36%
Convertible preferred stock 1.39%
Cash and net other assets 1.25%

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. 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

Financials 18.62%
Health care 17.14%
Industrials 12.19%
Information technology 9.09%
Energy 7.78%
Consumer discretionary 7.62%
Consumer staples 7.53%
Materials 6.81%
Utilities 4.95%
 
Other
8.27%
Communication services 3.98%
Real estate 3.04%
Cash and net other assets 1.25%