As of September 14, 2018, Putnam VT Capital Opportunities Fund was renamed Putnam VT Small Cap Growth Fund.

Putnam Capital Manager

Putnam Small Cap Growth Subaccount

The subaccount seeks long-term growth of capital.

Fund description

The subaccount invests primarily in small and midsize companies, seeking hidden opportunities in stocks with growth potential that has been relatively unnoticed by investors. The portfolio can own growth and value stocks without a bias toward either style.

Sales story

Uncovering high-quality and fast-growing small-cap companiesCombining quality and aggressive growthWe believe portfolios that balance exposure to high-quality and aggressive growth small-cap stocks can offer strong risk-adjusted return potential.Research-intensive processOur fundamental investment process focuses on identifying growth opportunities where the market has undervalued the duration or magnitude of a company's growth potential.Long-term investment horizonWe seek to invest over a multiyear horizon to harness the power of compounding growth and embed risk management at multiple levels.

Management team

Lipper ranking ‡ as of 09/30/22

Category: Small-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 65% 58/89
1 yr. 46% 49/106
3 yrs. 9% 9/105
5 yrs. 33% 33/100

Risk Characteristics as of 09/30/22

Alpha (%) 5.36
Beta 0.90
R squared 0.91
Standard deviation (3 yrs.) 24.14

‡ 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 10/31/22

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 90
Turnover (fiscal year end) 53%
Net Assets $27M
Inception Date 05/01/03

Holdings

Lantheus Holdings 2.63%
Willscot Mobile Mini Holdings Corp 2.59%
Kinsale Capital Group 2.48%
Tfi International 2.43%
Verra Mobility Corp 2.23%
Manhattan Associates 2.22%
R1 Rcm 2.03%
Rbc Bearings 2.00%
Wns Holdings 1.99%
Bj'S Wholesale Club Holdings 1.93%
Top 10 holdings, total: 22.51%


Top 10 holdings as of 09/30/22
1: Lantheus Holdings 2.63%
2: Willscot Mobile Mini Holdings Corp 2.59%
3: Kinsale Capital Group 2.48%
4: Tfi International 2.43%
5: Verra Mobility Corp 2.23%
6: Manhattan Associates 2.22%
7: R1 Rcm 2.03%
8: Rbc Bearings 2.00%
9: Wns Holdings 1.99%
10: Bj'S Wholesale Club Holdings 1.93%
Holdings represent 22.51% of portfolio
Top 10 holdings as of 08/31/22
1: Lantheus Holdings 2.77%
2: Tfi International 2.59%
3: Willscot Mobile Mini Holdings Corp 2.42%
4: Kinsale Capital Group 2.31%
5: R1 Rcm 2.25%
6: Manhattan Associates 2.21%
7: Verra Mobility Corp 2.17%
8: Rbc Bearings 2.17%
9: Colliers International Group 2.16%
10: Nova 2.11%
Holdings represent 23.16% of portfolio
Top 10 holdings as of 07/31/22
1: Lantheus Holdings 2.72%
2: Tfi International 2.62%
3: R1 Rcm 2.60%
4: Willscot Mobile Mini Holdings Corp 2.35%
5: Colliers International Group 2.34%
6: Verra Mobility Corp 2.27%
7: Nova 2.26%
8: Kinsale Capital Group 2.24%
9: Manhattan Associates 2.23%
10: Rbc Bearings 2.15%
Holdings represent 23.79% of portfolio
Top 10 holdings as of 06/30/22
1: Lantheus Holdings 2.65%
2: Tfi International 2.48%
3: Colliers International Group 2.47%
4: R1 Rcm 2.46%
5: Verra Mobility Corp 2.45%
6: Kinsale Capital Group 2.39%
7: Willscot Mobile Mini Holdings Corp 2.36%
8: Boot Barn Holdings 2.16%
9: Nova 2.14%
10: Techtarget 2.06%
Holdings represent 23.62% of portfolio


Portfolio Composition as of 09/30/22

Common stock 97.02%
Cash and net other assets 2.98%

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. 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. These risks are generally greater for small and midsize companies. 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. 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 09/30/22

Health care 25.03%
Information technology 19.63%
Industrials 19.32%
Consumer discretionary 9.45%
Energy 6.47%
Financials 6.27%
Consumer staples 4.43%
Real estate 3.08%
Cash and net other assets 2.98%
 
Other
3.34%
Communication services 1.82%
Materials 1.52%