Large Cap
Value

Focused on Companies Whose Intrinsic Value Increases Over Time

KEY CHARACTERISTICS & MATERIALS



OVERVIEW

  • A deep understanding of a business gives us an informed view of a company’s intrinsic value – the value derived from the earnings and cash-flow a business generates
  • A long-term investment horizon allows us to capitalize on “time horizon arbitrage” opportunities that can be created by the short-term orientation of market participants
  • Utilizing a well-vetted and disciplined process to manage risk, in both security selection and portfolio construction, is critical to adding value and enhancing the probability of achieving consistent and repeatable results

 



CHARACTERISTICS

Composite Inception:
Strategy AUM:
Benchmark:
No. of Holdings:
Max. Position Size:
Turnover:
Active Share:
Cash:
Available Vehicles:


5/31/00
$2,311.1 Million as of 3/31/19
Russell 1000® Value Index
Typically 60 – 80
Typically less than 5%
20 - 25% under normal market conditions
Approximately 75 - 80%
Typically less than 5%
  • Institutional Separate Account
  • Mutual Fund
  • Managed Account (SMA)







  • PORTFOLIO MANAGEMENT




    Our Large Cap Value team consists of two portfolio managers and two dedicated analysts in what is a highly collaborative process. The team is supported by Jennison’s broader research staff, 17 of whom are active contributors to the Large Cap Value strategy. While decision-making is a team process that involves ongoing collaboration and debate between the portfolio manager and analysts, the portfolio manager makes final investment decisions.

    Meet The Team




    PERFORMANCE DATA


    As of March 31, 2019Qtr1 Year3 Year5 Year10 YearSince Inception
    Large Cap Value Equity Composite - Gross12.33.811.25.812.87.7
    Large Cap Value Equity Composite - Net*12.13.210.55.112.27.3
    Russell 1000 Value Index11.95.710.57.714.56.8


    *Beginning 8/1/14, net of fees performance shown reflects the deduction of a model fee.
    Past performance does not guarantee future results. Performance results are calculated in US dollars and reflect reinvestment of dividends and other earnings. Inception of Large Cap Value Equity Composite: 5/31/00. Periods greater than one year are annualized. Unless otherwise noted, source for Russell® Index data: Mellon Analytical Solutions or FT Interactive Data Corporation. Please refer to the GIPS presentation for additional details, important performance information and disclosures.

     

    This website is intended for Institutional and Professional Investors only.

    Jennison Associates is a registered investment advisor and a Prudential Financial company. Certain investment vehicles are distributed or offered through Prudential Investment Management Services LLC (also a Prudential Financial Company) or other affiliated entities.

    Please remember that there are inherent risks involved with investing in the markets, and your investments may be worth more or less than your initial investment upon redemption. There is no guarantee that the investment managers’ objectives will be achieved. Professional money management is not suitable for all investors.

    Additional considerations:
    This web site is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services.The does not constitute investment advice and should not be used as the basis for any investment decision. There is no assurance that the strategy objectives as discussed will be met. Further, there is no assurance that any strategies, methods, sectors, or any investment programs herein were or will prove to be profitable, or that any investment recommendations or decisions we make in the future will be profitable for any investor or client.These materials do not purport to provide any legal, tax or accounting advice.

    The risks associated with investing include but are not limited to: derivative securities, which may carry market, credit, and liquidity risks; short sales, which involve costs and the risk of potentially unlimited losses; leveraging, which may magnify losses; high yield (“junk”) bonds, which are subject to greater market risks; small/mid cap stocks which may be subject to more erratic market movements than large cap stocks; foreign securities, which are subject to currency fluctuation and political uncertainty; real estate, which poses certain risks related to overall and specific economic conditions as well as risks related to individual property, credit and interest-rate fluctuations; and mortgage-backed securities, which are subject to prepayment and extension risks.

    Thematic and concentrated portfolios may not be suitable for all investors. Such portfolios are non-diversified, so a loss resulting from a particular security will have greater impact on the portfolio’s return. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise.

    Your investment objectives, risk tolerance, and liquidity needs must be reviewed before suitable programs can be recommended. Asset allocation and diversification strategies do not assure a profit or protect against loss in declining markets. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.