An approach that provides a potential source for growth and income
(Master Limited Partnership)
KEY CHARACTERISTICS & MATERIALS
- A high-conviction and concentrated portfolio balanced across three key tenets: quality; long-term growth; and current yield
- Multi-year outlook and opportunistic flexibility enables time-horizon arbitrage – taking advantage of dislocations between stock prices and asset values
- Jennison’s Energy Value Research Platform facilitates collaboration and shared intellectual capital which helps to uncover potential trends; identify the most attractive companies/regions; and exposes opportunities and / or pitfalls others may overlook
$0.3 Billion as of 3/31/20
|Benchmark:||Alerian MLP Index|
|No. of Holdings:||Typically 25 – 35|
|Turnover:||30 - 50% under normal market conditions|
Our MLP team is a part of Jennison’s Income & Infrastructure investment suite which also includes our Global Infrastructure, Equity Income, Utility and Rising Dividend strategies. The MLP team is complemented by the sharing of intellectual capital and close interaction with our Natural Resources team and is supported across Jennison’s energy value chain research approach, which consists of specialized analysts that focus on those specific sectors/industries within the upstream, midstream, and downstream energy infrastructure space. Jennison’s MLP strategy is a natural extension of our infrastructure expertise as members of the team have been investing in midstream infrastructure companies since the late 1990’s.Meet The Team
|As of March 31, 2020||Qtr||1 Year||3 Year||5 Year||10 Year||Since Inception|
|MLP Strategy Composite - Gross||-45.0||-46.7||-20.2||-14.1||-||-9.1|
|MLP Strategy Composite - Net||-45.1||-47.0||-20.6||-14.6||-||-9.6|
|Alerian MLP Index||-57.2||-60.9||-28.9||-20.6||-||-17.0|
Source: Jennison/Alerian. Past performance does not guarantee future results. Performance results are calculated in US dollars and reflect reinvestment of dividends and other earnings. Inception of Master Limited Partnership Strategy Composite: 12/31/13. Periods greater than one year are annualized. Please refer to the GIPS presentation for additional details, important performance information and disclosures.
Jennison Associates is a registered investment advisor and a Prudential Financial company. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Certain investment vehicles are distributed or offered through Prudential Investment Management Services LLC (also a Prudential Financial Company) or other affiliated entities. Additionally, vehicles may not be registered or available for investment in all jurisdictions.
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