Additional Risk Considerations
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; 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.
Information for persons in Australia
Jennison Associates LLC (“Jennison”) has authorized the issue of this material for use solely by wholesale clients as defined in the Corporations Act of 2001. A registered investment adviser regulated by the SEC, Jennison is exempt from the need to hold an Australian financial services license (AFSL) for financial services provided to Australian wholesale clients on certain conditions. Financial services provided by Jennison are regulated by the SEC under the laws and regulatory requirements of the United States, which are different from the laws applying in Australia.
Information for visitors domiciled in Canada
Jennison Associates LLC (“Jennison”) has its principal place of business in the United States and is not registered in Canada and relies on the international adviser registration exemption in NI 31‐103 and is limited to providing services to “permitted clients.”
Information for persons in Hong Kong
Information is presented by representatives of PGIM (Hong Kong) Limited, a regulated entity with the Securities and Futures Commission in Hong Kong to professional investors as defined in Part 1 of Schedule 1 of the Securities and Futures Ordinance.
Information for persons in New Zealand
In New Zealand, Jennison Associates LLC (“Jennison”) has authorized the issue of this material for use solely by wholesale clients as defined Financial Advisers Act 2008 (“FAA”) and the Financial Markets Conduct Act (“FMCA”) which govern the provision of financial adviser services to wholesale clients in New Zealand. By accepting this material, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person. Jennison, acting as an “exempt provider” is not required to register or fulfil any of the disclosure obligations set out by the FAA. Additionally, Jennison is providing this material under section 389 of the FMCA which provides an exemption from licensing for investment advisers solely providing discretionary investment management services to wholesale clients.
Information for persons in Singapore
Information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a Singapore investment manager that is licensed as a capital markets service license holder by the Monetary Authority of Singapore and an exempt financial adviser. These materials are issued by PGIM Singapore for the general information of “institutional investors” pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) and “accredited investors” and other relevant persons in accordance with the conditions specified in Sections 305 of the SFA.
Information for persons in the United Kingdom and various European Economic Area jurisdictions
Information is issued by PGIM Limited. PGIM Limited registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR is authorised and regulated by the Financial Conduct Authority of the United Kingdom (registration number 193418) and duly passported in various jurisdictions in the EEA. Jennison Associates LLC & PGIM Limited are wholly owned subsidiaries of PGIM, Inc. the principal investment management business of Prudential Financial, Inc. (‘PFI’). PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. This information is intended only for persons who are professional clients or eligible counterparties as defined in Directive 2014/65/EU (MiFID II), investing for their own account, for fund of funds, or discretionary clients.