Equity

Global Natural Resources

Top-down commodity analysis integrated with bottom-up, fundamental research to identify attractive investment opportunities in companies that own, explore, mine, process, and develop a wide variety of natural resources

Factsheet

Overview

Integrates top-down analysis with bottom-up, fundamental research to uncover companies that can organically grow reserves and production, control costs, as well as provide the needed technology and infrastructure used in the search for reserves and the final production process
Focuses on a long-term secular opportunities, rather than short-term tactical considerations, which we believe can generate excess returns over the long-term

Characteristics & Performance

Composite Inception	1991
Strategy AUM	$0.9 Billion as of 6/30/26
Benchmark	Global Natural Resources Custom Index
Holdings Range	Typically 60 – 80

Past performance does not guarantee future results. Inception of Global Natural Resources Composite: 8/31/91. Source: Jennison and Lipper. Gross of fee performance is presented before custodial and Jennison's actual advisory fees but after transaction costs. *For periods prior to 4/1/18, net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs. For periods beginning 4/1/18, net of fee performance reflects the deduction of a model fee. It is net of transaction costs and is calculated based on the highest tier of the fee schedule in effect for the respective period (0.75%), which may not reflect the actual historical fees applied to accounts in the Composite.**Effective October 2010, the custom index is the Lipper Natural Resources Funds Index 1/1/92 through 12/31/08 and Lipper Global Natural Resources Funds Index thereafter. NA: Not Available.

Characteristics are intended to provide a general illustration of the investment strategy and considerations used by Jennison in managing that strategy during normal market conditions and may change over time. Characteristics do not represent actual portfolio guidelines, which are negotiated with clients.

Performance results are calculated in US dollars and reflect reinvestment of dividends and other earnings. Periods greater than one year are annualized. Please refer to the GIPS presentation, which includes fee information and criteria for composite performance creation.