Equity

Emerging Markets

Aims to identify the best structural growth opportunities within the emerging markets

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Overview

Bottom-up stock selection based on rigorous fundamental research drives returns over market cycles, historically resulting in a differentiated opportunity set
Opportunistic, unconstrained approach seeks to exploit inefficiencies around the developing world, allows flexibility in locating and identifying growth across market capitalizations
With high active risk and reasonable concentration, we believe high-conviction ideas drive returns over market cycles

Characteristics & Performance

Composite Inception	9/30/2014
Strategy AUM	$1.9 Billion as of 3/31/26
Benchmark	MSCI Emerging Markets Index
Holdings Range	Typically 35-45
Avg. Position Size	1 – 4% of portfolio
Cash	<5%

Past performance does not guarantee future results. Inception of Emerging Markets Equity Composite: 9/30/14. Source: Jennison and MSCI. Gross of fee performance is presented before custodial and Jennison's actual advisory fees but after transaction costs. Net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs.

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.