Equity

Large Cap Value

Anchored in an intrinsic value approach that focuses on underappreciated companies

with superior fundamentals and/or catalysts that unlock strong value potential

Office skyscraper Reflection in the sunlight. New York City

Overview

Determines intrinsic value through rigorous, proprietary fundamental research and detailed earnings model that estimate a company’s long-term free cash flow generation potential
Takes a long-term view, seeking to identify and take advantage of disconnects between price and intrinsic value.
Disciplined framework guards against value traps and provides a more nuanced view of risk—where a wider spread between upside and downside scenarios signals greater uncertainty

Characteristics & Performance

Composite Inception	5/31/2000
Strategy AUM	$3.8 Billion as of 6/30/26
Benchmark	Russell 1000® Value Index
Holdings Range	Typically 60 – 80
Max. Position Size	Typically less than 5%
Turnover	20 - 25% under normal market conditions
Active Share	Approximately 70 - 80%
Cash	Typically less than 5%

Past performance does not guarantee future results. Inception of Large Cap Value Equity Composite: 5/31/00. Source: Jennison and FTSE Russell. Gross of fee performance is presented before custodial and Jennison's actual advisory fees but after transaction costs. *For periods prior to 8/1/14, net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs. For periods beginning 8/1/14, net of fee performance reflects the deduction of a model fee, is net of transaction costs and is calculated based on the highest tier of the fee schedule in effect for the respective period, which may not reflect the actual historical fees applied to accounts in the Composite.

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.