Equity

SMid Cap Core

Focused on investing across the growth/value spectrum

Looking modern office building from below.

Overview

A bottom-up, research-driven approach is used, focusing on business evaluation and identification of growth catalysts
Strict adherence to absolute and relative valuation based on projected strong earnings growth on an intermediate to long-term basis
A portfolio of small and mid cap companies built to weather different market conditions

Characteristics & Performance

Composite Inception	5/31/2004
Strategy AUM	$5.4 Billion as of 6/30/26
Benchmark	Russell 2500TM Index
Holdings Range	Typically 110 – 135
Avg. Position Size	<2.5%
Turnover	40 – 60% under normal market conditions
Active Share	Typically >90%
Cash	<5%

Past performance does not guarantee future results. Source: Jennison and FTSE Russell. Inception of SMid Cap Core Equity Composite: 5/31/04. Gross of fee performance is presented before custodial and Jennison’s actual advisory fees but after transaction costs. *For periods prior to 2010, net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs. For periods beginning January 1, 2010, 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 during the period shown, 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.