Equity

Energy Infrastructure

An approach that seeks total return through current income and capital appreciation by investing in energy infrastructure companies

Factsheet

Overview

A high-conviction and concentrated portfolio balanced across three key tenets: quality; long-term growth; and current yield
Multi-year outlook and opportunistic flexibility enables time-horizon arbitrage – taking advantage of dislocations between stock prices and asset values
Jennison’s Energy Value Research Platform facilitates collaboration and shared intellectual capital which helps to uncover potential trends; identify the most attractive companies/regions; and exposes opportunities and / or pitfalls others may overlook

Characteristics & Performance

Composite Inception	12/31/13
Strategy AUM	$0.6 Billion as of 6/30/26
Benchmark	Alerian Midstream Energy Select Index
Holdings Range	Typically 25 – 35

Past performance does not guarantee future results. Inception of Energy Infrastructure Strategy Composite: 12/31/13. Source: Jennison and Alerian. *Effective 12/1/24, the Jennison Energy Infrastructure strategy limited MLP exposure to 25% and changed its primary benchmark, in line with the PGIM Jennison Energy Infrastructure Fund’s conversion from a C-Corp to a Regulated Investment Company (RIC) and primary benchmark change. 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.