Alerian Midstream Energy Select Index 3-Yr Std Dev (%)
Alerian MLP Index 3-Yr Std Dev (%)
Composite Assets ($ in Millions)
# of Accounts
Internal Dispersion (Equal-Weighted)
Total Firm Assets ($ in Millions)
2014
19.41
18.70
13.90
4.80
N/A
N/A
N/A
99.2
1
N/A
184,048.8
2015
-33.60
-34.00
-37.14
-32.59
N/A
N/A
N/A
172.3
2
N/A
174,180.3
2016
30.31
29.53
43.55
18.31
21.07
19.17
19.95
435.2
2
N/A
159,780.6
2017
-5.03
-5.57
0.76
-6.52
20.20
18.38
19.06
495.7
2
N/A
175,421.4
2018
-12.48
-12.97
-17.67
-12.42
17.56
16.03
18.10
476.1
2
N/A
160,734.1
2019
16.48
15.83
22.35
6.56
16.69
16.48
17.70
512.7
2
N/A
173,202.0
2020
-22.93
-23.40
-23.42
-28.69
32.40
37.57
47.18
307.2
1
N/A
224,260.6
2021
41.07
40.26
40.75
40.17
31.83
37.32
46.86
431.3
1
N/A
245,584.9
2022
26.30
25.61
19.15
30.92
34.20
39.06
48.39
556.3
1
N/A
164,123.0
2023
17.04
16.40
15.79
26.56
19.46
19.94
20.18
565.8
1
N/A
194,154.9
Jennison Associates LLC (Jennison or the Firm) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Jennison has been independently verified for the period from January 1, 1993 through December 31, 2023 A firm that claims compliance with the GIPS Standards must establish policies and procedures for complying with all applicable requirements of the GIPS Standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS Standards and have been implemented on a firm-wide basis. The Energy Infrastructure Composite (Composite) has had a performance examination for the period from January 1, 2014 through December 31, 2023. The verification and performance examination reports are available upon request.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Jennison Associates LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an indirect wholly owned subsidiary of Prudential Financial, Inc. (Parent). Registration does not imply a certain level of skill or training. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. On January 1, 2006, Jennison redefined the Firm to include JMA assets, for all periods after January 1, 2006.
The net of fee 1, 5, 10 year returns ending 12/31/2023: 16.40%, 12.71% and 4.26%, respectively. The benchmark 1, 5, 10 year returns ending 12/31/2023: 15.79%, 12.71% and 4.49%, respectively.
The Composite inception date was December 31, 2013 and the creation date under the GIPS standards was January 2014. Effective December 1, 2024, the Master Limited Partnership composite was renamed the Energy Infrastructure composite and the strategy was redefined to broaden its exposure to energy infrastructure companies while limiting its stake in Master Limited Partnerships to 25%. The Energy Infrastructure strategy seeks total return through current income and capital appreciation by investing in securities issued by energy infrastructure companies, including master limited partnerships (MLPs) and “C” corporations. Energy infrastructure companies are companies that generally own and operate assets that are used in energy and utilities sectors. Prior to December 1, 2024, the definition of the Master Limited Partnership strategy was to seek total return through current income and capital appreciation by investing in MLPs and MLP-related securities A list of Jennison’s composite and limited distribution pooled fund descriptions is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
Performance results are calculated in US dollars and reflect reinvestment of dividends and other earnings. 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. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. For an Energy Infrastructure strategy separate account, the fee schedule offered to institutional clients is as follows: 0.60% on first $300 million of assets managed; 0.50% on the balance. Actual advisory fees charged, and actual account minimum size may vary by account due to various conditions described in Jennison Associates LLC’s Form ADV.
The data presented represents past performance and does not guarantee future results. Performance results fluctuate, and there can be no assurances that objectives will be achieved. All investments involve risk, including the possible loss of capital.
The annual composite dispersion presented is an equal weighted standard deviation calculated of the individual gross account returns in the composite for the entire year. For annual periods with less than 6 accounts included for the entire year, dispersion is not presented. The three-year annualized ex-post standard deviation measures the variability of the composite’s gross returns and the benchmark over the preceding 36-month period and is not required to be presented prior to 2011 or when 36 monthly composite gross returns are not available.
The primary benchmark for the strategy is the Alerian Midstream Energy Select Index. The secondary benchmark for the strategy is the Alerian MLP Index. Prior to December 1, 2024 the primary strategy benchmark was the Alerian MLP Index. The Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies and was designed for use by RICs that are required to limit their “qualified publicly traded partnerships” (“QPTP”) exposure to 25% or less. The Alerian MLP Index consists entirely of MLPs and therefore is less representative of the Fund’s anticipated portfolio than the primary benchmark. Both benchmarks are capped, float-adjusted, capitalization-weighted indexes, whose constituents are engaged in midstream activities involving energy commodities.
