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Energy Infrastructure Composite

December 31, 2013 to December 31, 2023
Year Ended Composite Gross of Fee Returns (%) Composite Net of Fee Returns (%) Alerian Midstream Energy Select  Index Returns (%) Alerian MLP Index Returns (%) Composite Gross of Fee 3-Yr Std Dev (%) 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

 

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.

 

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Jennison Associates LLC. All Rights Reserved.

This website is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital.

Important Disclosures

Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training.  Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. 

Please visit https://www.jennison.com/important-disclosuresopens in a new window for important information, including information on non-US jurisdictions 

This web site is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services. It does not constitute investment advice, should not be used as the basis for any investment decision, and does not purport to provide any legal, tax or accounting advice. This is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

The views expressed herein are those of Jennison investment professionals at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice and should not be considered investment advice.

Certain third party information in this material has been obtained from sources that Jennison believes to be reliable as of the date presented; however, Jennison cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. Jennison has no obligation to update any or all such third party information.

Your investment objectives, risk tolerance, and liquidity needs must be reviewed before suitable programs can be recommended. Asset allocation and diversification strategies do not assure a profit or protect against loss in declining markets. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.

Please remember that there are inherent risks involved with investing in the markets, and your investments may be worth more or less than your initial investment upon redemption. There is no guarantee that the investment managers’ objectives will be achieved. Further, there is no assurance that any strategies, methods, sectors, or any investment programs herein were or will prove to be profitable, or that any investment recommendations or decisions we make in the future will be profitable for any investor or client. Professional money management is not suitable for all investors.

There is no guarantee our objectives will be met. All investments contain risk, including possible loss of principal. The strategy may vary significantly from the benchmark in several ways including, but not limited to, sector and issuer weightings, portfolio characteristics, and security types.

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In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information may be issued by PGIM Netherlands B.V., PGIM Limited or PGIM Luxembourg S.A. depending on the jurisdiction. PGIM Netherlands B.V., with registered office at Eduard van Beinumstraat 6 1077CZ, Amsterdam, The Netherlands, is authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. Jennison Associates LLC, PGIM Limited & PGIM Netherlands B.V. are wholly owned subsidiaries of PGIM, Inc. the principal investment management business of Prudential Financial, Inc. (‘PFI’).  PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as defined  under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).

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