S&P Composite 1500® Utilities Index 3-Yr Std Dev (%)
Composite Assets ($ in Millions)
# of Accounts
Internal Dispersion (Equal-Weighted)
Total Firm Assets ($ in Millions)
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, 2021. 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 Utility Equity Composite (Composite) has been examined for the period from August 1, 1994 through December 31, 2021. 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 returns for the 1, 5, 10 year periods ending 12/31/2022: 0.30%, 9.40% and 10.94%, respectively. The benchmark 1, 5, 10 year returns for period ending 12/31/2022: 1.37%, 9.14%, and 11.09%, respectively.
The Composite inception date was July 31, 1994 and the creation date under the GIPS standards was September 18, 2000. The Utility Equity strategy seeks a total return through a combination of capital appreciation and current income by investing in equity-related and investment-grade debt securities of utility companies. These include electric, gas, gas pipeline, telephone, telecommunications, water, cable, airport, seaport and toll road companies. 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. Prior to April 1, 2018 Net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs. For periods beginning April 1, 2018, net of fees 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 the accounts in the Composite. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. For a utility equity separate account, the fee schedule offered to institutional clients is as follows: 0.50% on first $50 million of assets managed; 0.45% on next $200 million; 0.40% on next $250 million; 0.35% on next $500 million; 0.25% 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. Client’s principal may be at risk under certain market conditions.
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 Benchmark for the Strategy is the Standard & Poor’s (S&P) Composite 1500® Utilities Index which consists of companies included in the S&P Composite 1500® Index that are classified as members of the GICS® utilities sector.