- GIPS Composite Presentation
Equity Income Composite
December 31, 2013 to December 31, 2023
| Year Ended | Composite\ Gross of Fee Returns (%) | Composite Net of Fee Returns (%) | Lipper Equity Income Funds Index Returns (%) | Composite Gross of Fee 3-Yr Std Dev (%) | Lipper Equity Income Funds Index 3-Yr Std Dev (%) | Composite Assets ($ in Millions) | # of Accounts | Internal Dispersion (Equal-Weighted) | Total Firm Assets ($ in Millions) |
| 2014 | 10.83 | 10.44 | 10.69 | 9.37 | 8.43 | 5168.1 | 2 | N/A | 184,048.8 |
| 2015 | -4.62 | -4.95 | -2.96 | 10.96 | 10.05 | 4235.5 | 2 | N/A | 174,180.3 |
| 2016 | 7.87 | 7.49 | 14.34 | 10.28 | 9.99 | 3392.3 | 2 | N/A | 159,780.6 |
| 2017 | 16.79 | 16.36 | 16.43 | 9.50 | 9.25 | 2098.2 | 2 | N/A | 175,421.4 |
| 2018 | -5.53 | -6.11 | -6.61 | 9.55 | 9.79 | 1479.9 | 2 | N/A | 160,734.1 |
| 2019 | 23.63 | 22.76 | 26.38 | 10.46 | 10.6 | 85.8 | 1 | N/A | 173,202.0 |
| 2020 | 9.19 | 8.43 | 4.72 | 18.04 | 17.28 | 61.2 | 1 | N/A | 224,260.6 |
| 2021 | 23.70 | 22.84 | 24.57 | 17.51 | 16.71 | 72.0 | 1 | N/A | 245,584.9 |
| 2022 | -5.42 | -6.08 | -5.58 | 19.30 | 19.02 | 37.5 | 1 | N/A | 164,123.0 |
| 2023 | 8.11 | 7.36 | 10.12 | 13.98 | 14.99 | 36.6 | 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 Equity Income Composite (Composite) has had a performance examination for the period from February 1, 2007 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 returns for the 1, 5, 10 year periods ending 12/31/2023: 7.36%, 10.51%, and 7.34% respectively. The benchmark 1, 5, 10 year returns ending 12/31/2023: 10.12%, 11.37%, and 8.63%, respectively
- The Composite inception date was January 31, 2007 and the creation date under the GIPS standards was February 2007. The Equity Income strategy seeks income and capital appreciation through investments primarily in income-producing equity and equity-related securities. The investment team employs a value strategy to identify companies with the ability to sustain and grow their dividends. 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 an equity income separate account the fee schedule offered to institutional clients is as follows: 0.70% on first $25 million of assets managed; 0.60% on next $25 million; 0.50% on next $50 million; 0.40% 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 Lipper Equity Income Funds Index which tracks funds that seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. These funds’ gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. Lipper Indexes are comprised solely of mutual funds which are subject to higher fees and expenses than Jennison's Composites.
