- GIPS Composite Presentation
Focused Large Cap Value Master Composite
December 31, 2013 to December 31, 2023
Year Ended | Composite Gross of Fee | Composite Net of Fee Returns (%) | Russell 1000® Value Index Returns (%) | Composite Gross of Fee 3-Yr Std Dev (%) | Russell 1000® Value Index 3-Yr Std Dev (%) | Composite Assets ($ in Millions) | # of Accounts | Internal Dispersion (Equal-Weighted) | Total Firm Assets ($ in Millions) |
2014 | 0.83 | -0.17 | 13.45 | 11.89 | 9.20 | 1015.0 | 3 | N/A | 184,048.8 |
2015 | -7.28 | -8.20 | -3.83 | 11.79 | 10.68 | 814.1 | 2 | N/A | 174,180.3 |
2016 | 14.19 | 13.05 | 17.34 | 12.75 | 10.77 | 626.1 | 2 | N/A | 159,780.6 |
2017 | 15.58 | 14.28 | 13.66 | 11.49 | 10.20 | 643.0 | 2 | N/A | 175,421.4 |
2018 | -7.91 | -8.60 | -8.27 | 11.90 | 10.82 | 534.6 | 3 | N/A | 160,734.1 |
2019 | 29.01 | 28.52 | 26.54 | 11.89 | 11.85 | 562.8 | 3 | N/A | 173,202.0 |
2020 | 3.50 | 3.11 | 2.80 | 18.68 | 19.62 | 771.8 | 3 | N/A | 224,260.6 |
2021 | 31.92 | 31.42 | 25.16 | 17.59 | 19.05 | 344.7 | 2 | N/A | 245,584.9 |
2022 | -10.01 | -10.35 | -7.54 | 20.44 | 21.25 | 278.6 | 2 | N/A | 164,123.0 |
2023 | 17.76 | 17.32 | 11.46 | 15.86 | 16.50 | 192.2 | 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 Focused Large Cap Value Master Composite (Composite) has had a performance examination for the period from January 1, 2011 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. 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: 17.32%, 12.86% and 7.08%, respectively. The benchmark 1, 5, 10 year returns for periods ending 12/31/2023: 11.46%, 10.90% and 8.39%, respectively.
- The Composite inception date was September 30, 2000 and the creation date under the GIPS standards was January 2020. The Focused Large Cap Value Master Equity strategy seeks long-term growth of capital by investing primarily in stocks of large cap companies we believe to be valued at a discount to their true worth. The accounts are managed in a similar fashion to the Large Cap Value Equity Composite and may invest in approximately 20--35 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. Net of fee performance is presented net of advisory fees and transactions costs. For periods beginning January 1, 2010 to January 31, 2018, net of fee performance reflects the deduction of a model fee and is based on the highest fee in effect during the respective period, which is currently 1.0% fixed fee per year; 20% of net profits subject to a hurdle rate. The hurdle is the Russell 1000® Value Index. Starting February 1, 2018, net of fee performance reflects the deduction of a model fee based on the highest fee in effect during the respective period, which is 0.375% fixed fee per year. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. Actual net of fee returns may be higher or lower than model net of fee returns shown, and are available upon request. For a focused large cap value master separate account, the fee schedule offered to clients is as follows: 0.375% fixed fee per year. 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 .Russell 1000® Value Index.
