- GIPS Composite Presentation
Global Infrastructure III Composite
October 31, 2022 to December 31, 2023
Year Ended | Composite Gross of Fee | Composite Net of Fee Returns (%) | FTSE Global Core Infra 50/50 Index (Net) Returns (%) | Composite Gross of Fee 3-Yr Std Dev (%) | FTSE Global Infra 50/50 Index (Net) | Composite Assets ($ in Millions) | # of Accounts | Internal Dispersion (Equal-Weighted) | Total Firm Assets ($ in Millions) |
Inception – 12/31/22 | -3.32 | -3.33 | 5.47 | N/A | N/A | 33.2 | 1 | N/A | 164,123.0 |
2023 | 6.11 | 5.98 | 2.21 | N/A | N/A | 123.4 | 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 verification report is available upon request. Verification does not ensure the accuracy of any specific composite presentation.
- 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 year and inception to date return for period ending 12/31/2023: 5.98%, 2.09%, respectively. The benchmark 1 year and since composite inception date return ending 12/31/2023: 2.21%, 6.64%, respectively.
- The Composite inception date was October 31, 2022 and the creation date under the GIPS standards was November 2022. The Global Infrastructure III strategy seeks long-term capital appreciation through bottom-up security selection of infrastructure and infrastructure-related companies that have assets in, but not limited to, toll roads, airports, rail track, shipping ports, telecom infrastructure, hospitals, schools, utilities such as electricity, gas distribution networks and water, oil & gas pipelines, wireless telecoms that may or may not own the tower, transportation (shipping, trucking and air freight/couriers), construction, construction equipment manufacturing, environmental services, and materials and seek to promote sustainability characteristics such as environmental or social characteristics or a combination of such characteristics. 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 transactions costs. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. For a Global Infrastructure III separate account, the fee schedule offered to institutional clients is as follows: 0.75% on first $50 million of assets managed; 0.65% on next $50 million; 0.55% 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 FTSE Global Core Infrastructure 50/50 Index. The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for these indexes are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalization.
