Seeks long-term growth of capital by investing in a diversified portfolio of equity securities that Jennison believes are being valued at a discount and having some of the following four broad characteristics: below “normal,” but improving, operations; strong franchises with low embedded expectations; presence of hidden assets; and, special situations (such as takeover arbitrage or other event driven investments).

Portfolio Details


Research-driven Traditional Value Approach

The Jennison Large Cap Value Equity strategy uses a bottom-up stock selection approach in seeking to outperform its large-cap value benchmarks at a comparable risk level. The investment team's in-depth fundamental research is critical to successful stock selection.


Looking for Troubled Stocks, Not Troubled Companies

The investment team believes that most large companies inherently produce normalized levels of returns and growth rates. Although those rates may deviate over the short term, the team believes they usually revert to normal levels over time. The managers assess companies with underperforming stocks to identify instances where the market is incorrectly interpreting subnormal returns and growth rates. They then try to identify changes in fundamentals (catalysts) that will lead to upward price movements. The resulting portfolio generally holds 50 to 60 stocks diversified across industries and sectors.

Portfolio Managers

Joseph Esposito

Joe is a large cap value portfolio manager.

He came to Jennison in 2014, following seven years with Loomis Sayles as a senior equity analyst. Prior to his tenure with Loomis, Joe served as a business systems analyst at AXA Financial.

He holds a BA in philosophy from the College of New Jersey and an MBA from Columbia University.

Warren Koontz, Jr., CFA

Warren Koontz, Jr., CFA, is Managing Director & Portfolio Manager, and Head of Large Cap Value Equity.

Warren joined Jennison Associates in September 2014. Prior to joining Jennison, Warren was a portfolio manager at Loomis, Sayles & Company for diversified and concentrated value strategies. Prior to joining Loomis Sayles in 1995, Warren was a senior portfolio manager at Comerica Bank. He also worked for three years as chief investment officer for The Jeffrey Company, a private investment firm. He began his investment career in 1984 at the Public Employees' Retirement System of Ohio as a securities analyst and later became an assistant investment officer.

Warren earned Bachelor of Science in finance and Master of Business Administration degrees from The Ohio State University. He is a Chartered Financial Analyst.


SMAs differ from pooled vehicles like mutual funds in that each portfolio is unique to a single account therefore the investment decisions may vary from those made for other accounts. SMAs do not issue registered prospectuses, the fees structures differ from those normally seen in mutual funds and generally carry higher account investment minimums. Please remember that there are inherent risks involved with investing in the markets, and investments may be worth more or less than initial investment upon redemption. There is no guarantee that the investment managers' objectives will be achieved. Professional money management is not suitable for all investors. 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.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.

Separately Managed Accounts are offered through our affiliates. Jennison Associates is a registered investment advisor. Both are Prudential Financial companies. © 2020 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.

Investment Products: Are not insured by the FDIC or any other federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.


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