JENNISON NATURAL RESOURCES EQUITY

JENNISON NATURAL RESOURCES EQUITY

Objectives

Seeks long-term capital growth by investing in companies that own, explore, mine, process, and develop natural resources commodities.

Portfolio Details

Overview

The Jennison Natural Resources Equity strategy combines the expertise of Jennison’s Global Natural Resources Equity and Custom Solutions teams. The investment portfolio is based on Jennison’s Global Natural Resources Equity portfolio, but in keeping with the restrictions on separately managed accounts (SMAs), all foreign ordinaries are replaced with appropriate US-listed natural resources exchange traded funds (ETFs).

The Global Natural Resources Equity team attempts to identify market dynamics underpinning natural resource commodities and looks for companies with the potential to outperform even in an environment of changing commodity prices. The team uses a combination of top-down and bottom-up analysis, with a focus on secular, rather than tactical considerations. Top-down analysis identifies relative strengths across commodity groups to determine which have favorable supply/demand characteristics; bottom-up fundamental research identifies companies with desirable characteristics which we believe indicate the potential to outperform.

In an era of rising marginal costs for commodities, we believe we can outperform by owning companies that can organically grow both reserves and production, control costs and gain access to reserves in a world increasingly dominated by state-run resource companies. We also look at whether the companies under consideration can provide the needed technology and infrastructure used in the search for reserves and the final production process.

Portfolio Managers

Neil P. Brown, CFA

Neil P. Brown, CFA, is a managing director and equity research analyst.

He joined Jennison in November 2005 after working on the North American Oil and Gas Exploration and Production team as an equity research associate/analyst at Deutsche Bank Securities. Prior to joining Deutsche Bank, Neil worked at Donaldson, Lufkin, and Jenrette as a research associate covering the Exploration and Production sector. He also worked as an analyst in Metropolitan Life Insurance Company's Institutional Finance department.

Neil received a B.A. in mathematics and history from Duke University and is a member of the New York Society of Security Analysts.

Jay Saunders

John "Jay" Saunders is a managing director and equity research analyst.

He joined Jennison in October 2005 after working for the Global Oil team as a vice president at Deutche Bank Securities, where he covered North American integrated oils, independent refiners and exploration & production companies. From 1997 to 2000, Jay worked at the Energy Intelligence Group, becoming managing editor for the Oil Market Intelligence newsletter, reporting on a broad range of energy topics. Jay was also with Hart Publications, Inc./The Oil Daily Co., where he was an associate editor responsible for oil-related publications.

Jay received a B.A. from the College of William and Mary and a masters in print journalism from American University. He was ranked as the number 1 refiners analyst by Zach's Investment Research in 2005.

Jason McManus

Jason McManus is a Managing Director and Quantitative Portfolio Manager.

He joined Jennison Associates in July 1997. Since August 2006, he has been working in Jennison's Custom Solutions Group managing quantitative portfolios and custom solutions for clients. From 2003 to 2006, he was part of Jennison's Applied Research team focusing on quantitative research projects and portfolio analytics. Prior to 2003, he worked as a research associate on Jennison's international equity team.

Jason received a B.S. in economics and computer science from the University at Albany and received his M.B.A. in quantitative finance from New York University's Stern School of Business.

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. © 2019 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.

 

For compliance use only 1013455-00001-00 Ed. 12/2018