JENNISON SMID CAP CORE EQUITY

JENNISON SMID CAP CORE EQUITY

Objectives

Seeks to outperform the Russell 2500™ Index over the intermediate/long term, while exhibiting equal or less risk. Seeks to uncover companies that have attractive valuations, and should experience solid earnings growth on an intermediate-term basis.

Portfolio Details

 

Blend of Growth and Value

The portfolio contains both growth and value stocks and is diversified across industries and sectors. The investment team focuses on reasonably valued companies that it believes are most likely to generate attractive absolute and relative revenue and earnings growth. The team focuses on companies with market caps between $500 million and $5 billion.

 

Research-driven Process

Original, company-by-company fundamental research is the basis of the investment process. The team relies mainly on its own analyses of companies and industry dynamics when making decisions. The strategy seeks companies with a strong competitive position, quality management team, demonstrated growth in sales and earnings, balance sheet flexibility and strength, and strong current or potential earnings growth prospects. The team shares an investment philosophy focused on buying businesses rather than just stocks.

 

How Investment Decisions Are Made

The team consists of the portfolio manager and five research professionals, which translates to over 60+ years of combined research experience. They maintain a dynamic focus list database of approximately 500 companies, which are selected from several sources including on-site visits, sell-side research, existing investments, and meetings with competitors, suppliers, and customers. The team believes these companies should be able to generate attractive absolute and relative revenue and earnings growth while remaining reasonably valued relative to expectations. If their initial criteria are met and company meetings satisfy their requirements, they then perform detailed financial analyses before making final buy decisions.

Portfolio Managers

John P. Mullman, CFA

John P. Mullman, Chartered Financial Analyst (CFA), is a managing director of Jennison, which he joined in August 2000.

Prior to Jennison, Mr. Mullman was with Prudential, which he joined in 1987 as an associate in the corporate finance group, where he originated a variety of private placement investments, including fixed rate debt securities, leverage buyouts, ESOP financings, and asset-backed investments. From 1991 to 1995, he served as a vice president in Prudential's financial restructuring group, where he managed a $500 million portfolio of privately placed debt and equity securities in financially troubled or over-leveraged companies. Mr. Mullman has been managing institutional small-cap portfolios since 1996.

He received his B.A. from the College of the Holy Cross in 1982 and his M.B.A. from Yale University in 1987. He is a member of The New York Society of Security Analysts, Inc.

Jason Swiatek, CFA

Jason M. Swiatek, CFA, is a managing director and a small and smid cap equity portfolio manager. Jason co-manages the PGIM Jennison Small Company Fund, Inc. and the PGIM Jennison Blend Fund, Inc.

Jason joined Jennison Associates in August 2000 when Prudential’s public equity asset management capabilities merged into Jennison. He was named co-manager of small cap portfolios in September 2005 and co-manager of smid cap portfolios in November 2013. Jason joined Prudential in 1995 as a financial reviewer for the asset management group. In 1996, he moved to Prudential’s global growth equities team before joining the small cap equity team in January 1999. Prior to Prudential, Jason worked at Munistat/PFA, Inc. and the Center for Entrepreneurship.

Jason received a BS, summa cum laude, in finance from Canisius College. He is a member of the New York Society of Security Analysts and CFA Institute.

Jonathan M. Shapiro

Jonathan M. Shapiro is a managing director, financial services and smid cap portfolio manager and an equity research analyst.

He joined Jennison Associates in June 2006. Prior to Jennison, Jonathan was at Goldman Sachs where he was a vice president and head of the small companies/special situations research group. His coverage included stocks in the consumer, industrial and business services sectors. Jonathan started as an associate with Goldman in 2001. From 1997 to 1999, Jonathan worked at KPMG Consulting as a senior consultant in the real estate and hospitality group. He also worked at Jones Lang Wootton Realty Advisors (now Clarion Partners).

He received a BA, magna cum laude, with high honors in history from Dartmouth College and an MBA from The Wharton School, University of Pennsylvania.

Disclaimer

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 1004893-00001-00 Ed. 08/2018