Jennison Large Cap Value Equity

Objective

Seeks long-term growth of capital by investing in a diversified portfolio of stocks of companies the managers believe are undervalued and contain catalysts to unlock their true potential. There is no guarantee that this objective will be achieved.

Portfolio Managers:

Koontz
Warren Koontz, Jr., CFA*

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.

* Effective on or about 9/2/2014

0169947-00015-00 Ed. 01/2017