Jennison Natural Resources Equity

Objective:

Seeks long-term capital growth by investing in companies that own, explore, mine, process, and develop natural resource commodities. There is no guarantee the strategy's objectives will be achieved.

Portfolio Managers:

Neil P. Brown
Neil P. Brown
Jay Saunders
Jay Saunders
Jason McManus
Jason McManus

Portfolio 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.

0169947-00015-00 Ed. 01/2017