2Q 2026 Factsheet - Active Long Government/Credit

Oct 28, 2026

2Q 2026 factsheet detailing Jennison’s Active Long Government/Credit investment strategy. It outlines a bottom-up, valuation-driven, duration-neutral approach focused on risk/reward and reducing downside volatility, with active yield curve management. The document provides overview metrics, portfolio manager roster, vehicle types, inception and AUM figures, performance results versus a Bloomberg benchmark, plus portfolio characteristics such as yield to worst, OAS, effective duration, convexity, maturity, coupon, and sector allocation.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages3

Reading Time8 min

AccessFree to download

Overview

Seasoned Team & Narrow Market Focus

Differentiated Investment Approach

Deep Focus on Client Relationships

Portfolio Managers

Strategy Profile

Vehicles

Performance (%)

Characteristics

Partial Durations

Sector Allocation

Historical Market Value by Sector

Contribution to Duration by Quality

Disclosures

2Q 2026 FACTSHEET ACTIVE LONG GOVERNMENT/CREDIT 1 OVERVIEW Our investment philosophy is a fundamental, bottom-up approach to constructing portfolios coupled with a belief that markets tend to be mean reverting over the long-term. We seek to construct high quality, diversified, duration neutral portfolios by identifying the best risk/reward opportunities with a focus on lowering downside volatility. | Seasoned Team & Narrow Market Focus
▪ PMs have an average of 23 years industry experience and 11 years at Jennison
▪ Only invest in investment grade markets | Differentiated Investment Approach
▪ Valuation driven approach
▪ Alpha historically driven by sector and security selection coupled with active yield curve management | Deep Focus on Client Relationships
▪ Average client relationship is 20 years
▪ PMs are the main contact for clients, and we strive to develop deep relationships and customized solutions | | --- | --- | --- | PORTFOLIO MANAGERS Credit ▪ Jake Gaul, CFA ▪ David Morse, CFA ▪ Eric Staudt, CFA ▪ Natalia Glekel, CFA ▪ Griffin Sullivan, CFA Rates/Yield Curve/Structured ▪ Samuel Kaplan, CFA ▪ Dmitri Rabin, CFA ▪ Adriano Taylor-Escribano STRATEGY PROFILE | Inception | Firm AUM | Fixed Income AUM Strategy AUM | | --- | --- | --- | March 31, 2001 $212 . 7B $35 .5B $2 . 1B VEHICLES ▪ Institutional Separate Account ▪ Collective Investment Trust PERFORMANCE (%) | As of June 30, 2026 | 2Q26 | YTD | 1
Year | 3
Years | 5
Years | 10
Years | 20
Years | Since
Inception | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Active Long Government/Credit Composite (Gross) | 1.18 | 0.34 | 3.36 | 1.85 | (3.95) | 0.94 | 5.18 | 5.57 | | Active Long Government/Credit Composite (Net) | 1.14 | 0.25 | 3.18 | 1.67 | (4.12) | 0.77 | 5.00 | 5.38 | | Bloomberg US Long Government/Credit Bond Index | 1.53 | 0.77 | 3.92 | 1.86 | (3.84) | 0.70 | 4.49 | 4.87 | | Excess Returns (Net) (0 .39) (0 .51) (0 . 74) (0 . 18) (0 .28) 0.07 0.51 0.51
Sources: Jennison Associates LLC and Bloomberg®. Periods over one year are annualized. Past performance does not guarantee future results. See disclosures for important information. Gross of fee performance is presented before custodial and Jennison’s actual advisory fees but after transaction costs. Net offee performance is presented net ofJennison’s actual advisory fees and transactions costs. Performance results are calculated in US dollars and reflect reinvestment of income and other earnings. Please visit [https://www.jennison.com/global/en/institutional/gips/gips-active-long-government-credit-composite](https://www.jennison.com/global/en/institutional/gips/gips-active-long-government-credit-composite for)[ for](https://www.jennison.com/global/en/institutional/gips/gips-active-long-government-credit-composite for) the Active Long Government/Credit Composite presentation, which includes fee information and criteria for composite performance creation.
There is no guarantee our objectives will be met. The strategy may vary significantly from the benchmark in several ways including, but not limited to, sector and issuer weightings, portfolio characteristics, and security types. Diversification does not protect an investor from market risk and does not ensure a profit or guarantee against a loss.
For Professional Investors only. All investments involve risk, including the possible loss of capital. Not for use with the public. Not for redistribution. | | | | | | | | | All data as of June 30, 2026 unless otherwise noted. 2Q 2026 FACTSHEET ACTIVE LONG GOVERNMENT/CREDIT 2 CHARACTERISTICS PARTIAL DURATIONS Representative Bloomberg US Long Portfolio Gov/Credit Bond Index Representative Portfolio vs. Bloomberg US Long Gov/Credit Bond Index (yrs) Yield to Worst (%) 5.41 5.34 | OAS (bps) | 40 | 44 | | --- | --- | --- | | Effective Duration (yrs) | 13.30 | 13.14 | | Convexity | 2.49 | 2.52 | | Average

FAQs

What is the core investment philosophy of the Active Long Government/Credit strategy?

The strategy uses a fundamental bottom-up approach and aims for mean-reverting behavior over the long term. It seeks high-quality, diversified, duration-neutral portfolios while lowering downside volatility through risk/reward selection.

How are performance results presented and compared?

Performance is shown for Gross and Net returns and contrasted with the Bloomberg US Long Government/Credit Bond Index. The document notes periods over one year are annualized and includes sources and fee-related disclosure language.

What portfolio characteristics and allocations does the factsheet provide?

It provides yield to worst, OAS, effective duration, convexity, average maturity, coupon, and average quality. It also includes sector allocation with government and credit weights and shows representation versus the benchmark.

Oct 28, 2026

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