— Know what they know.
Not Investment Advice
Hedge Fund ← All Institutions

JENNISON ASSOCIATES LLC

55 EAST 52ND STREET, NEW YORK, NY 10055 • 2124211000

Q2 2025 · Filed 2025-08-01
Market Value
$167.6B
+18.3%
Holdings
623
-5
New Purchases
73
Added To
255
Closed
66
Reduced
226
Top 10 Concentration
45.4%
Turnover
22.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 8.58% 6.84% +1.74% $14.4B
MSFT 6.58% 5.35% +1.23% $11.0B
AVGO 3.82% 3.16% +0.66% $6.4B
CEG 1.15% 0.61% +0.54% $1.9B
TSM 1.63% 1.11% +0.51% $2.7B
SHOP 0.79% 0.36% +0.44% $1.3B
SNOW 1.07% 0.69% +0.38% $1.8B
MELI 1.93% 1.59% +0.34% $3.2B
BA 1.58% 1.25% +0.33% $2.6B
NOW 1.46% 1.13% +0.33% $2.4B
CRWD 1.86% 1.63% +0.22% $3.1B
HUBS 0.26% 0.05% +0.21% $442M
DIS 1.53% 1.32% +0.21% $2.6B
NFLX 4.49% 4.30% +0.19% $7.5B
TOST 0.23% 0.05% +0.18% $381M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 3.97% 5.74% -1.77% $6.7B
AMZN 5.99% 6.51% -0.52% $10.0B
LLY 2.53% 3.05% -0.51% $4.2B
COST 1.87% 2.24% -0.37% $3.1B
CRM 0.33% 0.68% -0.35% $545M
MA 2.03% 2.35% -0.32% $3.4B
SBUX 0.30% 0.58% -0.28% $505M
GOOG 1.31% 1.58% -0.27% $2.2B
V 1.56% 1.83% -0.27% $2.6B
UBER 0.99% 1.24% -0.25% $1.7B
GOOGL 1.56% 1.80% -0.24% $2.6B
BMY 0.00% 0.23% -0.22% $1M
ABNB 0.36% 0.57% -0.22% $596M
VRT 0.00% 0.22% -0.22% $0
CAVA 0.32% 0.52% -0.20% $539M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 40.2%
Communication Services 13.9%
Consumer Cyclical 12.1%
Healthcare 9.0%
Industrials 6.9%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 51 $96.7B 57.7%
Large Cap 268 $62.2B 37.1%
Mid Cap 220 $7.4B 4.4%
Small Cap 82 $1.3B 0.8%
Micro Cap 2 $13M 0.0%

Portfolio Analytics

Avg Market Cap
$103.9B
Median Market Cap
$10.6B
Avg P/E
37.1
Median P/E
24.5
Avg Dividend Yield
0.01%
Avg Beta
1.06
# Stocks
609
# ETFs / Funds
14

Top Holdings (623 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 8.58% 90,962,458 $14.4B $157.99 $4.7B +1,594,510 +1.8%
2 MSFT 6.58% 22,158,469 $11.0B $497.41 $3.5B +1,990,503 +9.9%
3 AMZN 5.99% 45,731,623 $10.0B $219.39 $823M -2,677,578 -5.5%
4 META 5.48% 12,444,957 $9.2B $738.09 $1.6B -721,196 -5.5%
5 NFLX 4.49% 5,617,176 $7.5B $1,339.13 $1.4B -913,170 -14.0%
6 AAPL 3.97% 32,412,407 $6.7B $205.17 -$1.5B -4,173,034 -11.4%
7 AVGO 3.82% 23,240,649 $6.4B $275.65 $1.9B -3,519,558 -13.2%
8 LLY 2.53% 5,447,636 $4.2B $779.53 -$65M +226,620 +4.3%
9 MA 2.03% 6,051,004 $3.4B $561.94 $74M -17,414 -0.3%
10 MELI 1.93% 1,235,240 $3.2B $2,613.63 $977M +81,124 +7.0%
11 COST 1.87% 3,169,194 $3.1B $989.94 -$38M -188,436 -5.6%
12 CRWD 1.86% 6,113,100 $3.1B $509.31 $799M -452,175 -6.9%
13 SPOT 1.79% 3,910,788 $3.0B $767.34 $664M -337,152 -7.9%
14 CDNS 1.72% 9,338,102 $2.9B $308.15 $572M +273,149 +3.0%
15 VRTX 1.63% 6,151,505 $2.7B $445.20 $284M +1,089,063 +21.5%
16 TSM 1.63% 12,046,792 $2.7B $226.49 $1.1B +2,537,760 +26.7%
17 BA 1.58% 12,615,602 $2.6B $209.53 $872M +2,229,588 +21.5%
18 V 1.56% 7,368,920 $2.6B $355.05 $29M -14,637 -0.2%
19 GOOGL 1.56% 14,818,272 $2.6B $176.23 $65M -1,651,676 -10.0%
20 DIS 1.53% 20,676,921 $2.6B $124.01 $699M +1,774,772 +9.4%
21 TSLA 1.50% 7,888,116 $2.5B $317.66 $246M -830,295 -9.5%
22 NOW 1.46% 2,376,714 $2.4B $1,028.08 $841M +363,793 +18.1%
23 WMT 1.43% 24,450,071 $2.4B $97.78 $207M -426,909 -1.7%
24 GOOG 1.31% 12,384,379 $2.2B $177.39 -$38M -1,923,062 -13.4%
25 CEG 1.15% 5,956,566 $1.9B $322.76 $1.1B +1,703,127 +40.0%
26 SNOW 1.07% 8,000,667 $1.8B $223.77 $820M +1,363,389 +20.5%
27 GE 1.07% 6,936,337 $1.8B $257.39 $424M +132,427 +1.9%
28 ISRG 1.01% 3,122,390 $1.7B $543.41 $412M +528,359 +20.4%
29 UBER 0.99% 17,726,469 $1.7B $93.30 -$98M -6,311,209 -26.3%
30 SHOP 0.79% 11,519,610 $1.3B $115.35 $825M +6,238,829 +118.1%
31 NVO 0.78% 18,885,343 $1.3B $69.02 -$4M +63,341 +0.3%
32 ORLY 0.76% 14,116,976 $1.3B $90.13 $220M +13,382,074 +1820.9%
33 HLT 0.74% 4,631,719 $1.2B $266.34 $372M +847,353 +22.4%
34 TTD 0.61% 14,267,457 $1.0B $71.99 $365M +2,169,252 +17.9%
35 DXCM 0.60% 11,517,546 $1.0B $87.29 $287M +994,300 +9.4%
36 EW 0.54% 11,670,991 $913M $78.21 $182M +1,584,958 +15.7%
37 RACE 0.54% 1,841,200 $903M $490.45 $186M +153,297 +9.1%
38 APP 0.52% 2,504,180 $877M $350.08 $244M +117,200 +4.9%
39 PGR 0.51% 3,226,560 $861M $266.86 -$56M -12,631 -0.4%
40 DDOG 0.44% 5,545,010 $745M $134.33 $111M -844,603 -13.2%
41 SE 0.41% 4,266,600 $682M $159.94 $346M +1,687,695 +65.4%
42 MCO 0.40% 1,345,306 $675M $501.59 -$56M -223,781 -14.3%
43 GS 0.40% 950,708 $673M $707.75 $97M -103,770 -9.8%
44 TJX 0.39% 5,256,301 $649M $123.49 $26M +141,725 +2.8%
45 TXN 0.37% 2,992,090 $621M $207.62 $223M +777,619 +35.1%
46 ABNB 0.36% 4,501,151 $596M $132.34 -$217M -2,304,937 -33.9%
47 NKE 0.35% 8,319,862 $591M $71.04 $82M +300,781 +3.8%
48 NU 0.34% 41,962,679 $576M $13.72 $264M +11,567,865 +38.1%
49 CRM 0.33% 1,999,019 $545M $272.69 -$413M -1,570,881 -44.0%
50 CAVA 0.32% 6,396,155 $539M $84.23 -$197M -2,123,304 -24.9%
51 LPLA 0.31% 1,402,750 $526M $374.97 $212M +443,379 +46.2%
52 CYBR 0.31% 1,261,041 $513M $406.88 $76M -30,986 -2.4%
53 AXON 0.30% 613,731 $508M $827.94 $185M -322 -0.1%
54 SBUX 0.30% 5,512,982 $505M $91.63 -$313M -2,823,844 -33.9%
55 NI 0.28% 11,734,790 $473M $40.34 $9M +156,958 +1.4%
56 JPM 0.27% 1,533,788 $445M $289.91 $49M -78,177 -4.8%
57 HUBS 0.26% 794,677 $442M $556.63 $372M +672,158 +548.6%
58 LNG 0.24% 1,663,035 $405M $243.52 $91M +305,764 +22.5%
59 TOST 0.23% 8,601,887 $381M $44.29 $315M +6,606,245 +331.0%
60 ABT 0.22% 2,667,555 $363M $136.01 $115M +801,164 +42.9%
61 NEE 0.20% 4,941,249 $343M $69.42 -$89M -1,159,136 -19.0%
62 KKR 0.20% 2,574,018 $342M $133.03 -$166M -1,819,823 -41.4%
63 ERJ 0.20% 5,941,202 $338M $56.91 $147M +1,815,042 +44.0%
64 VST 0.20% 1,712,726 $332M $193.81 $169M +329,294 +23.8%
65 PNC 0.18% 1,630,661 $304M $186.42 $5M -68,865 -4.0%
66 CNP 0.17% 7,859,693 $289M $36.74 $72M +1,886,374 +31.6%
67 CVS 0.17% 4,014,139 $277M $68.98 $148M +2,117,798 +111.7%
68 MET 0.16% 3,247,813 $261M $80.42 $14M +174,419 +5.7%
69 CSCO 0.14% 3,489,029 $242M $69.38 $39M +199,035 +6.0%
70 WMB 0.14% 3,847,974 $242M $62.81 $25M +228,834 +6.3%
71 IOT 0.14% 6,054,741 $241M $39.78 -$210M -5,708,392 -48.5%
72 SO 0.14% 2,565,858 $236M $91.83 $37M +403,929 +18.7%
73 MMC 0.14% 1,051,055 $230M $218.64 $151M +727,714 +225.1%
74 BSX 0.14% 2,115,002 $227M $107.41 $134M +1,186,949 +127.9%
75 PH 0.13% 323,697 $226M $698.47 $39M +15,599 +5.1%
76 JCI 0.13% 2,124,125 $224M $105.62 $173M +1,485,007 +232.3%
77 CB 0.13% 744,344 $216M $289.72 -$20M -36,488 -4.7%
78 GLPI 0.13% 4,599,033 $215M $46.68 -$2M +346,462 +8.2%
79 ONON 0.13% 4,090,779 $213M $52.05 -$18K -757,659 -15.6%
80 SHEL 0.12% 2,808,170 $198M $70.41 -$23M -198,632 -6.6%
81 XOM 0.12% 1,827,598 $197M $107.80 -$14M +52,787 +3.0%
82 UL 0.12% 3,157,052 $193M $61.17 -$10M -256,312 -7.5%
83 MMYT 0.11% 1,849,767 $181M $98.02 $50M +509,638 +38.0%
84 ETR 0.11% 2,129,300 $177M $83.12 -$39M -402,706 -15.9%
85 FICO 0.10% 93,872 $172M $1,827.96 -$43M -22,674 -19.4%
86 KEYS 0.10% 1,045,971 $171M $163.86 $12M -17,299 -1.6%
87 AMGN 0.10% 604,774 $169M $279.21 $115M +431,036 +248.1%
88 PFGC 0.10% 1,860,048 $163M $87.47 $30M +171,957 +10.2%
89 EGO 0.10% 7,990,223 $163M $20.34 $41M +744,419 +10.3%
90 FOUR 0.10% 1,636,924 $162M $99.11 $32M +41,548 +2.6%
91 AEE 0.10% 1,671,527 $161M $96.04 -$9M -20,588 -1.2%
92 MKL 0.10% 80,119 $160M $1,997.36 $11M +488 +0.6%
93 PCG 0.09% 11,269,211 $157M $13.94 -$54M -997,696 -8.1%
94 ARQT 0.09% 11,109,405 $156M $14.02 -$22M -251,470 -2.2%
95 IDA 0.09% 1,323,656 $153M $115.45 $81M +708,989 +115.3%
96 AXS 0.09% 1,450,136 $151M $103.82 -$10M -154,859 -9.7%
97 RL 0.09% 534,443 $147M $274.28 $22M -31,244 -5.5%
98 ADI 0.09% 615,272 $146M $238.02 $26M +17,135 +2.9%
99 ARGX 0.09% 264,647 $146M $551.22 -$2M +15,186 +6.1%
100 MMM 0.09% 946,066 $144M $152.24 $20M +103,892 +12.3%

New Positions

SymbolValue% Port
GILD $72M 0.04%
RBLX $71M 0.04%
TMO $67M 0.04%
PAYC $50M 0.03%
LOAR $50M 0.03%
ABC $49M 0.03%
DUK $49M 0.03%
LNC $44M 0.03%
NET $39M 0.02%
GH $37M 0.02%
WWD $28M 0.02%
CRCL $25M 0.01%
ROK $24M 0.01%
CHWY $23M 0.01%
ZS $23M 0.01%

Sold Out Positions

SymbolValue% Port
AHRT —%
ASX —%
AB —%
XPRO —%
FLR —%
ANF —%
TE —%
CRC —%
ALLY —%
SN —%
MTX —%
ONTO —%
CAH —%
ELF —%
DOW —%
View SEC EDGAR Filings for JENNISON ASSOCIATES LLC →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms