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JENNISON ASSOCIATES LLC

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

Q4 2025 · Filed 2026-01-30
Market Value
$165.9B
-3.1%
Holdings
630
-14
New Purchases
85
Added To
209
Closed
75
Reduced
255
Top 10 Concentration
47.7%
Turnover
25.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LLY 3.33% 1.87% +1.46% $5.5B
GOOGL 4.12% 2.71% +1.41% $6.8B
AMD 1.41% 0.37% +1.04% $2.3B
GOOG 2.76% 2.02% +0.74% $4.6B
APH 0.84% 0.17% +0.67% $1.4B
TSM 2.45% 2.05% +0.40% $4.1B
AMZN 6.04% 5.68% +0.37% $10.0B
MRK 0.35% 0.00% +0.35% $585M
CEG 1.49% 1.14% +0.35% $2.5B
ISRG 1.10% 0.75% +0.34% $1.8B
SNOW 1.53% 1.20% +0.34% $2.5B
AVGO 4.57% 4.29% +0.28% $7.6B
AAPL 5.85% 5.57% +0.28% $9.7B
GS 0.72% 0.45% +0.27% $1.2B
GEV 0.26% 0.02% +0.24% $423M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
META 3.32% 5.02% -1.70% $5.5B
NFLX 1.97% 3.30% -1.33% $3.3B
MELI 0.45% 1.48% -1.03% $745M
NVDA 8.78% 9.61% -0.84% $14.6B
APP 1.11% 1.63% -0.52% $1.8B
SE 0.12% 0.62% -0.50% $207M
NKE 0.00% 0.48% -0.48% $0
NOW 0.78% 1.19% -0.41% $1.3B
ORCL 1.11% 1.52% -0.41% $1.8B
COST 1.16% 1.53% -0.37% $1.9B
MSFT 6.14% 6.49% -0.36% $10.2B
CDNS 1.45% 1.79% -0.34% $2.4B
UBER 0.32% 0.62% -0.30% $526M
ORLY 0.66% 0.87% -0.22% $1.1B
SPOT 1.05% 1.26% -0.21% $1.7B

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 $107.9B 65.1%
Large Cap 271 $50.4B 30.4%
Mid Cap 208 $6.1B 3.7%
Small Cap 97 $1.4B 0.8%
Micro Cap 3 $9M 0.0%

Portfolio Analytics

Avg Market Cap
$103.1B
Median Market Cap
$10.7B
Avg P/E
36.7
Median P/E
25.3
Avg Dividend Yield
0.01%
Avg Beta
1.10
# Stocks
614
# ETFs / Funds
16

Top Holdings (630 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 8.78% 78,051,805 $14.6B $186.50 -$1.9B -10,158,422 -11.5%
2 MSFT 6.14% 21,051,290 $10.2B $483.62 -$939M -417,612 -1.9%
3 AMZN 6.04% 43,437,204 $10.0B $230.82 $306M -829,893 -1.9%
4 AAPL 5.85% 35,669,018 $9.7B $271.86 $159M -1,789,368 -4.8%
5 AVGO 4.57% 21,892,210 $7.6B $346.10 $231M -375,406 -1.7%
6 GOOGL 4.12% 21,851,279 $6.8B $313.00 $2.2B +2,729,364 +14.3%
7 LLY 3.33% 5,133,676 $5.5B $1,074.68 $2.3B +937,204 +22.3%
8 META 3.32% 8,350,538 $5.5B $660.09 -$3.1B -3,351,198 -28.6%
9 TSLA 2.84% 10,484,848 $4.7B $449.72 -$137M -424,818 -3.9%
10 GOOG 2.76% 14,575,191 $4.6B $313.80 $1.1B +404,649 +2.9%
11 TSM 2.45% 13,394,299 $4.1B $303.89 $554M +802,757 +6.4%
12 NFLX 1.97% 34,871,951 $3.3B $93.76 -$2.4B +30,158,900 +639.9%
13 SHOP 1.84% 18,966,407 $3.1B $160.97 $241M +42,976 +0.2%
14 MA 1.60% 4,642,316 $2.7B $570.88 -$346M -625,414 -11.9%
15 CRWD 1.56% 5,507,835 $2.6B $468.76 -$216M -197,577 -3.5%
16 SNOW 1.53% 11,603,302 $2.5B $219.36 $496M +2,519,413 +27.7%
17 V 1.50% 7,096,058 $2.5B $350.71 -$73M -406,781 -5.4%
18 GE 1.49% 8,008,069 $2.5B $308.03 -$69M -422,809 -5.0%
19 CEG 1.49% 6,980,223 $2.5B $353.27 $519M +1,064,684 +18.0%
20 CDNS 1.45% 7,715,550 $2.4B $312.58 -$655M -1,016,098 -11.6%
21 AMD 1.41% 10,910,310 $2.3B $214.16 $1.7B +7,035,991 +181.6%
22 WMT 1.35% 20,053,855 $2.2B $111.41 $67M -969,855 -4.6%
23 BA 1.33% 10,163,707 $2.2B $217.12 -$246M -1,201,569 -10.6%
24 COST 1.16% 2,227,635 $1.9B $862.34 -$693M -596,481 -21.1%
25 DIS 1.14% 16,688,019 $1.9B $113.77 -$410M -3,476,877 -17.2%
26 APP 1.11% 2,737,024 $1.8B $673.82 -$948M -1,149,126 -29.6%
27 ORCL 1.11% 9,414,334 $1.8B $194.91 -$760M +187,082 +2.0%
28 ISRG 1.10% 3,209,137 $1.8B $566.36 $526M +321,759 +11.1%
29 SPOT 1.05% 3,007,221 $1.7B $580.71 -$410M -82,112 -2.7%
30 VRTX 0.89% 3,249,541 $1.5B $453.36 $120M -205,406 -6.0%
31 APH 0.84% 10,257,379 $1.4B $135.14 $1.1B +7,930,532 +340.8%
32 NOW 0.78% 8,432,389 $1.3B $153.19 -$750M +6,213,762 +280.1%
33 GS 0.72% 1,353,007 $1.2B $879.00 $424M +392,319 +40.8%
34 EW 0.71% 13,780,515 $1.2B $85.25 $89M -178,259 -1.3%
35 ORLY 0.66% 11,977,711 $1.1B $91.21 -$405M -1,911,332 -13.8%
36 DDOG 0.63% 7,623,993 $1.0B $135.99 $281M +2,316,994 +43.7%
37 HLT 0.58% 3,321,298 $954M $287.25 -$279M -1,429,593 -30.1%
38 MELI 0.45% 369,796 $745M $2,014.26 -$1.8B -716,487 -66.0%
39 NU 0.40% 39,370,791 $659M $16.74 $314M +17,809,644 +82.6%
40 MRK 0.35% 5,559,488 $585M $105.26 +5,559,488 NEW
41 TOST 0.32% 15,157,955 $538M $35.51 -$9M +157,394 +1.1%
42 UBER 0.32% 6,435,002 $526M $81.71 -$536M -4,405,901 -40.6%
43 BSX 0.31% 5,468,295 $521M $95.35 $39M +529,549 +10.7%
44 AXON 0.31% 900,397 $511M $567.93 -$166M -43,547 -4.6%
45 HOOD 0.30% 4,412,036 $499M $113.10 $176M +2,157,372 +95.7%
46 NEE 0.29% 5,932,840 $476M $80.28 $112M +1,110,168 +23.0%
47 JPM 0.27% 1,403,134 $452M $322.22 -$14M -73,957 -5.0%
48 GEV 0.26% 647,791 $423M $653.57 $395M +601,533 +1300.4%
49 NI 0.24% 9,429,794 $394M $41.76 -$19M -97,802 -1.0%
50 DXCM 0.23% 5,789,944 $384M $66.37 -$295M -4,300,430 -42.6%
51 ERJ 0.22% 5,729,568 $369M $64.37 $33M +174,810 +3.1%
52 NET 0.22% 1,863,612 $367M $197.15 $323M +1,657,144 +802.6%
53 TXN 0.21% 2,050,925 $356M $173.49 $40M +329,964 +19.2%
54 BAC 0.19% 5,821,274 $320M $55.00 $218M +3,838,627 +193.6%
55 CNP 0.18% 7,722,893 $296M $38.34 $45M +1,256,993 +19.4%
56 EGO 0.17% 8,077,905 $290M $35.92 $54M -95,098 -1.2%
57 CSCO 0.17% 3,716,184 $286M $77.03 -$3M -515,212 -12.2%
58 TJX 0.17% 1,803,226 $277M $153.61 $22M +40,899 +2.3%
59 ABBV 0.16% 1,186,974 $271M $228.49 $128M +566,990 +91.5%
60 SHEL 0.16% 3,615,220 $266M $73.48 $72M +904,807 +33.4%
61 PNC 0.15% 1,220,014 $255M $208.73 -$14M -114,615 -8.6%
62 KKR 0.15% 1,978,888 $252M $127.48 -$10M -41,066 -2.0%
63 MET 0.15% 3,102,885 $245M $78.94 -$14M -43,175 -1.4%
64 ETR 0.15% 2,618,834 $242M $92.43 $3M +58,146 +2.3%
65 NOC 0.14% 401,664 $229M $570.21 $163M +293,909 +272.8%
66 VST 0.13% 1,353,285 $218M $161.33 -$112M -332,704 -19.7%
67 SE 0.12% 1,619,291 $207M $127.57 -$864M -4,368,154 -73.0%
68 LNG 0.12% 1,029,213 $200M $194.39 -$148M -451,368 -30.5%
69 RL 0.12% 558,012 $197M $353.61 $8M -46,716 -7.7%
70 ARQT 0.12% 6,758,006 $196M $29.04 -$35M -5,496,113 -44.9%
71 UNP 0.12% 846,453 $196M $231.32 -$6M -5,657 -0.7%
72 ARGX 0.12% 229,761 $193M $840.95 $16M -10,467 -4.4%
73 CYBR 0.12% 429,883 $192M $446.06 -$31M -32,115 -7.0%
74 SRE 0.11% 2,156,356 $190M $88.29 -$7M -40,488 -1.8%
75 IDA 0.11% 1,483,648 $188M $126.56 $7M +113,579 +8.3%
76 RTX 0.11% 1,003,143 $184M $183.40 $99M +493,288 +96.8%
77 TARS 0.11% 2,230,069 $183M $81.88 $28M -374,511 -14.4%
78 GM 0.11% 2,160,491 $176M $81.32 $95M +843,185 +64.0%
79 CB 0.10% 554,588 $173M $312.12 $7M -32,234 -5.5%
80 MTB 0.10% 829,772 $167M $201.48 $1M -10,883 -1.3%
81 DHR 0.10% 730,178 $167M $228.92 $83M +304,603 +71.6%
82 IBM 0.10% 563,006 $167M $296.21 -$2M -34,236 -5.7%
83 TFC 0.10% 3,349,465 $165M $49.21 -$14M -569,529 -14.5%
84 KEYS 0.10% 810,967 $165M $203.19 $23M +1,172 +0.1%
85 LOW 0.10% 682,688 $165M $241.16 -$4M +13,132 +2.0%
86 TSEM 0.10% 1,398,987 $164M $117.42 -$4M -932,844 -40.0%
87 LNC 0.10% 3,681,158 $164M $44.53 $70M +1,361,835 +58.7%
88 GLPI 0.10% 3,597,211 $161M $44.69 -$36M -627,926 -14.9%
89 DELL 0.10% 1,276,677 $161M $125.88 -$8M +88,712 +7.5%
90 TMO 0.10% 277,111 $161M $579.45 $39M +25,644 +10.2%
91 FIVE 0.10% 842,771 $159M $188.36 $32M +23,269 +2.8%
92 CVX 0.10% 1,036,502 $158M $152.41 -$2M +4,665 +0.5%
93 MKL 0.09% 73,199 $157M $2,149.65 $28M +5,346 +7.9%
94 TOL 0.09% 1,090,590 $147M $135.22 $48M +372,976 +52.0%
95 PCG 0.09% 9,132,573 $147M $16.07 -$16M -1,675,280 -15.5%
96 LRCX 0.09% 849,955 $145M $171.18 $39M +53,347 +6.7%
97 XEL 0.09% 1,961,795 $145M $73.86 $1M +181,303 +10.2%
98 LSCC 0.09% 1,960,900 $144M $73.58 $51M +688,114 +54.1%
99 AEE 0.09% 1,440,327 $144M $99.86 -$9M -27,488 -1.9%
100 EWBC 0.09% 1,265,192 $142M $112.39 -$24M -294,648 -18.9%

New Positions

SymbolValue% Port
MRK $585M 0.35%
ICLR $124M 0.07%
XPRO $58M 0.04%
ROIV $51M 0.03%
TEVA $48M 0.03%
HLIO $43M 0.03%
IRON $42M 0.03%
VRDN $36M 0.02%
EL $33M 0.02%
AGX $32M 0.02%
NAVN $31M 0.02%
TREE $31M 0.02%
PTGX $29M 0.02%
CIFR $25M 0.02%
SHC $25M 0.01%

Sold Out Positions

SymbolValue% Port
ATEN —%
TGLS —%
MWA —%
ARES —%
XHR —%
EAT —%
ABG —%
BV —%
PAYC —%
AIN —%
YELP —%
HLF —%
LXP —%
WM —%
WAL —%
View SEC EDGAR Filings for JENNISON ASSOCIATES LLC →

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