Jennison Associates LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), Jennison Associates LLC reported 557 stock positions worth $171.8 billion. Its top holding was Nvidia (NVDA) at 9.6% of the portfolio, followed by Microsoft (MSFT, 6.5%) and Amazon.com (AMZN, 5.7%). Compared with Q2 2025, it opened 93 new positions, sold out of 106, added to 193 and reduced 253. The biggest buy was Apple (AAPL, shares +16%) and the biggest sale Netflix (NFLX, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0000053417
- Portfolio Value
- $171.8B (Q3 2025)
- SEC Filing
- 0000053417-25-000088 ↗ filed Oct 30, 2025
Holdings Value
Holdings 557 stocks · $171.8B
| NVDA Nvidia Corp. | 9.58% | 88,210,227 | $16.5B | Reduce -3.0% |
| MSFT Microsoft Corp. | 6.47% | 21,468,902 | $11.1B | Reduce -3.1% |
| AMZN Amazon.com Inc. | 5.66% | 44,267,097 | $9.7B | Reduce -3.2% |
| AAPL Apple Inc. | 5.55% | 37,458,386 | $9.5B | Add +15.6% |
| META Meta Platforms Inc. Class A | 5.00% | 11,701,736 | $8.6B | Reduce -6.0% |
| AVGO Broadcom Inc. | 4.28% | 22,267,616 | $7.3B | Reduce -4.2% |
| NFLX Netflix Inc. | 3.29% | 4,713,051 | $5.7B | Reduce -16.1% |
| TSLA Tesla Inc. | 2.82% | 10,909,666 | $4.9B | Add +38.3% |
| GOOGL Alphabet Inc. Class A | 2.71% | 19,121,915 | $4.6B | Add +29.0% |
| TSM Taiwan Semiconductor-SP ADR | 2.05% | 12,591,542 | $3.5B | Add +4.5% |
| GOOG Alphabet Inc. Class C | 2.01% | 14,170,542 | $3.5B | Add +14.4% |
| LLY Eli Lilly & Co. | 1.86% | 4,196,472 | $3.2B | Reduce -23.0% |
| CDNS Cadence Design SYS Inc. | 1.79% | 8,731,648 | $3.1B | Reduce -6.5% |
| MA Mastercard Inc. Class A | 1.74% | 5,267,730 | $3.0B | Reduce -12.9% |
| SHOP Shopify Inc. Class A | 1.64% | 18,923,431 | $2.8B | Add +64.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.63% | 5,705,412 | $2.8B | Reduce -6.7% |
| APP AppLovin Corp. Class A | 1.63% | 3,886,150 | $2.8B | Add +55.2% |
| COST Costco Wholesale Corp. | 1.52% | 2,824,116 | $2.6B | Reduce -10.9% |
| ORCL Oracle Corp. | 1.51% | 9,227,252 | $2.6B | Add +2062.4% |
| V Visa Inc. Class A | 1.49% | 7,502,839 | $2.6B | Add +1.8% |
| MELI MercadoLibre Inc. | 1.48% | 1,086,283 | $2.5B | Reduce -12.1% |
| GE General Electric filed as GE AEROSPACE | 1.48% | 8,430,878 | $2.5B | Add +21.6% |
| BA The Boeing Co. | 1.43% | 11,365,276 | $2.5B | Reduce -9.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.34% | 20,164,896 | $2.3B | Reduce -2.5% |
| WMT Walmart Inc. | 1.26% | 21,023,710 | $2.2B | Reduce -14.0% |
| SPOT Spotify Technology SA | 1.26% | 3,089,333 | $2.2B | Reduce -21.0% |
| SNOW Snowflake Inc. | 1.19% | 9,083,889 | $2.0B | Add +13.5% |
| NOW ServiceNow Inc. | 1.19% | 2,218,627 | $2.0B | Reduce -6.7% |
| CEG Constellation Energy | 1.13% | 5,915,539 | $1.9B | Reduce -0.7% |
| ORLY O'reilly Automotive Inc. | 0.87% | 13,889,043 | $1.5B | Reduce -1.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.79% | 3,454,947 | $1.4B | Reduce -43.8% |
| ISRG Intuitive Surgical Inc. | 0.75% | 2,887,378 | $1.3B | Reduce -7.5% |
| HLT Hilton Worldwide Holdings Inc. | 0.72% | 4,750,891 | $1.2B | Add +2.6% |
| EW Edwards Lifesciences Corp. | 0.63% | 13,958,774 | $1.1B | Add +19.6% |
| SE Sea Ltd.-ADR | 0.62% | 5,987,445 | $1.1B | Add +40.3% |
| UBER Uber Technologies Inc. | 0.62% | 10,840,903 | $1.1B | Reduce -38.8% |
| NKE Nike Inc. Class B | 0.48% | 11,838,528 | $825.5M | Add +42.3% |
| GS Goldman Sachs Group Inc. | 0.45% | 960,688 | $765.0M | Add +1.1% |
| DDOG Datadog Inc. Class A | 0.44% | 5,306,999 | $755.7M | Reduce -4.3% |
| DXCM Dexcom Inc. | 0.40% | 10,090,374 | $679.0M | Reduce -12.4% |
| AXON Axon Enterprise Inc. | 0.39% | 943,944 | $677.4M | Add +53.8% |
| AMD Advanced Micro Devices | 0.36% | 3,874,319 | $626.8M | New |
| TOST Toast Inc. Class A | 0.32% | 15,000,561 | $547.7M | Add +74.4% |
| BSX Boston Scientific Corp. | 0.28% | 4,938,746 | $482.2M | Add +133.5% |
| JPM JPMorgan Chase & Co. | 0.27% | 1,477,091 | $465.9M | Reduce -3.7% |
| NI Nisource Inc. | 0.24% | 9,527,596 | $412.5M | Reduce -18.8% |
| LPLA LPL Financial Holdings Inc. | 0.21% | 1,104,950 | $367.6M | Reduce -21.2% |
| NEE Nextera Energy Inc. | 0.21% | 4,822,672 | $364.1M | Reduce -2.4% |
| LNG Cheniere Energy Inc. | 0.20% | 1,480,581 | $347.9M | Reduce -11.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.20% | 21,561,147 | $345.2M | Reduce -48.6% |
| EMBJ Embraer SA-Spon ADR | 0.20% | 5,554,758 | $335.8M | Reduce -6.5% |
| VST Vistra Corp. | 0.19% | 1,685,989 | $330.3M | Reduce -1.6% |
| HOOD Robinhood Markets Inc. Class A | 0.19% | 2,254,664 | $322.8M | New |
| TXN Texas Instruments Inc. | 0.18% | 1,720,961 | $316.2M | Reduce -42.5% |
| CSCO Cisco Systems Inc. | 0.17% | 4,231,396 | $289.5M | Add +21.3% |
| APH Amphenol Corp. Class A | 0.17% | 2,326,847 | $287.9M | New |
| AZN Astrazeneca PLC-Spons ADR | 0.16% | 3,685,664 | $282.8M | Reduce -69.7% |
| PNC PNC Financial Services Group | 0.16% | 1,334,629 | $268.2M | Reduce -18.1% |
| KKR KKR & Co. Inc. | 0.15% | 2,019,954 | $262.5M | Reduce -21.5% |
| MET Metlife Inc. | 0.15% | 3,146,060 | $259.1M | Reduce -3.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.15% | 1,762,327 | $254.7M | Reduce -66.5% |
| CNP Centerpoint Energy Inc. | 0.15% | 6,465,900 | $250.9M | Reduce -17.7% |
| PH Parker Hannifin Corp. | 0.14% | 315,733 | $239.4M | Reduce -2.5% |
| ETR Entergy Corp. | 0.14% | 2,560,688 | $238.6M | Add +20.3% |
| EGO Eldorado Gold Corp. | 0.14% | 8,173,003 | $236.1M | Add +2.3% |
| ARQT Arcutis Biotherapeutics Inc. | 0.13% | 12,254,119 | $231.0M | Add +10.3% |
| JCI Johnson Controls Internation | 0.13% | 2,040,834 | $224.4M | Reduce -3.9% |
| CYBR Cyberark Software Ltd./Israel | 0.13% | 461,998 | $223.2M | Reduce -63.4% |
| WMB Williams Cos Inc. | 0.13% | 3,512,768 | $222.5M | Reduce -8.7% |
| UNP Union Pacific Corp. | 0.12% | 852,110 | $201.4M | Add +152.8% |
| SRE Sempra | 0.12% | 2,196,844 | $197.7M | Add +30.7% |
| HUBS HubSpot Inc. | 0.11% | 421,279 | $197.1M | Reduce -47.0% |
| GLPI Gaming and Leisure Propertie | 0.11% | 4,225,137 | $196.9M | Reduce -8.1% |
| SHEL Shell PLC-ADR | 0.11% | 2,710,413 | $193.9M | Reduce -3.5% |
| RL Ralph Lauren Corp. | 0.11% | 604,728 | $189.6M | Add +13.2% |
| IDA Idacorp Inc. | 0.11% | 1,370,069 | $181.1M | Add +3.5% |
| TFC Truist Financial Corp. | 0.10% | 3,918,994 | $179.2M | Add +203.1% |
| ARGX Argenx SE - ADR | 0.10% | 240,228 | $177.2M | Reduce -9.2% |
| MMYT Makemytrip Ltd. | 0.10% | 1,861,604 | $174.2M | Add +0.6% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.10% | 4,094,195 | $173.4M | Add +0.1% |
| SO The Southern Co. | 0.10% | 1,779,203 | $168.6M | Reduce -30.7% |
| TSEM Tower Semiconductor Ltd. | 0.10% | 2,331,831 | $168.6M | Add +18.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.10% | 597,242 | $168.5M | Add +199.0% |
| DELL Dell Technologies -C | 0.10% | 1,187,965 | $168.4M | Add +189.4% |
| LOW Lowe's Cos Inc. | 0.10% | 669,556 | $168.3M | Add +34.5% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.10% | 840,655 | $166.1M | Add +44.1% |
| EWBC East West Bancorp Inc. | 0.10% | 1,559,840 | $166.0M | Add +13.7% |
| UL Unilever PLC | 0.10% | 2,797,876 | $165.9M | Reduce -11.4% |
| CB Chubb Ltd. | 0.10% | 586,822 | $165.6M | Reduce -21.2% |
| PCG P G & E Corp. | 0.09% | 10,807,853 | $163.0M | Reduce -4.1% |
| PFGC Performance Food Group Co. | 0.09% | 1,556,991 | $162.0M | Reduce -16.3% |
| CVX Chevron Corp. | 0.09% | 1,031,837 | $160.2M | Add +16.3% |
| FOUR SHIFT4 Payments Inc. Class A | 0.09% | 2,056,056 | $159.1M | Add +25.6% |
| TARS Tarsus Pharmaceuticals Inc. | 0.09% | 2,604,580 | $154.8M | Add +5.5% |
| AEE Ameren Corporation | 0.09% | 1,467,815 | $153.2M | Reduce -12.2% |
| XEL Xcel Energy Inc. | 0.08% | 1,780,492 | $143.6M | Add +12.2% |
| ABBV Abbvie Inc. | 0.08% | 619,984 | $143.6M | Add +1.8% |
| KEYS Keysight Technologies Inc. | 0.08% | 809,795 | $141.6M | Reduce -22.6% |
| UNH Unitedhealth Group Inc. | 0.08% | 410,180 | $141.6M | Add +4.8% |
| CHDN Churchill Downs Inc. | 0.08% | 1,457,336 | $141.4M | Add +52.3% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $14.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 279,165 | $11.0M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 50,000 | $3.5M | No change |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 10,076 | $474K | No change |
Total filed on the 13F, all lines: $171.8B.
Portfolio Sells Q2 2025 → Q3 2025
| NFLX Netflix Inc. | Reduce -16.1% | 3.29% | −1.17 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -43.8% | 0.79% | −0.84 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -93.5% | 0.04% | −0.73 |
| LLY Eli Lilly & Co. | Reduce -23.0% | 1.86% | −0.65 |
| TTD Trade Desk Inc./the Class A | Reduce -99.3% | 0.00% | −0.61 |
| SPOT Spotify Technology SA | Reduce -21.0% | 1.26% | −0.52 |
| PGR Progressive Corp. | Reduce -98.3% | 0.01% | −0.50 |
| RACE Ferrari NV | Reduce -90.7% | 0.05% | −0.49 |
| META Meta Platforms Inc. Class A | Reduce -6.0% | 5.00% | −0.44 |
| MELI MercadoLibre Inc. | Reduce -12.1% | 1.48% | −0.44 |
| MCO Moody's Corp. | Reduce -98.8% | 0.00% | −0.40 |
| UBER Uber Technologies Inc. | Reduce -38.8% | 0.62% | −0.36 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -69.7% | 0.16% | −0.34 |
| COST Costco Wholesale Corp. | Reduce -10.9% | 1.52% | −0.34 |
| CAVA Cava Group Inc. | Reduce -100.0% | 0.00% | −0.32 |
| ABNB Airbnb Inc. Class A | Reduce -86.5% | 0.04% | −0.31 |
| SBUX Starbucks Corp. | Reduce -99.7% | 0.00% | −0.30 |
| AMZN Amazon.com Inc. | Reduce -3.2% | 5.66% | −0.29 |
| CRM Salesforce Inc. | Reduce -84.0% | 0.04% | −0.28 |
| MA Mastercard Inc. Class A | Reduce -12.9% | 1.74% | −0.27 |
| NOW ServiceNow Inc. | Reduce -6.7% | 1.19% | −0.26 |
| ISRG Intuitive Surgical Inc. | Reduce -7.5% | 0.75% | −0.25 |
| TJX TJX Companies Inc. | Reduce -66.5% | 0.15% | −0.24 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -6.7% | 1.63% | −0.22 |
| DXCM Dexcom Inc. | Reduce -12.4% | 0.40% | −0.20 |
| ABT Abbott Laboratories | Reduce -89.1% | 0.02% | −0.19 |
| TXN Texas Instruments Inc. | Reduce -42.5% | 0.18% | −0.18 |
| DIS The Walt Disney Co. | Reduce -2.5% | 1.34% | −0.18 |
| CYBR Cyberark Software Ltd./Israel | Reduce -63.4% | 0.13% | −0.17 |
| WMT Walmart Inc. | Reduce -14.0% | 1.26% | −0.16 |
| HUBS HubSpot Inc. | Reduce -47.0% | 0.11% | −0.15 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -48.6% | 0.20% | −0.14 |
| BA The Boeing Co. | Reduce -9.9% | 1.43% | −0.14 |
| IOT Samsara Inc. Class A | Reduce -85.3% | 0.02% | −0.12 |
| CVS CVS Health Corp. | Reduce -75.3% | 0.04% | −0.12 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.10 |
| LPLA LPL Financial Holdings Inc. | Reduce -21.2% | 0.21% | −0.10 |
| ADI Analog Devices Inc. | Reduce -99.5% | 0.00% | −0.09 |
| ADBE Adobe Inc. | Reduce -99.6% | 0.00% | −0.08 |
| MRSH Marsh & McLennan Cos | Reduce -42.9% | 0.07% | −0.07 |
| AMGN Amgen Inc. | Reduce -63.0% | 0.04% | −0.06 |
| MSFT Microsoft Corp. | Reduce -3.1% | 6.47% | −0.06 |
| KKR KKR & Co. Inc. | Reduce -21.5% | 0.15% | −0.05 |
| XOM Exxon Mobil Corp. | Reduce -44.2% | 0.07% | −0.05 |
| ALSN Allison Transmission Holding | Reduce -98.9% | 0.00% | −0.05 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.05 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.04 |
| GEV GE Vernova Inc. | Reduce -76.0% | 0.02% | −0.04 |
| SO The Southern Co. | Reduce -30.7% | 0.10% | −0.04 |
| MMM 3M Co. | Reduce -48.7% | 0.04% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +15.6% | 5.55% | +1.61 |
| ORCL Oracle Corp. | Add +2062.4% | 1.51% | +1.46 |
| TSLA Tesla Inc. | Add +38.3% | 2.82% | +1.34 |
| GOOGL Alphabet Inc. Class A | Add +29.0% | 2.71% | +1.16 |
| APP AppLovin Corp. Class A | Add +55.2% | 1.63% | +1.11 |
| SHOP Shopify Inc. Class A | Add +64.3% | 1.64% | +0.85 |
| GOOG Alphabet Inc. Class C | Add +14.4% | 2.01% | +0.71 |
| TSM Taiwan Semiconductor-SP ADR | Add +4.5% | 2.05% | +0.43 |
| GE General Electric | Add +21.6% | 1.48% | +0.42 |
| AMD Advanced Micro Devices | New | 0.36% | +0.36 |
| SE Sea Ltd.-ADR | Add +40.3% | 0.62% | +0.22 |
| HOOD Robinhood Markets Inc. Class A | New | 0.19% | +0.19 |
| APH Amphenol Corp. Class A | New | 0.17% | +0.17 |
| BSX Boston Scientific Corp. | Add +133.5% | 0.28% | +0.15 |
| SNOW Snowflake Inc. | Add +13.5% | 1.19% | +0.13 |
| NKE Nike Inc. Class B | Add +42.3% | 0.48% | +0.13 |
| AXON Axon Enterprise Inc. | Add +53.8% | 0.39% | +0.09 |
| TOST Toast Inc. Class A | Add +74.4% | 0.32% | +0.09 |
| EW Edwards Lifesciences Corp. | Add +19.6% | 0.63% | +0.09 |
| TFC Truist Financial Corp. | Add +203.1% | 0.10% | +0.07 |
| UNP Union Pacific Corp. | Add +152.8% | 0.12% | +0.07 |
| DELL Dell Technologies -C | Add +189.4% | 0.10% | +0.07 |
| IBM Intl Business Machines Corp. | Add +199.0% | 0.10% | +0.06 |
| FIVE Five Below | Add +397.4% | 0.07% | +0.06 |
| LSCC Lattice Semiconductor Corp. | New | 0.05% | +0.05 |
| VEEV Veeva Systems Inc. Class A | Add +395.9% | 0.06% | +0.05 |
| TSEM Tower Semiconductor Ltd. | Add +18.8% | 0.10% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +1.1% | 0.45% | +0.05 |
| TLN Talen Energy Corp. | Add +86.7% | 0.07% | +0.04 |
| ARQT Arcutis Biotherapeutics Inc. | Add +10.3% | 0.13% | +0.04 |
| EGO Eldorado Gold Corp. | Add +2.3% | 0.14% | +0.04 |
| SRE Sempra | Add +30.7% | 0.12% | +0.04 |
| ROK Rockwell Automation Inc. | Add +261.4% | 0.05% | +0.04 |
| NAMS Newamsterdam Pharma Co. NV | Add +42.5% | 0.07% | +0.04 |
| ETR Entergy Corp. | Add +20.3% | 0.14% | +0.03 |
| GEHC GE Healthcare Technology | Add +112.4% | 0.06% | +0.03 |
| CW Curtiss-Wright Corp. | New | 0.03% | +0.03 |
| QURE Uniqure NV | Add +613.6% | 0.03% | +0.03 |
| LOW Lowe's Cos Inc. | Add +34.5% | 0.10% | +0.03 |
| GH Guardant Health Inc. | Add +105.6% | 0.05% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +51.5% | 0.07% | +0.03 |
| TARS Tarsus Pharmaceuticals Inc. | Add +5.5% | 0.09% | +0.03 |
| KRMN Karman Holdings Inc. | New | 0.03% | +0.03 |
| APLS Apellis Pharmaceuticals Inc. | Add +63.4% | 0.06% | +0.03 |
| FIX Comfort Systems USA Inc. | Add +2407.3% | 0.03% | +0.03 |
| MTB M & T Bank Corp. | Add +44.1% | 0.10% | +0.03 |
| LNC Lincoln National Corp. | Add +83.7% | 0.05% | +0.03 |
| SRRK Scholar Rock Holding Corp. | Add +339.0% | 0.03% | +0.03 |
| ABCB Ameris Bancorp | Add +70.7% | 0.06% | +0.03 |
| VZ Verizon Communications Inc. | Add +2802.4% | 0.03% | +0.03 |
Notes & Other Activity Q2 2025 → Q3 2025
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 15,911 | $632Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 564 | $166.7B | NVDA, AAPL, AMZN, AVGO, GOOGL |
| Q1 2026 | 559 | $145.4B | NVDA, AMZN, AAPL, AVGO, MSFT |
| Q4 2025 | 571 | $166.6B | NVDA, MSFT, AMZN, AAPL, AVGO |
| Q3 2025 | 557 | $171.8B | NVDA, MSFT, AMZN, AAPL, META |
| Q2 2025 | 570 | $168.6B | NVDA, MSFT, AMZN, META, NFLX |
| Q1 2025 | 563 | $142.6B | NVDA, AMZN, AAPL, META, MSFT |
| Q4 2024 | 568 | $164.7B | NVDA, AMZN, AAPL, MSFT, META |
| Q3 2024 | 557 | $161.1B | NVDA, MSFT, AMZN, AAPL, META |
| Q2 2024 | 571 | $156.0B | NVDA, MSFT, AMZN, AAPL, META |
| Q1 2024 | 571 | $149.6B | NVDA, MSFT, AMZN, META, LLY |