Jennison Associates LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Jennison Associates LLC reported 571 stock positions worth $166.6 billion. Its top holding was Nvidia (NVDA) at 8.7% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Amazon.com (AMZN, 6.0%). Compared with Q3 2025, it opened 92 new positions, sold out of 78, added to 209 and reduced 263. The biggest buy was Eli Lilly (LLY, shares +22%) and the biggest sale Meta Platforms Class A (META, shares −29%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0000053417
- Portfolio Value
- $166.6B (Q4 2025)
- SEC Filing
- 0000053417-26-000012 ↗ filed Jan 30, 2026
Holdings Value
Holdings 571 stocks · $166.6B
| NVDA Nvidia Corp. | 8.74% | 78,051,805 | $14.6B | Reduce -11.5% |
| MSFT Microsoft Corp. | 6.11% | 21,051,290 | $10.2B | Reduce -1.9% |
| AMZN Amazon.com Inc. | 6.02% | 43,437,204 | $10.0B | Reduce -1.9% |
| AAPL Apple Inc. | 5.82% | 35,669,018 | $9.7B | Reduce -4.8% |
| AVGO Broadcom Inc. | 4.55% | 21,892,210 | $7.6B | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 4.11% | 21,851,279 | $6.8B | Add +14.3% |
| LLY Eli Lilly & Co. | 3.31% | 5,133,676 | $5.5B | Add +22.3% |
| META Meta Platforms Inc. Class A | 3.31% | 8,350,538 | $5.5B | Reduce -28.6% |
| TSLA Tesla Inc. | 2.83% | 10,484,848 | $4.7B | Reduce -3.9% |
| GOOG Alphabet Inc. Class C | 2.75% | 14,575,191 | $4.6B | Add +2.9% |
| TSM Taiwan Semiconductor-SP ADR | 2.44% | 13,394,299 | $4.1B | Add +6.4% |
| NFLX Netflix Inc. | 1.96% | 34,871,951 | $3.3B | Reduce -26.0% |
| SHOP Shopify Inc. Class A | 1.83% | 18,966,407 | $3.1B | Add +0.2% |
| MA Mastercard Inc. Class A | 1.59% | 4,642,316 | $2.7B | Reduce -11.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.55% | 5,507,835 | $2.6B | Reduce -3.5% |
| SNOW Snowflake Inc. | 1.53% | 11,603,302 | $2.5B | Add +27.7% |
| V Visa Inc. Class A | 1.49% | 7,096,058 | $2.5B | Reduce -5.4% |
| GE General Electric filed as GE AEROSPACE | 1.48% | 8,008,069 | $2.5B | Reduce -5.0% |
| CEG Constellation Energy | 1.48% | 6,980,223 | $2.5B | Add +18.0% |
| CDNS Cadence Design SYS Inc. | 1.45% | 7,715,550 | $2.4B | Reduce -11.6% |
| AMD Advanced Micro Devices | 1.40% | 10,910,310 | $2.3B | Add +181.6% |
| WMT Walmart Inc. | 1.34% | 20,053,855 | $2.2B | Reduce -4.6% |
| BA The Boeing Co. | 1.32% | 10,163,707 | $2.2B | Reduce -10.6% |
| COST Costco Wholesale Corp. | 1.15% | 2,227,635 | $1.9B | Reduce -21.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.14% | 16,688,019 | $1.9B | Reduce -17.2% |
| APP AppLovin Corp. Class A | 1.11% | 2,737,024 | $1.8B | Reduce -29.6% |
| ORCL Oracle Corp. | 1.10% | 9,414,334 | $1.8B | Add +2.0% |
| ISRG Intuitive Surgical Inc. | 1.09% | 3,209,137 | $1.8B | Add +11.1% |
| SPOT Spotify Technology SA | 1.05% | 3,007,221 | $1.7B | Reduce -2.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.88% | 3,249,541 | $1.5B | Reduce -6.0% |
| APH Amphenol Corp. Class A | 0.83% | 10,257,379 | $1.4B | Add +340.8% |
| NOW ServiceNow Inc. | 0.78% | 8,432,389 | $1.3B | Reduce -24.0% |
| GS Goldman Sachs Group Inc. | 0.71% | 1,353,007 | $1.2B | Add +40.8% |
| EW Edwards Lifesciences Corp. | 0.71% | 13,780,515 | $1.2B | Reduce -1.3% |
| ORLY O'reilly Automotive Inc. | 0.66% | 11,977,711 | $1.1B | Reduce -13.8% |
| DDOG Datadog Inc. Class A | 0.62% | 7,623,993 | $1.0B | Add +43.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.57% | 3,321,298 | $954.0M | Reduce -30.1% |
| MELI MercadoLibre Inc. | 0.45% | 369,796 | $744.9M | Reduce -66.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.40% | 39,370,791 | $659.1M | Add +82.6% |
| MRK Merck & Co. Inc. | 0.35% | 5,559,488 | $585.2M | New |
| TOST Toast Inc. Class A | 0.32% | 15,157,955 | $538.3M | Add +1.1% |
| UBER Uber Technologies Inc. | 0.32% | 6,435,002 | $525.8M | Reduce -40.6% |
| BSX Boston Scientific Corp. | 0.31% | 5,468,295 | $521.4M | Add +10.7% |
| AXON Axon Enterprise Inc. | 0.31% | 900,397 | $511.4M | Reduce -4.6% |
| HOOD Robinhood Markets Inc. Class A | 0.30% | 4,412,036 | $499.0M | Add +95.7% |
| NEE Nextera Energy Inc. | 0.29% | 5,932,840 | $476.3M | Add +23.0% |
| JPM JPMorgan Chase & Co. | 0.27% | 1,403,134 | $452.1M | Reduce -5.0% |
| GEV GE Vernova Inc. | 0.25% | 647,791 | $423.4M | Add +1300.4% |
| NI Nisource Inc. | 0.24% | 9,429,794 | $393.8M | Reduce -1.0% |
| DXCM Dexcom Inc. | 0.23% | 5,789,944 | $384.3M | Reduce -42.6% |
| EMBJ Embraer SA-Spon ADR | 0.22% | 5,729,568 | $368.8M | Add +3.1% |
| NET Cloudflare Inc. Class A | 0.22% | 1,863,612 | $367.4M | Add +802.6% |
| TXN Texas Instruments Inc. | 0.21% | 2,050,925 | $355.8M | Add +19.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.19% | 5,821,274 | $320.2M | Add +193.6% |
| AZN Astrazeneca PLC-Spons ADR | 0.19% | 3,362,846 | $309.1M | Reduce -8.8% |
| CNP Centerpoint Energy Inc. | 0.18% | 7,722,893 | $296.1M | Add +19.4% |
| EGO Eldorado Gold Corp. | 0.17% | 8,077,905 | $290.2M | Reduce -1.2% |
| CSCO Cisco Systems Inc. | 0.17% | 3,716,184 | $286.3M | Reduce -12.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.17% | 1,803,226 | $277.0M | Add +2.3% |
| ABBV Abbvie Inc. | 0.16% | 1,186,974 | $271.2M | Add +91.5% |
| SHEL Shell PLC-ADR | 0.16% | 3,615,220 | $265.6M | Add +33.4% |
| PNC PNC Financial Services Group | 0.15% | 1,220,014 | $254.7M | Reduce -8.6% |
| KKR KKR & Co. Inc. | 0.15% | 1,978,888 | $252.3M | Reduce -2.0% |
| MET Metlife Inc. | 0.15% | 3,102,885 | $244.9M | Reduce -1.4% |
| ETR Entergy Corp. | 0.15% | 2,618,834 | $242.1M | Add +2.3% |
| NOC Northrop Grumman Corp. | 0.14% | 401,664 | $229.0M | Add +272.8% |
| VST Vistra Corp. | 0.13% | 1,353,285 | $218.3M | Reduce -19.7% |
| SE Sea Ltd.-ADR | 0.12% | 1,619,291 | $206.6M | Reduce -73.0% |
| LNG Cheniere Energy Inc. | 0.12% | 1,029,213 | $200.1M | Reduce -30.5% |
| RL Ralph Lauren Corp. | 0.12% | 558,012 | $197.3M | Reduce -7.7% |
| ARQT Arcutis Biotherapeutics Inc. | 0.12% | 6,758,006 | $196.3M | Reduce -44.9% |
| UNP Union Pacific Corp. | 0.12% | 846,453 | $195.8M | Reduce -0.7% |
| ARGX Argenx SE - ADR | 0.12% | 229,761 | $193.2M | Reduce -4.4% |
| CYBR Cyberark Software Ltd./Israel | 0.12% | 429,883 | $191.8M | Reduce -7.0% |
| SRE Sempra | 0.11% | 2,156,356 | $190.4M | Reduce -1.8% |
| IDA Idacorp Inc. | 0.11% | 1,483,648 | $187.8M | Add +8.3% |
| RTX RTX Corp. | 0.11% | 1,003,143 | $184.0M | Add +96.8% |
| TARS Tarsus Pharmaceuticals Inc. | 0.11% | 2,230,069 | $182.6M | Reduce -14.4% |
| GM General Motors Co. | 0.11% | 2,160,491 | $175.7M | Add +64.0% |
| CB Chubb Ltd. | 0.10% | 554,588 | $173.1M | Reduce -5.5% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.10% | 829,772 | $167.2M | Reduce -1.3% |
| DHR Danaher Corp. | 0.10% | 730,178 | $167.2M | Add +71.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.10% | 563,006 | $166.8M | Reduce -5.7% |
| TFC Truist Financial Corp. | 0.10% | 3,349,465 | $164.8M | Reduce -14.5% |
| KEYS Keysight Technologies Inc. | 0.10% | 810,967 | $164.8M | Add +0.1% |
| LOW Lowe's Cos Inc. | 0.10% | 682,688 | $164.6M | Add +2.0% |
| TSEM Tower Semiconductor Ltd. | 0.10% | 1,398,987 | $164.3M | Reduce -40.0% |
| LNC Lincoln National Corp. | 0.10% | 3,681,158 | $163.9M | Add +58.7% |
| GLPI Gaming and Leisure Propertie | 0.10% | 3,597,211 | $160.8M | Reduce -14.9% |
| DELL Dell Technologies -C | 0.10% | 1,276,677 | $160.7M | Add +7.5% |
| TMO Thermo Fisher Scientific Inc. | 0.10% | 277,111 | $160.6M | Add +10.2% |
| FIVE Five Below | 0.10% | 842,771 | $158.7M | Add +2.8% |
| CVX Chevron Corp. | 0.09% | 1,036,502 | $158.0M | Add +0.5% |
| MKL Markel Group Inc. | 0.09% | 73,199 | $157.4M | Add +7.9% |
| TOL Toll Brothers Inc. | 0.09% | 1,090,590 | $147.5M | Add +52.0% |
| PCG P G & E Corp. | 0.09% | 9,132,573 | $146.8M | Reduce -15.5% |
| LRCX Lam Research Corp. | 0.09% | 849,955 | $145.5M | Add +6.7% |
| XEL Xcel Energy Inc. | 0.09% | 1,961,795 | $144.9M | Add +10.2% |
| LSCC Lattice Semiconductor Corp. | 0.09% | 1,960,900 | $144.3M | Add +54.1% |
| AEE Ameren Corporation | 0.09% | 1,440,327 | $143.8M | Reduce -1.9% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $15.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 279,165 | $11.4M | 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 | $491K | No change |
Total filed on the 13F, all lines: $166.6B.
Portfolio Sells Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Reduce -28.6% | 3.31% | −1.69 |
| NFLX Netflix Inc. | Reduce -26.0% | 1.96% | −1.33 |
| MELI MercadoLibre Inc. | Reduce -66.0% | 0.45% | −1.03 |
| NVDA Nvidia Corp. | Reduce -11.5% | 8.74% | −0.84 |
| APP AppLovin Corp. Class A | Reduce -29.6% | 1.11% | −0.52 |
| SE Sea Ltd.-ADR | Reduce -73.0% | 0.12% | −0.50 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.48 |
| NOW ServiceNow Inc. | Reduce -24.0% | 0.78% | −0.41 |
| COST Costco Wholesale Corp. | Reduce -21.1% | 1.15% | −0.37 |
| MSFT Microsoft Corp. | Reduce -1.9% | 6.11% | −0.36 |
| CDNS Cadence Design SYS Inc. | Reduce -11.6% | 1.45% | −0.34 |
| UBER Uber Technologies Inc. | Reduce -40.6% | 0.32% | −0.30 |
| ORLY O'reilly Automotive Inc. | Reduce -13.8% | 0.66% | −0.22 |
| SPOT Spotify Technology SA | Reduce -2.7% | 1.05% | −0.21 |
| DIS The Walt Disney Co. | Reduce -17.2% | 1.14% | −0.20 |
| LPLA LPL Financial Holdings Inc. | Reduce -89.9% | 0.02% | −0.19 |
| DXCM Dexcom Inc. | Reduce -42.6% | 0.23% | −0.16 |
| MA Mastercard Inc. Class A | Reduce -11.9% | 1.59% | −0.15 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -30.1% | 0.57% | −0.14 |
| HUBS HubSpot Inc. | Reduce -97.1% | 0.00% | −0.11 |
| BA The Boeing Co. | Reduce -10.6% | 1.32% | −0.10 |
| AXON Axon Enterprise Inc. | Reduce -4.6% | 0.31% | −0.09 |
| PH Parker Hannifin Corp. | Reduce -67.1% | 0.05% | −0.08 |
| LNG Cheniere Energy Inc. | Reduce -30.5% | 0.12% | −0.08 |
| JCI Johnson Controls Internation | Reduce -66.2% | 0.05% | −0.08 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -3.5% | 1.55% | −0.08 |
| MMYT Makemytrip Ltd. | Reduce -56.2% | 0.04% | −0.06 |
| VST Vistra Corp. | Reduce -19.7% | 0.13% | −0.06 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -55.0% | 0.04% | −0.06 |
| WMB Williams Cos Inc. | Reduce -38.3% | 0.08% | −0.05 |
| PINS Pinterest Inc. Class A | Reduce -54.3% | 0.03% | −0.04 |
| CCK Crown Holdings Inc. | Reduce -59.5% | 0.04% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -61.8% | 0.03% | −0.04 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −0.04 |
| CNM Core & Main Inc. Class A | Reduce -62.8% | 0.02% | −0.04 |
| ABNB Airbnb Inc. Class A | Reduce -94.5% | 0.00% | −0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.04 |
| CRM Salesforce Inc. | Reduce -90.8% | 0.00% | −0.04 |
| UL Unilever PLC-Sponsored ADR | Reduce -38.9% | 0.06% | −0.04 |
| GEHC GE Healthcare Technology | Reduce -60.4% | 0.03% | −0.04 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -65.4% | 0.02% | −0.03 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.03 |
| CW Curtiss-Wright Corp. | Reduce -97.6% | 0.00% | −0.03 |
| RACE Ferrari NV | Reduce -58.6% | 0.02% | −0.03 |
| PPL PPL Corp. | Reduce -36.5% | 0.05% | −0.03 |
| EHC Encompass Health Corp. | Reduce -37.3% | 0.04% | −0.03 |
| FIX Comfort Systems USA Inc. | Reduce -96.7% | 0.00% | −0.03 |
| PFGC Performance Food Group Co. | Reduce -20.9% | 0.07% | −0.03 |
| PLYM Plymouth Industrial REIT Inc. | Reduce -56.5% | 0.02% | −0.03 |
| ONON On Holding AG Class A | Reduce -34.1% | 0.08% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Add +22.3% | 3.31% | +1.45 |
| GOOGL Alphabet Inc. Class A | Add +14.3% | 4.11% | +1.40 |
| AMD Advanced Micro Devices | Add +181.6% | 1.40% | +1.04 |
| GOOG Alphabet Inc. Class C | Add +2.9% | 2.75% | +0.74 |
| APH Amphenol Corp. Class A | Add +340.8% | 0.83% | +0.66 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.4% | 2.44% | +0.40 |
| MRK Merck & Co. Inc. | New | 0.35% | +0.35 |
| CEG Constellation Energy | Add +18.0% | 1.48% | +0.35 |
| ISRG Intuitive Surgical Inc. | Add +11.1% | 1.09% | +0.34 |
| SNOW Snowflake Inc. | Add +27.7% | 1.53% | +0.34 |
| GS Goldman Sachs Group Inc. | Add +40.8% | 0.71% | +0.27 |
| GEV GE Vernova Inc. | Add +1300.4% | 0.25% | +0.24 |
| SHOP Shopify Inc. Class A | Add +0.2% | 1.83% | +0.20 |
| NET Cloudflare Inc. Class A | Add +802.6% | 0.22% | +0.19 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +82.6% | 0.40% | +0.19 |
| DDOG Datadog Inc. Class A | Add +43.7% | 0.62% | +0.18 |
| BAC Bank of America Corp. | Add +193.6% | 0.19% | +0.13 |
| HOOD Robinhood Markets Inc. Class A | Add +95.7% | 0.30% | +0.11 |
| NOC Northrop Grumman Corp. | Add +272.8% | 0.14% | +0.10 |
| ABBV Abbvie Inc. | Add +91.5% | 0.16% | +0.08 |
| ICLR Icon PLC | New | 0.07% | +0.07 |
| NEE Nextera Energy Inc. | Add +23.0% | 0.29% | +0.07 |
| ONTO Onto Innovation Inc. | Add +1293.5% | 0.06% | +0.06 |
| RTX RTX Corp. | Add +96.8% | 0.11% | +0.06 |
| GM General Motors Co. | Add +64.0% | 0.11% | +0.06 |
| GILD Gilead Sciences Inc. | Add +500.2% | 0.07% | +0.06 |
| DHR Danaher Corp. | Add +71.6% | 0.10% | +0.05 |
| SHEL Shell PLC-ADR | Add +33.4% | 0.16% | +0.05 |
| LNC Lincoln National Corp. | Add +58.7% | 0.10% | +0.04 |
| SRRK Scholar Rock Holding Corp. | Add +74.0% | 0.07% | +0.04 |
| C Citigroup Inc. | Add +2496.0% | 0.04% | +0.04 |
| XYL Xylem Inc. | Add +241.6% | 0.05% | +0.04 |
| XPRO Expro Group Holdings NV | New | 0.03% | +0.03 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +123.2% | 0.06% | +0.03 |
| LNT Alliant Energy Corp. | Add +92.5% | 0.07% | +0.03 |
| HXL Hexcel Corp. | Add +87.5% | 0.06% | +0.03 |
| BSX Boston Scientific Corp. | Add +10.7% | 0.31% | +0.03 |
| LSCC Lattice Semiconductor Corp. | Add +54.1% | 0.09% | +0.03 |
| CNP Centerpoint Energy Inc. | Add +19.4% | 0.18% | +0.03 |
| NDSN Nordson Corp. | Add +539.2% | 0.04% | +0.03 |
| TOL Toll Brothers Inc. | Add +52.0% | 0.09% | +0.03 |
| ROIV Roivant Sciences Ltd. | New | 0.03% | +0.03 |
| TXN Texas Instruments Inc. | Add +19.2% | 0.21% | +0.03 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +593.1% | 0.03% | +0.03 |
| EXE Expand Energy Corp. | Add +82.1% | 0.06% | +0.03 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.03% | +0.03 |
| APGE Apogee Therapeutics Inc. | New | 0.03% | +0.03 |
| EMBJ Embraer SA-Spon ADR | Add +3.1% | 0.22% | +0.03 |
| HLIO Helios Technologies Inc. | New | 0.03% | +0.03 |
| TTMI TTM Technologies | Add +2056.2% | 0.03% | +0.03 |
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 |