Jennison Associates

large-active, growth, lo

Quarters 52

2025-12-31 $166.57B

Positions 574

2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30

Quarter Analysis

13F change notes for Jennison Associates in 2025-12-31.

Jennison's pre-trim quarter: book steady at $167B, Lilly aggressively added (+22% shares to 3.31%), GOOGL +14%, Netflix +640% from a tiny base. Meta cut -29% though — biggest single-name cut showing the META de-risking was already starting.

★ HELD
NVIDIA CORPORATION NVDA
Top weight 8.74%, 40 quarters at +2031% unrealized — extreme paper gain shows the entire AI scale captured.
★ HELD
ALPHABET INC GOOGL
Shares +14% — meaningful GOOGL build at +127% unrealized.
★ HELD
ELI LILLY & CO LLY
Shares +22% — Lilly scaled aggressively into the GLP-1 wave.
★ HELD
META PLATFORMS INC META
Cut -29% in shares — biggest single-name cut, ahead of the broader trim wave.
▲ ADDED
NETFLIX INC NFLX
Shares +640% — like Baillie, Jennison did a major Netflix re-add this quarter.
• CONTEXT

Jennison and Baillie Gifford both did large Netflix adds in Q4 — cross-fund growth-PM consensus on NFLX, an interesting signal.