Jennison Associates
large-active, growth, lo
Quarter Analysis
13F change notes for Jennison Associates in 2026-03-31.
Jennison's $145B large-cap growth book showing the same broad mega-cap trim pattern: book down 13% to $145B, top-3 weight basically flat at 20.7%. NVDA top weight at 8.87% (+1892% unrealized — close to Janus's NVDA gain). Microsoft cut -15% in shares (biggest single-name cut). Broadcom slight +4% add as the lone counter. Every other top-name flagged persistence with -1 to -10% trims.
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★ HELD
NVIDIA CORPORATION NVDA
Top weight 8.87%, 41 quarters at +1892% unrealized — Jennison's signature NVDA position has compounded for the entire AI cycle.
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★ HELD
MICROSOFT CORP MSFT
Cut -15% in shares; weight 6.11% → 4.55%. Biggest single-name trim alongside the broader mega-cap-tech de-weighting consensus.
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★ HELD
APPLE INC AAPL
52 quarters held at +147% unrealized — held flat as MSFT got cut.
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★ HELD
BROADCOM INC AVGO
Shares +4% — lone meaningful add at the Jennison scale; AVGO at +238% unrealized over 32 quarters.
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★ HELD
ELI LILLY & CO LLY
50 quarters at +129% unrealized — the pharma growth anchor.
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★ HELD
TAIWAN SEMICONDUCTOR MANUFAC TSM
26 quarters held at +100% unrealized; small trim.
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• CONTEXT
Same active-LO consensus pattern as T. Rowe, Wellington, Janus — trim mega-cap-tech, hold the rest. Spiro Segalas's old growth lineup looking very disciplined.