Jennison Associates LLC
Reported US equity positions for Q1 2026 — $145.4B across 780 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $12.9B | 8.9% | 73,978,086 |
| AMZN Amazon.com, Inc. | $8.6B | 5.9% | 41,507,558 |
| AAPL Apple Inc. | $8.5B | 5.9% | 33,589,491 |
| AVGO Broadcom Inc. | $7.1B | 4.8% | 22,783,092 |
| MSFT Microsoft Corporation | $6.6B | 4.6% | 17,883,560 |
| GOOGL Alphabet Inc. | $5.7B | 3.9% | 19,856,010 |
| LLY Eli Lilly and Company | $4.7B | 3.2% | 5,060,878 |
| META Meta Platforms, Inc. | $4.5B | 3.1% | 7,865,939 |
| GOOG Alphabet Inc. - Class C Capital Stock | $4.1B | 2.8% | 14,315,477 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $4.1B | 2.8% | 12,021,825 |
| TSLA Tesla, Inc. | $3.7B | 2.5% | 9,969,940 |
| GE GE Aerospace | $3.1B | 2.2% | 11,026,006 |
| NFLX Netflix, Inc. | $2.7B | 1.9% | 27,996,134 |
| MA Mastercard Incorporated | $2.6B | 1.8% | 5,123,041 |
| WMT Walmart Inc. | $2.5B | 1.7% | 19,951,179 |
| COST Costco Wholesale Corporation | $2.3B | 1.6% | 2,312,440 |
| V Visa Inc. | $2.1B | 1.4% | 6,922,544 |
| BA The Boeing Company | $2.0B | 1.4% | 10,232,501 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $1.9B | 1.3% | 16,299,259 |
| AMD Advanced Micro Devices, Inc. | $1.9B | 1.3% | 9,427,377 |
| CEG Constellation Energy Corporation - Common Stock When-Issued | $1.8B | 1.3% | 6,604,433 |
| CDNS Cadence Design Systems, Inc. | $1.6B | 1.1% | 5,761,905 |
| PLTR Palantir Technologies Inc. | $1.6B | 1.1% | 10,760,942 |
| CRWD CrowdStrike Holdings, Inc. | $1.5B | 1.0% | 3,829,124 |
| ISRG Intuitive Surgical, Inc. | $1.4B | 1.0% | 3,041,010 |
| L8681T102 Spotify Technology S A | $1.3B | 0.9% | 2,778,849 |
| DIS The Walt Disney Company | $1.3B | 0.9% | 13,826,532 |
| APH Amphenol Corporation | $1.3B | 0.9% | 10,238,520 |
| VRTX Vertex Pharmaceuticals Incorporated | $1.2B | 0.8% | 2,740,059 |
| GS The Goldman Sachs Group, Inc. | $1.1B | 0.8% | 1,322,121 |
| SNOW Snowflake Inc. | $1.1B | 0.7% | 7,164,080 |
| EW Edwards Lifesciences Corporation | $1.0B | 0.7% | 13,066,274 |
| ORCL Oracle Corporation | $1.0B | 0.7% | 6,935,065 |
| HLT Hilton Worldwide Holdings Inc. | $986.9M | 0.7% | 3,245,568 |
| APP Applovin Corporation | $915.8M | 0.6% | 2,300,905 |
| NET Cloudflare, Inc. Class A | $906.8M | 0.6% | 4,394,484 |
| ORLY O'Reilly Automotive, Inc. | $854.2M | 0.6% | 9,253,729 |
| GEV GE Vernova Inc. | $789.7M | 0.5% | 904,703 |
| MRK Merck & Company, Inc. Common Stock (new) | $751.7M | 0.5% | 6,249,337 |
| LRCX Lam Research Corporation | $720.7M | 0.5% | 3,373,306 |
| DDOG Datadog, Inc. | $699.2M | 0.5% | 5,922,887 |
| KLAC KLA Corporation | $566.1M | 0.4% | 384,456 |
| MELI MercadoLibre, Inc. | $551.1M | 0.4% | 318,708 |
| NEE NextEra Energy, Inc. | $546.9M | 0.4% | 5,888,264 |
| TJX The TJX Companies, Inc. | $526.6M | 0.4% | 3,297,139 |
| G6683N103 Nu Hldgs LTD | $515.2M | 0.4% | 35,850,092 |
| TXN Texas Instruments Incorporated | $448.8M | 0.3% | 2,311,547 |
| NI NiSource Inc | $430.3M | 0.3% | 9,221,560 |
| JPM JP Morgan Chase & Co. | $407.0M | 0.3% | 1,383,648 |
| ABNB Airbnb, Inc. | $400.7M | 0.3% | 3,172,959 |
| BE Bloom Energy Corporation Class A | $364.1M | 0.3% | 2,687,029 |
| AXON Axon Enterprise, Inc. | $351.1M | 0.2% | 826,680 |
| CNP CenterPoint Energy, Inc (Holding Co) | $324.4M | 0.2% | 7,517,003 |
| SHEL Shell PLC American Preferred | $320.3M | 0.2% | 3,444,210 |
| EMBJ Embraer S.A. | $319.5M | 0.2% | 5,383,720 |
| CRS Carpenter Technology Corporation | $317.4M | 0.2% | 805,306 |
| PNC The PNC Financial Services Group, Inc. | $292.1M | 0.2% | 1,403,630 |
| CSCO Cisco Systems, Inc. | $277.8M | 0.2% | 3,580,283 |
| UBER Uber Technologies, Inc. | $272.1M | 0.2% | 3,782,456 |
| RTX RTX Corporation | $266.0M | 0.2% | 1,378,798 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Trim | $12.9B | $14.6B | -5% |
| AMZN Amazon.com, Inc. | Trim | $8.6B | $10.0B | -4% |
| AAPL Apple Inc. | Trim | $8.5B | $9.7B | -6% |
| AVGO Broadcom Inc. | Add | $7.1B | $7.6B | +4% |
| MSFT Microsoft Corporation | Trim | $6.6B | $10.2B | -15% |
| GOOGL Alphabet Inc. | Trim | $5.7B | $6.8B | -9% |
| LLY Eli Lilly and Company | Trim | $4.7B | $5.5B | -1% |
| META Meta Platforms, Inc. | Trim | $4.5B | $5.5B | -6% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $4.1B | $4.6B | -2% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $4.1B | $4.1B | -10% |
| TSLA Tesla, Inc. | Trim | $3.7B | $4.7B | -5% |
| GE GE Aerospace | Add | $3.1B | $2.5B | +38% |
| NFLX Netflix, Inc. | Trim | $2.7B | $3.3B | -20% |
| MA Mastercard Incorporated | Add | $2.6B | $2.7B | +10% |
| COST Costco Wholesale Corporation | Add | $2.3B | $1.9B | +4% |
| V Visa Inc. | Trim | $2.1B | $2.5B | -2% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Trim | $1.9B | $3.1B | -14% |
| AMD Advanced Micro Devices, Inc. | Trim | $1.9B | $2.3B | -14% |
| CEG Constellation Energy Corporation - Common Stock When-Issued | Trim | $1.8B | $2.5B | -5% |
| CDNS Cadence Design Systems, Inc. | Trim | $1.6B | $2.4B | -25% |
| CRWD CrowdStrike Holdings, Inc. | Trim | $1.5B | $2.6B | -30% |
| ISRG Intuitive Surgical, Inc. | Trim | $1.4B | $1.8B | -5% |
| L8681T102 Spotify Technology S A | Trim | $1.3B | $1.7B | -8% |
| DIS The Walt Disney Company | Trim | $1.3B | $1.9B | -17% |
| VRTX Vertex Pharmaceuticals Incorporated | Trim | $1.2B | $1.5B | -16% |
| GS The Goldman Sachs Group, Inc. | Trim | $1.1B | $1.2B | -2% |
| SNOW Snowflake Inc. | Trim | $1.1B | $2.5B | -38% |
| EW Edwards Lifesciences Corporation | Trim | $1.0B | $1.2B | -5% |
| ORCL Oracle Corporation | Trim | $1.0B | $1.8B | -26% |
| HLT Hilton Worldwide Holdings Inc. | Trim | $986.9M | $954.0M | -2% |
| APP Applovin Corporation | Trim | $915.8M | $1.8B | -16% |
| NET Cloudflare, Inc. Class A | Add | $906.8M | $367.4M | +136% |
| ORLY O'Reilly Automotive, Inc. | Trim | $854.2M | $1.1B | -23% |
| GEV GE Vernova Inc. | Add | $789.7M | $423.4M | +40% |
| MRK Merck & Company, Inc. Common Stock (new) | Add | $751.7M | $585.2M | +12% |
| LRCX Lam Research Corporation | Add | $720.7M | $145.5M | +297% |
| DDOG Datadog, Inc. | Trim | $699.2M | $1.0B | -22% |
| MELI MercadoLibre, Inc. | Trim | $551.1M | $744.9M | -14% |
| TJX The TJX Companies, Inc. | Add | $526.6M | $277.0M | +83% |
| G6683N103 Nu Hldgs LTD | Trim | $515.2M | $659.1M | -9% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.