JENNISON ASSOCIATES LLC

The most concentrated megacap top. NVIDIA commands 8.74% of the portfolio ($14.6B) — among the heaviest single-name weights of any large filer — followed by Microsoft (6.11%), Amazon (6.02%), Apple (5.82%) and Broadcom (4.55%). This is unapologetic large-cap growth, sized with conviction.

Taking profits, reloading elsewhere. The quarter's largest reductions were Meta (-$3.1B), NVIDIA (-$1.9B) and MercadoLibre (-$1.8B), with a notable $2.4B of Netflix profit-taking. The capital was redeployed decisively: Eli Lilly (+$2.3B) and Alphabet (+$2.2B) saw the biggest adds, with AMD (+$1.7B) and a second Alphabet share class (+$1.1B) close behind. The rotation reads as trimming the most-extended winners to build healthcare and an AI-chip challenger.