AI Analysis · Q4 2025 · Q4 2025

Jennison Associates reported $166.6B across just 798 holdings for the quarter ended December 2025, down from $171.8B — a concentrated growth book where conviction shows. NVIDIA leads at 8.74% ($14.6B), the heaviest single-name weight among large filers, ahead of Microsoft (6.11%) and Amazon (6.02%). The quarter trimmed Meta (-$3.1B), NVIDIA (-$1.9B) and MercadoLibre (-$1.8B), took $2.4B of Netflix profits, and redeployed into Eli Lilly (+$2.3B), Alphabet (+$2.2B) and AMD (+$1.7B); Amphenol entered as a new $1.4B stake.