Jennison's Q4 2025 Portfolio Is a Mega-Cap Stack: Top 10 Names Control 47.6% of $166.57B

Jennison Associates ended Q4 2025 with $166.57B in canonical 13F AUM, and the portfolio reads like a concentrated mega-cap growth stack. The top 10 holdings account for 47.6% of disclosed weight, led by NVIDIA (NVDA) at $14.56B.

TL;DR

• Canonical AUM: $166.57B in 2025Q4.
• Current positions: 500 in the generated holdings output.
• Largest holding: NVDA at 8.74% ($14.56B).
• Concentration: Top-5 at 31.3%, top-10 at 47.6%.
• Core basket: NVDA, MSFT, AMZN, AAPL, and AVGO.
• AUM trend: $171.77B in 2025Q3 down to $166.57B in 2025Q4 (-3.0%), after a strong rebound in Q2.
• Interpretation: High-conviction growth remains intact despite quarter-to-quarter AUM volatility.

Filing Snapshot

Jennison’s generated brief reports $166.57B canonical AUM, $166.52B holdings value sum, and WhaleScore of 73.25. Position sizing in the top cohort reflects conviction in platform tech and AI-linked franchises, with less emphasis on equal-weight risk distribution.

Top Holdings: Conviction in the Growth Leaders

NVDA, MSFT, AMZN, AAPL, and AVGO make up the top disclosed stack and push top-5 concentration above 30%. Add GOOGL, LLY, and META, and the portfolio’s direction remains clearly tilted toward large-cap growth franchises with substantial earnings momentum profiles.

This concentration level is not extreme single-name risk, but it is materially more directional than broad-index style portfolios. It tells readers that stock selection in the first decile of names likely drives most quarter outcomes.

AUM Volatility: Drawdown, Rebound, Then Stabilization

The AUM path shows a visible dip in 2025Q1 ($142.58B), a strong snapback in 2025Q2 ($168.61B), further growth in Q3, and a modest pullback in Q4. Net-net, scale remains high and close to prior peaks, while concentration in growth leaders is preserved.

What Investors Should Watch Next

If this concentration profile persists, the next quarter’s relative performance signal will likely hinge on leadership behavior in semiconductors, hyperscaler software, and large-cap internet. Tracking changes in top-10 mix may matter more than incremental tail-position churn.

Important Interpretation Caveat

The API can surface many lines as “NEW position” for large filers. In this analysis, that label is treated as a possible artifact; value, weight, and concentration statistics are the primary evidence base.

Q&A

What is Jennison Associates’ AUM in Q4 2025?

The canonical 13F AUM is $166.57B for 2025Q4 in the generated research brief.

How concentrated is Jennison in Q4 2025?

Top-5 concentration is 31.3% and top-10 concentration is 47.6%, indicating a high-conviction top-book structure.

Which stock is Jennison’s largest disclosed position?

NVDA at $14.56B and 8.74% portfolio weight.

Did Jennison’s AUM rise or fall in Q4 2025?

AUM fell from $171.77B in 2025Q3 to $166.57B in 2025Q4, a -3.0% QoQ move in the AUM history chart data.

Where can I track these names on 13F Insight?

Monitor Jennison and top holdings pages including NVDA, MSFT, AMZN, and AAPL.