---
title: "Jennison's Q4 2025 Portfolio Is a Mega-Cap Stack: Top 10 Names Control 47.6% of $166.57B"
type: research
slug: jennison-q4-2025-mega-cap-stack-near-50-top10
canonical_url: https://13finsight.com/research/jennison-q4-2025-mega-cap-stack-near-50-top10
published_at: 2026-03-22T17:32:14.481Z
updated_at: 2026-03-23T07:00:12.072Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 449
locale: en
source: 13F Insight
---

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

> Jennison Associates finished Q4 2025 at $166.57B, led by NVDA at $14.56B. With top-10 concentration at 47.6%, the filing shows high-conviction mega-cap growth positioning with selective breadth.

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.

## FAQ

### What did Jennison Associates report in Q4 2025?

Jennison Associates reported canonical 13F AUM of $166.57B for 2025Q4, with holdings value sum of $166.52B in the generated brief.

### Which stock is Jennison's largest holding in Q4 2025?

NVDA is the largest disclosed position at $14.56B, 8.74% portfolio weight, and 78.05M shares in the top-holdings set.

### How concentrated is Jennison's top book in Q4 2025?

Top-5 concentration is 31.3% and top-10 concentration is 47.6%, indicating significant reliance on leading mega-cap names.

### How did Jennison's AUM move through 2025?

AUM fell to $142.58B in 2025Q1, rebounded to $168.61B in Q2, rose to $171.77B in Q3, and then moved to $166.57B in Q4.

### Should the 'NEW position' labels be interpreted literally here?

For large filers, those labels can be artifacts in this pipeline. Weight, value, and concentration metrics are more reliable interpretation anchors.

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Source: 13F Insight — https://13finsight.com/research/jennison-q4-2025-mega-cap-stack-near-50-top10
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-03-23T07:00:12.072Z