Jennison Associates Portfolio holdings
Jennison Associates, founded in 1969 and headquartered in New York City, is a global investment management firm managing over $194 billion in assets as of late 2024, specializing in active equity and fixed-income strategies. A subsidiary of PGIM, the asset management arm of Prudential Financial, Jennison serves a diverse client base—including institutions, sub-advisory clients, public plans, endowments, and corporations—with a focus on fundamental research, bottom-up portfolio construction, and high-conviction investing. Known for its equity expertise across styles, geographies, and market capitalizations, as well as investment-grade fixed-income offerings, the firm employs seasoned portfolio managers averaging 29 years of industry experience and 16 years with Jennison. With additional offices in Boston and a culture emphasizing intellectual rigor and long-term client outcomes, Jennison has built a reputation for excellence and stability in the investment management industry.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Constellation Energy
CEG
|
+$924M |
| 2 |
Starbucks
SBUX
|
+$862M |
| 3 |
Spotify
SPOT
|
+$706M |
| 4 |
CAVA Group
CAVA
|
+$657M |
| 5 |
KKR & Co
KKR
|
+$592M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Eaton
ETN
|
+$1.34B |
| 2 |
Microsoft
MSFT
|
+$1.07B |
| 3 |
Palo Alto Networks
PANW
|
+$1.06B |
| 4 |
Advanced Micro Devices
AMD
|
+$1.01B |
| 5 |
NVIDIA
NVDA
|
+$999M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.76% |
| 2 | Communication Services | 17.2% |
| 3 | Consumer Discretionary | 15.67% |
| 4 | Healthcare | 10.6% |
| 5 | Financials | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Xcel Energy
XEL
$48.2B
| $114M | 0.08% |
1,608,928
-61,332
| -4% | -$4.18M |
|
127
Prologis
PLD
$131B
| $112M | 0.08% |
1,000,892
-38,441
| -4% | -$4.45M |
|
128
Q2 Holdings
QTWO
$3.94B
| $104M | 0.07% |
1,301,772
+41,412
| +3% | +$3.65M |
|
129
Trinity Industries
TRN
$2.47B
| $103M | 0.07% |
3,661,394
+73,160
| +2% | +$2.45M |
|
130
Texas Roadhouse
TXRH
$13.8B
| $102M | 0.07% |
613,106
-8,626
| -1% | -$1.53M |
|
131
VSE Corp
VSEC
$5.94B
| $101M | 0.07% |
839,267
-89,350
| -10% | -$9.58M |
|
132
Crown Holdings
CCK
$13.1B
| $100M | 0.07% |
1,123,185
-107,654
| -9% | -$9.39M |
|
133
AT&T
T
$159B
| $100M | 0.07% |
3,542,586
-72,558
| -2% | -$1.82M |
|
134
Alibaba
BABA
$306B
| $96.1M | 0.07% |
+726,695
| New | +$83.8M |
|
135
Lowe's Companies
LOW
$121B
| $95.1M | 0.07% |
407,789
+129,780
| +47% | +$31.9M |
|
136
Boston Scientific
BSX
$70.8B
| $93.6M | 0.07% |
928,053
-1,014,902
| -52% | -$102M |
|
137
Pinterest
PINS
$14.1B
| $92.7M | 0.07% |
2,991,150
+1,402,456
| +88% | +$47.5M |
|
138
iShares MSCI ACWI ETF
ACWI
$33.2B
| $92M | 0.06% |
790,200
+657,162
| +494% | +$78.7M |
|
139
Tower Semiconductor
TSEM
$25.9B
| $90.8M | 0.06% |
2,546,357
+57,544
| +2% | +$2.6M |
|
140
Wintrust Financial
WTFC
$11B
| $90.8M | 0.06% |
807,390
+280,568
| +53% | +$34.7M |
|
141
Intapp
INTA
$2.56B
| $90.5M | 0.06% |
1,550,010
+13,577
| +0.9% | +$895K |
|
142
Generac Holdings
GNRC
$12.4B
| $89.7M | 0.06% |
708,052
+35,839
| +5% | +$5.14M |
|
143
Neurocrine Biosciences
NBIX
$16.9B
| $89M | 0.06% |
804,466
-16,228
| -2% | -$2.06M |
|
144
CBRE Group
CBRE
$43.4B
| $85.9M | 0.06% |
657,107
-58,979
| -8% | -$8.01M |
|
145
Caterpillar
CAT
$402B
| $84.5M | 0.06% |
256,131
+5,372
| +2% | +$1.91M |
|
146
Marvell Technology
MRVL
$192B
| $83.8M | 0.06% |
1,361,579
+734,397
| +117% | +$71.3M |
|
147
Alnylam Pharmaceuticals
ALNY
$29B
| $83.5M | 0.06% |
309,219
+49,306
| +19% | +$12.7M |
|
148
NewAmsterdam Pharma
NAMS
$3.2B
| $81.3M | 0.06% |
3,970,189
-28,352
| -0.7% | -$630K |
|
149
Linde
LIN
$223B
| $80.3M | 0.06% |
172,544
+10,472
| +6% | +$4.71M |
|
150
Encompass Health
EHC
$10.9B
| $80.1M | 0.06% |
791,109
+227,012
| +40% | +$22.2M |
|
Similar funds
Jennison Associates's Q1 2025 Portfolio in Review
As of Q1 2025, Jennison Associates held 646 positions worth $143B, down 13% from $165B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Jennison Associates withdrew a net $8.96B in Q1 2025, closing 79 positions and reducing 265 holdings. Its most notable exit was NVR, an estimated $307M position sold in full.
By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 38% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Jennison Associates opened a new position in Starbucks worth $818M.
- Jennison Associates's largest Q1 2025 buy was Starbucks: 8,336,826 shares worth $818M.
- Jennison Associates added most to Constellation Energy in Q1 2025, an estimated $924M increase.
- Jennison Associates's biggest Q1 2025 reduction was Eaton, cutting an estimated $1.34B.
- Jennison Associates fully exited NVR in Q1 2025, selling an estimated $307M.
- Jennison Associates's ten largest holdings make up 45% of its $143B portfolio in Q1 2025.
- Jennison Associates opened 74 new positions and closed 79 in Q1 2025.
- Jennison Associates's portfolio value fell 13% quarter-over-quarter to $143B.
Based on Jennison Associates's 13F filing for Q1 2025, filed 5 May 2025.