Jennison Associates Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Analyzing the firm’s holding structure reveals a sophisticated balance between high-conviction concentration and broad-based diversification. With 558 total holdings , Jennison maintains a wide net across the investable universe. However, a closer look at the capital distribution shows a distinct "barbell" strategy. The top of the portfolio is remarkably concentrated, with the top ten holdings accounting for a substantial portion of the total assets under management. This indicates that while the firm is willing to explore a vast array of opportunities—likely through specialized satellite portfolios or small-cap growth sleeves—its core performance is driven by a select group of "ballast" stocks. This profile is typical of a "Growth at a Reasonable Price" (GARP) or pure "Aggressive Growth" manager who seeks to dominate specific themes while maintaining enough diversification to mitigate idiosyncratic risks across the broader portfolio.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The portfolio is heavily skewed toward three primary sectors: Technology (39.48%) , Communication Services (14.48%) , and Consumer Discretionary (12.05%) . Together, these three sectors represent approximately 66.01% of the entire portfolio. This level of concentration is a definitive signal of a "risk-on" growth bias. Jennison is essentially betting that the primary drivers of global equity returns will continue to be innovation, digital advertising, and high-end consumer spending. The fact that more than two-thirds of the portfolio is tied to these growth-sensitive areas indicates a belief that the macroeconomic environment—despite potential headwinds—remains conducive to companies that can grow their earnings independently of the broader economic cycle.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

NVIDIA remains the crown jewel of Jennison’s portfolio, with a staggering $12.90 billion valuation, representing 8.87% of the total assets. Despite a 5.22% reduction in the number of shares held this quarter, the portfolio weight actually increased slightly from 8.74% to 8.87%. This phenomenon indicates that NVIDIA’s stock price appreciation during the quarter outpaced the firm’s selling activity. The reduction should be viewed as disciplined profit-taking rather than a loss of conviction. For a position of this size, risk management mandates trimming to prevent a single stock from over-concentrating the portfolio. NVIDIA is clearly a "conviction holding" that Jennison views as the fundamental infrastructure provider for the AI era. Their willingness to maintain nearly 9% of their $145 billion portfolio in this one name is a testament to their belief in the longevity of the GPU-driven compute cycle.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant move this quarter was the initiation of a $1.57 billion new position in Palantir. This is a massive "statement buy," immediately catapulting Palantir to the 23rd largest holding in a 558-stock portfolio. Jennison’s entry into Palantir at this scale suggests a shift in their AI thesis from "hardware and chips" to "enterprise software and execution." They likely view Palantir’s Artificial Intelligence Platform (AIP) as the leading solution for large corporations and government agencies looking to integrate generative AI into their core operations. This is a " growth acceleration bet ," signaling that Jennison believes Palantir has reached an inflection point in commercial adoption and profitability. By committing over $1.5 billion, Jennison is signaling to the market that they view Palantir as a future "core" holding on par with the likes of Oracle or ServiceNow.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The $1.17 billion reduction in Microsoft is the most consequential sell of the quarter. Trimming 15% of a core holding of this magnitude is a clear signal of "valuation fatigue." Jennison likely views Microsoft as a victim of its own success; with its market cap reaching astronomical levels, the "easy money" has been made. By reducing this position, Jennison is mitigating its exposure to a stock that has become a "consensus long" and is freeing up capital for higher-velocity growth names like Palantir. This is a " High amount + high weight " operation, representing a strategic decision to lower the portfolio's dependence on the world's largest software company.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Jennison is no longer content to simply hold the "Big Tech" names that carried the market in 2024 and 2025. Instead, they are executing a sophisticated logic chain: 1. Sell the "Consensus" Winners : Trimming Microsoft, Netflix, and high-multiple SaaS names like Snowflake to lock in massive gains and reduce concentration risk. 2. Buy the "Foundational" Layers : Moving aggressively into semiconductor capital equipment (KLA, Lam Research) and industrial giants (GE), recognizing that the AI boom cannot continue without a massive expansion of power, cooling, and manufacturing capacity. 3. Bet on "Execution" Software : Replacing "generalized" software exposure with high-conviction bets on "specialized" platforms like Palantir, which they believe can actually translate AI potential into enterprise-wide profitability.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.