Jennison Associates2026-Q1
The quarter's single most consequential trade was a deliberate shrinking of Microsoft, a weight cut from 6.11% to 4.55% that did more to reshape the book than any other move.
TL;DR: JENNISON ASSOCIATES spent the first quarter trimming its largest mega-cap technology positions and rotating into a cluster of industrial, software, and select growth names. Turnover climbed to 0.287709, holdings thinned to 562 from 574, and PLTR arrived as the quarter's biggest fresh bet.
By the Numbers
| Ticker | Action | Value Change |
|---|---|---|
| MSFT | trim | -$3.56B |
| NVDA | trim | -$1.65B |
| PLTR | new_buy | a notable change |
| AVGO | add | -$525.3M — shares were added, but the dollar value fell because the stock price dropped more than the added shares were worth -- NOT a sell |
| WMT | trim | +$245.3M — shares were trimmed, but the dollar value rose because the stock price gained more than the trimmed shares were worth -- NOT a buy |
The story of the quarter is encoded in the top lines of the 13F: a broad, active retreat from the technology giants that had defined the book. Microsoft went from $10.18B to $6.62B, a swing of -$3.56B, and its weight dropped to 4.55%. Nvidia, still by far the largest holding at 8.87%, was trimmed by -$1.65B, and Amazon, Alphabet, Apple, and Meta were all cut back as well. At the portfolio level, Information Technology weight fell from 0.4347 to 0.4111, while turnover rose to 0.287709 from 0.253837.
The trims were not indiscriminate. The same quarter saw fresh capital go into GE, LRCX, NET, COST, GEV, BE, TJX, and an ABNB position that moved from nearly nothing to $400.7M. Among the quarter's largest changes, three names entered as new buys — PLTR, KLAC, and CRS — and PLTR was the biggest, at $1.57B and 1.08% of the portfolio. That contrast captures the rotation: selling size in the book's biggest winners to buy smaller, newer positions.
The quarter's biggest new position is not part of the old leadership: PLTR entered at $1.57B, 1.08% of the portfolio.
The two oddest lines in the filing are not contradictions; they are explained by prices. AVGO is marked as an add, yet its dollar value swung -$525.3M; shares were added, but the stock price dropped more than the added shares were worth — NOT a sell. WMT runs the opposite way: a trim produced a value swing of +$245.3M, because the price gained more than the trimmed shares were worth — NOT a buy.
The rotation also shows up in what disappeared. AZNN and SE were sold out entirely, and several smaller growth positions — NOW, KKR, HOOD, TOST, DXCM, BSX — were cut to token weight or zero. By the end of March, the book held 562 names against 574 three months earlier, and the concentration score, HHI, slipped from 0.030769 to 0.029091. The momentum tilt dropped even more sharply, from 0.115806 to 0.045709.
This was not a passive drift quarter. It was an active refit: fewer holdings, lower concentration, and a deliberate shift out of the largest winners into fresh, smaller positions. The bets are still growth bets; they're just smaller and more varied than before.