Jennison Associates LLC

Jennison Associates employs an active, aggressive growth style with low turnover, concentrating capital in a select group of high-conviction positions. The top ten holdings alone account for over 46% of the portfolio, led by NVIDIA at 8.9%, Amazon and Apple at 5.9% each, reflecting a pronounced bet on large-cap technology and innovation-driven companies. Technology dominates sector allocation at 39.2%, with communication services at 13.4% and consumer cyclical at 12.0%, while healthcare and industrials represent smaller but meaningful exposures. This composition underscores a strategy of placing concentrated, long-term bets on secular growth leaders, with the manager accepting reduced diversification in favor of outsized exposure to a handful of core names.