The firm also saw gains from its stakes in Nvidia, Microsoft, Apple, and Amazon, despite trimming its holdings in some of these companies. These five stocks accounted for nearly 30% of Jennison's $122 billion equity portfolio at the end of June. The broader US stock market has been led by technology stocks this year, driven by investor excitement about artificial intelligence and its potential to boost productivity and corporate profits.
Key takeaways:
- Jennison Associates, a secretive asset manager, has significantly profited from the Big Tech stock rally this year, with its stakes in Tesla, Nvidia, Microsoft, Apple, and Amazon soaring in value.
- The firm held $36 billion worth of these five stocks at the end of June, up from $21 billion in December, marking a $15 billion increase in six months.
- Despite trimming its stakes in some of these companies, the rising stock prices still led to an increase in the value of Jennison's holdings.
- These five stocks accounted for nearly 30% of Jennison's $122 billion equity portfolio at the end of June, compared to 21% six months earlier.