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An incredibly shrewd asset manager has benefited immensely, due to the unbridled rally in Big Tech stocks that we saw this year. June’s quarter showed that Jennison Associates had in total an impressive combined $36 billion worth of holdings in technologies such as Tesla, Microsoft, Amazon, Apple and Nvidia.
When comparing this 2020’s results to its December closing numbers, we can see an incredibly impressive change of nearly $15 billion in value! Although their Tesla stakes were minimally increased by a mere 1% in 6 months, the position’s worth more than doubled in total to reach a figure of five billion. Similarly, partnerships with Nvidia also grew, with the chipmaker’s upliftment meaning that from $3.5, their position soared to $9 billion!
Furthermore, Apple and Amazon’s shares rocketed too, allowing for the Investments Fund to secure a surplus of circa $2 billion due to each- reducing 8% and 3% respectively. Microsoft was no different, with the shares soaring, providing a greater return of which its holding grew an impressive benchmark of +12% and brought in returns of over $3 billion.
‘BigTech’ Growth furthered when Microsoft invested into OpenAI early this year, joining giants such as Nvidia looking to capitalize off the AI boom. This has lead to some investors warming to Technology especially- then resulting Titans such as Ellon Musk Spearheading products aiming to utilize Artificial Intelligence, combing it with self-driving cars and heaping it into robots. Apple and Amazon also setting the grounds in affirming the importance of ‘AI’ investments both form chiefs and executive portion shooting up the companies’ profits weeks before their launches.
Investing early proved crucial for flections, of which Jennison exited the public offering of Tesla all the way back since 2011. Taking the stance thus, Jennison danced more than two decades amidst the Nvidia shift. Although, the asset’s evaluated value “snapshot day” omits important factores such as private holding and oversees stocks, the firms stock in playing fields such as Microsoft implicating 30%, contrary to 21% just 6 months ago.
