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ASRS

Arizona State Retirement System Portfolio holdings

AUM $17.1B
1-Year Est. Return 30.52%
This Fund
S&P 500
This Quarter Est. Return
+4.14%
1 Year Est. Return
+30.52%
3 Year Est. Return
+106.18%
5 Year Est. Return
+143.14%
10 Year Est. Return
+524.74%
AUM
$18.4B
AUM Growth
-$381M
Cap. Flow
-$771M
Cap. Flow %
-4.2%
Top 10 Hldgs %
34.89%
Holding
2,130
New
49
Increased
153
Reduced
1,846
Closed
82

Top Buys

Rank Stock Value
1
AMRZ
Amrize Ltd
AMRZ
+$6.97M
2
Q
Qnity Electronics Inc
Q
+$4.89M
3
CRWV
CoreWeave
CRWV
+$4.87M
4
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$4.61M
5
RKT icon
Rocket Companies
RKT
+$4.58M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$44.9M
2
NVDA icon
NVIDIA
NVDA
+$40.9M
3
MSFT icon
Microsoft
MSFT
+$34.3M
4
TSLA icon
Tesla
TSLA
+$22.7M
5
AMZN icon
Amazon
AMZN
+$18.8M

Sector Composition

Rank Sector Weight
1 Technology 33.37%
2 Financials 13.17%
3 Consumer Discretionary 10.67%
4 Communication Services 10.25%
5 Healthcare 10.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WCN
226
Waste Connections
WCN
$43.6B
$12.7M 0.07%
72,677
-2,814
-4% -$486K
FAST icon
227
Fastenal
FAST
$54.8B
$12.6M 0.07%
314,967
-23,360
-7% -$983K
GWW icon
228
W.W. Grainger
GWW
$64.2B
$12.6M 0.07%
12,468
-1,022
-8% -$991K
MET icon
229
MetLife
MET
$62.4B
$12.6M 0.07%
159,216
-7,441
-4% -$589K
MSCI icon
230
MSCI
MSCI
$42.4B
$12.5M 0.07%
21,732
-874
-4% -$490K
TGT icon
231
Target
TGT
$66.3B
$12.4M 0.07%
127,004
-5,702
-4% -$525K
EXC icon
232
Exelon
EXC
$48.1B
$12.4M 0.07%
284,787
-10,033
-3% -$458K
BKR icon
233
Baker Hughes
BKR
$58.3B
$12.3M 0.07%
270,696
-22,670
-8% -$1.08M
NDAQ icon
234
Nasdaq
NDAQ
$53.4B
$12.2M 0.07%
125,871
-1,364
-1% -$123K
LNG icon
235
Cheniere Energy
LNG
$54.2B
$12.1M 0.07%
62,068
-2,734
-4% -$574K
ROK icon
236
Rockwell Automation
ROK
$51.1B
$12M 0.07%
30,879
-2,366
-7% -$889K
FERG icon
237
Ferguson
FERG
$43.9B
$12M 0.07%
53,858
-4,559
-8% -$1.09M
XEL icon
238
Xcel Energy
XEL
$49.2B
$12M 0.07%
162,174
-7,827
-5% -$617K
MPWR icon
239
Monolithic Power Systems
MPWR
$61.4B
$11.9M 0.06%
13,128
-989
-7% -$952K
AXON
240
Axon Enterprise
AXON
$42.8B
$11.6M 0.06%
20,483
-1,459
-7% -$905K
PSA icon
241
Public Storage
PSA
$61.5B
$11.6M 0.06%
44,707
-1,405
-3% -$393K
YUM icon
242
Yum! Brands
YUM
$41.9B
$11.5M 0.06%
76,160
-5,037
-6% -$746K
DELL icon
243
Dell
DELL
$239B
$11.5M 0.06%
91,309
-3,213
-3% -$453K
DDOG icon
244
Datadog
DDOG
$94B
$11.5M 0.06%
84,475
-485
-0.6% -$76.6K
CARR icon
245
Carrier Global
CARR
$49.8B
$11.4M 0.06%
216,065
-9,416
-4% -$523K
PEG icon
246
Public Service Enterprise Group
PEG
$38.7B
$11.4M 0.06%
141,482
-4,261
-3% -$348K
ETR icon
247
Entergy
ETR
$50.3B
$11.3M 0.06%
122,405
-9,114
-7% -$864K
FICO icon
248
Fair Isaac
FICO
$31.8B
$11.1M 0.06%
6,587
-572
-8% -$985K
CTSH icon
249
Cognizant
CTSH
$26.5B
$11.1M 0.06%
134,020
-11,360
-8% -$850K
KR icon
250
Kroger
KR
$36.7B
$11.1M 0.06%
176,989
-6,466
-4% -$423K
8 9
10
11 12

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CM
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PP
Prudential plc London, England, United Kingdom $17.1B AUM 15.7% 1-Year Est. Return
VMPIC
Varma Mutual Pension Insurance Co Helsinki, Finland $17B AUM 24.09% 1-Year Est. Return
BCIM
British Columbia Investment Management Victoria, British Columbia, Canada $17B AUM 31.69% 1-Year Est. Return
BBA
Baker Bros. Advisors New York $17.4B AUM 131.5% 1-Year Est. Return
Macquarie Group
Macquarie Group Sydney, NSW 2000, Australia $16.8B AUM 27.39% 1-Year Est. Return
AIMCA
Alberta Investment Management Corp (AIMCo) Edmonton, Alberta, Canada $16.7B AUM 23.27% 1-Year Est. Return
FCM
Farallon Capital Management San Francisco, California $17.5B AUM 50.95% 1-Year Est. Return

Arizona State Retirement System's Q4 2025 Portfolio in Review

As of Q4 2025, Arizona State Retirement System held 2,130 positions worth $18.4B, down 2% from $18.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Arizona State Retirement System withdrew a net $771M in Q4 2025, closing 82 positions and reducing 1,846 holdings. Its most notable exit was Kellanova, an estimated $6.72M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 34% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Arizona State Retirement System opened a new position in Amrize Ltd worth $7.39M.

  • Arizona State Retirement System's largest Q4 2025 buy was Amrize Ltd: 136,647 shares worth $7.39M.
  • Arizona State Retirement System added most to Omnicom Group in Q4 2025, an estimated $2.3M increase.
  • Arizona State Retirement System's biggest Q4 2025 reduction was Apple, cutting an estimated $44.9M.
  • Arizona State Retirement System fully exited Kellanova in Q4 2025, selling an estimated $6.72M.
  • Arizona State Retirement System's ten largest holdings make up 35% of its $18.4B portfolio in Q4 2025.
  • Arizona State Retirement System opened 49 new positions and closed 82 in Q4 2025.
  • Arizona State Retirement System's portfolio value fell 2% quarter-over-quarter to $18.4B.

Based on Arizona State Retirement System's 13F filing for Q4 2025, filed 28 Jan 2026.