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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
ULTA icon
326
Ulta Beauty
ULTA
$21.8B
$7.44M 0.04%
12,293
-1,040
-8% -$572K
HSY icon
327
Hershey
HSY
$37.3B
$7.43M 0.04%
40,810
-3,321
-8% -$607K
AEE icon
328
Ameren
AEE
$30.4B
$7.41M 0.04%
74,204
-7,181
-9% -$736K
TEAM icon
329
Atlassian
TEAM
$26.5B
$7.4M 0.04%
45,613
-2,998
-6% -$470K
ATO icon
330
Atmos Energy
ATO
$29.7B
$7.39M 0.04%
44,097
-2,679
-6% -$463K
AMRZ
331
Amrize Ltd
AMRZ
$27.4B
$7.39M 0.04%
+136,647
New +$6.97M
EFX icon
332
Equifax
EFX
$22B
$7.37M 0.04%
33,980
-2,689
-7% -$589K
DOV icon
333
Dover
DOV
$26.7B
$7.35M 0.04%
37,661
-2,901
-7% -$528K
TPR icon
334
Tapestry
TPR
$30.3B
$7.35M 0.04%
57,529
-3,693
-6% -$422K
DTE icon
335
DTE Energy
DTE
$29.9B
$7.34M 0.04%
56,903
-4,290
-7% -$583K
FSLR icon
336
First Solar
FSLR
$21.4B
$7.29M 0.04%
27,911
-2,588
-8% -$653K
LITE icon
337
Lumentum
LITE
$46.9B
$7.27M 0.04%
19,737
-781
-4% -$201K
TSCO icon
338
Tractor Supply
TSCO
$16.3B
$7.27M 0.04%
145,426
-11,536
-7% -$621K
CBOE icon
339
Cboe Global Markets
CBOE
$32.2B
$7.19M 0.04%
28,647
-2,249
-7% -$559K
NTRS icon
340
Northern Trust
NTRS
$21.8B
$7.17M 0.04%
52,481
-4,769
-8% -$626K
EXE
341
Expand Energy Corp
EXE
$22.1B
$7.16M 0.04%
64,884
-1,631
-2% -$181K
BR icon
342
Broadridge
BR
$18.4B
$7.15M 0.04%
32,028
-2,665
-8% -$608K
DXCM icon
343
DexCom
DXCM
$29B
$7.13M 0.04%
107,481
-8,634
-7% -$558K
PPL
344
PPL Corp
PPL
$26.9B
$7.1M 0.04%
202,730
-15,272
-7% -$551K
AVB icon
345
AvalonBay Communities
AVB
$27.5B
$7.08M 0.04%
39,072
-2,896
-7% -$526K
BIIB icon
346
Biogen
BIIB
$30.9B
$7.08M 0.04%
40,220
-3,199
-7% -$523K
OMC icon
347
Omnicom Group
OMC
$23.5B
$7.08M 0.04%
87,653
+30,127
+52% +$2.3M
AWK icon
348
American Water Works
AWK
$27B
$6.99M 0.04%
53,558
-3,935
-7% -$526K
CINF icon
349
Cincinnati Financial
CINF
$27.8B
$6.98M 0.04%
42,746
-3,522
-8% -$570K
CFG icon
350
Citizens Financial Group
CFG
$30.1B
$6.92M 0.04%
118,391
-9,632
-8% -$518K
12 13
14
15 16

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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
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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.