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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
TROW icon
376
T. Rowe Price
TROW
$25.5B
$6.17M 0.03%
60,286
-4,800
-7% -$495K
CRDO icon
377
Credo Technology Group
CRDO
$33.1B
$6.14M 0.03%
42,686
-2,957
-6% -$455K
LULU icon
378
lululemon athletica
LULU
$13.5B
$6.14M 0.03%
29,544
-2,596
-8% -$470K
ON icon
379
ON Semiconductor
ON
$30.7B
$6.09M 0.03%
112,530
-10,841
-9% -$556K
ALAB icon
380
Astera Labs
ALAB
$42.8B
$6.06M 0.03%
36,454
-2,523
-6% -$422K
DVN icon
381
Devon Energy
DVN
$51.3B
$6.05M 0.03%
165,275
-14,420
-8% -$503K
ZM icon
382
Zoom
ZM
$27.1B
$6.03M 0.03%
69,870
-3,470
-5% -$292K
LDOS icon
383
Leidos
LDOS
$14.4B
$6.03M 0.03%
33,409
-2,619
-7% -$496K
LEN icon
384
Lennar Class A
LEN
$20.4B
$6.01M 0.03%
58,466
-8,744
-13% -$1.06M
TWLO icon
385
Twilio
TWLO
$28.6B
$5.98M 0.03%
42,056
-3,030
-7% -$375K
WSM icon
386
Williams-Sonoma
WSM
$27.5B
$5.98M 0.03%
33,459
-2,737
-8% -$513K
KHC icon
387
Kraft Heinz
KHC
$32.8B
$5.92M 0.03%
244,122
-18,774
-7% -$467K
DRI icon
388
Darden Restaurants
DRI
$24.3B
$5.87M 0.03%
31,881
-2,740
-8% -$499K
NTAP icon
389
NetApp
NTAP
$34B
$5.87M 0.03%
54,779
-4,364
-7% -$498K
WRB icon
390
W.R. Berkley
WRB
$28.1B
$5.83M 0.03%
83,181
-6,473
-7% -$477K
CW icon
391
Curtiss-Wright
CW
$25.1B
$5.8M 0.03%
10,513
-639
-6% -$356K
P
392
Everpure Inc
P
$23B
$5.76M 0.03%
85,999
-5,925
-6% -$495K
CMS icon
393
CMS Energy
CMS
$23.3B
$5.74M 0.03%
82,095
-6,113
-7% -$445K
UTHR icon
394
United Therapeutics
UTHR
$26.1B
$5.73M 0.03%
11,759
-790
-6% -$368K
PTC icon
395
PTC
PTC
$15.3B
$5.73M 0.03%
32,880
-2,540
-7% -$472K
CASY icon
396
Casey's General Stores
CASY
$32.1B
$5.73M 0.03%
10,363
-619
-6% -$341K
LH icon
397
Labcorp
LH
$25.2B
$5.72M 0.03%
22,805
-1,921
-8% -$510K
FWONK icon
398
Liberty Media Series C
FWONK
$25.5B
$5.72M 0.03%
58,047
-4,649
-7% -$456K
HPQ icon
399
HP
HPQ
$26B
$5.71M 0.03%
256,276
-20,909
-8% -$533K
SBAC icon
400
SBA Communications
SBAC
$19.8B
$5.7M 0.03%
29,444
-2,245
-7% -$434K
14 15
16
17 18

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VMPIC
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BCIM
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BBA
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Macquarie Group
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AIMCA
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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.