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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
FTAI icon
401
FTAI Aviation
FTAI
$20.2B
$5.64M 0.03%
28,630
-1,711
-6% -$292K
STZ icon
402
Constellation Brands
STZ
$22.5B
$5.63M 0.03%
40,816
-3,411
-8% -$468K
CHD icon
403
Church & Dwight Co
CHD
$23.7B
$5.61M 0.03%
66,899
-5,218
-7% -$446K
VRSN icon
404
VeriSign
VRSN
$26.3B
$5.6M 0.03%
23,031
-1,779
-7% -$447K
CNC icon
405
Centene
CNC
$30.5B
$5.59M 0.03%
135,937
-10,704
-7% -$401K
EXPD icon
406
Expeditors International
EXPD
$22.3B
$5.55M 0.03%
37,245
-3,214
-8% -$437K
SW
407
Smurfit Westrock
SW
$25.3B
$5.55M 0.03%
143,503
-10,837
-7% -$413K
CPAY icon
408
Corpay
CPAY
$25.7B
$5.54M 0.03%
18,404
-1,388
-7% -$403K
AFRM icon
409
Affirm
AFRM
$23.5B
$5.53M 0.03%
74,327
-5,687
-7% -$409K
ILMN icon
410
Illumina
ILMN
$29.5B
$5.53M 0.03%
42,177
-4,912
-10% -$577K
HUBS icon
411
HubSpot
HUBS
$12.9B
$5.52M 0.03%
13,750
-1,062
-7% -$440K
CTRA
412
DELISTED
Coterra Energy
CTRA
$5.51M 0.03%
209,336
-15,676
-7% -$395K
LVS icon
413
Las Vegas Sands
LVS
$31.4B
$5.51M 0.03%
84,645
-19,994
-19% -$1.23M
PODD icon
414
Insulet
PODD
$11.8B
$5.48M 0.03%
19,288
-1,647
-8% -$515K
NVR icon
415
NVR
NVR
$17.1B
$5.45M 0.03%
748
-77
-9% -$576K
WST icon
416
West Pharmaceutical
WST
$23.7B
$5.43M 0.03%
19,737
-1,512
-7% -$414K
IP icon
417
International Paper
IP
$22.6B
$5.42M 0.03%
137,693
-10,952
-7% -$450K
NI icon
418
NiSource
NI
$21.5B
$5.39M 0.03%
129,138
-9,294
-7% -$397K
TYL icon
419
Tyler Technologies
TYL
$13.7B
$5.39M 0.03%
11,877
-803
-6% -$383K
PFG icon
420
Principal Financial Group
PFG
$24.3B
$5.38M 0.03%
61,035
-5,302
-8% -$448K
EXAS
421
DELISTED
Exact Sciences
EXAS
$5.36M 0.03%
52,752
-3,032
-5% -$243K
DGX icon
422
Quest Diagnostics
DGX
$26B
$5.34M 0.03%
30,770
-2,139
-6% -$389K
BE icon
423
Bloom Energy
BE
$48.2B
$5.3M 0.03%
60,992
-4,291
-7% -$451K
AMCR icon
424
Amcor
AMCR
$21.2B
$5.28M 0.03%
126,737
-8,732
-6% -$360K
KEY icon
425
KeyCorp
KEY
$23.8B
$5.28M 0.03%
255,718
-19,726
-7% -$367K
15 16
17
18 19

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PP
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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.