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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
ORCL icon
26
Oracle
ORCL
$345B
$93.5M 0.51%
479,853
-14,905
-3% -$3.55M
GE icon
27
GE Aerospace
GE
$375B
$91.8M 0.5%
298,164
-13,342
-4% -$4.02M
MU icon
28
Micron Technology
MU
$1.02T
$90.8M 0.49%
318,004
-8,819
-3% -$2.02M
CSCO icon
29
Cisco
CSCO
$452B
$87M 0.47%
1,129,159
-32,639
-3% -$2.42M
UNH icon
30
UnitedHealth
UNH
$379B
$84.3M 0.46%
255,224
-9,739
-4% -$3.3M
WFC icon
31
Wells Fargo
WFC
$264B
$84M 0.46%
900,959
-39,509
-4% -$3.43M
CVX icon
32
Chevron
CVX
$378B
$83.8M 0.46%
550,056
-22,552
-4% -$3.43M
KO icon
33
Coca-Cola
KO
$362B
$81.6M 0.44%
1,166,603
-28,087
-2% -$1.96M
IBM icon
34
IBM
IBM
$204B
$77.9M 0.42%
262,932
-8,293
-3% -$2.48M
CAT icon
35
Caterpillar
CAT
$402B
$75.9M 0.41%
132,423
-4,905
-4% -$2.73M
GS icon
36
Goldman Sachs
GS
$309B
$74.4M 0.4%
84,678
-4,925
-5% -$4.02M
MRK icon
37
Merck
MRK
$323B
$73.9M 0.4%
702,282
-31,306
-4% -$2.94M
CRM icon
38
Salesforce
CRM
$142B
$71.2M 0.39%
268,679
-10,392
-4% -$2.58M
PM icon
39
Philip Morris
PM
$305B
$70.6M 0.38%
439,866
-14,746
-3% -$2.28M
RTX icon
40
RTX Corp
RTX
$294B
$69.8M 0.38%
380,394
-9,799
-3% -$1.7M
ABT icon
41
Abbott
ABT
$182B
$62M 0.34%
494,902
-13,152
-3% -$1.68M
TMO icon
42
Thermo Fisher Scientific
TMO
$208B
$62M 0.34%
106,998
-3,270
-3% -$1.85M
MCD icon
43
McDonald's
MCD
$192B
$61.2M 0.33%
200,268
-8,567
-4% -$2.62M
LRCX icon
44
Lam Research
LRCX
$365B
$61.2M 0.33%
357,563
-15,984
-4% -$2.49M
C icon
45
Citigroup
C
$223B
$60.7M 0.33%
520,467
-17,191
-3% -$1.79M
MS icon
46
Morgan Stanley
MS
$337B
$59.7M 0.32%
336,232
-13,772
-4% -$2.3M
AMAT icon
47
Applied Materials
AMAT
$410B
$58.2M 0.32%
226,438
-7,920
-3% -$1.9M
AXP icon
48
American Express
AXP
$229B
$57.7M 0.31%
156,070
-7,602
-5% -$2.72M
DIS icon
49
Walt Disney
DIS
$168B
$57.7M 0.31%
507,136
-17,868
-3% -$1.97M
ISRG icon
50
Intuitive Surgical
ISRG
$128B
$57.7M 0.31%
101,868
-2,803
-3% -$1.49M
1
2
3 4 5

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PP
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VMPIC
Varma Mutual Pension Insurance Co Helsinki, Finland $17B AUM 24.09% 1-Year Est. Return
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.