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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
TKO icon
501
TKO Group
TKO
$14B
$4.06M 0.02%
19,433
-1,128
-5% -$219K
VTRS icon
502
Viatris
VTRS
$20.8B
$4.04M 0.02%
324,336
-22,806
-7% -$246K
FFIV icon
503
F5
FFIV
$22B
$4.03M 0.02%
15,789
-1,170
-7% -$315K
OKTA icon
504
Okta
OKTA
$23.8B
$4M 0.02%
46,301
-3,331
-7% -$291K
PFGC icon
505
Performance Food Group
PFGC
$18.3B
$3.95M 0.02%
43,943
-2,246
-5% -$217K
NLY icon
506
Annaly Capital Management
NLY
$17.3B
$3.94M 0.02%
176,260
-2,274
-1% -$49.5K
ROKU icon
507
Roku
ROKU
$21.6B
$3.92M 0.02%
36,137
-2,177
-6% -$221K
EQH icon
508
Equitable Holdings
EQH
$13.2B
$3.92M 0.02%
82,228
-7,529
-8% -$357K
HEI icon
509
HEICO Corp
HEI
$49.6B
$3.91M 0.02%
12,098
-905
-7% -$286K
GEN icon
510
Gen Digital
GEN
$16.5B
$3.91M 0.02%
143,842
-11,655
-7% -$314K
AYI icon
511
Acuity Brands
AYI
$9.99B
$3.9M 0.02%
10,839
+1,770
+20% +$640K
EG icon
512
Everest Group
EG
$15.6B
$3.89M 0.02%
11,474
-1,119
-9% -$370K
AVY icon
513
Avery Dennison
AVY
$12.8B
$3.89M 0.02%
21,385
-1,766
-8% -$305K
WPC icon
514
W.P. Carey
WPC
$17B
$3.87M 0.02%
60,171
-4,363
-7% -$291K
AA icon
515
Alcoa
AA
$11.3B
$3.87M 0.02%
72,843
-3,769
-5% -$154K
FNF icon
516
Fidelity National Financial
FNF
$14.4B
$3.87M 0.02%
70,802
-6,297
-8% -$358K
NBIX icon
517
Neurocrine Biosciences
NBIX
$18.2B
$3.86M 0.02%
27,226
-1,981
-7% -$287K
U icon
518
Unity
U
$14B
$3.83M 0.02%
86,631
-5,625
-6% -$229K
MTZ icon
519
MasTec
MTZ
$22.7B
$3.82M 0.02%
17,594
-1,084
-6% -$227K
RL icon
520
Ralph Lauren
RL
$22.4B
$3.82M 0.02%
10,792
-658
-6% -$224K
DOCU
521
DocuSign
DOCU
$11.1B
$3.78M 0.02%
55,236
-4,717
-8% -$326K
APG icon
522
APi Group
APG
$16.7B
$3.77M 0.02%
98,581
+277
+0.3% +$10.2K
KIM icon
523
Kimco Realty
KIM
$17.5B
$3.76M 0.02%
185,722
-14,064
-7% -$292K
BALL icon
524
Ball Corp
BALL
$17.5B
$3.76M 0.02%
70,960
-7,009
-9% -$345K
CSL icon
525
Carlisle Companies
CSL
$13.5B
$3.75M 0.02%
11,736
-1,084
-8% -$351K
19 20
21
22 23

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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
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.