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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
FIVE icon
626
Five Below
FIVE
$12.1B
$2.88M 0.02%
15,304
-970
-6% -$158K
SJM icon
627
J.M. Smucker
SJM
$13.1B
$2.87M 0.02%
29,361
-2,324
-7% -$240K
BAH icon
628
Booz Allen Hamilton
BAH
$8.22B
$2.85M 0.02%
33,822
-2,935
-8% -$263K
AR icon
629
Antero Resources
AR
$10.9B
$2.84M 0.02%
82,401
-4,893
-6% -$166K
W icon
630
Wayfair
W
$11.9B
$2.83M 0.02%
28,138
-1,001
-3% -$96.3K
LSCC icon
631
Lattice Semiconductor
LSCC
$17.7B
$2.8M 0.02%
38,117
-2,542
-6% -$181K
NCLH icon
632
Norwegian Cruise Line
NCLH
$8.59B
$2.8M 0.02%
125,523
-6,692
-5% -$141K
ENSG icon
633
The Ensign Group
ENSG
$10.4B
$2.8M 0.02%
16,074
-896
-5% -$161K
WYNN icon
634
Wynn Resorts
WYNN
$10.5B
$2.79M 0.02%
23,185
-1,552
-6% -$192K
OVV icon
635
Ovintiv
OVV
$17B
$2.79M 0.02%
71,132
-5,750
-7% -$223K
BXP icon
636
Boston Properties
BXP
$11.4B
$2.78M 0.02%
41,239
-3,088
-7% -$220K
CNM icon
637
Core & Main
CNM
$8.15B
$2.76M 0.02%
53,136
-2,985
-5% -$153K
PR
638
Permian Resources
PR
$17.6B
$2.76M 0.02%
196,368
+20,094
+11% +$270K
SPXC icon
639
SPX Corp
SPXC
$9.98B
$2.75M 0.01%
13,724
-97
-0.7% -$19.8K
GMED icon
640
Globus Medical
GMED
$10.9B
$2.75M 0.01%
31,441
-1,983
-6% -$151K
CRL icon
641
Charles River Laboratories
CRL
$11.3B
$2.74M 0.01%
13,715
-818
-6% -$148K
FOX icon
642
Fox Class B
FOX
$22B
$2.74M 0.01%
42,131
-3,052
-7% -$178K
RMBS icon
643
Rambus
RMBS
$9.72B
$2.73M 0.01%
29,760
-1,999
-6% -$197K
BWA icon
644
BorgWarner
BWA
$13.2B
$2.72M 0.01%
60,332
-4,685
-7% -$205K
DY icon
645
Dycom Industries
DY
$12.5B
$2.72M 0.01%
8,040
-519
-6% -$164K
ARMK icon
646
Aramark
ARMK
$15.1B
$2.71M 0.01%
73,392
-4,158
-5% -$159K
BAX icon
647
Baxter International
BAX
$13.8B
$2.7M 0.01%
141,152
-10,461
-7% -$209K
NWSA icon
648
News Corp Class A
NWSA
$15.2B
$2.69M 0.01%
103,166
-8,204
-7% -$215K
AIT icon
649
Applied Industrial Technologies
AIT
$12.6B
$2.69M 0.01%
10,468
-802
-7% -$205K
JEF icon
650
Jefferies Financial Group
JEF
$12.7B
$2.68M 0.01%
43,214
-2,566
-6% -$147K
24 25
26
27 28

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CM
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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.