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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
APA icon
676
APA Corp
APA
$12.8B
$2.43M 0.01%
99,191
-7,543
-7% -$182K
SAIA icon
677
Saia
SAIA
$9.33B
$2.42M 0.01%
7,426
-424
-5% -$128K
ALV icon
678
Autoliv
ALV
$9.09B
$2.42M 0.01%
20,418
-1,313
-6% -$157K
UMBF icon
679
UMB Financial
UMBF
$11.1B
$2.42M 0.01%
21,054
-1,354
-6% -$153K
QBTS icon
680
D-Wave Quantum Inc. Common Stock
QBTS
$6.66B
$2.41M 0.01%
92,037
+613
+0.7% +$17.9K
OGE icon
681
OGE Energy
OGE
$9.76B
$2.4M 0.01%
56,103
-3,473
-6% -$155K
KNSL icon
682
Kinsale Capital Group
KNSL
$8.11B
$2.39M 0.01%
6,099
-454
-7% -$185K
SEIC icon
683
SEI Investments
SEIC
$12.4B
$2.38M 0.01%
29,066
-2,241
-7% -$184K
SNAP icon
684
Snap
SNAP
$7.89B
$2.38M 0.01%
295,208
-22,885
-7% -$181K
ZION icon
685
Zions Bancorporation
ZION
$10.1B
$2.38M 0.01%
40,655
-2,966
-7% -$162K
KNX icon
686
Knight Transportation
KNX
$11.3B
$2.38M 0.01%
45,469
-2,483
-5% -$116K
CRBG icon
687
Corebridge Financial
CRBG
$14.4B
$2.38M 0.01%
78,752
-928
-1% -$28.5K
GME icon
688
GameStop
GME
$9.82B
$2.36M 0.01%
117,508
-8,245
-7% -$185K
LAD icon
689
Lithia Motors
LAD
$9.24B
$2.36M 0.01%
7,092
-610
-8% -$194K
MDGL icon
690
Madrigal Pharmaceuticals
MDGL
$11.4B
$2.35M 0.01%
4,040
-215
-5% -$110K
RRC icon
691
Range Resources
RRC
$9.24B
$2.35M 0.01%
66,666
-4,050
-6% -$151K
CFLT
692
DELISTED
Confluent
CFLT
$2.33M 0.01%
77,165
-3,304
-4% -$81.1K
BPOP icon
693
Popular Inc
BPOP
$11.2B
$2.33M 0.01%
18,723
-1,547
-8% -$183K
COLB icon
694
Columbia Banking Systems
COLB
$8.84B
$2.33M 0.01%
83,340
-5,110
-6% -$138K
AXS icon
695
AXIS Capital
AXS
$7.67B
$2.33M 0.01%
21,726
-1,548
-7% -$154K
PRI icon
696
Primerica
PRI
$10.1B
$2.33M 0.01%
9,004
-720
-7% -$188K
TTEK icon
697
Tetra Tech
TTEK
$8.42B
$2.33M 0.01%
69,344
-4,701
-6% -$159K
ARWR icon
698
Arrowhead Research
ARWR
$12.3B
$2.32M 0.01%
34,883
+2,222
+7% +$109K
CAG icon
699
Conagra Brands
CAG
$7.19B
$2.31M 0.01%
133,452
-7,791
-6% -$138K
AWI icon
700
Armstrong World Industries
AWI
$7.37B
$2.3M 0.01%
12,060
-790
-6% -$151K
26 27
28
29 30

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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.