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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
LUMN icon
751
Lumen
LUMN
$6.76B
$2.1M 0.01%
270,904
-17,495
-6% -$144K
FR icon
752
First Industrial Realty Trust
FR
$8.75B
$2.1M 0.01%
36,730
-2,449
-6% -$137K
CLF icon
753
Cleveland-Cliffs
CLF
$6.64B
$2.1M 0.01%
157,985
+11,611
+8% +$147K
NNN icon
754
NNN REIT
NNN
$9.16B
$2.1M 0.01%
52,874
-2,743
-5% -$112K
CART icon
755
Maplebear
CART
$10.5B
$2.09M 0.01%
46,568
-3,571
-7% -$146K
ARE icon
756
Alexandria Real Estate Equities
ARE
$9.15B
$2.09M 0.01%
42,741
-3,146
-7% -$185K
QRVO icon
757
Qorvo
QRVO
$8.01B
$2.08M 0.01%
24,620
-1,464
-6% -$129K
MGM icon
758
MGM Resorts International
MGM
$11.7B
$2.07M 0.01%
56,845
-3,555
-6% -$121K
JXN icon
759
Jackson Financial
JXN
$8.5B
$2.06M 0.01%
19,351
-1,789
-8% -$178K
MUSA icon
760
Murphy USA
MUSA
$11.4B
$2.06M 0.01%
5,108
-447
-8% -$171K
PNFP icon
761
Pinnacle Financial Partners Inc
PNFP
$15.8B
$2.05M 0.01%
21,526
-1,410
-6% -$130K
DINO icon
762
HF Sinclair
DINO
$16.7B
$2.05M 0.01%
44,508
-2,881
-6% -$149K
MTCH icon
763
Match Group
MTCH
$9.17B
$2.05M 0.01%
63,393
-5,526
-8% -$182K
EMN icon
764
Eastman Chemical
EMN
$8.01B
$2.05M 0.01%
32,050
-2,116
-6% -$130K
CHWY icon
765
Chewy
CHWY
$9.34B
$2.03M 0.01%
61,510
-4,495
-7% -$156K
CYTK icon
766
Cytokinetics
CYTK
$10.9B
$2.03M 0.01%
31,926
-1,620
-5% -$101K
MIDD icon
767
Middleby
MIDD
$6.03B
$2M 0.01%
13,464
-1,554
-10% -$204K
ERIE icon
768
Erie Indemnity
ERIE
$12.2B
$2M 0.01%
6,968
-600
-8% -$179K
CHDN icon
769
Churchill Downs
CHDN
$5.76B
$2M 0.01%
17,552
-1,663
-9% -$173K
VOYA icon
770
Voya Financial
VOYA
$9.09B
$1.99M 0.01%
26,772
-1,722
-6% -$125K
MP icon
771
MP Materials
MP
$7.42B
$1.99M 0.01%
39,455
+3,178
+9% +$202K
CELH icon
772
Celsius Holdings
CELH
$7.5B
$1.98M 0.01%
43,248
-2,549
-6% -$128K
INGR icon
773
Ingredion
INGR
$6.33B
$1.98M 0.01%
17,923
-1,107
-6% -$125K
CWAN
774
DELISTED
Clearwater Analytics
CWAN
$1.97M 0.01%
81,701
+5,592
+7% +$112K
HRL icon
775
Hormel Foods
HRL
$14B
$1.97M 0.01%
83,042
-6,195
-7% -$145K
29 30
31
32 33

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CM
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PP
Prudential plc London, England, United Kingdom $17.1B AUM 15.7% 1-Year Est. Return
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.