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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
AGCO icon
801
AGCO
AGCO
$7.76B
$1.85M 0.01%
17,700
-1,060
-6% -$113K
FSS icon
802
Federal Signal
FSS
$7.6B
$1.84M 0.01%
16,985
-1,056
-6% -$121K
WING icon
803
Wingstop
WING
$3.66B
$1.83M 0.01%
7,678
-557
-7% -$138K
THG icon
804
Hanover Insurance
THG
$8.05B
$1.82M 0.01%
9,984
-645
-6% -$116K
PB icon
805
Prosperity Bancshares
PB
$8.97B
$1.82M 0.01%
26,398
-1,797
-6% -$121K
FND icon
806
Floor & Decor
FND
$5.98B
$1.82M 0.01%
29,830
-2,011
-6% -$130K
GKOS icon
807
Glaukos
GKOS
$9.9B
$1.81M 0.01%
16,063
-845
-5% -$80.7K
VNOM icon
808
Viper Energy
VNOM
$8.48B
$1.81M 0.01%
46,913
-2,991
-6% -$113K
AM icon
809
Antero Midstream
AM
$10.2B
$1.79M 0.01%
100,846
-5,509
-5% -$99.3K
SMTC icon
810
Semtech
SMTC
$10.7B
$1.79M 0.01%
24,270
-1,340
-5% -$95.1K
AXSM icon
811
Axsome Therapeutics
AXSM
$12.1B
$1.79M 0.01%
9,787
-409
-4% -$57.1K
ORA icon
812
Ormat Technologies
ORA
$5.94B
$1.78M 0.01%
16,110
-943
-6% -$103K
ESNT icon
813
Essent Group
ESNT
$6.12B
$1.78M 0.01%
27,373
-2,633
-9% -$163K
FLR icon
814
Fluor
FLR
$6.99B
$1.78M 0.01%
44,858
-3,869
-8% -$171K
MAT icon
815
Mattel
MAT
$4.42B
$1.78M 0.01%
89,599
-5,925
-6% -$114K
ESAB icon
816
ESAB
ESAB
$5.32B
$1.77M 0.01%
15,879
-1,162
-7% -$133K
HIMS icon
817
Hims & Hers Health
HIMS
$6.26B
$1.76M 0.01%
54,284
-3,095
-5% -$133K
FCFS icon
818
FirstCash
FCFS
$8.76B
$1.76M 0.01%
11,048
-756
-6% -$119K
FAF icon
819
First American
FAF
$7.71B
$1.75M 0.01%
28,546
-1,903
-6% -$119K
STWD icon
820
Starwood Property Trust
STWD
$6.02B
$1.75M 0.01%
97,268
+1,228
+1% +$22.6K
EAT icon
821
Brinker International
EAT
$9B
$1.75M 0.01%
12,201
-952
-7% -$125K
LFUS icon
822
Littelfuse
LFUS
$11.2B
$1.75M 0.01%
6,912
-392
-5% -$99.8K
ACI icon
823
Albertsons Companies
ACI
$5.63B
$1.75M 0.01%
101,701
-6,649
-6% -$119K
DUOL icon
824
Duolingo
DUOL
$6.22B
$1.74M 0.01%
9,908
-537
-5% -$127K
CHE icon
825
Chemed
CHE
$7.1B
$1.74M 0.01%
4,057
-272
-6% -$118K
31 32
33
34 35

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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.