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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
DHR icon
76
Danaher
DHR
$140B
$41.5M 0.23%
181,341
-6,790
-4% -$1.49M
ADBE icon
77
Adobe
ADBE
$99B
$41.4M 0.23%
118,419
-5,462
-4% -$1.86M
BSX icon
78
Boston Scientific
BSX
$68.5B
$40.1M 0.22%
420,931
-11,163
-3% -$1.09M
PFE icon
79
Pfizer
PFE
$144B
$39.8M 0.22%
1,599,728
-61,293
-4% -$1.55M
ANET icon
80
Arista Networks
ANET
$214B
$39.7M 0.22%
303,115
-8,686
-3% -$1.2M
UNP icon
81
Union Pacific
UNP
$175B
$39.3M 0.21%
169,921
-4,563
-3% -$1.04M
LOW icon
82
Lowe's Companies
LOW
$122B
$38.1M 0.21%
157,973
-5,637
-3% -$1.35M
ADI icon
83
Analog Devices
ADI
$178B
$37.7M 0.21%
138,965
-5,957
-4% -$1.5M
PGR icon
84
Progressive
PGR
$128B
$37.4M 0.2%
164,244
-6,982
-4% -$1.58M
WELL icon
85
Welltower
WELL
$172B
$35.8M 0.19%
192,892
+1,850
+1% +$346K
HON icon
86
Honeywell
HON
$78.3B
$35.4M 0.19%
181,609
-17,526
-9% -$3.43M
PANW icon
87
Palo Alto Networks
PANW
$260B
$35.1M 0.19%
190,704
-4,025
-2% -$812K
ETN icon
88
Eaton
ETN
$150B
$35M 0.19%
110,034
-4,280
-4% -$1.52M
MDT icon
89
Medtronic
MDT
$111B
$34.7M 0.19%
361,379
-12,795
-3% -$1.24M
SYK icon
90
Stryker
SYK
$133B
$34.4M 0.19%
97,835
-2,640
-3% -$962K
DE icon
91
Deere & Co
DE
$173B
$33.6M 0.18%
72,230
-2,944
-4% -$1.38M
CB icon
92
Chubb
CB
$141B
$33.4M 0.18%
107,071
-4,140
-4% -$1.21M
PLD icon
93
Prologis
PLD
$137B
$33.4M 0.18%
261,441
-9,546
-4% -$1.19M
CRWD icon
94
CrowdStrike
CRWD
$185B
$33.2M 0.18%
283,304
-7,856
-3% -$1M
COP icon
95
ConocoPhillips
COP
$139B
$32.9M 0.18%
351,399
-17,269
-5% -$1.56M
VRTX icon
96
Vertex Pharmaceuticals
VRTX
$124B
$32.8M 0.18%
72,293
-2,701
-4% -$1.16M
BX icon
97
Blackstone
BX
$107B
$31.8M 0.17%
206,393
-6,690
-3% -$1.02M
PH icon
98
Parker-Hannifin
PH
$125B
$31.5M 0.17%
35,863
-1,454
-4% -$1.19M
CEG icon
99
Constellation Energy
CEG
$92.8B
$31.2M 0.17%
88,233
-3,296
-4% -$1.2M
CMCSA icon
100
Comcast
CMCSA
$85.8B
$31M 0.17%
1,037,999
-49,613
-5% -$1.42M
2 3
4
5 6

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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.