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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
NJR icon
976
New Jersey Resources
NJR
$5.91B
$1.29M 0.01%
27,964
-1,737
-6% -$80.3K
SAIC icon
977
Saic
SAIC
$4.89B
$1.29M 0.01%
12,808
-1,038
-7% -$99.1K
HCC icon
978
Warrior Met Coal
HCC
$4.25B
$1.29M 0.01%
14,575
-977
-6% -$73.5K
BDC icon
979
Belden
BDC
$4.56B
$1.28M 0.01%
11,008
-680
-6% -$79.3K
LAZ icon
980
Lazard
LAZ
$4.09B
$1.28M 0.01%
26,295
-1,564
-6% -$78K
S icon
981
SentinelOne
S
$6.31B
$1.27M 0.01%
84,990
-4,500
-5% -$73.7K
TNL icon
982
Travel + Leisure Co
TNL
$4.61B
$1.27M 0.01%
18,053
-1,600
-8% -$105K
ACHR icon
983
Archer Aviation
ACHR
$3.62B
$1.27M 0.01%
169,151
+9,681
+6% +$91.1K
AMTM
984
Amentum Holdings
AMTM
$5.31B
$1.27M 0.01%
43,860
-2,941
-6% -$75.2K
CNR
985
Core Natural Resources Inc
CNR
$4.09B
$1.27M 0.01%
14,335
-1,248
-8% -$106K
QTWO icon
986
Q2 Holdings
QTWO
$3.68B
$1.26M 0.01%
17,520
-916
-5% -$62.9K
LNTH icon
987
Lantheus
LNTH
$6.58B
$1.26M 0.01%
18,973
-1,477
-7% -$86K
SBRA icon
988
Sabra Healthcare REIT
SBRA
$5.38B
$1.26M 0.01%
66,536
-3,872
-5% -$71.8K
NPO icon
989
Enpro
NPO
$6.61B
$1.26M 0.01%
5,885
-341
-5% -$75.4K
HUT
990
Hut 8
HUT
$12.2B
$1.26M 0.01%
27,404
-1,886
-6% -$83.1K
SKY icon
991
Champion Homes
SKY
$4.41B
$1.26M 0.01%
14,885
-1,218
-8% -$96K
GPK icon
992
Graphic Packaging
GPK
$3.24B
$1.25M 0.01%
83,236
-6,058
-7% -$99.6K
TGTX icon
993
TG Therapeutics
TGTX
$8.19B
$1.25M 0.01%
41,924
-2,720
-6% -$88.8K
STEP icon
994
StepStone Group
STEP
$3.59B
$1.25M 0.01%
19,444
-1,452
-7% -$91.8K
PECO icon
995
Phillips Edison & Co
PECO
$5.45B
$1.24M 0.01%
34,994
-2,102
-6% -$72.9K
DVA icon
996
DaVita
DVA
$15.3B
$1.24M 0.01%
10,948
-1,303
-11% -$158K
LMND icon
997
Lemonade
LMND
$3.76B
$1.24M 0.01%
17,414
+70
+0.4% +$4.7K
CCC
998
CCC Intelligent Solutions
CCC
$3.57B
$1.23M 0.01%
154,316
+8,124
+6% +$66.1K
PTGX icon
999
Protagonist Therapeutics
PTGX
$8.92B
$1.22M 0.01%
14,025
-644
-4% -$52.7K
ADT icon
1000
ADT
ADT
$5.51B
$1.22M 0.01%
151,711
+12,911
+9% +$107K
38 39
40
41 42

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VMPIC
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BCIM
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BBA
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Macquarie Group
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AIMCA
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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.