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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
ENPH icon
1026
Enphase Energy
ENPH
$4.87B
$1.18M 0.01%
36,682
-2,137
-6% -$69.2K
LEU icon
1027
Centrus Energy
LEU
$3.44B
$1.17M 0.01%
4,834
+6
+0.1% +$1.81K
LAUR icon
1028
Laureate Education
LAUR
$5.17B
$1.17M 0.01%
34,834
-2,581
-7% -$79.7K
TDS icon
1029
Telephone and Data Systems
TDS
$3.77B
$1.17M 0.01%
28,578
-1,559
-5% -$60.7K
MUR icon
1030
Murphy Oil
MUR
$5.47B
$1.17M 0.01%
37,423
-2,696
-7% -$81.1K
KRC icon
1031
Kilroy Realty
KRC
$4.54B
$1.17M 0.01%
31,243
-2,008
-6% -$82.1K
AEO icon
1032
American Eagle Outfitters
AEO
$2.86B
$1.17M 0.01%
44,223
-4,485
-9% -$88.6K
FTDR icon
1033
Frontdoor
FTDR
$5.03B
$1.16M 0.01%
20,184
-1,574
-7% -$92.6K
CRNX icon
1034
Crinetics Pharmaceuticals
CRNX
$8.86B
$1.16M 0.01%
25,014
-1,286
-5% -$57.3K
SNEX icon
1035
StoneX
SNEX
$9.15B
$1.16M 0.01%
27,531
-1,728
-6% -$72.4K
BBWI icon
1036
Bath & Body Works
BBWI
$3.98B
$1.16M 0.01%
57,666
-1,822
-3% -$40.2K
TCBI icon
1037
Texas Capital Bancshares
TCBI
$4.27B
$1.15M 0.01%
12,751
-824
-6% -$72.3K
ECG
1038
Everus Construction Group
ECG
$6.42B
$1.15M 0.01%
13,492
-844
-6% -$75.5K
PSKY
1039
Paramount Skydance Corp
PSKY
$8.58B
$1.15M 0.01%
86,054
-8,414
-9% -$131K
KVYO icon
1040
Klaviyo
KVYO
$5.39B
$1.15M 0.01%
35,486
+5,157
+17% +$144K
CNO icon
1041
CNO Financial Group
CNO
$5.2B
$1.14M 0.01%
26,941
-2,397
-8% -$97.7K
RIG icon
1042
Transocean
RIG
$5.67B
$1.14M 0.01%
276,032
-11,974
-4% -$46.5K
OSIS icon
1043
OSI Systems
OSIS
$3.65B
$1.14M 0.01%
4,466
-245
-5% -$64K
PFSI icon
1044
PennyMac Financial
PFSI
$3.9B
$1.14M 0.01%
8,636
-536
-6% -$68.3K
IRT icon
1045
Independence Realty Trust
IRT
$3.88B
$1.14M 0.01%
65,075
-4,104
-6% -$68K
AGO icon
1046
Assured Guaranty
AGO
$3.7B
$1.13M 0.01%
12,552
-1,249
-9% -$108K
MSGS icon
1047
Madison Square Garden
MSGS
$9.51B
$1.13M 0.01%
4,359
-254
-6% -$57.8K
WHR icon
1048
Whirlpool
WHR
$2.42B
$1.13M 0.01%
15,604
-851
-5% -$62.8K
NUVL
1049
DELISTED
Nuvalent
NUVL
$1.12M 0.01%
11,176
-602
-5% -$59.4K
KNF icon
1050
Knife River
KNF
$4.1B
$1.11M 0.01%
15,820
-944
-6% -$66.3K
40 41
42
43 44

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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.