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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
MRCY icon
1051
Mercury Systems
MRCY
$5.71B
$1.11M 0.01%
15,211
+195
+1% +$14.5K
TMDX icon
1052
Transmedics
TMDX
$2.62B
$1.11M 0.01%
9,117
-383
-4% -$48.1K
NWE icon
1053
NorthWestern Energy
NWE
$4.25B
$1.11M 0.01%
17,136
-1,020
-6% -$64.6K
FLG
1054
Flagstar Bank National Association
FLG
$5.88B
$1.11M 0.01%
87,825
-4,295
-5% -$51.3K
VIAV icon
1055
Viavi Solutions
VIAV
$8.9B
$1.11M 0.01%
62,042
-4,016
-6% -$64.8K
PRMB
1056
Primo Brands
PRMB
$8.17B
$1.1M 0.01%
67,568
-4,227
-6% -$78.1K
PLXS icon
1057
Plexus
PLXS
$6.59B
$1.1M 0.01%
7,500
-493
-6% -$72.3K
FOLD
1058
DELISTED
Amicus Therapeutics
FOLD
$1.1M 0.01%
77,329
+4,483
+6% +$44K
EBC icon
1059
Eastern Bankshares
EBC
$5.22B
$1.1M 0.01%
59,729
+3,429
+6% +$62.8K
HASI icon
1060
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$4.8B
$1.1M 0.01%
34,928
-857
-2% -$27K
VSAT icon
1061
Viasat
VSAT
$10.3B
$1.09M 0.01%
31,774
+936
+3% +$33K
GLXY
1062
Galaxy Digital Inc
GLXY
$3.93B
$1.09M 0.01%
48,960
-1,189
-2% -$36.8K
DLB icon
1063
Dolby
DLB
$5.41B
$1.09M 0.01%
17,005
-1,165
-6% -$78.2K
AVT icon
1064
Avnet
AVT
$7.13B
$1.09M 0.01%
22,622
-2,166
-9% -$106K
ENVA icon
1065
Enova International
ENVA
$6.27B
$1.09M 0.01%
6,908
-599
-8% -$78K
KRMN
1066
Karman Holdings
KRMN
$6.17B
$1.08M 0.01%
14,814
-831
-5% -$60.2K
HAE icon
1067
Haemonetics
HAE
$3.81B
$1.08M 0.01%
13,471
-744
-5% -$50K
VSXY
1068
Victoria's Secret
VSXY
$7.02B
$1.08M 0.01%
19,871
-1,395
-7% -$55.4K
FOUR icon
1069
Shift4
FOUR
$4.19B
$1.07M 0.01%
17,043
-635
-4% -$44.9K
PJT icon
1070
PJT Partners
PJT
$4.35B
$1.07M 0.01%
6,417
-450
-7% -$77K
MGY icon
1071
Magnolia Oil & Gas
MGY
$5.97B
$1.07M 0.01%
48,734
-3,820
-7% -$86.9K
UPST icon
1072
Upstart Holdings
UPST
$2.53B
$1.07M 0.01%
24,355
-980
-4% -$45.1K
FHI icon
1073
Federated Hermes
FHI
$4.51B
$1.06M 0.01%
20,414
-1,821
-8% -$92.5K
PRM icon
1074
Perimeter Solutions
PRM
$5.02B
$1.06M 0.01%
38,569
-2,961
-7% -$74.8K
MDU icon
1075
MDU Resources
MDU
$4.15B
$1.06M 0.01%
54,274
-3,166
-6% -$62.3K
41 42
43
44 45

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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
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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.