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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
LTH icon
1076
Life Time Group Holdings
LTH
$10.1B
$1.06M 0.01%
39,827
+871
+2% +$22.7K
VSEC icon
1077
VSE Corp
VSEC
$5.3B
$1.06M 0.01%
6,127
+336
+6% +$57.5K
EPR icon
1078
EPR Properties
EPR
$4.78B
$1.06M 0.01%
21,208
-1,301
-6% -$67.7K
PAGP icon
1079
Plains GP Holdings
PAGP
$5.14B
$1.06M 0.01%
55,221
-3,273
-6% -$59K
SKT icon
1080
Tanger
SKT
$4.66B
$1.06M 0.01%
31,658
-1,831
-5% -$61K
VISN
1081
Vistance Networks Inc
VISN
$2.64B
$1.06M 0.01%
58,220
-2,651
-4% -$45.7K
UCB
1082
United Community Banks
UCB
$4.21B
$1.05M 0.01%
33,769
-2,184
-6% -$67.4K
TREX icon
1083
Trex
TREX
$4.51B
$1.05M 0.01%
29,957
-1,772
-6% -$71.7K
WAY
1084
Waystar Holding Corp
WAY
$4.19B
$1.05M 0.01%
31,995
-1,305
-4% -$46.5K
CWK icon
1085
Cushman & Wakefield Ltd
CWK
$3.18B
$1.05M 0.01%
64,714
-3,778
-6% -$59.9K
SHC icon
1086
Sotera Health
SHC
$5.01B
$1.05M 0.01%
59,345
+13,162
+28% +$218K
VKTX icon
1087
Viking Therapeutics
VKTX
$3.7B
$1.04M 0.01%
29,654
-1,893
-6% -$67.1K
SFBS
1088
ServisFirst Bancshares
SFBS
$4.85B
$1.04M 0.01%
14,525
-827
-5% -$60.7K
LGND icon
1089
Ligand Pharmaceuticals
LGND
$5.75B
$1.04M 0.01%
5,506
-194
-3% -$37.3K
CVSA
1090
Covista Inc
CVSA
$4.24B
$1.04M 0.01%
10,050
-582
-5% -$66.6K
MSM icon
1091
MSC Industrial Direct
MSM
$6.79B
$1.04M 0.01%
12,359
-821
-6% -$71.2K
IBOC icon
1092
International Bancshares
IBOC
$4.69B
$1.04M 0.01%
15,627
-870
-5% -$58.9K
MWA icon
1093
Mueller Water Products
MWA
$3.88B
$1.04M 0.01%
43,585
-2,777
-6% -$68.8K
SOUN icon
1094
SoundHound AI
SOUN
$2.65B
$1.04M 0.01%
104,081
-5,169
-5% -$74.4K
KYMR icon
1095
Kymera Therapeutics
KYMR
$8.44B
$1.03M 0.01%
13,284
+853
+7% +$57.6K
LLYVK icon
1096
Liberty Live Group Series C
LLYVK
$9.17B
$1.03M 0.01%
12,425
-773
-6% -$66.4K
BHF icon
1097
Brighthouse Financial
BHF
$3.62B
$1.03M 0.01%
15,922
-1,056
-6% -$62K
GNW icon
1098
Genworth Financial
GNW
$3.77B
$1.03M 0.01%
114,006
-8,636
-7% -$75.2K
SIRI icon
1099
SiriusXM
SIRI
$10.1B
$1.03M 0.01%
51,459
-8,523
-14% -$183K
MRP
1100
Millrose Properties Inc
MRP
$4.61B
$1.03M 0.01%
34,362
-2,137
-6% -$67K
42 43
44
45 46

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PP
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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.