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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
ACAD icon
1176
Acadia Pharmaceuticals
ACAD
$4.55B
$883K ﹤0.01%
33,047
-1,606
-5% -$38.4K
SHAK icon
1177
Shake Shack
SHAK
$2.54B
$882K ﹤0.01%
10,868
-439
-4% -$38.7K
AGYS icon
1178
Agilysys
AGYS
$3.04B
$881K ﹤0.01%
7,414
-420
-5% -$50.5K
OPLN
1179
Openlane
OPLN
$4.29B
$880K ﹤0.01%
29,547
-2,229
-7% -$60.3K
NMIH icon
1180
NMI Holdings
NMIH
$3.3B
$879K ﹤0.01%
21,546
-1,553
-7% -$58.7K
CDP icon
1181
COPT Defense Properties
CDP
$4.35B
$877K ﹤0.01%
31,563
-1,839
-6% -$53K
INDV icon
1182
Indivior Pharmaceuticals
INDV
$4.75B
$876K ﹤0.01%
24,428
-5,102
-17% -$156K
RRR icon
1183
Red Rock Resorts
RRR
$3.8B
$875K ﹤0.01%
14,123
-980
-6% -$57.3K
PAG icon
1184
Penske Automotive Group
PAG
$14.5B
$875K ﹤0.01%
5,526
-349
-6% -$57.4K
FHB icon
1185
First Hawaiian
FHB
$3.4B
$874K ﹤0.01%
34,529
-2,672
-7% -$66.4K
AVA icon
1186
Avista
AVA
$3.39B
$873K ﹤0.01%
22,644
-1,195
-5% -$46.7K
WHD icon
1187
Cactus
WHD
$4.97B
$872K ﹤0.01%
19,087
-1,171
-6% -$48.9K
TGNA
1188
DELISTED
TEGNA Inc
TGNA
$871K ﹤0.01%
44,877
-2,683
-6% -$53K
BXMT icon
1189
Blackstone Mortgage Trust
BXMT
$2.52B
$868K ﹤0.01%
45,350
-2,884
-6% -$54.7K
ARQT icon
1190
Arcutis Biotherapeutics
ARQT
$3.5B
$867K ﹤0.01%
29,868
-1,817
-6% -$46.5K
WSFS icon
1191
WSFS Financial
WSFS
$4.1B
$861K ﹤0.01%
15,591
-1,195
-7% -$65.4K
FIBK icon
1192
First Interstate BancSystem
FIBK
$3.74B
$856K ﹤0.01%
24,741
-1,628
-6% -$53.3K
AZZ icon
1193
AZZ Inc
AZZ
$4.36B
$853K ﹤0.01%
7,959
-478
-6% -$49.5K
POWL icon
1194
Powell Industries
POWL
$7.63B
$851K ﹤0.01%
8,013
-528
-6% -$59.3K
OTTR icon
1195
Otter Tail
OTTR
$3.75B
$851K ﹤0.01%
10,530
-605
-5% -$49K
EEFT icon
1196
Euronet Worldwide
EEFT
$2.92B
$849K ﹤0.01%
11,149
-997
-8% -$77.7K
CBU icon
1197
Community Bank
CBU
$3.42B
$848K ﹤0.01%
14,763
-876
-6% -$50.4K
SIG icon
1198
Signet Jewelers
SIG
$3.72B
$843K ﹤0.01%
10,167
-793
-7% -$75.3K
PBH icon
1199
Prestige Consumer Healthcare
PBH
$2.37B
$843K ﹤0.01%
13,657
-911
-6% -$55.8K
SHOO icon
1200
Steven Madden
SHOO
$3.5B
$842K ﹤0.01%
20,220
-1,252
-6% -$48.3K
46 47
48
49 50

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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.