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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
BMY icon
101
Bristol-Myers Squibb
BMY
$130B
$30.9M 0.17%
572,362
-22,221
-4% -$1.07M
NEM icon
102
Newmont
NEM
$96.4B
$30.7M 0.17%
307,282
-33,755
-10% -$3.05M
ADP icon
103
Automatic Data Processing
ADP
$106B
$29.3M 0.16%
114,052
-4,492
-4% -$1.2M
MCK icon
104
McKesson
MCK
$104B
$29M 0.16%
35,293
-1,266
-3% -$1.03M
TMUS icon
105
T-Mobile US
TMUS
$196B
$28.8M 0.16%
141,996
-7,220
-5% -$1.53M
LMT icon
106
Lockheed Martin
LMT
$134B
$28.7M 0.16%
59,309
-2,297
-4% -$1.1M
CVS icon
107
CVS Health
CVS
$140B
$28.2M 0.15%
355,312
-14,166
-4% -$1.12M
CME icon
108
CME Group
CME
$93.5B
$27.6M 0.15%
101,238
-3,999
-4% -$1.09M
MO icon
109
Altria Group
MO
$125B
$27.4M 0.15%
474,626
-17,367
-4% -$1.05M
SO icon
110
Southern Company
SO
$109B
$27M 0.15%
309,715
-11,315
-4% -$1.03M
SBUX icon
111
Starbucks
SBUX
$118B
$27M 0.15%
320,259
-11,609
-3% -$979K
ICE icon
112
Intercontinental Exchange
ICE
$86.4B
$26.1M 0.14%
161,270
-6,279
-4% -$983K
MELI icon
113
Mercado Libre
MELI
$94.4B
$26M 0.14%
12,886
-438
-3% -$920K
MRSH
114
Marsh
MRSH
$91.7B
$25.8M 0.14%
138,852
-5,056
-4% -$945K
DUK icon
115
Duke Energy
DUK
$101B
$25.7M 0.14%
219,098
-7,925
-3% -$968K
WM icon
116
Waste Management
WM
$96.1B
$25M 0.14%
113,609
-3,925
-3% -$837K
SNPS icon
117
Synopsys
SNPS
$73.5B
$24.6M 0.13%
52,297
-1,847
-3% -$820K
TT icon
118
Trane Technologies
TT
$104B
$24.3M 0.13%
62,465
-2,685
-4% -$1.11M
DASH icon
119
DoorDash
DASH
$85.2B
$24.2M 0.13%
106,716
+1,930
+2% +$453K
MMM icon
120
3M
MMM
$94.1B
$24M 0.13%
150,072
-7,189
-5% -$1.18M
CDNS icon
121
Cadence Design Systems
CDNS
$95.1B
$24M 0.13%
76,861
-2,877
-4% -$939K
CRH icon
122
CRH
CRH
$69.1B
$23.6M 0.13%
189,463
-7,937
-4% -$946K
HOOD icon
123
Robinhood
HOOD
$83.3B
$23.4M 0.13%
207,061
-5,743
-3% -$747K
USB icon
124
US Bancorp
USB
$100B
$23.3M 0.13%
436,745
-18,345
-4% -$902K
MCO icon
125
Moody's
MCO
$83.9B
$23.2M 0.13%
45,443
-1,882
-4% -$918K
3 4
5
6 7

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CM
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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
Farallon Capital Management San Francisco, California $17.5B AUM 50.95% 1-Year Est. Return

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.