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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
AMT icon
126
American Tower
AMT
$79.9B
$23.1M 0.13%
131,825
-4,909
-4% -$893K
PNC icon
127
PNC Financial Services
PNC
$100B
$23.1M 0.13%
110,670
-4,850
-4% -$936K
BNY
128
Bank of New York Mellon
BNY
$106B
$23M 0.13%
198,043
-10,889
-5% -$1.2M
REGN icon
129
Regeneron Pharmaceuticals
REGN
$72.9B
$22.6M 0.12%
29,232
-1,766
-6% -$1.2M
KKR icon
130
KKR & Co
KKR
$92.2B
$22.3M 0.12%
175,121
-7,043
-4% -$876K
HWM icon
131
Howmet Aerospace
HWM
$114B
$22.3M 0.12%
108,602
-3,391
-3% -$675K
ELV icon
132
Elevance Health
ELV
$83.7B
$22.2M 0.12%
63,285
-2,651
-4% -$896K
JCI icon
133
Johnson Controls International
JCI
$85.6B
$21.9M 0.12%
183,041
-9,150
-5% -$1.05M
NOC icon
134
Northrop Grumman
NOC
$78B
$21.9M 0.12%
38,353
-1,578
-4% -$916K
ORLY icon
135
O'Reilly Automotive
ORLY
$75.6B
$21.9M 0.12%
239,718
-9,926
-4% -$970K
GD icon
136
General Dynamics
GD
$106B
$21.8M 0.12%
64,689
-1,941
-3% -$662K
GM icon
137
General Motors
GM
$81.7B
$21.7M 0.12%
267,355
-13,417
-5% -$946K
SHW icon
138
Sherwin-Williams
SHW
$87.4B
$21.7M 0.12%
67,011
-2,524
-4% -$844K
HCA icon
139
HCA Healthcare
HCA
$92.8B
$21.5M 0.12%
46,138
-6,554
-12% -$3.04M
NKE icon
140
Nike
NKE
$63.9B
$21.3M 0.12%
333,600
-10,497
-3% -$684K
EQIX icon
141
Equinix
EQIX
$102B
$21.1M 0.11%
27,575
-991
-3% -$777K
TDG icon
142
TransDigm Group
TDG
$73.2B
$21.1M 0.11%
15,863
-541
-3% -$709K
EMR icon
143
Emerson Electric
EMR
$85B
$21M 0.11%
158,488
-5,769
-4% -$765K
WMB icon
144
Williams Companies
WMB
$85.8B
$20.7M 0.11%
344,583
-11,882
-3% -$718K
MRVL icon
145
Marvell Technology
MRVL
$157B
$20.7M 0.11%
243,646
-8,146
-3% -$713K
CI icon
146
Cigna
CI
$79.6B
$20.7M 0.11%
75,083
-2,968
-4% -$832K
UPS icon
147
United Parcel Service
UPS
$89.7B
$20.5M 0.11%
206,639
-7,635
-4% -$714K
FCX icon
148
Freeport-McMoran
FCX
$88.6B
$20.5M 0.11%
403,231
-16,307
-4% -$707K
AON icon
149
Aon
AON
$81.4B
$20.3M 0.11%
57,655
-2,285
-4% -$798K
RCL icon
150
Royal Caribbean
RCL
$86.5B
$20.2M 0.11%
72,559
-2,830
-4% -$799K
4 5
6
7 8

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VMPIC
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BCIM
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BBA
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AIMCA
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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.