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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
MNKD icon
1526
MannKind Corp
MNKD
$1.21B
$462K ﹤0.01%
81,412
-3,920
-5% -$21.6K
IRDM icon
1527
Iridium Communications
IRDM
$4.94B
$461K ﹤0.01%
26,544
-2,255
-8% -$39.9K
HTO
1528
H2O America
HTO
$2.59B
$461K ﹤0.01%
9,401
-206
-2% -$9.88K
AGM icon
1529
Federal Agricultural Mortgage
AGM
$2.43B
$461K ﹤0.01%
2,623
-159
-6% -$26.7K
BKE icon
1530
Buckle
BKE
$2.24B
$457K ﹤0.01%
8,556
-526
-6% -$29.3K
SAM icon
1531
Boston Beer
SAM
$1.89B
$456K ﹤0.01%
2,337
-214
-8% -$44.1K
IPAR icon
1532
Interparfums
IPAR
$3.96B
$455K ﹤0.01%
5,366
-330
-6% -$29.1K
NIC icon
1533
Nicolet Bankshares
NIC
$3.58B
$455K ﹤0.01%
3,750
-266
-7% -$33.6K
INOD icon
1534
Innodata
INOD
$2B
$454K ﹤0.01%
8,920
-466
-5% -$30.4K
PAYO icon
1535
Payoneer
PAYO
$2.42B
$452K ﹤0.01%
80,440
-5,374
-6% -$31.1K
SYRE icon
1536
Spyre Therapeutics
SYRE
$8.49B
$452K ﹤0.01%
13,797
+3,104
+29% +$81.1K
SHO icon
1537
Sunstone Hotel Investors
SHO
$2.19B
$451K ﹤0.01%
50,472
-5,431
-10% -$49.8K
UFPT icon
1538
UFP Technologies
UFPT
$1.95B
$451K ﹤0.01%
2,032
-127
-6% -$27.2K
CALY
1539
Callaway Golf Company
CALY
$3.32B
$450K ﹤0.01%
38,570
-2,210
-5% -$23.3K
HRMY icon
1540
Harmony Biosciences
HRMY
$2.02B
$450K ﹤0.01%
12,024
-710
-6% -$23.3K
TILE icon
1541
Interface
TILE
$1.96B
$450K ﹤0.01%
16,111
-1,206
-7% -$32.9K
WT icon
1542
WisdomTree
WT
$2.98B
$449K ﹤0.01%
36,835
-147
-0.4% -$1.77K
CLDX icon
1543
Celldex Therapeutics
CLDX
$2.94B
$449K ﹤0.01%
16,524
-1,125
-6% -$29.6K
HTH icon
1544
Hilltop Holdings
HTH
$2.25B
$448K ﹤0.01%
13,210
-1,029
-7% -$34.5K
CASH icon
1545
Pathward Financial
CASH
$1.85B
$447K ﹤0.01%
6,300
-745
-11% -$53.4K
VSH icon
1546
Vishay Intertechnology
VSH
$5.26B
$447K ﹤0.01%
30,869
-2,010
-6% -$30.5K
NAMS icon
1547
NewAmsterdam Pharma
NAMS
$3.23B
$447K ﹤0.01%
12,733
-518
-4% -$18.9K
DV icon
1548
DoubleVerify
DV
$1.68B
$445K ﹤0.01%
38,889
-1,984
-5% -$21.9K
DGII icon
1549
Digi International
DGII
$2.56B
$444K ﹤0.01%
10,256
-693
-6% -$27.8K
CCS icon
1550
Century Communities
CCS
$1.92B
$443K ﹤0.01%
7,470
-665
-8% -$40.5K
60 61
62
63 64

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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
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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.