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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
LCID icon
1601
Lucid Motors
LCID
$3.11B
$404K ﹤0.01%
38,236
+2,217
+6% +$35.4K
REYN icon
1602
Reynolds Consumer Products
REYN
$5.42B
$404K ﹤0.01%
17,619
-1,044
-6% -$25.2K
NEOG icon
1603
Neogen
NEOG
$2.05B
$403K ﹤0.01%
57,702
-3,204
-5% -$20.2K
DVAX
1604
DELISTED
Dynavax Technologies
DVAX
$403K ﹤0.01%
26,207
-2,207
-8% -$24.3K
GBX icon
1605
The Greenbrier Companies
GBX
$1.57B
$403K ﹤0.01%
8,621
-518
-6% -$23.2K
DXPE icon
1606
DXP Enterprises
DXPE
$2.3B
$402K ﹤0.01%
3,665
-276
-7% -$30.1K
ALK icon
1607
Alaska Air
ALK
$5.11B
$402K ﹤0.01%
7,999
-970
-11% -$44.8K
PAR icon
1608
PAR Technology
PAR
$716M
$402K ﹤0.01%
11,090
-893
-7% -$32.2K
TRIP icon
1609
TripAdvisor
TRIP
$1.7B
$402K ﹤0.01%
27,599
-2,070
-7% -$31.5K
NBHC icon
1610
National Bank Holdings
NBHC
$1.9B
$401K ﹤0.01%
10,557
-715
-6% -$26.9K
KNSA icon
1611
Kiniksa Pharmaceuticals
KNSA
$6.31B
$400K ﹤0.01%
9,709
-307
-3% -$12.3K
TALO icon
1612
Talos Energy
TALO
$2.38B
$400K ﹤0.01%
36,273
-3,332
-8% -$34.9K
TFIN icon
1613
Triumph Financial Inc
TFIN
$1.81B
$399K ﹤0.01%
6,378
-277
-4% -$15.5K
ATRO icon
1614
Astronics
ATRO
$3.21B
$399K ﹤0.01%
8,825
-451
-5% -$18.9K
MXL icon
1615
MaxLinear
MXL
$5.19B
$399K ﹤0.01%
22,878
-1,417
-6% -$23.1K
ZD icon
1616
Ziff Davis
ZD
$2B
$398K ﹤0.01%
11,318
-1,117
-9% -$38.9K
ARDX icon
1617
Ardelyx
ARDX
$1.24B
$396K ﹤0.01%
67,989
-2,751
-4% -$15.3K
FSLY icon
1618
Fastly Inc
FSLY
$3.24B
$396K ﹤0.01%
38,918
-1,787
-4% -$17.6K
SHLS icon
1619
Shoals Technologies Group
SHLS
$1.33B
$396K ﹤0.01%
46,564
-2,905
-6% -$26.1K
ROG icon
1620
Rogers Corp
ROG
$2.09B
$395K ﹤0.01%
4,315
-618
-13% -$53.1K
ANIP icon
1621
ANI Pharmaceuticals
ANIP
$1.86B
$395K ﹤0.01%
5,001
-117
-2% -$10.1K
QCRH icon
1622
QCR Holdings
QCRH
$1.68B
$395K ﹤0.01%
4,738
-250
-5% -$19.7K
UTI icon
1623
Universal Technical Institute
UTI
$2.26B
$394K ﹤0.01%
15,093
+604
+4% +$17.1K
ARRY icon
1624
Array Technologies
ARRY
$740M
$394K ﹤0.01%
42,754
-2,362
-5% -$20.3K
TIC
1625
TIC Solutions Inc
TIC
$1.59B
$394K ﹤0.01%
38,923
+3,640
+10% +$40.5K
63 64
65
66 67

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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.