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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
JJSF icon
1626
J&J Snack Foods
JJSF
$1.49B
$393K ﹤0.01%
4,348
-248
-5% -$22.5K
SBH icon
1627
Sally Beauty Holdings
SBH
$1.47B
$390K ﹤0.01%
27,347
-2,508
-8% -$37.8K
MBC icon
1628
MasterBrand
MBC
$1.09B
$388K ﹤0.01%
35,144
-2,359
-6% -$27.6K
FIVN icon
1629
FIVE9
FIVN
$2.08B
$387K ﹤0.01%
19,325
-2,116
-10% -$44.9K
XPRO icon
1630
Expro Ltd
XPRO
$1.64B
$387K ﹤0.01%
29,001
-23
-0.1% -$310
NVCR icon
1631
NovoCure
NVCR
$1.77B
$387K ﹤0.01%
29,932
-1,381
-4% -$17.7K
NSP icon
1632
Insperity
NSP
$2.03B
$386K ﹤0.01%
9,979
-598
-6% -$23.9K
ACVA icon
1633
ACV Auctions
ACVA
$1.41B
$384K ﹤0.01%
47,915
-2,705
-5% -$21.9K
CLMT icon
1634
Calumet Specialty Products
CLMT
$3.7B
$384K ﹤0.01%
19,302
-1,203
-6% -$23.1K
HCSG icon
1635
Healthcare Services Group
HCSG
$1.61B
$383K ﹤0.01%
20,055
-1,515
-7% -$27.3K
APPN icon
1636
Appian
APPN
$2.11B
$383K ﹤0.01%
10,816
+1,249
+13% +$44.5K
MAN icon
1637
ManpowerGroup
MAN
$2.6B
$383K ﹤0.01%
12,868
-828
-6% -$25.9K
USLM icon
1638
United States Lime & Minerals
USLM
$3.24B
$382K ﹤0.01%
3,191
-186
-6% -$23.1K
AZTA icon
1639
Azenta
AZTA
$1.3B
$380K ﹤0.01%
11,433
-747
-6% -$24.4K
EFC
1640
Ellington Financial
EFC
$1.69B
$378K ﹤0.01%
27,839
-128
-0.5% -$1.74K
SPB icon
1641
Spectrum Brands
SPB
$2.03B
$378K ﹤0.01%
6,399
-499
-7% -$28.1K
XHR
1642
Xenia Hotels & Resorts
XHR
$2.01B
$377K ﹤0.01%
26,682
-2,526
-9% -$34.5K
WEN icon
1643
Wendy's
WEN
$1.46B
$376K ﹤0.01%
45,151
-3,125
-6% -$27K
PEB icon
1644
Pebblebrook Hotel Trust
PEB
$2.18B
$376K ﹤0.01%
33,198
-1,922
-5% -$21.2K
DCO icon
1645
Ducommun
DCO
$2.56B
$376K ﹤0.01%
3,949
-233
-6% -$21.7K
HOUS
1646
DELISTED
Anywhere Real Estate
HOUS
$375K ﹤0.01%
+26,489
New +$325K
VYX icon
1647
NCR Voyix
VYX
$1.19B
$375K ﹤0.01%
36,716
-2,009
-5% -$21.8K
AAMI
1648
Acadian Asset Management
AAMI
$2.88B
$373K ﹤0.01%
7,942
-3
-0% -$138
RXO icon
1649
RXO
RXO
$3.68B
$373K ﹤0.01%
29,488
-2,040
-6% -$30.1K
HOPE icon
1650
Hope Bancorp
HOPE
$1.8B
$373K ﹤0.01%
34,000
-1,982
-6% -$21.3K
64 65
66
67 68

Similar funds

CM
Caption Management Oklahoma City, Oklahoma $17.1B AUM 70.99% 1-Year Est. Return
PP
Prudential plc London, England, United Kingdom $17.1B AUM 15.7% 1-Year Est. Return
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.