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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
CTS icon
1701
CTS Corp
CTS
$1.83B
$334K ﹤0.01%
7,786
-604
-7% -$25.3K
INVA icon
1702
Innoviva
INVA
$1.55B
$334K ﹤0.01%
16,686
-943
-5% -$18.4K
ASAN icon
1703
Asana
ASAN
$1.92B
$333K ﹤0.01%
24,299
-1,052
-4% -$14.5K
GLIBK
1704
Liberty Capital Corp Series C GCI Group Common Stock
GLIBK
$925M
$332K ﹤0.01%
8,935
+2,038
+30% +$71.5K
TRUP icon
1705
Trupanion
TRUP
$1.07B
$332K ﹤0.01%
8,893
-591
-6% -$23.2K
USPH icon
1706
US Physical Therapy
USPH
$1.2B
$332K ﹤0.01%
4,248
-247
-5% -$20K
SEZL
1707
Sezzle
SEZL
$5.2B
$331K ﹤0.01%
5,212
-200
-4% -$13.6K
RVLV icon
1708
Revolve Group
RVLV
$1.8B
$330K ﹤0.01%
10,937
-1,009
-8% -$24.4K
CRI icon
1709
Carter's
CRI
$1.42B
$330K ﹤0.01%
10,162
-621
-6% -$19.4K
SGRY icon
1710
Surgery Partners
SGRY
$2.01B
$329K ﹤0.01%
21,312
-1,427
-6% -$26.2K
TTI icon
1711
TETRA Technologies
TTI
$1.14B
$329K ﹤0.01%
+35,130
New +$271K
PRA
1712
DELISTED
ProAssurance
PRA
$329K ﹤0.01%
13,604
-752
-5% -$18.1K
OUST icon
1713
Ouster
OUST
$2.63B
$328K ﹤0.01%
15,170
+78
+0.5% +$2.06K
PRG icon
1714
PROG Holdings
PRG
$1.75B
$325K ﹤0.01%
11,017
-924
-8% -$27.5K
LZ icon
1715
LegalZoom.com
LZ
$1.35B
$325K ﹤0.01%
32,706
-2,143
-6% -$21.2K
PD icon
1716
PagerDuty
PD
$816M
$325K ﹤0.01%
24,760
-1,151
-4% -$16.8K
ACT icon
1717
Enact Holdings
ACT
$6.61B
$324K ﹤0.01%
8,180
-712
-8% -$26.8K
WABC icon
1718
Westamerica Bancorp
WABC
$1.38B
$323K ﹤0.01%
6,762
-972
-13% -$46.6K
PCT icon
1719
PureCycle Technologies
PCT
$1.28B
$322K ﹤0.01%
37,482
-2,368
-6% -$25.1K
SAFT icon
1720
Safety Insurance
SAFT
$1.52B
$321K ﹤0.01%
4,117
-281
-6% -$20.8K
UCTT
1721
Ultra Clean Holdings
UCTT
$3.73B
$320K ﹤0.01%
12,646
-697
-5% -$18.5K
SRCE icon
1722
1st Source
SRCE
$2.16B
$320K ﹤0.01%
5,123
-316
-6% -$19.5K
SDGR icon
1723
Schrodinger
SDGR
$1.13B
$320K ﹤0.01%
17,900
-1,081
-6% -$20.5K
BFC icon
1724
Bank First Corp
BFC
$1.69B
$319K ﹤0.01%
2,617
-157
-6% -$20K
TRS icon
1725
TriMas Corp
TRS
$1.43B
$318K ﹤0.01%
8,982
-636
-7% -$22.2K
67 68
69
70 71

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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
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AIMCA
Alberta Investment Management Corp (AIMCo) Edmonton, Alberta, Canada $16.7B AUM 23.27% 1-Year Est. Return
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.