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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
HTBK
1926
DELISTED
Heritage Commerce
HTBK
$195K ﹤0.01%
16,256
-1,042
-6% -$11.3K
MRTN icon
1927
Marten Transport
MRTN
$1.22B
$194K ﹤0.01%
17,048
-1,023
-6% -$10.9K
VSTS icon
1928
Vestis
VSTS
$1.97B
$193K ﹤0.01%
28,990
-4,157
-13% -$24.2K
SLDP icon
1929
Solid Power
SLDP
$450M
$193K ﹤0.01%
+45,407
New +$251K
SANA icon
1930
Sana Biotechnology
SANA
$882M
$193K ﹤0.01%
47,342
+7,359
+18% +$33K
ABUS icon
1931
Arbutus Biopharma
ABUS
$847M
$192K ﹤0.01%
39,962
-2,428
-6% -$10.9K
PRAA icon
1932
PRA Group
PRAA
$672M
$190K ﹤0.01%
10,729
-999
-9% -$15.6K
DAWN
1933
DELISTED
Day One Biopharmaceuticals
DAWN
$189K ﹤0.01%
20,311
+842
+4% +$7.03K
ATAI icon
1934
AtaiBeckley Inc
ATAI
$2.66B
$188K ﹤0.01%
+46,062
New +$217K
ACEL icon
1935
Accel Entertainment
ACEL
$1B
$187K ﹤0.01%
16,406
-1,126
-6% -$11.9K
TBLA icon
1936
Taboola.com
TBLA
$1.41B
$187K ﹤0.01%
40,458
-5,813
-13% -$21.9K
EMBC icon
1937
Embecta
EMBC
$218M
$185K ﹤0.01%
15,542
-875
-5% -$11.5K
AQST icon
1938
Aquestive Therapeutics
AQST
$452M
$184K ﹤0.01%
+28,458
New +$177K
IBRX icon
1939
ImmunityBio
IBRX
$7.15B
$182K ﹤0.01%
92,162
+13,976
+18% +$31.7K
MTUS icon
1940
Metallus
MTUS
$833M
$179K ﹤0.01%
10,450
-741
-7% -$12.7K
SPRY icon
1941
ARS Pharmaceuticals
SPRY
$579M
$179K ﹤0.01%
15,372
+2,299
+18% +$22.4K
GERN icon
1942
Geron
GERN
$898M
$178K ﹤0.01%
134,936
-5,919
-4% -$7.43K
ARX
1943
Accelerant Holdings
ARX
$2.71B
$177K ﹤0.01%
+10,855
New +$153K
NX icon
1944
Quanex
NX
$825M
$177K ﹤0.01%
11,537
-707
-6% -$9.99K
WSR
1945
DELISTED
Whitestone REIT
WSR
$177K ﹤0.01%
12,723
-78
-0.6% -$1K
SAFE
1946
Safehold
SAFE
$1.17B
$176K ﹤0.01%
12,887
-908
-7% -$12.9K
AIOT
1947
PowerFleet Inc
AIOT
$537M
$176K ﹤0.01%
33,135
-2,346
-7% -$12K
ADAM
1948
Adamas Trust
ADAM
$777M
$174K ﹤0.01%
23,845
-1,503
-6% -$10.7K
ADTN icon
1949
Adtran
ADTN
$675M
$174K ﹤0.01%
20,025
-1,289
-6% -$11.2K
TDUP icon
1950
ThredUp
TDUP
$765M
$174K ﹤0.01%
27,221
+135
+0.5% +$1.09K
76 77
78
79 80

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CM
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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.