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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
NAGE
2026
Niagen Bioscience
NAGE
$251M
$98.8K ﹤0.01%
15,540
-759
-5% -$5.28K
ABX
2027
Abacus Global Management
ABX
$999M
$97.2K ﹤0.01%
11,367
-208
-2% -$1.37K
RC
2028
Ready Capital
RC
$260M
$96.2K ﹤0.01%
44,119
-3,813
-8% -$10.7K
GOGO icon
2029
Gogo Inc
GOGO
$515M
$94.7K ﹤0.01%
20,317
-1,172
-5% -$8.59K
CODI icon
2030
Compass Diversified
CODI
$763M
$92K ﹤0.01%
19,159
-877
-4% -$5.54K
LAB icon
2031
Standard BioTools
LAB
$326M
$88.8K ﹤0.01%
69,409
-3,647
-5% -$4.9K
BMBL icon
2032
Bumble
BMBL
$386M
$88.8K ﹤0.01%
24,863
-1,556
-6% -$6.89K
SWIM icon
2033
Latham Group
SWIM
$646M
$84.6K ﹤0.01%
13,330
-435
-3% -$3.04K
PRME icon
2034
Prime Medicine
PRME
$535M
$83.6K ﹤0.01%
+24,085
New +$107K
AVXL icon
2035
Anavex Life Sciences
AVXL
$231M
$83.3K ﹤0.01%
23,386
-1,850
-7% -$11.3K
RBBN icon
2036
Ribbon Communications
RBBN
$370M
$78.8K ﹤0.01%
27,369
-1,327
-5% -$4.28K
CRSR icon
2037
Corsair Gaming
CRSR
$1.08B
$78.5K ﹤0.01%
13,213
-862
-6% -$5.99K
EVEX icon
2038
Eve Holding
EVEX
$784M
$76.6K ﹤0.01%
19,207
-1,229
-6% -$5.4K
GRNT icon
2039
Granite Ridge Resources
GRNT
$623M
$76.4K ﹤0.01%
16,249
-1,210
-7% -$6.24K
WOOF icon
2040
Petco
WOOF
$797M
$75.8K ﹤0.01%
26,973
-1,531
-5% -$4.96K
ULCC icon
2041
Frontier Group Holdings
ULCC
$1.49B
$74.4K ﹤0.01%
15,787
-1,062
-6% -$4.7K
SIGA icon
2042
SIGA Technologies
SIGA
$239M
$73.4K ﹤0.01%
12,017
-682
-5% -$4.85K
CRCT icon
2043
Cricut
CRCT
$999M
$66.5K ﹤0.01%
13,426
-317
-2% -$1.62K
GDRX icon
2044
GoodRx Holdings
GDRX
$1.06B
$63.6K ﹤0.01%
23,479
-2,130
-8% -$6.99K
OLPX
2045
DELISTED
Olaplex Holdings
OLPX
$62.3K ﹤0.01%
46,458
-2,805
-6% -$3.34K
ASPN icon
2046
Aspen Aerogels
ASPN
$341M
$54.7K ﹤0.01%
19,323
-1,345
-7% -$6.94K
NFE icon
2047
New Fortress Energy
NFE
$95M
$41K ﹤0.01%
35,929
-569
-2% -$839
GME.WS
2048
GameStop Corp Warrants
GME.WS
$37.9K ﹤0.01%
+12,575
New +$39K
AEM icon
2049
Agnico Eagle Mines
AEM
$70.2B
– –
-8,901
Closed -$1.5M
AGI icon
2050
Alamos Gold
AGI
$11.8B
– –
-7,384
Closed -$257K
80 81
82
83 84

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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.