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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
GIC icon
2076
Global Industrial
GIC
$1.38B
– –
-5,676
Closed -$208K
GNK icon
2077
Genco Shipping & Trading
GNK
$1.1B
– –
-10,806
Closed -$192K
B
2078
Barrick Mining
B
$60.9B
– –
-30,484
Closed -$999K
HBI
2079
DELISTED
Hanesbrands
HBI
– –
-104,646
Closed -$690K
HMY icon
2080
Harmony Gold Mining
HMY
$9.7B
– –
-11,385
Closed -$207K
HSII
2081
DELISTED
Heidrick & Struggles
HSII
– –
-6,094
Closed -$303K
HSTM icon
2082
HealthStream
HSTM
$863M
– –
-7,204
Closed -$203K
IAG icon
2083
IAMGOLD
IAG
$8.05B
– –
-10,235
Closed -$132K
IAS
2084
DELISTED
Integral Ad Science
IAS
– –
-24,415
Closed -$248K
ICHR icon
2085
Ichor Holdings
ICHR
$2.17B
– –
-10,068
Closed -$176K
IIIN icon
2086
Insteel Industries
IIIN
$592M
– –
-5,744
Closed -$220K
IIIV icon
2087
i3 Verticals
IIIV
$419M
– –
-6,852
Closed -$222K
INFA
2088
DELISTED
Informatica
INFA
– –
-34,700
Closed -$862K
IPG
2089
DELISTED
Interpublic Group of Companies
IPG
– –
-109,409
Closed -$3.05M
IVR icon
2090
Invesco Mortgage Capital
IVR
$759M
– –
-19,513
Closed -$148K
K
2091
DELISTED
Kellanova
K
– –
-81,978
Closed -$6.72M
KGC icon
2092
Kinross Gold
KGC
$27.7B
– –
-21,592
Closed -$537K
LNW
2093
DELISTED
Light & Wonder
LNW
– –
-24,955
Closed -$2.09M
MCB icon
2094
Metropolitan Bank Holding Corp
MCB
$1.15B
– –
-2,682
Closed -$201K
MLNK
2095
DELISTED
MeridianLink
MLNK
– –
-10,278
Closed -$205K
MMI icon
2096
Marcus & Millichap
MMI
$1.2B
– –
-7,496
Closed -$220K
MRC
2097
DELISTED
MRC Global
MRC
– –
-25,177
Closed -$363K
MRUS
2098
DELISTED
Merus
MRUS
– –
-15,427
Closed -$1.45M
NFBK
2099
DELISTED
Northfield Bancorp
NFBK
– –
-11,353
Closed -$134K
NGD
2100
DELISTED
New Gold Inc
NGD
– –
-13,996
Closed -$100K
82 83
84
85 86

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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
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BBA
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Macquarie Group
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AIMCA
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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.