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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
NVDA icon
1
NVIDIA
NVDA
$5.05T
$1.29B 7.01%
6,905,742
-219,895
-3% -$40.9M
AAPL icon
2
Apple
AAPL
$4.71T
$1.14B 6.2%
4,194,593
-167,181
-4% -$44.9M
MSFT icon
3
Microsoft
MSFT
$2.84T
$964M 5.25%
1,993,631
-68,399
-3% -$34.3M
AMZN icon
4
Amazon
AMZN
$2.52T
$625M 3.4%
2,708,304
-82,002
-3% -$18.8M
GOOGL icon
5
Alphabet (Google) Class A
GOOGL
$3.9T
$515M 2.8%
1,646,513
-53,127
-3% -$15.2M
AVGO icon
6
Broadcom
AVGO
$1.86T
$438M 2.38%
1,265,651
-39,246
-3% -$14M
GOOG icon
7
Alphabet (Google) Class C
GOOG
$3.9T
$432M 2.35%
1,375,984
-58,810
-4% -$16.8M
META icon
8
Meta Platforms (Facebook)
META
$1.54T
$406M 2.21%
615,238
-18,812
-3% -$12.6M
TSLA icon
9
Tesla
TSLA
$1.21T
$358M 1.95%
795,441
-51,126
-6% -$22.7M
JPM icon
10
JPMorgan Chase
JPM
$925B
$248M 1.35%
769,098
-42,288
-5% -$13.1M
LLY icon
11
Eli Lilly
LLY
$1.05T
$246M 1.34%
228,869
-6,368
-3% -$6.09M
BRK.B icon
12
Berkshire Hathaway Class B
BRK.B
$1.05T
$195M 1.06%
388,841
-6,939
-2% -$3.45M
V icon
13
Visa
V
$667B
$170M 0.93%
485,236
-14,579
-3% -$4.97M
XOM icon
14
ExxonMobil
XOM
$653B
$145M 0.79%
1,207,146
-51,417
-4% -$5.96M
JNJ icon
15
Johnson & Johnson
JNJ
$623B
$141M 0.76%
679,300
-23,356
-3% -$4.62M
MA icon
16
Mastercard
MA
$467B
$139M 0.76%
243,464
-6,784
-3% -$3.79M
WMT icon
17
Walmart Inc
WMT
$858B
$137M 0.74%
1,228,207
-53,724
-4% -$5.77M
PLTR icon
18
Palantir
PLTR
$293B
$114M 0.62%
640,375
-20,866
-3% -$3.78M
ABBV icon
19
AbbVie
ABBV
$452B
$113M 0.62%
496,417
-19,457
-4% -$4.43M
NFLX icon
20
Netflix
NFLX
$288B
$111M 0.61%
1,187,920
-54,900
-4% -$5.92M
COST icon
21
Costco
COST
$408B
$109M 0.59%
126,417
-3,094
-2% -$2.8M
BAC icon
22
Bank of America
BAC
$430B
$109M 0.59%
1,977,535
-112,854
-5% -$5.97M
AMD icon
23
Advanced Micro Devices
AMD
$874B
$98.6M 0.54%
460,531
-12,975
-3% -$2.91M
HD icon
24
Home Depot
HD
$323B
$97.4M 0.53%
283,002
-7,509
-3% -$2.75M
PG icon
25
Procter & Gamble
PG
$340B
$95.6M 0.52%
667,023
-17,754
-3% -$2.62M
1
2 3 4 5

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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.