California Public Employees Retirement System Portfolio holdings
The California Public Employees’ Retirement System (CalPERS), established in 1932 and headquartered in Sacramento, California, is the largest public pension fund in the U.S., managing over $510 billion in assets as of late 2024 to provide retirement and health benefits to more than 2 million state and local government employees, retirees, and their families. Operating as a defined benefit plan, CalPERS invests globally across equities, fixed income, real estate, private equity, and infrastructure, guided by a 13-member board and a commitment to sustainable investing and ESG (environmental, social, governance) principles under Chief Investment Officer Ben Meng since 2024. Known for its influential shareholder activism—pushing for corporate governance reforms—CalPERS serves over 3,000 employers, including state agencies and school districts, balancing long-term funding needs with a $100 billion unfunded liability challenge. As a cornerstone of California’s public sector, it blends financial stewardship with a mission to secure retiree livelihoods.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$1.28B |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$866M |
| 3 |
Lam Research
LRCX
|
+$441M |
| 4 |
Micron Technology
MU
|
+$395M |
| 5 |
Amazon
AMZN
|
+$382M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$1.48B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$640M |
| 3 |
Johnson & Johnson
JNJ
|
+$336M |
| 4 |
PepsiCo
PEP
|
+$332M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$299M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.72% |
| 2 | Financials | 10% |
| 3 | Communication Services | 8.79% |
| 4 | Healthcare | 8.14% |
| 5 | Consumer Discretionary | 8.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
851
VF Corp
VFC
$5.98B
| $11M | 0.01% |
646,481
+183,926
| +40% | +$3.47M |
|
852
Semtech
SMTC
$11.3B
| $10.9M | 0.01% |
+141,886
| New | +$11.7M |
|
853
Travel + Leisure Co
TNL
$4.77B
| $10.8M | 0.01% |
156,580
+15,383
| +11% | +$1.11M |
|
854
Etsy
ETSY
$8.15B
| $10.8M | 0.01% |
216,438
+4,310
| +2% | +$236K |
|
855
Lumen
LUMN
$6.26B
| $10.8M | 0.01% |
1,549,887
-77,674
| -5% | -$588K |
|
856
Maplebear
CART
$10.7B
| $10.8M | 0.01% |
287,374
-5,858
| -2% | -$222K |
|
857
Mohawk Industries
MHK
$9.19B
| $10.8M | 0.01% |
109,273
+10,330
| +10% | +$1.2M |
|
|
VSNT
858
Versant Media Group
VSNT
$5.06B
| $10.7M | 0.01% |
+289,935
| New | +$9.77M |
|
859
Starwood Property Trust
STWD
$6.01B
| $10.7M | 0.01% |
622,391
-46,951
| -7% | -$843K |
|
860
Mine Safety
MSA
$7.44B
| $10.7M | 0.01% |
65,350
+3,137
| +5% | +$573K |
|
861
Essential Properties Realty Trust
EPRT
$6.65B
| $10.7M | 0.01% |
352,748
+2,065
| +0.6% | +$65.4K |
|
862
Bank OZK
OZK
$5.63B
| $10.6M | 0.01% |
231,654
+24,485
| +12% | +$1.15M |
|
863
LKQ Corp
LKQ
$6.1B
| $10.6M | 0.01% |
359,517
-109,588
| -23% | -$3.51M |
|
864
Baxter International
BAX
$14.1B
| $10.5M | 0.01% |
625,803
-73,192
| -10% | -$1.42M |
|
865
Nexstar Media Group
NXST
$5.8B
| $10.5M | 0.01% |
58,092
+2,960
| +5% | +$664K |
|
866
FirstCash
FCFS
$9.02B
| $10.4M | 0.01% |
+55,439
| New | +$10M |
|
867
Pool Corp
POOL
$7.51B
| $10.4M | 0.01% |
51,459
-12,266
| -19% | -$2.89M |
|
868
FTI Consulting
FCN
$4.23B
| $10.4M | 0.01% |
58,586
-19,597
| -25% | -$3.34M |
|
869
Assured Guaranty
AGO
$3.66B
| $10.3M | 0.01% |
127,000
-4,481
| -3% | -$382K |
|
870
Dropbox
DBX
$8.17B
| $10.2M | 0.01% |
450,951
-87,545
| -16% | -$2.22M |
|
871
Boyd Gaming
BYD
$6.13B
| $10.2M | 0.01% |
124,469
+2,973
| +2% | +$250K |
|
872
Vontier
VNT
$4.73B
| $10.1M | 0.01% |
285,600
-21,014
| -7% | -$809K |
|
873
Post Holdings
POST
$4.04B
| $10.1M | 0.01% |
102,443
-32,639
| -24% | -$3.33M |
|
|
GAP
874
The Gap Inc
GAP
$7.4B
| $10.1M | 0.01% |
417,489
-13,894
| -3% | -$368K |
|
875
UFP Industries
UFPI
$5.24B
| $10.1M | 0.01% |
109,646
-1,904
| -2% | -$192K |
|
Similar funds
California Public Employees Retirement System's Q1 2026 Portfolio in Review
As of Q1 2026, California Public Employees Retirement System held 1,109 positions worth $162B, down 7.1% from $175B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
California Public Employees Retirement System's Q1 2026 filing shows 23 new, 421 increased, 618 reduced and 45 closed positions. Its largest new stake was iShares Core S&P 500 ETF: 1,267,527 shares worth $828M. The largest sale was NVIDIA, an estimated $1.48B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 33% a quarter earlier, followed by Financials and Communication Services.
- California Public Employees Retirement System's largest Q1 2026 buy was iShares Core S&P 500 ETF: 1,267,527 shares worth $828M.
- California Public Employees Retirement System added most to Vanguard S&P 500 ETF in Q1 2026, an estimated $1.28B increase.
- California Public Employees Retirement System's biggest Q1 2026 reduction was NVIDIA, cutting an estimated $1.48B.
- California Public Employees Retirement System fully exited CyberArk in Q1 2026, selling an estimated $38.1M.
- California Public Employees Retirement System's ten largest holdings make up 44% of its $162B portfolio in Q1 2026.
- California Public Employees Retirement System opened 23 new positions and closed 45 in Q1 2026.
- California Public Employees Retirement System's portfolio value fell 7.1% quarter-over-quarter to $162B.
Based on California Public Employees Retirement System's 13F filing for Q1 2026, filed 6 May 2026.