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
|
+$2.07B |
| 2 |
JPHY
JPMorgan Active High Yield ETF
JPHY
|
+$2.01B |
| 3 |
Microsoft
MSFT
|
+$1.16B |
| 4 |
NVIDIA
NVDA
|
+$785M |
| 5 |
Amazon
AMZN
|
+$486M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Broadcom
AVGO
|
+$399M |
| 2 |
McDonald's
MCD
|
+$302M |
| 3 |
Home Depot
HD
|
+$261M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$259M |
| 5 |
Texas Instruments
TXN
|
+$251M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.82% |
| 2 | Financials | 11.84% |
| 3 | Healthcare | 8.88% |
| 4 | Communication Services | 8.71% |
| 5 | Consumer Discretionary | 8.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1001
Novanta
NOVT
$6.32B
| $6.14M | ﹤0.01% |
47,660
-60,024
| -56% | -$7.31M |
|
1002
EnerSys
ENS
$6.81B
| $6.14M | ﹤0.01% |
71,536
+2,332
| +3% | +$203K |
|
1003
Viper Energy
VNOM
$15.2B
| $6.13M | ﹤0.01% |
160,761
+87,306
| +119% | +$3.53M |
|
1004
Texas Capital Bancshares
TCBI
$4.38B
| $6.1M | ﹤0.01% |
76,865
-396
| -0.5% | -$28.4K |
|
1005
Highwoods Properties
HIW
$3.46B
| $6.08M | ﹤0.01% |
195,643
+13,029
| +7% | +$383K |
|
|
SFBS
1006
ServisFirst Bancshares
SFBS
$4.95B
| $6.04M | ﹤0.01% |
77,865
+6,288
| +9% | +$464K |
|
1007
Power Integrations
POWI
$3.57B
| $5.97M | ﹤0.01% |
106,768
+2,559
| +2% | +$131K |
|
1008
Envista
NVST
$4.61B
| $5.89M | ﹤0.01% |
301,453
+8,763
| +3% | +$152K |
|
1009
Iridium Communications
IRDM
$5.26B
| $5.88M | ﹤0.01% |
195,045
+1,932
| +1% | +$50.2K |
|
1010
Broadstone Net Lease
BNL
$4.31B
| $5.84M | ﹤0.01% |
364,055
+45,145
| +14% | +$723K |
|
1011
KB Home
KBH
$3.42B
| $5.81M | ﹤0.01% |
109,775
-21,524
| -16% | -$1.14M |
|
1012
Knife River
KNF
$3.83B
| $5.78M | ﹤0.01% |
70,789
-19,345
| -21% | -$1.76M |
|
|
MRP
1013
Millrose Properties Inc
MRP
$4.94B
| $5.77M | ﹤0.01% |
202,284
+14,390
| +8% | +$380K |
|
|
UCB
1014
United Community Banks
UCB
$4.39B
| $5.74M | ﹤0.01% |
192,561
+12,329
| +7% | +$342K |
|
1015
Noble Corp
NE
$7.04B
| $5.66M | ﹤0.01% |
213,102
+13,490
| +7% | +$324K |
|
1016
Champion Homes
SKY
$5.1B
| $5.64M | ﹤0.01% |
90,121
+5,758
| +7% | +$448K |
|
1017
Workiva
WK
$3.7B
| $5.63M | ﹤0.01% |
82,197
+342
| +0.4% | +$23.5K |
|
1018
Boise Cascade
BCC
$2.94B
| $5.61M | ﹤0.01% |
64,629
+77
| +0.1% | +$6.98K |
|
1019
WD-40
WDFC
$3.12B
| $5.6M | ﹤0.01% |
24,551
+14
| +0.1% | +$3.29K |
|
1020
Unifirst Corp
UNF
$5.24B
| $5.52M | ﹤0.01% |
29,302
+32
| +0.1% | +$5.81K |
|
1021
Resideo Technologies
REZI
$3.89B
| $5.49M | ﹤0.01% |
248,936
+28,552
| +13% | +$545K |
|
1022
First Hawaiian
FHB
$3.36B
| $5.49M | ﹤0.01% |
219,943
+8,926
| +4% | +$209K |
|
1023
Choice Hotels
CHH
$4.75B
| $5.45M | ﹤0.01% |
42,935
-2,469
| -5% | -$312K |
|
|
PCH
1024
DELISTED
PotlatchDeltic
PCH
| $5.43M | ﹤0.01% |
141,559
+928
| +0.7% | +$36.4K |
|
1025
Murphy Oil
MUR
$5.06B
| $5.41M | ﹤0.01% |
240,476
+275
| +0.1% | +$6.13K |
|
Similar funds
California Public Employees Retirement System's Q2 2025 Portfolio in Review
As of Q2 2025, California Public Employees Retirement System held 1,122 positions worth $157B, up 9.7% from $143B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Trading was light in Q2 2025: portfolio turnover was 1.1%. California Public Employees Retirement System opened 4 new positions and exited 8, leaving the 1,122-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Healthcare.
- California Public Employees Retirement System's largest Q2 2025 buy was JPMorgan Active High Yield ETF: 39,896,037 shares worth $2.02B.
- California Public Employees Retirement System added most to Vanguard S&P 500 ETF in Q2 2025, an estimated $2.07B increase.
- California Public Employees Retirement System's biggest Q2 2025 reduction was Broadcom, cutting an estimated $399M.
- California Public Employees Retirement System fully exited Discover Financial Services in Q2 2025, selling an estimated $131M.
- California Public Employees Retirement System's ten largest holdings make up 39% of its $157B portfolio in Q2 2025.
- California Public Employees Retirement System opened 4 new positions and closed 8 in Q2 2025.
- California Public Employees Retirement System's portfolio value rose 9.7% quarter-over-quarter to $157B.
Based on California Public Employees Retirement System's 13F filing for Q2 2025, filed 13 Aug 2025.