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 |
IBM
IBM
|
+$163M |
| 2 |
Warner Bros
WBD
|
+$114M |
| 3 |
Mondelez International
MDLZ
|
+$93.6M |
| 4 |
Roper Technologies
ROP
|
+$91.1M |
| 5 |
Keurig Dr Pepper
KDP
|
+$76M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$268M |
| 2 |
Amazon
AMZN
|
+$233M |
| 3 |
Microsoft
MSFT
|
+$219M |
| 4 |
AT&T
T
|
+$196M |
| 5 |
CERN
Cerner Corp
CERN
|
+$180M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.3% |
| 2 | Healthcare | 16.85% |
| 3 | Financials | 12% |
| 4 | Consumer Staples | 9.69% |
| 5 | Consumer Discretionary | 8.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Consolidated Edison
ED
$39.9B
| $247M | 0.23% |
2,593,865
-63,113
| -2% | -$6.01M |
|
102
Honeywell
HON
$74.6B
| $245M | 0.23% |
1,492,783
-66,418
| -4% | -$11.9M |
|
103
Nike
NKE
$60.1B
| $240M | 0.22% |
2,347,859
-131,917
| -5% | -$15.6M |
|
104
Arthur J. Gallagher & Co
AJG
$65.5B
| $239M | 0.22% |
1,468,600
-22,220
| -1% | -$3.69M |
|
105
Allstate
ALL
$64.7B
| $239M | 0.22% |
1,883,495
-47,995
| -2% | -$6.29M |
|
106
CVS Health
CVS
$121B
| $237M | 0.22% |
2,558,723
-163,080
| -6% | -$15.9M |
|
107
Advanced Micro Devices
AMD
$788B
| $237M | 0.22% |
3,093,562
-182,164
| -6% | -$17.1M |
|
108
Public Service Enterprise Group
PEG
$37.8B
| $233M | 0.22% |
3,687,436
-102,284
| -3% | -$6.95M |
|
109
Baxter International
BAX
$13.9B
| $233M | 0.22% |
3,630,304
-73,503
| -2% | -$5.33M |
|
110
WEC Energy
WEC
$35.6B
| $232M | 0.22% |
2,308,080
-54,589
| -2% | -$5.53M |
|
111
ConocoPhillips
COP
$153B
| $230M | 0.22% |
2,565,145
-173,315
| -6% | -$17.9M |
|
112
Elevance Health
ELV
$86.6B
| $230M | 0.22% |
476,722
-31,677
| -6% | -$15.7M |
|
113
Hershey
HSY
$37B
| $230M | 0.21% |
1,066,839
-18,778
| -2% | -$4.09M |
|
114
Kroger
KR
$34.3B
| $229M | 0.21% |
4,846,426
-535,831
| -10% | -$28.6M |
|
115
Lowe's Companies
LOW
$121B
| $227M | 0.21% |
1,298,325
-74,651
| -5% | -$14.4M |
|
116
S&P Global
SPGI
$121B
| $220M | 0.21% |
651,735
-40,845
| -6% | -$14.6M |
|
117
Starbucks
SBUX
$124B
| $216M | 0.2% |
2,830,540
-169,970
| -6% | -$13.1M |
|
118
Eversource Energy
ES
$26.9B
| $214M | 0.2% |
2,531,893
-46,876
| -2% | -$4.16M |
|
119
Fastenal
FAST
$59.9B
| $206M | 0.19% |
8,262,066
-140,308
| -2% | -$3.78M |
|
120
Republic Services
RSG
$65.6B
| $201M | 0.19% |
1,538,236
-77,233
| -5% | -$10.1M |
|
121
Intuit
INTU
$91.6B
| $201M | 0.19% |
520,205
-15,855
| -3% | -$6.57M |
|
122
American Water Works
AWK
$26.8B
| $196M | 0.18% |
1,317,377
-31,627
| -2% | -$4.82M |
|
123
Morgan Stanley
MS
$342B
| $192M | 0.18% |
2,522,140
-198,767
| -7% | -$16.3M |
|
124
Goldman Sachs
GS
$302B
| $191M | 0.18% |
644,351
-30,287
| -4% | -$9.43M |
|
|
125
Roper Technologies
ROP
$39.1B
| $191M | 0.18% |
484,422
+209,567
| +76% | +$91.1M |
|
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California Public Employees Retirement System's Q2 2022 Portfolio in Review
As of Q2 2022, California Public Employees Retirement System held 1,230 positions worth $107B, down 17% from $129B the previous quarter. Its ten largest holdings account for 19% of the portfolio.
California Public Employees Retirement System withdrew a net $3.93B in Q2 2022, closing 9 positions and reducing 978 holdings. Its most notable exit was Cerner Corp, an estimated $180M position sold in full.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
Against the trend, California Public Employees Retirement System opened a new position in Aspen Technology Inc worth $19.5M.
- California Public Employees Retirement System's largest Q2 2022 buy was Aspen Technology Inc: 106,286 shares worth $19.5M.
- California Public Employees Retirement System added most to IBM in Q2 2022, an estimated $163M increase.
- California Public Employees Retirement System's biggest Q2 2022 reduction was Apple, cutting an estimated $268M.
- California Public Employees Retirement System fully exited Cerner Corp in Q2 2022, selling an estimated $180M.
- California Public Employees Retirement System's ten largest holdings make up 19% of its $107B portfolio in Q2 2022.
- California Public Employees Retirement System opened 3 new positions and closed 9 in Q2 2022.
- California Public Employees Retirement System's portfolio value fell 17% quarter-over-quarter to $107B.
Based on California Public Employees Retirement System's 13F filing for Q2 2022, filed 10 Aug 2022.