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 |
Texas Instruments
TXN
|
+$132M |
| 2 |
IBM
IBM
|
+$72.7M |
| 3 |
McKesson
MCK
|
+$59.1M |
| 4 |
Home Depot
HD
|
+$55.1M |
| 5 |
Tesla
TSLA
|
+$53.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$1.03B |
| 2 |
Microsoft
MSFT
|
+$354M |
| 3 |
Amazon
AMZN
|
+$331M |
| 4 |
NVIDIA
NVDA
|
+$236M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$179M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.29% |
| 2 | Healthcare | 15.7% |
| 3 | Financials | 12.15% |
| 4 | Consumer Discretionary | 9.54% |
| 5 | Consumer Staples | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Lowe's Companies
LOW
$121B
| $250M | 0.22% |
1,248,480
-233,479
| -16% | -$47.4M |
|
102
ConocoPhillips
COP
$153B
| $243M | 0.22% |
2,450,173
-441,346
| -15% | -$48.3M |
|
103
Hershey
HSY
$37B
| $239M | 0.21% |
940,146
-54,510
| -5% | -$12.8M |
|
104
Intuit
INTU
$91.6B
| $237M | 0.21% |
530,627
-89,326
| -14% | -$36.7M |
|
105
Caterpillar
CAT
$393B
| $235M | 0.21% |
1,025,378
-160,088
| -14% | -$38.7M |
|
106
Paychex
PAYX
$42.8B
| $233M | 0.21% |
2,035,351
-148,030
| -7% | -$16.8M |
|
107
Xcel Energy
XEL
$49.1B
| $232M | 0.21% |
3,445,469
-208,671
| -6% | -$14.1M |
|
108
Medtronic
MDT
$116B
| $231M | 0.21% |
2,869,898
-449,260
| -14% | -$36.6M |
|
109
Sempra
SRE
$56.2B
| $230M | 0.2% |
3,038,914
-205,088
| -6% | -$15.7M |
|
110
Newmont
NEM
$124B
| $227M | 0.2% |
4,635,886
-318,662
| -6% | -$15.4M |
|
111
Charter Communications
CHTR
$17.9B
| $226M | 0.2% |
630,992
-46,970
| -7% | -$17.5M |
|
112
Boeing
BA
$183B
| $223M | 0.2% |
1,051,516
+35,405
| +3% | +$7.36M |
|
113
Prologis
PLD
$134B
| $222M | 0.2% |
1,775,746
-307,530
| -15% | -$37.8M |
|
114
CVS Health
CVS
$121B
| $221M | 0.2% |
2,968,072
-415,002
| -12% | -$34.8M |
|
115
Analog Devices
ADI
$187B
| $220M | 0.19% |
1,113,258
-132,396
| -11% | -$23.7M |
|
116
Deere & Co
DE
$167B
| $219M | 0.19% |
530,032
-90,025
| -15% | -$37.3M |
|
117
Morgan Stanley
MS
$342B
| $219M | 0.19% |
2,489,227
-361,624
| -13% | -$33.7M |
|
118
Consolidated Edison
ED
$39.9B
| $216M | 0.19% |
2,259,805
-138,655
| -6% | -$13M |
|
|
119
McKesson
MCK
$102B
| $215M | 0.19% |
604,677
+163,680
| +37% | +$59.1M |
|
120
Goldman Sachs
GS
$302B
| $214M | 0.19% |
655,700
-100,563
| -13% | -$35M |
|
121
S&P Global
SPGI
$121B
| $212M | 0.19% |
613,755
-102,710
| -14% | -$36.1M |
|
122
Booking.com
BKNG
$159B
| $209M | 0.19% |
1,973,575
-315,225
| -14% | -$30.7M |
|
|
EA
123
DELISTED
Electronic Arts
EA
| $207M | 0.18% |
1,718,051
-135,539
| -7% | -$15.9M |
|
124
Kroger
KR
$34.3B
| $203M | 0.18% |
4,104,474
-290,364
| -7% | -$13.3M |
|
|
SCHW
125
Charles Schwab
SCHW
$189B
| $200M | 0.18% |
3,818,432
+425,200
| +13% | +$31.1M |
|
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California Public Employees Retirement System's Q1 2023 Portfolio in Review
As of Q1 2023, California Public Employees Retirement System held 1,248 positions worth $113B, down 3.9% from $117B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
California Public Employees Retirement System withdrew a net $10.8B in Q1 2023, closing 33 positions and reducing 1,057 holdings. Its most notable exit was State Street Technology Select Sector SPDR ETF, an estimated $143M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Financials.
Against the trend, California Public Employees Retirement System opened a new position in GE HealthCare worth $56.6M.
- California Public Employees Retirement System's largest Q1 2023 buy was GE HealthCare: 690,105 shares worth $56.6M.
- California Public Employees Retirement System added most to Texas Instruments in Q1 2023, an estimated $132M increase.
- California Public Employees Retirement System's biggest Q1 2023 reduction was Apple, cutting an estimated $1.03B.
- California Public Employees Retirement System fully exited State Street Technology Select Sector SPDR ETF in Q1 2023, selling an estimated $143M.
- California Public Employees Retirement System's ten largest holdings make up 21% of its $113B portfolio in Q1 2023.
- California Public Employees Retirement System opened 31 new positions and closed 33 in Q1 2023.
- California Public Employees Retirement System's portfolio value fell 3.9% quarter-over-quarter to $113B.
Based on California Public Employees Retirement System's 13F filing for Q1 2023, filed 12 May 2023.