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 |
NVIDIA
NVDA
|
+$837M |
| 2 |
UnitedHealth
UNH
|
+$435M |
| 3 |
Intel
INTC
|
+$331M |
| 4 |
Amazon
AMZN
|
+$325M |
| 5 |
PepsiCo
PEP
|
+$244M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$415M |
| 2 |
Microsoft
MSFT
|
+$261M |
| 3 |
VMW
VMware, Inc
VMW
|
+$221M |
| 4 |
Verizon
VZ
|
+$132M |
| 5 |
JPMorgan Chase
JPM
|
+$130M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.07% |
| 2 | Healthcare | 14.1% |
| 3 | Financials | 11.93% |
| 4 | Consumer Discretionary | 9.96% |
| 5 | Industrials | 7.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$3.76T
| $7.76B | 5.89% |
20,643,106
-732,269
| -3% | -$261M |
|
2
Apple
AAPL
$4.5T
| $7.44B | 5.65% |
38,628,181
+48,686
| +0.1% | +$8.99M |
|
|
3
NVIDIA
NVDA
$5.27T
| $3.7B | 2.81% |
74,773,850
+18,057,630
| +32% | +$837M |
|
|
4
Amazon
AMZN
$3T
| $2.98B | 2.27% |
19,641,430
+2,319,577
| +13% | +$325M |
|
5
Tesla
TSLA
$1.31T
| $2.18B | 1.66% |
8,776,404
-255,803
| -3% | -$60.8M |
|
6
Berkshire Hathaway Class B
BRK.B
$1.14T
| $1.8B | 1.36% |
5,035,480
-8,552
| -0.2% | -$3M |
|
7
Meta Platforms (Facebook)
META
$1.52T
| $1.73B | 1.31% |
4,873,847
+309,497
| +7% | +$101M |
|
8
Alphabet (Google) Class A
GOOGL
$4.37T
| $1.72B | 1.31% |
12,328,566
-240,411
| -2% | -$32.3M |
|
9
Johnson & Johnson
JNJ
$631B
| $1.66B | 1.26% |
10,620,264
+498,647
| +5% | +$76.5M |
|
|
10
PepsiCo
PEP
$188B
| $1.64B | 1.25% |
9,664,323
+1,470,064
| +18% | +$244M |
|
|
11
UnitedHealth
UNH
$371B
| $1.63B | 1.24% |
3,090,986
+815,822
| +36% | +$435M |
|
12
Broadcom
AVGO
$2.01T
| $1.6B | 1.21% |
14,314,890
+2,346,840
| +20% | +$222M |
|
|
13
Alphabet (Google) Class C
GOOG
$4.35T
| $1.56B | 1.19% |
11,086,153
-160,676
| -1% | -$21.8M |
|
14
Merck
MRK
$323B
| $1.42B | 1.08% |
12,988,942
+984,463
| +8% | +$102M |
|
15
Procter & Gamble
PG
$340B
| $1.39B | 1.06% |
9,492,039
+1,387,539
| +17% | +$206M |
|
16
Eli Lilly
LLY
$1.1T
| $1.26B | 0.96% |
2,160,290
-91,596
| -4% | -$53.5M |
|
17
Home Depot
HD
$350B
| $1.16B | 0.88% |
3,356,862
-61,538
| -2% | -$19.1M |
|
18
McDonald's
MCD
$194B
| $1.16B | 0.88% |
3,911,764
+26,147
| +0.7% | +$7.12M |
|
19
Walmart Inc
WMT
$897B
| $1.12B | 0.85% |
21,390,507
+1,241,739
| +6% | +$65.7M |
|
|
20
JPMorgan Chase
JPM
$956B
| $1.1B | 0.83% |
6,454,646
-857,523
| -12% | -$130M |
|
21
Visa
V
$675B
| $1.05B | 0.8% |
4,048,024
-81,933
| -2% | -$20.2M |
|
22
IBM
IBM
$223B
| $1.04B | 0.79% |
6,357,047
+11,205
| +0.2% | +$1.69M |
|
23
Texas Instruments
TXN
$256B
| $1.03B | 0.78% |
6,035,704
+1,502,989
| +33% | +$233M |
|
24
Costco
COST
$423B
| $1.02B | 0.77% |
1,537,841
-131,249
| -8% | -$77.8M |
|
25
Cisco
CSCO
$483B
| $947M | 0.72% |
18,750,237
+3,753,165
| +25% | +$192M |
|
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California Public Employees Retirement System's Q4 2023 Portfolio in Review
As of Q4 2023, California Public Employees Retirement System held 1,197 positions worth $132B, up 13% from $116B the previous quarter. Its ten largest holdings account for 25% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 1.4%. California Public Employees Retirement System opened 7 new positions and exited 10, leaving the 1,197-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 28% a quarter earlier, followed by Healthcare and Financials.
- California Public Employees Retirement System's largest Q4 2023 buy was Veralto: 389,662 shares worth $32.1M.
- California Public Employees Retirement System added most to NVIDIA in Q4 2023, an estimated $837M increase.
- California Public Employees Retirement System's biggest Q4 2023 reduction was Microsoft, cutting an estimated $261M.
- California Public Employees Retirement System fully exited Activision Blizzard in Q4 2023, selling an estimated $415M.
- California Public Employees Retirement System's ten largest holdings make up 25% of its $132B portfolio in Q4 2023.
- California Public Employees Retirement System opened 7 new positions and closed 10 in Q4 2023.
- California Public Employees Retirement System's portfolio value rose 13% quarter-over-quarter to $132B.
Based on California Public Employees Retirement System's 13F filing for Q4 2023, filed 1 Feb 2024.