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 |
Meta Platforms (Facebook)
META
|
+$215M |
| 2 |
Costco
COST
|
+$170M |
| 3 |
NVIDIA
NVDA
|
+$158M |
| 4 |
Home Depot
HD
|
+$150M |
| 5 |
Accenture
ACN
|
+$142M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$400M |
| 2 |
Microsoft
MSFT
|
+$261M |
| 3 |
Merck
MRK
|
+$244M |
| 4 |
Walt Disney
DIS
|
+$198M |
| 5 |
Texas Instruments
TXN
|
+$192M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.97% |
| 2 | Healthcare | 13.61% |
| 3 | Financials | 12.38% |
| 4 | Consumer Discretionary | 9.46% |
| 5 | Consumer Staples | 7.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$3.76T
| $8.41B | 5.92% |
19,999,089
-644,017
| -3% | -$261M |
|
|
2
NVIDIA
NVDA
$5.27T
| $6.95B | 4.89% |
76,959,000
+2,185,150
| +3% | +$158M |
|
3
Apple
AAPL
$4.5T
| $6.5B | 4.57% |
37,902,798
-725,383
| -2% | -$132M |
|
|
4
Amazon
AMZN
$3T
| $3.11B | 2.19% |
17,247,672
-2,393,758
| -12% | -$400M |
|
|
5
Meta Platforms (Facebook)
META
$1.52T
| $2.6B | 1.83% |
5,355,082
+481,235
| +10% | +$215M |
|
6
Berkshire Hathaway Class B
BRK.B
$1.13T
| $2.09B | 1.47% |
4,979,128
-56,352
| -1% | -$22.2M |
|
7
Alphabet (Google) Class A
GOOGL
$4.37T
| $1.81B | 1.27% |
11,995,976
-332,590
| -3% | -$47.6M |
|
8
PepsiCo
PEP
$188B
| $1.8B | 1.26% |
10,258,502
+594,179
| +6% | +$100M |
|
9
Broadcom
AVGO
$2.01T
| $1.72B | 1.21% |
12,992,420
-1,322,470
| -9% | -$164M |
|
|
10
Alphabet (Google) Class C
GOOG
$4.35T
| $1.69B | 1.19% |
11,103,844
+17,691
| +0.2% | +$2.55M |
|
11
Johnson & Johnson
JNJ
$631B
| $1.68B | 1.18% |
10,641,747
+21,483
| +0.2% | +$3.42M |
|
12
Tesla
TSLA
$1.31T
| $1.66B | 1.17% |
9,467,608
+691,204
| +8% | +$135M |
|
13
Eli Lilly
LLY
$1.1T
| $1.61B | 1.13% |
2,074,446
-85,844
| -4% | -$61.1M |
|
14
Procter & Gamble
PG
$340B
| $1.54B | 1.08% |
9,495,941
+3,902
| +0% | +$612K |
|
15
UnitedHealth
UNH
$371B
| $1.47B | 1.04% |
2,975,046
-115,940
| -4% | -$58.9M |
|
|
16
Merck
MRK
$323B
| $1.45B | 1.02% |
11,008,863
-1,980,079
| -15% | -$244M |
|
|
17
Home Depot
HD
$350B
| $1.45B | 1.02% |
3,766,999
+410,137
| +12% | +$150M |
|
|
18
Costco
COST
$423B
| $1.3B | 0.91% |
1,775,397
+237,556
| +15% | +$170M |
|
19
JPMorgan Chase
JPM
$956B
| $1.27B | 0.9% |
6,354,293
-100,353
| -2% | -$18.1M |
|
20
Walmart Inc
WMT
$897B
| $1.26B | 0.89% |
20,921,962
-468,545
| -2% | -$26.8M |
|
21
AbbVie
ABBV
$438B
| $1.22B | 0.86% |
6,679,568
+598,033
| +10% | +$103M |
|
22
McDonald's
MCD
$194B
| $1.19B | 0.84% |
4,213,790
+302,026
| +8% | +$87.8M |
|
23
IBM
IBM
$223B
| $1.16B | 0.81% |
6,061,429
-295,618
| -5% | -$53.9M |
|
24
Visa
V
$675B
| $1.1B | 0.77% |
3,935,170
-112,854
| -3% | -$31.2M |
|
25
ExxonMobil
XOM
$657B
| $983M | 0.69% |
8,454,510
-625,521
| -7% | -$65.4M |
|
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California Public Employees Retirement System's Q1 2024 Portfolio in Review
As of Q1 2024, California Public Employees Retirement System held 1,206 positions worth $142B, up 8% from $132B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Trading was light in Q1 2024: portfolio turnover was 4.6%. California Public Employees Retirement System opened 19 new positions and exited 37, leaving the 1,206-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 30% a quarter earlier, followed by Healthcare and Financials.
- California Public Employees Retirement System's largest Q1 2024 buy was Core & Main: 260,665 shares worth $14.9M.
- California Public Employees Retirement System added most to Meta Platforms (Facebook) in Q1 2024, an estimated $215M increase.
- California Public Employees Retirement System's biggest Q1 2024 reduction was Amazon, cutting an estimated $400M.
- California Public Employees Retirement System fully exited Splunk Inc in Q1 2024, selling an estimated $43.7M.
- California Public Employees Retirement System's ten largest holdings make up 26% of its $142B portfolio in Q1 2024.
- California Public Employees Retirement System opened 19 new positions and closed 37 in Q1 2024.
- California Public Employees Retirement System's portfolio value rose 8% quarter-over-quarter to $142B.
Based on California Public Employees Retirement System's 13F filing for Q1 2024, filed 30 Apr 2024.