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
|
+$390M |
| 2 |
JPMorgan Chase
JPM
|
+$322M |
| 3 |
Lam Research
LRCX
|
+$250M |
| 4 |
NVIDIA
NVDA
|
+$232M |
| 5 |
Medtronic
MDT
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$1.23B |
| 2 |
Berkshire Hathaway Class B
BRK.B
|
+$306M |
| 3 |
Apple
AAPL
|
+$304M |
| 4 |
Procter & Gamble
PG
|
+$222M |
| 5 |
PepsiCo
PEP
|
+$184M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.68% |
| 2 | Financials | 11.33% |
| 3 | Communication Services | 9.43% |
| 4 | Healthcare | 8.64% |
| 5 | Consumer Discretionary | 8.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
Simon Property Group
SPG
$71.5B
| $109M | 0.07% |
579,458
+19,608
| +4% | +$3.38M |
|
227
Hilton Worldwide
HLT
$70B
| $107M | 0.06% |
411,695
+16,964
| +4% | +$4.59M |
|
228
Cognizant
CTSH
$26.3B
| $106M | 0.06% |
1,580,317
-351,436
| -18% | -$25.4M |
|
229
PACCAR
PCAR
$69.1B
| $106M | 0.06% |
1,075,315
+9,045
| +0.8% | +$892K |
|
230
SLB Ltd
SLB
$78.9B
| $105M | 0.06% |
3,068,541
+322,252
| +12% | +$11.2M |
|
231
Willis Towers Watson
WTW
$31.9B
| $105M | 0.06% |
304,935
-68,892
| -18% | -$22.3M |
|
232
Alnylam Pharmaceuticals
ALNY
$29B
| $105M | 0.06% |
229,641
+18,060
| +9% | +$7.35M |
|
233
Apollo Global Management
APO
$76B
| $103M | 0.06% |
769,784
+17,602
| +2% | +$2.49M |
|
234
Truist Financial
TFC
$63.4B
| $102M | 0.06% |
2,226,147
+29,360
| +1% | +$1.32M |
|
235
Marriott International
MAR
$90.9B
| $101M | 0.06% |
387,554
+17,296
| +5% | +$4.64M |
|
236
Idexx Laboratories
IDXX
$46.9B
| $101M | 0.06% |
157,570
+9,162
| +6% | +$5.56M |
|
237
Keurig Dr Pepper
KDP
$39.9B
| $98.9M | 0.06% |
3,877,262
-599,268
| -13% | -$18.8M |
|
238
Digital Realty Trust
DLR
$70.8B
| $98.4M | 0.06% |
568,976
+22,729
| +4% | +$3.89M |
|
239
Baker Hughes
BKR
$63.6B
| $98.4M | 0.06% |
2,018,900
+218,538
| +12% | +$9.64M |
|
240
Phillips 66
PSX
$86B
| $98.3M | 0.06% |
722,469
+25,892
| +4% | +$3.32M |
|
241
Valero Energy
VLO
$90.7B
| $97.9M | 0.06% |
575,237
+8,289
| +1% | +$1.24M |
|
242
Freeport-McMoran
FCX
$98.7B
| $95.4M | 0.06% |
2,432,051
+98,841
| +4% | +$4.29M |
|
243
Ventas
VTR
$47.2B
| $92.7M | 0.06% |
1,325,067
-92,247
| -7% | -$6.2M |
|
244
Chipotle Mexican Grill
CMG
$40.7B
| $92.4M | 0.06% |
2,357,328
+119,125
| +5% | +$5.36M |
|
245
Nu Holdings
NU
$67B
| $92.2M | 0.06% |
5,761,091
+505,419
| +10% | +$7.05M |
|
246
Monster Beverage
MNST
$89.6B
| $91.7M | 0.05% |
1,362,966
+38,340
| +3% | +$2.39M |
|
247
DTE Energy
DTE
$28.5B
| $91.4M | 0.05% |
646,256
-137,604
| -18% | -$18.9M |
|
248
American International
AIG
$40.7B
| $91.3M | 0.05% |
1,161,994
+88,818
| +8% | +$7.1M |
|
249
Corteva
CTVA
$51B
| $91M | 0.05% |
1,345,694
+112,028
| +9% | +$8.12M |
|
250
American Water Works
AWK
$26.9B
| $90.7M | 0.05% |
651,769
-139,822
| -18% | -$19.8M |
|
Similar funds
California Public Employees Retirement System's Q3 2025 Portfolio in Review
As of Q3 2025, California Public Employees Retirement System held 1,148 positions worth $167B, up 6.4% from $157B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
California Public Employees Retirement System's Q3 2025 filing shows 34 new, 668 increased, 385 reduced and 59 closed positions. Its largest new stake was Reddit: 201,862 shares worth $46.4M. The largest sale was Microsoft, an estimated $1.23B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 32% a quarter earlier, followed by Financials and Communication Services.
- California Public Employees Retirement System's largest Q3 2025 buy was Reddit: 201,862 shares worth $46.4M.
- California Public Employees Retirement System added most to Meta Platforms (Facebook) in Q3 2025, an estimated $390M increase.
- California Public Employees Retirement System's biggest Q3 2025 reduction was Microsoft, cutting an estimated $1.23B.
- California Public Employees Retirement System fully exited Ansys in Q3 2025, selling an estimated $115M.
- California Public Employees Retirement System's ten largest holdings make up 41% of its $167B portfolio in Q3 2025.
- California Public Employees Retirement System opened 34 new positions and closed 59 in Q3 2025.
- California Public Employees Retirement System's portfolio value rose 6.4% quarter-over-quarter to $167B.
Based on California Public Employees Retirement System's 13F filing for Q3 2025, filed 14 Nov 2025.