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 |
iShares Core S&P 500 ETF
IVV
|
+$10.1B |
| 2 |
Seagate
STX
|
+$258M |
| 3 |
Bloom Energy
BE
|
+$248M |
| 4 |
Citigroup
C
|
+$206M |
| 5 |
NBIS
Nebius Group N.V.
NBIS
|
+$196M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$4.58B |
| 2 |
Microsoft
MSFT
|
+$2.47B |
| 3 |
Apple
AAPL
|
+$2.31B |
| 4 |
Vanguard S&P 500 ETF
VOO
|
+$1.95B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$920M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.14% |
| 2 | Miscellaneous | 19.44% |
| 3 | Financials | 9.36% |
| 4 | Communication Services | 7.86% |
| 5 | Industrials | 7.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
276
Norwegian Cruise Line
NCLH
$7.65B
| $75.8M | 0.04% |
3,591,702
-84,128
| -2% | -$1.57M |
|
277
American International
AIG
$40.1B
| $75.3M | 0.04% |
1,010,144
-75,654
| -7% | -$5.75M |
|
278
Apollo Global Management
APO
$78.8B
| $75.2M | 0.04% |
635,502
-166,634
| -21% | -$21M |
|
279
Vulcan Materials
VMC
$35.5B
| $75.2M | 0.04% |
254,821
+330
| +0.1% | +$94.6K |
|
280
MSCI
MSCI
$41.4B
| $74.4M | 0.04% |
132,825
-17,332
| -12% | -$10.1M |
|
281
Archer Daniels Midland
ADM
$38.1B
| $74.1M | 0.04% |
970,190
-55,257
| -5% | -$4.21M |
|
282
Republic Services
RSG
$67.1B
| $73.5M | 0.04% |
344,924
-97,349
| -22% | -$20.3M |
|
|
XYZ
283
Block Inc
XYZ
$51B
| $72.2M | 0.04% |
950,014
-4,506
| -0.5% | -$317K |
|
284
Nike
NKE
$57B
| $71.1M | 0.04% |
1,732,909
-74,431
| -4% | -$3.27M |
|
285
Biogen
BIIB
$32.7B
| $71.1M | 0.04% |
329,106
-11,797
| -3% | -$2.26M |
|
286
IQVIA
IQV
$43.2B
| $70.7M | 0.04% |
365,680
+28,489
| +8% | +$4.97M |
|
|
GRMN
287
Garmin
GRMN
$55.9B
| $70.4M | 0.04% |
296,213
-32,822
| -10% | -$7.98M |
|
288
Iron Mountain
IRM
$36.5B
| $70M | 0.04% |
553,872
+51,412
| +10% | +$6.3M |
|
289
VICI Properties
VICI
$28.4B
| $69.9M | 0.04% |
2,633,495
-189,259
| -7% | -$5.3M |
|
290
TechnipFMC
FTI
$29.9B
| $69.7M | 0.04% |
1,050,757
+47,253
| +5% | +$3.35M |
|
291
Edison International
EIX
$28.4B
| $69.4M | 0.04% |
932,389
-181,512
| -16% | -$12.9M |
|
292
Arch Capital
ACGL
$33.7B
| $69.3M | 0.04% |
713,917
-120,365
| -14% | -$11.4M |
|
293
Arthur J. Gallagher & Co
AJG
$66.7B
| $69.1M | 0.04% |
301,121
-488,378
| -62% | -$104M |
|
294
Carnival Corporation Ltd
CCL
$34.2B
| $68.1M | 0.04% |
2,382,888
+23,425
| +1% | +$640K |
|
295
D.R. Horton
DHI
$40.6B
| $67.9M | 0.04% |
416,929
-463,736
| -53% | -$69.2M |
|
296
Prudential Financial
PRU
$41.5B
| $67.8M | 0.04% |
628,417
+11,896
| +2% | +$1.21M |
|
297
Occidental Petroleum
OXY
$59.1B
| $67.8M | 0.04% |
1,395,075
+99,425
| +8% | +$5.65M |
|
298
AutoZone
AZO
$47.9B
| $67.5M | 0.04% |
21,113
-10,202
| -33% | -$33.9M |
|
299
Northern Trust
NTRS
$34.1B
| $67.4M | 0.04% |
387,508
+10,566
| +3% | +$1.74M |
|
300
Steel Dynamics
STLD
$33.8B
| $67.4M | 0.04% |
293,571
-4,554
| -2% | -$1.07M |
|
Similar funds
California Public Employees Retirement System's Q2 2026 Portfolio in Review
As of Q2 2026, California Public Employees Retirement System held 1,068 positions worth $177B, up 9.2% from $162B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
California Public Employees Retirement System withdrew a net $10.4B in Q2 2026, closing 7 positions and reducing 561 holdings. Its most notable exit was Coterra Energy, an estimated $55M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 32% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, California Public Employees Retirement System opened a new position in Honeywell Aerospace worth $152M.
- California Public Employees Retirement System's largest Q2 2026 buy was Honeywell Aerospace: 689,424 shares worth $152M.
- California Public Employees Retirement System added most to iShares Core S&P 500 ETF in Q2 2026, an estimated $10.1B increase.
- California Public Employees Retirement System's biggest Q2 2026 reduction was NVIDIA, cutting an estimated $4.58B.
- California Public Employees Retirement System fully exited Coterra Energy in Q2 2026, selling an estimated $55M.
- California Public Employees Retirement System's ten largest holdings make up 43% of its $177B portfolio in Q2 2026.
- California Public Employees Retirement System opened 4 new positions and closed 7 in Q2 2026.
- California Public Employees Retirement System's portfolio value rose 9.2% quarter-over-quarter to $177B.
Based on California Public Employees Retirement System's 13F filing for Q2 2026, filed 14 Aug 2026.