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 |
Apple
AAPL
|
+$1.15B |
| 2 |
State Street Financial Select Sector SPDR ETF
XLF
|
+$524M |
| 3 |
Microsoft
MSFT
|
+$397M |
| 4 |
JPMorgan Chase
JPM
|
+$213M |
| 5 |
Amazon
AMZN
|
+$211M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Walmart Inc
WMT
|
+$275M |
| 2 |
Eli Lilly
LLY
|
+$159M |
| 3 |
NextEra Energy
NEE
|
+$154M |
| 4 |
Accenture
ACN
|
+$115M |
| 5 |
Cisco
CSCO
|
+$110M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.75% |
| 2 | Healthcare | 16.96% |
| 3 | Financials | 12.95% |
| 4 | Consumer Staples | 8.84% |
| 5 | Consumer Discretionary | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
PG&E
PCG
$37.7B
| $59.4M | 0.05% |
3,652,717
+83,197
| +2% | +$1.26M |
|
352
Extra Space Storage
EXR
$30.8B
| $59.1M | 0.05% |
401,348
-2,010
| -0.5% | -$321K |
|
353
Take-Two Interactive
TTWO
$47.2B
| $59.1M | 0.05% |
567,202
-107,080
| -16% | -$11.6M |
|
354
KKR & Co
KKR
$97.7B
| $58.7M | 0.05% |
1,264,527
-45,949
| -4% | -$2.24M |
|
355
International Flavors & Fragrances
IFF
$21.8B
| $58.7M | 0.05% |
559,871
-10,312
| -2% | -$1.01M |
|
356
Copart
CPRT
$27.3B
| $58.4M | 0.05% |
1,917,394
-54,074
| -3% | -$1.62M |
|
357
United Rentals
URI
$71.6B
| $58.3M | 0.05% |
164,096
+3,302
| +2% | +$1.09M |
|
358
M&T Bank
MTB
$36.5B
| $58.2M | 0.05% |
401,179
+3,332
| +0.8% | +$548K |
|
359
Pool Corp
POOL
$7.34B
| $58.1M | 0.05% |
192,034
-91,193
| -32% | -$28.9M |
|
360
CBRE Group
CBRE
$42.5B
| $57.9M | 0.05% |
751,974
-9,551
| -1% | -$705K |
|
361
Rollins
ROL
$17.7B
| $57.7M | 0.05% |
1,578,654
-66,496
| -4% | -$2.58M |
|
|
SGEN
362
DELISTED
Seagen Inc. Common Stock
SGEN
| $57.4M | 0.05% |
446,817
-88,250
| -16% | -$11.4M |
|
363
Albemarle
ALB
$15.4B
| $57.3M | 0.05% |
264,192
-1,132
| -0.4% | -$302K |
|
|
HZNP
364
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $57M | 0.05% |
500,706
-11,198
| -2% | -$930K |
|
365
Diamondback Energy
FANG
$56.6B
| $56.6M | 0.05% |
413,731
+6,745
| +2% | +$986K |
|
366
Equity Residential
EQR
$24.6B
| $56.2M | 0.05% |
952,957
+105,919
| +13% | +$6.63M |
|
367
Hartford Financial Services
HIG
$38.5B
| $56.1M | 0.05% |
739,846
-14,175
| -2% | -$1.02M |
|
368
Aptiv
APTV
$10.4B
| $55.6M | 0.05% |
596,583
-4,971
| -0.8% | -$472K |
|
369
Ulta Beauty
ULTA
$23.5B
| $55.5M | 0.05% |
118,410
-361
| -0.3% | -$156K |
|
370
Warner Bros
WBD
$68B
| $55.5M | 0.05% |
5,852,241
-494,017
| -8% | -$5.58M |
|
371
Knight Transportation
KNX
$11B
| $55.1M | 0.05% |
1,050,978
-81,027
| -7% | -$4.19M |
|
372
Weyerhaeuser
WY
$18.1B
| $54.9M | 0.05% |
1,772,562
+11,975
| +0.7% | +$371K |
|
373
Royalty Pharma
RPRX
$25.9B
| $54.6M | 0.05% |
1,382,018
+545,359
| +65% | +$22.8M |
|
374
T. Rowe Price
TROW
$24.3B
| $54.4M | 0.05% |
498,616
-9,888
| -2% | -$1.12M |
|
375
Equifax
EFX
$21.3B
| $52.2M | 0.04% |
268,398
-2,922
| -1% | -$534K |
|
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California Public Employees Retirement System's Q4 2022 Portfolio in Review
As of Q4 2022, California Public Employees Retirement System held 1,231 positions worth $117B, up 7.9% from $109B the previous quarter. Its ten largest holdings account for 20% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 1.9%. California Public Employees Retirement System opened 9 new positions and exited 14, leaving the 1,231-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 23% a quarter earlier, followed by Healthcare and Financials.
- California Public Employees Retirement System's largest Q4 2022 buy was State Street Financial Select Sector SPDR ETF: 15,500,000 shares worth $530M.
- California Public Employees Retirement System added most to Apple in Q4 2022, an estimated $1.15B increase.
- California Public Employees Retirement System's biggest Q4 2022 reduction was Walmart Inc, cutting an estimated $275M.
- California Public Employees Retirement System fully exited Citrix Systems Inc in Q4 2022, selling an estimated $98M.
- California Public Employees Retirement System's ten largest holdings make up 20% of its $117B portfolio in Q4 2022.
- California Public Employees Retirement System opened 9 new positions and closed 14 in Q4 2022.
- California Public Employees Retirement System's portfolio value rose 7.9% quarter-over-quarter to $117B.
Based on California Public Employees Retirement System's 13F filing for Q4 2022, filed 8 Feb 2023.