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 |
Bristol-Myers Squibb
BMY
|
+$293M |
| 2 |
AbbVie
ABBV
|
+$215M |
| 3 |
IBM
IBM
|
+$102M |
| 4 |
Progressive
PGR
|
+$92.4M |
| 5 |
Conagra Brands
CAG
|
+$83.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$3.7B |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$3.19B |
| 3 |
Apple
AAPL
|
+$354M |
| 4 |
Microsoft
MSFT
|
+$316M |
| 5 |
Ecolab
ECL
|
+$268M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.72% |
| 2 | Healthcare | 15.07% |
| 3 | Financials | 12.51% |
| 4 | Consumer Discretionary | 10.05% |
| 5 | Consumer Staples | 8.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
Labcorp
LH
$26.1B
| $51.2M | 0.04% |
225,859
-21,592
| -9% | -$5.08M |
|
377
Keurig Dr Pepper
KDP
$39.7B
| $51M | 0.04% |
1,346,514
-143,403
| -10% | -$5.44M |
|
378
The Mosaic Company
MOS
$7.34B
| $50.9M | 0.04% |
766,040
-34,679
| -4% | -$1.73M |
|
379
Mid-America Apartment Communities
MAA
$15.3B
| $50.7M | 0.04% |
242,144
-12,484
| -5% | -$2.62M |
|
380
Vulcan Materials
VMC
$37.3B
| $50.2M | 0.04% |
273,286
-12,367
| -4% | -$2.31M |
|
381
Martin Marietta Materials
MLM
$33.3B
| $50.1M | 0.04% |
130,200
-4,802
| -4% | -$1.86M |
|
382
Northern Trust
NTRS
$34.4B
| $50M | 0.04% |
429,529
-19,773
| -4% | -$2.34M |
|
383
W.W. Grainger
GWW
$61.3B
| $49.9M | 0.04% |
96,736
-4,989
| -5% | -$2.45M |
|
384
Ventas
VTR
$44.6B
| $49.7M | 0.04% |
805,336
-52,271
| -6% | -$2.86M |
|
385
Delta Air Lines
DAL
$59.5B
| $49.6M | 0.04% |
1,253,845
-90,854
| -7% | -$3.54M |
|
386
Hartford Financial Services
HIG
$38.1B
| $49.6M | 0.04% |
690,665
-63,073
| -8% | -$4.45M |
|
387
Twilio
TWLO
$39.3B
| $49.6M | 0.04% |
300,704
-23,104
| -7% | -$4.21M |
|
388
CDW
CDW
$16.9B
| $49.6M | 0.04% |
276,990
-18,265
| -6% | -$3.34M |
|
389
D.R. Horton
DHI
$42.2B
| $48.8M | 0.04% |
655,606
-44,023
| -6% | -$3.82M |
|
390
SiriusXM
SIRI
$9.61B
| $48.3M | 0.04% |
729,164
-24,902
| -3% | -$1.57M |
|
391
Essex Property Trust
ESS
$18.2B
| $47.9M | 0.04% |
138,549
-5,070
| -4% | -$1.69M |
|
392
Enphase Energy
ENPH
$5.59B
| $47.7M | 0.04% |
236,201
-49,774
| -17% | -$7.82M |
|
393
Invitation Homes
INVH
$17.7B
| $47.6M | 0.04% |
1,183,994
-85,705
| -7% | -$3.51M |
|
394
CF Industries
CF
$17.8B
| $46.9M | 0.04% |
455,212
-33,247
| -7% | -$2.68M |
|
|
HZNP
395
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $46.2M | 0.04% |
439,269
-33,306
| -7% | -$3.25M |
|
396
Dover
DOV
$28.1B
| $46.2M | 0.04% |
294,497
-13,826
| -4% | -$2.27M |
|
397
Apollo Global Management
APO
$80.8B
| $46M | 0.04% |
741,296
+263,959
| +55% | +$17.4M |
|
398
Cencora
COR
$63.7B
| $45.7M | 0.04% |
295,641
-28,796
| -9% | -$4.08M |
|
399
Best Buy
BBY
$17.6B
| $45.6M | 0.04% |
502,076
-44,418
| -8% | -$4.4M |
|
400
M&T Bank
MTB
$36.4B
| $45.3M | 0.04% |
267,177
-14,043
| -5% | -$2.48M |
|
Similar funds
California Public Employees Retirement System's Q1 2022 Portfolio in Review
As of Q1 2022, California Public Employees Retirement System held 1,285 positions worth $129B, down 14% from $149B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
California Public Employees Retirement System withdrew a net $13.5B in Q1 2022, closing 58 positions and reducing 994 holdings. Its most notable exit was Vanguard S&P 500 ETF, an estimated $3.7B position sold in full.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
Against the trend, California Public Employees Retirement System opened a new position in Constellation Energy worth $37.2M.
- California Public Employees Retirement System's largest Q1 2022 buy was Constellation Energy: 661,906 shares worth $37.2M.
- California Public Employees Retirement System added most to Bristol-Myers Squibb in Q1 2022, an estimated $293M increase.
- California Public Employees Retirement System's biggest Q1 2022 reduction was Apple, cutting an estimated $354M.
- California Public Employees Retirement System fully exited Vanguard S&P 500 ETF in Q1 2022, selling an estimated $3.7B.
- California Public Employees Retirement System's ten largest holdings make up 21% of its $129B portfolio in Q1 2022.
- California Public Employees Retirement System opened 48 new positions and closed 58 in Q1 2022.
- California Public Employees Retirement System's portfolio value fell 14% quarter-over-quarter to $129B.
Based on California Public Employees Retirement System's 13F filing for Q1 2022, filed 4 May 2022.