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 |
Vanguard S&P 500 ETF
VOO
|
+$2.63B |
| 2 |
Meta Platforms (Facebook)
META
|
+$374M |
| 3 |
Abbott
ABT
|
+$260M |
| 4 |
Stryker
SYK
|
+$158M |
| 5 |
McDonald's
MCD
|
+$148M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$1.19B |
| 2 |
Costco
COST
|
+$454M |
| 3 |
Oracle
ORCL
|
+$226M |
| 4 |
Micron Technology
MU
|
+$212M |
| 5 |
Texas Instruments
TXN
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.07% |
| 2 | Financials | 13.32% |
| 3 | Healthcare | 11.33% |
| 4 | Consumer Discretionary | 8.29% |
| 5 | Communication Services | 8.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
Texas Pacific Land
TPL
$25.2B
| $49.3M | 0.03% |
111,591
-1,824
| -2% | -$813K |
|
377
Royal Gold
RGLD
$19.8B
| $48.8M | 0.03% |
298,365
-4,150
| -1% | -$609K |
|
378
EQT Corp
EQT
$34B
| $48.5M | 0.03% |
907,638
+11,492
| +1% | +$587K |
|
379
Molson Coors Class B
TAP
$7.83B
| $48.4M | 0.03% |
794,330
-29,567
| -4% | -$1.7M |
|
380
Amdocs
DOX
$6.1B
| $48.1M | 0.03% |
525,271
-26,344
| -5% | -$2.3M |
|
381
Nucor
NUE
$61.9B
| $48M | 0.03% |
398,728
-18,289
| -4% | -$2.36M |
|
382
Roblox
RBLX
$25.9B
| $47.7M | 0.03% |
818,631
+14,990
| +2% | +$942K |
|
383
Xylem
XYL
$28.8B
| $47.6M | 0.03% |
398,674
-8,212
| -2% | -$1.02M |
|
384
Exelixis
EXEL
$12.7B
| $47.6M | 0.03% |
1,289,515
-41,512
| -3% | -$1.48M |
|
385
Equifax
EFX
$21.4B
| $47.5M | 0.03% |
194,987
-1,743
| -0.9% | -$438K |
|
386
International Paper
IP
$22.1B
| $47.4M | 0.03% |
887,973
+281,308
| +46% | +$15.4M |
|
387
Ares Management
ARES
$32.3B
| $46.8M | 0.03% |
318,910
-2,753
| -0.9% | -$476K |
|
388
Encompass Health
EHC
$12.4B
| $46.5M | 0.03% |
459,224
-18,806
| -4% | -$1.84M |
|
389
Ferguson
FERG
$48.8B
| $46.5M | 0.03% |
290,227
-71,231
| -20% | -$12.3M |
|
390
Incyte
INCY
$24.5B
| $46.4M | 0.03% |
766,931
-16,016
| -2% | -$1.12M |
|
391
Diamondback Energy
FANG
$56.5B
| $46.4M | 0.03% |
290,250
-16,599
| -5% | -$2.68M |
|
392
State Street
STT
$51.4B
| $46.2M | 0.03% |
516,516
+7,466
| +1% | +$713K |
|
393
Omega Healthcare
OHI
$13.8B
| $45.8M | 0.03% |
1,203,572
-5,835
| -0.5% | -$217K |
|
394
Fox Class A
FOXA
$26.1B
| $45.5M | 0.03% |
804,561
+41,839
| +5% | +$2.21M |
|
395
Quanta Services
PWR
$101B
| $45.4M | 0.03% |
178,724
-56,939
| -24% | -$16.5M |
|
396
LPL Financial
LPLA
$29.2B
| $44.9M | 0.03% |
137,305
-3,686
| -3% | -$1.28M |
|
397
Rockwell Automation
ROK
$49.6B
| $44.9M | 0.03% |
173,840
+32,395
| +23% | +$9.02M |
|
398
Lennar Class A
LEN
$21.1B
| $44.9M | 0.03% |
390,790
-33,171
| -8% | -$4.14M |
|
399
Robinhood
HOOD
$84.9B
| $44.7M | 0.03% |
1,074,498
-374
| -0% | -$17.8K |
|
400
HubSpot
HUBS
$11B
| $44.3M | 0.03% |
77,559
-883
| -1% | -$619K |
|
Similar funds
California Public Employees Retirement System's Q1 2025 Portfolio in Review
As of Q1 2025, California Public Employees Retirement System held 1,156 positions worth $143B, down 4.3% from $150B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 4.5%. California Public Employees Retirement System opened 14 new positions and exited 38, leaving the 1,156-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 32% a quarter earlier, followed by Financials and Healthcare.
- California Public Employees Retirement System's largest Q1 2025 buy was CRH: 1,135,223 shares worth $99.9M.
- California Public Employees Retirement System added most to Vanguard S&P 500 ETF in Q1 2025, an estimated $2.63B increase.
- California Public Employees Retirement System's biggest Q1 2025 reduction was Apple, cutting an estimated $1.19B.
- California Public Employees Retirement System fully exited Smartsheet Inc. in Q1 2025, selling an estimated $34.2M.
- California Public Employees Retirement System's ten largest holdings make up 33% of its $143B portfolio in Q1 2025.
- California Public Employees Retirement System opened 14 new positions and closed 38 in Q1 2025.
- California Public Employees Retirement System's portfolio value fell 4.3% quarter-over-quarter to $143B.
Based on California Public Employees Retirement System's 13F filing for Q1 2025, filed 13 May 2025.