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
|
+$3.5B |
| 2 |
NVIDIA
NVDA
|
+$1.92B |
| 3 |
Microsoft
MSFT
|
+$867M |
| 4 |
Broadcom
AVGO
|
+$721M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$371M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RTX Corp
RTX
|
+$320M |
| 2 |
EA
Electronic Arts
EA
|
+$222M |
| 3 |
Micron Technology
MU
|
+$193M |
| 4 |
AbbVie
ABBV
|
+$173M |
| 5 |
IBM
IBM
|
+$131M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.1% |
| 2 | Financials | 10.76% |
| 3 | Communication Services | 9.7% |
| 4 | Healthcare | 8.75% |
| 5 | Consumer Discretionary | 8.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
Dover
DOV
$28.1B
| $49M | 0.03% |
251,215
-474
| -0.2% | -$86.3K |
|
377
Coherent
COHR
$64.3B
| $48.7M | 0.03% |
263,625
+2,274
| +0.9% | +$340K |
|
378
SS&C Technologies
SSNC
$18.7B
| $48.5M | 0.03% |
555,061
-117,498
| -17% | -$10M |
|
379
Diamondback Energy
FANG
$56.5B
| $48.5M | 0.03% |
322,295
-593
| -0.2% | -$87.5K |
|
380
Constellation Brands
STZ
$22.9B
| $48.4M | 0.03% |
350,829
-36,286
| -9% | -$4.98M |
|
381
Steel Dynamics
STLD
$37.8B
| $48.4M | 0.03% |
285,490
+3,772
| +1% | +$599K |
|
382
Brown & Brown
BRO
$23.9B
| $48.3M | 0.03% |
605,569
-94,680
| -14% | -$7.9M |
|
383
Huntington Bancshares
HBAN
$35.9B
| $48.1M | 0.03% |
2,772,685
+53,150
| +2% | +$872K |
|
384
Atlassian
TEAM
$39.1B
| $47.9M | 0.03% |
295,407
+5,397
| +2% | +$847K |
|
385
Incyte
INCY
$24.5B
| $47.4M | 0.03% |
480,181
-74,899
| -13% | -$7.25M |
|
386
Zimmer Biomet
ZBH
$18.5B
| $47.4M | 0.03% |
527,435
-100,350
| -16% | -$9.52M |
|
387
Pultegroup
PHM
$25.2B
| $47.4M | 0.03% |
404,165
+14,687
| +4% | +$1.8M |
|
388
Loews
L
$23.1B
| $47.2M | 0.03% |
447,751
-94,909
| -17% | -$9.8M |
|
389
Equifax
EFX
$21.4B
| $47.1M | 0.03% |
217,062
-146
| -0.1% | -$32K |
|
390
Equity Residential
EQR
$24.4B
| $46.9M | 0.03% |
743,537
+6,999
| +1% | +$429K |
|
391
Citizens Financial Group
CFG
$30.7B
| $46.9M | 0.03% |
802,309
+38,483
| +5% | +$2.07M |
|
392
CDW
CDW
$16.9B
| $46.7M | 0.03% |
342,718
-75,921
| -18% | -$11.2M |
|
393
Flutter Entertainment
FLUT
$17.2B
| $46.1M | 0.03% |
214,443
-358,327
| -63% | -$80.6M |
|
|
EXE
394
Expand Energy Corp
EXE
$22.7B
| $46M | 0.03% |
416,920
+6,293
| +2% | +$698K |
|
395
Tenet Healthcare
THC
$20.9B
| $46M | 0.03% |
231,467
+65,157
| +39% | +$13.2M |
|
396
Hubbell
HUBB
$27.5B
| $45.8M | 0.03% |
103,152
+4,565
| +5% | +$2M |
|
397
First Solar
FSLR
$25.9B
| $45.7M | 0.03% |
174,975
-189
| -0.1% | -$47.7K |
|
398
GoDaddy
GDDY
$11.5B
| $45.3M | 0.03% |
365,054
-67,263
| -16% | -$8.7M |
|
399
Ares Management
ARES
$32.3B
| $45.2M | 0.03% |
279,588
-6,613
| -2% | -$1.03M |
|
|
HOLX
400
DELISTED
Hologic
HOLX
| $45.2M | 0.03% |
606,557
-123,530
| -17% | -$9.03M |
|
Similar funds
California Public Employees Retirement System's Q4 2025 Portfolio in Review
As of Q4 2025, California Public Employees Retirement System held 1,093 positions worth $175B, up 4.7% from $167B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Trading was light in Q4 2025: portfolio turnover was 1%. California Public Employees Retirement System opened 4 new positions and exited 7, leaving the 1,093-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 33% a quarter earlier, followed by Financials and Communication Services.
- California Public Employees Retirement System's largest Q4 2025 buy was Qnity Electronics Inc: 358,569 shares worth $29.3M.
- California Public Employees Retirement System added most to Vanguard S&P 500 ETF in Q4 2025, an estimated $3.5B increase.
- California Public Employees Retirement System's biggest Q4 2025 reduction was RTX Corp, cutting an estimated $320M.
- California Public Employees Retirement System fully exited Mr. Cooper in Q4 2025, selling an estimated $79M.
- California Public Employees Retirement System's ten largest holdings make up 45% of its $175B portfolio in Q4 2025.
- California Public Employees Retirement System opened 4 new positions and closed 7 in Q4 2025.
- California Public Employees Retirement System's portfolio value rose 4.7% quarter-over-quarter to $175B.
Based on California Public Employees Retirement System's 13F filing for Q4 2025, filed 12 Feb 2026.