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
|
+$2.07B |
| 2 |
JPHY
JPMorgan Active High Yield ETF
JPHY
|
+$2.01B |
| 3 |
Microsoft
MSFT
|
+$1.16B |
| 4 |
NVIDIA
NVDA
|
+$785M |
| 5 |
Amazon
AMZN
|
+$486M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Broadcom
AVGO
|
+$399M |
| 2 |
McDonald's
MCD
|
+$302M |
| 3 |
Home Depot
HD
|
+$261M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$259M |
| 5 |
Texas Instruments
TXN
|
+$251M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.82% |
| 2 | Financials | 11.84% |
| 3 | Healthcare | 8.88% |
| 4 | Communication Services | 8.71% |
| 5 | Consumer Discretionary | 8.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
626
Watsco Inc
WSO
$13.5B
| $19.5M | 0.01% |
44,165
-10,451
| -19% | -$4.85M |
|
627
Aramark
ARMK
$14.6B
| $19.5M | 0.01% |
465,223
+33,460
| +8% | +$1.24M |
|
628
Box
BOX
$4.65B
| $19.3M | 0.01% |
564,325
-91,570
| -14% | -$3M |
|
629
Pool Corp
POOL
$7.27B
| $19.2M | 0.01% |
66,039
+216
| +0.3% | +$65.3K |
|
|
SF
630
Stifel
SF
$12.6B
| $19.2M | 0.01% |
277,848
-6,707
| -2% | -$412K |
|
631
Annaly Capital Management
NLY
$17.3B
| $19.2M | 0.01% |
1,018,074
+160,473
| +19% | +$3.05M |
|
632
On Holding
ONON
$12.9B
| $19.1M | 0.01% |
367,527
-11,310
| -3% | -$576K |
|
633
Ally Financial
ALLY
$13.3B
| $19M | 0.01% |
487,280
+33,261
| +7% | +$1.15M |
|
634
MasTec
MTZ
$21.5B
| $18.9M | 0.01% |
111,137
+6,976
| +7% | +$1M |
|
635
First Horizon
FHN
$12B
| $18.9M | 0.01% |
889,818
+75,914
| +9% | +$1.45M |
|
636
New Jersey Resources
NJR
$5.45B
| $18.8M | 0.01% |
419,931
-32,047
| -7% | -$1.5M |
|
637
Viatris
VTRS
$18.7B
| $18.8M | 0.01% |
2,102,774
+89,146
| +4% | +$754K |
|
638
FTI Consulting
FCN
$4.17B
| $18.8M | 0.01% |
116,216
-30,059
| -21% | -$4.91M |
|
639
White Mountains Insurance
WTM
$5.04B
| $18.7M | 0.01% |
10,394
-1,141
| -10% | -$2.03M |
|
|
BLD
640
DELISTED
TopBuild
BLD
| $18.6M | 0.01% |
57,537
+246
| +0.4% | +$73K |
|
641
Lamar Advertising Co
LAMR
$15.7B
| $18.6M | 0.01% |
152,967
+951
| +0.6% | +$110K |
|
642
RBC Bearings
RBC
$17.6B
| $18.5M | 0.01% |
47,990
+2,564
| +6% | +$905K |
|
|
COOP
643
DELISTED
Mr. Cooper
COOP
| $18.4M | 0.01% |
123,379
+5,541
| +5% | +$710K |
|
644
IonQ
IONQ
$17.2B
| $18.4M | 0.01% |
427,567
+90,104
| +27% | +$3.02M |
|
645
Avnet
AVT
$7.99B
| $18.3M | 0.01% |
345,461
-64,348
| -16% | -$3.2M |
|
646
AptarGroup
ATR
$8.5B
| $18.3M | 0.01% |
116,951
+2,838
| +2% | +$429K |
|
647
Ovintiv
OVV
$17.6B
| $18.3M | 0.01% |
480,607
+20,252
| +4% | +$743K |
|
648
Roku
ROKU
$22.5B
| $18.3M | 0.01% |
207,771
+16,917
| +9% | +$1.18M |
|
649
Tetra Tech
TTEK
$8.97B
| $18.2M | 0.01% |
506,129
+21,565
| +4% | +$718K |
|
650
Burlington
BURL
$23.4B
| $18.1M | 0.01% |
78,009
-18,370
| -19% | -$4.37M |
|
Similar funds
California Public Employees Retirement System's Q2 2025 Portfolio in Review
As of Q2 2025, California Public Employees Retirement System held 1,122 positions worth $157B, up 9.7% from $143B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Trading was light in Q2 2025: portfolio turnover was 1.1%. California Public Employees Retirement System opened 4 new positions and exited 8, leaving the 1,122-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Healthcare.
- California Public Employees Retirement System's largest Q2 2025 buy was JPMorgan Active High Yield ETF: 39,896,037 shares worth $2.02B.
- California Public Employees Retirement System added most to Vanguard S&P 500 ETF in Q2 2025, an estimated $2.07B increase.
- California Public Employees Retirement System's biggest Q2 2025 reduction was Broadcom, cutting an estimated $399M.
- California Public Employees Retirement System fully exited Discover Financial Services in Q2 2025, selling an estimated $131M.
- California Public Employees Retirement System's ten largest holdings make up 39% of its $157B portfolio in Q2 2025.
- California Public Employees Retirement System opened 4 new positions and closed 8 in Q2 2025.
- California Public Employees Retirement System's portfolio value rose 9.7% quarter-over-quarter to $157B.
Based on California Public Employees Retirement System's 13F filing for Q2 2025, filed 13 Aug 2025.