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 |
NVIDIA
NVDA
|
+$837M |
| 2 |
UnitedHealth
UNH
|
+$435M |
| 3 |
Intel
INTC
|
+$331M |
| 4 |
Amazon
AMZN
|
+$325M |
| 5 |
PepsiCo
PEP
|
+$244M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$415M |
| 2 |
Microsoft
MSFT
|
+$261M |
| 3 |
VMW
VMware, Inc
VMW
|
+$221M |
| 4 |
Verizon
VZ
|
+$132M |
| 5 |
JPMorgan Chase
JPM
|
+$130M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.07% |
| 2 | Healthcare | 14.1% |
| 3 | Financials | 11.93% |
| 4 | Consumer Discretionary | 9.96% |
| 5 | Industrials | 7.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
726
Rambus
RMBS
$10.5B
| $14.6M | 0.01% |
213,320
-2,533
| -1% | -$158K |
|
727
HF Sinclair
DINO
$15.2B
| $14.5M | 0.01% |
261,793
-7,814
| -3% | -$426K |
|
728
RBC Bearings
RBC
$17.5B
| $14.5M | 0.01% |
51,038
-1,147
| -2% | -$281K |
|
729
Celsius Holdings
CELH
$7.11B
| $14.5M | 0.01% |
266,653
-14,483
| -5% | -$773K |
|
730
Donaldson
DCI
$11.2B
| $14.5M | 0.01% |
222,381
-30,897
| -12% | -$1.88M |
|
731
Zillow
Z
$7.68B
| $14.5M | 0.01% |
250,632
-31,524
| -11% | -$1.39M |
|
732
Bruker
BRKR
$8.69B
| $14.5M | 0.01% |
197,260
-3,334
| -2% | -$214K |
|
733
Jefferies Financial Group
JEF
$12.7B
| $14.5M | 0.01% |
358,110
-25,198
| -7% | -$891K |
|
734
Weatherford International
WFRD
$6.77B
| $14.4M | 0.01% |
147,694
-1,891
| -1% | -$176K |
|
735
Strategy Inc
MSTR
$37.8B
| $14.4M | 0.01% |
227,820
+22,630
| +11% | +$1.07M |
|
736
Ingredion
INGR
$6.6B
| $14.4M | 0.01% |
132,366
-6,129
| -4% | -$615K |
|
737
BellRing Brands
BRBR
$1.34B
| $14.3M | 0.01% |
257,872
-603
| -0.2% | -$29.1K |
|
738
Repligen
RGEN
$9.3B
| $14.3M | 0.01% |
79,448
-4,119
| -5% | -$641K |
|
739
Dentsply Sirona
XRAY
$2.31B
| $14.3M | 0.01% |
400,710
-7,789
| -2% | -$247K |
|
740
AGCO
AGCO
$7.1B
| $14.3M | 0.01% |
117,433
-5,272
| -4% | -$617K |
|
741
APi Group
APG
$18.5B
| $14.2M | 0.01% |
617,294
-20,701
| -3% | -$399K |
|
|
DAY
742
DELISTED
Dayforce
DAY
| $14.1M | 0.01% |
210,789
-58,271
| -22% | -$3.98M |
|
|
SF
743
Stifel
SF
$12.7B
| $14M | 0.01% |
303,587
-448
| -0.1% | -$18.4K |
|
744
First Horizon
FHN
$12B
| $14M | 0.01% |
988,194
-6,317
| -0.6% | -$76.1K |
|
745
Landstar System
LSTR
$6.03B
| $14M | 0.01% |
72,089
-2,065
| -3% | -$366K |
|
746
Annaly Capital Management
NLY
$17.4B
| $14M | 0.01% |
720,237
-28,370
| -4% | -$506K |
|
747
Medpace
MEDP
$16.9B
| $13.9M | 0.01% |
45,462
-1,205
| -3% | -$325K |
|
748
Axalta
AXTA
$7.98B
| $13.8M | 0.01% |
406,617
-9,963
| -2% | -$298K |
|
|
CMA
749
DELISTED
Comerica
CMA
| $13.8M | 0.01% |
246,925
-9,929
| -4% | -$449K |
|
750
Onto Innovation
ONTO
$15.7B
| $13.7M | 0.01% |
89,895
+1,488
| +2% | +$200K |
|
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California Public Employees Retirement System's Q4 2023 Portfolio in Review
As of Q4 2023, California Public Employees Retirement System held 1,197 positions worth $132B, up 13% from $116B the previous quarter. Its ten largest holdings account for 25% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 1.4%. California Public Employees Retirement System opened 7 new positions and exited 10, leaving the 1,197-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 28% a quarter earlier, followed by Healthcare and Financials.
- California Public Employees Retirement System's largest Q4 2023 buy was Veralto: 389,662 shares worth $32.1M.
- California Public Employees Retirement System added most to NVIDIA in Q4 2023, an estimated $837M increase.
- California Public Employees Retirement System's biggest Q4 2023 reduction was Microsoft, cutting an estimated $261M.
- California Public Employees Retirement System fully exited Activision Blizzard in Q4 2023, selling an estimated $415M.
- California Public Employees Retirement System's ten largest holdings make up 25% of its $132B portfolio in Q4 2023.
- California Public Employees Retirement System opened 7 new positions and closed 10 in Q4 2023.
- California Public Employees Retirement System's portfolio value rose 13% quarter-over-quarter to $132B.
Based on California Public Employees Retirement System's 13F filing for Q4 2023, filed 1 Feb 2024.