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 |
Meta Platforms (Facebook)
META
|
+$390M |
| 2 |
JPMorgan Chase
JPM
|
+$322M |
| 3 |
Lam Research
LRCX
|
+$250M |
| 4 |
NVIDIA
NVDA
|
+$232M |
| 5 |
Medtronic
MDT
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$1.23B |
| 2 |
Berkshire Hathaway Class B
BRK.B
|
+$306M |
| 3 |
Apple
AAPL
|
+$304M |
| 4 |
Procter & Gamble
PG
|
+$222M |
| 5 |
PepsiCo
PEP
|
+$184M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.68% |
| 2 | Financials | 11.33% |
| 3 | Communication Services | 9.43% |
| 4 | Healthcare | 8.64% |
| 5 | Consumer Discretionary | 8.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
751
Wayfair
W
$14.1B
| $14.9M | 0.01% |
166,832
+43,319
| +35% | +$3.17M |
|
752
Valmont Industries
VMI
$9.52B
| $14.9M | 0.01% |
38,399
-66
| -0.2% | -$24K |
|
|
ALE
753
DELISTED
Allete
ALE
| $14.9M | 0.01% |
224,036
-124,460
| -36% | -$8.08M |
|
754
Eagle Materials
EXP
$6.57B
| $14.9M | 0.01% |
63,805
+2,670
| +4% | +$605K |
|
755
Invesco
IVZ
$13.8B
| $14.9M | 0.01% |
647,918
+17,378
| +3% | +$361K |
|
756
LKQ Corp
LKQ
$6.25B
| $14.8M | 0.01% |
486,236
+30,508
| +7% | +$1M |
|
757
Watts Water Technologies
WTS
$12.8B
| $14.8M | 0.01% |
53,157
+5,381
| +11% | +$1.44M |
|
758
Allison Transmission
ALSN
$10.3B
| $14.8M | 0.01% |
174,680
-7,826
| -4% | -$696K |
|
|
JBS
759
JBS N.V.
JBS
$42.8B
| $14.8M | 0.01% |
+992,920
| New | +$14.5M |
|
|
DAY
760
DELISTED
Dayforce
DAY
| $14.8M | 0.01% |
215,050
+8,287
| +4% | +$516K |
|
761
MP Materials
MP
$9.84B
| $14.8M | 0.01% |
+220,747
| New | +$13.9M |
|
762
Blue Owl Capital
OWL
$19.2B
| $14.7M | 0.01% |
870,568
+83,313
| +11% | +$1.58M |
|
763
HealthEquity
HQY
$8.83B
| $14.7M | 0.01% |
154,634
+10,840
| +8% | +$1.02M |
|
764
Molina Healthcare
MOH
$10.2B
| $14.6M | 0.01% |
76,518
-16,616
| -18% | -$3.06M |
|
765
Dolby
DLB
$5.75B
| $14.6M | 0.01% |
201,513
-34,206
| -15% | -$2.52M |
|
766
Commault Systems
CVLT
$5.78B
| $14.6M | 0.01% |
77,201
+3,657
| +5% | +$659K |
|
767
Box
BOX
$4.55B
| $14.6M | 0.01% |
451,590
-112,735
| -20% | -$3.65M |
|
768
XP
XP
$8.01B
| $14.5M | 0.01% |
772,072
+48,649
| +7% | +$872K |
|
769
Commercial Metals
CMC
$7.97B
| $14.5M | 0.01% |
253,013
+9,115
| +4% | +$504K |
|
770
Ollie's Bargain Outlet
OLLI
$4.76B
| $14.4M | 0.01% |
112,355
+25,070
| +29% | +$3.33M |
|
771
monday.com
MNDY
$3.7B
| $14.4M | 0.01% |
74,359
+5,079
| +7% | +$1.17M |
|
772
Alcoa
AA
$14.3B
| $14.4M | 0.01% |
436,822
+21,213
| +5% | +$660K |
|
773
Bio-Techne
TECH
$11.2B
| $14.3M | 0.01% |
257,889
+52,315
| +25% | +$2.8M |
|
774
Chewy
CHWY
$9.2B
| $14.3M | 0.01% |
+352,897
| New | +$13.6M |
|
775
AGNC Investment
AGNC
$12.9B
| $14.2M | 0.01% |
1,447,285
+224,178
| +18% | +$2.17M |
|
Similar funds
California Public Employees Retirement System's Q3 2025 Portfolio in Review
As of Q3 2025, California Public Employees Retirement System held 1,148 positions worth $167B, up 6.4% from $157B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
California Public Employees Retirement System's Q3 2025 filing shows 34 new, 668 increased, 385 reduced and 59 closed positions. Its largest new stake was Reddit: 201,862 shares worth $46.4M. The largest sale was Microsoft, an estimated $1.23B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 32% a quarter earlier, followed by Financials and Communication Services.
- California Public Employees Retirement System's largest Q3 2025 buy was Reddit: 201,862 shares worth $46.4M.
- California Public Employees Retirement System added most to Meta Platforms (Facebook) in Q3 2025, an estimated $390M increase.
- California Public Employees Retirement System's biggest Q3 2025 reduction was Microsoft, cutting an estimated $1.23B.
- California Public Employees Retirement System fully exited Ansys in Q3 2025, selling an estimated $115M.
- California Public Employees Retirement System's ten largest holdings make up 41% of its $167B portfolio in Q3 2025.
- California Public Employees Retirement System opened 34 new positions and closed 59 in Q3 2025.
- California Public Employees Retirement System's portfolio value rose 6.4% quarter-over-quarter to $167B.
Based on California Public Employees Retirement System's 13F filing for Q3 2025, filed 14 Nov 2025.