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 | |
|---|---|---|---|---|---|---|
876
Lazard
LAZ
$4.16B
| $9.87M | 0.01% |
205,802
+2,686
| +1% | +$112K |
|
877
Crocs
CROX
$6.63B
| $9.87M | 0.01% |
97,423
+3,102
| +3% | +$316K |
|
|
AZEK
878
DELISTED
The AZEK Co
AZEK
| $9.82M | 0.01% |
180,608
-43,556
| -19% | -$2.18M |
|
879
Vontier
VNT
$4.63B
| $9.77M | 0.01% |
264,643
+14,856
| +6% | +$506K |
|
880
Lantheus
LNTH
$6.59B
| $9.76M | 0.01% |
119,243
-317
| -0.3% | -$27.8K |
|
881
NOV
NOV
$7.38B
| $9.73M | 0.01% |
782,776
+45,599
| +6% | +$574K |
|
882
Procore
PCOR
$8.84B
| $9.68M | 0.01% |
141,500
+15,567
| +12% | +$1.02M |
|
883
Matador Resources
MTDR
$6.49B
| $9.68M | 0.01% |
202,840
+10,643
| +6% | +$470K |
|
|
JHG
884
DELISTED
Janus Henderson
JHG
| $9.67M | 0.01% |
248,946
+12,978
| +5% | +$457K |
|
885
Zurn Elkay Water Solutions
ZWS
$8.47B
| $9.65M | 0.01% |
263,880
+44,291
| +20% | +$1.52M |
|
886
Qualys
QLYS
$6.43B
| $9.6M | 0.01% |
67,198
+1,379
| +2% | +$183K |
|
887
Nexstar Media Group
NXST
$5.91B
| $9.6M | 0.01% |
55,489
+200
| +0.4% | +$32.8K |
|
888
Landstar System
LSTR
$6.05B
| $9.55M | 0.01% |
68,724
-1,339
| -2% | -$186K |
|
889
Option Care Health
OPCH
$3.67B
| $9.53M | 0.01% |
293,483
+29,999
| +11% | +$969K |
|
890
Boyd Gaming
BYD
$5.92B
| $9.52M | 0.01% |
121,645
+1,092
| +0.9% | +$78K |
|
891
Zillow
ZG
$7.66B
| $9.48M | 0.01% |
138,467
+9,322
| +7% | +$617K |
|
892
Enphase Energy
ENPH
$5.41B
| $9.47M | 0.01% |
238,794
+25,450
| +12% | +$1.18M |
|
893
Mohawk Industries
MHK
$9.19B
| $9.44M | 0.01% |
90,012
+2,977
| +3% | +$310K |
|
894
Bank OZK
OZK
$5.63B
| $9.43M | 0.01% |
200,367
-2,575
| -1% | -$113K |
|
895
Terreno Realty
TRNO
$7.45B
| $9.42M | 0.01% |
167,946
+25,077
| +18% | +$1.43M |
|
896
AutoNation
AN
$6.88B
| $9.38M | 0.01% |
47,204
+3,617
| +8% | +$653K |
|
897
Teleflex
TFX
$5.89B
| $9.32M | 0.01% |
78,711
+391
| +0.5% | +$49.3K |
|
|
JBTM
898
JBT Marel
JBTM
$6.35B
| $9.31M | 0.01% |
77,421
+19,788
| +34% | +$2.21M |
|
899
Cognex
CGNX
$10.8B
| $9.26M | 0.01% |
291,984
+34,380
| +13% | +$985K |
|
900
UiPath
PATH
$8.08B
| $9.26M | 0.01% |
723,466
+196,568
| +37% | +$2.36M |
|
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.