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 | |
|---|---|---|---|---|---|---|
901
Mine Safety
MSA
$7.45B
| $9.96M | 0.01% |
62,213
-3,600
| -5% | -$586K |
|
902
Travel + Leisure Co
TNL
$4.5B
| $9.96M | 0.01% |
141,197
+612
| +0.4% | +$40.1K |
|
903
SiteOne Landscape Supply
SITE
$4.34B
| $9.9M | 0.01% |
79,508
+3,031
| +4% | +$384K |
|
904
Radian Group
RDN
$4.87B
| $9.88M | 0.01% |
274,506
-2,831
| -1% | -$98.8K |
|
|
RAL
905
Ralliant Corp
RAL
$7.68B
| $9.88M | 0.01% |
193,990
-364
| -0.2% | -$17.1K |
|
906
Landstar System
LSTR
$6.05B
| $9.85M | 0.01% |
68,574
+312
| +0.5% | +$41.6K |
|
907
Thor Industries
THO
$4.14B
| $9.85M | 0.01% |
95,943
+1,946
| +2% | +$202K |
|
908
WEX
WEX
$6.35B
| $9.81M | 0.01% |
65,874
-2,981
| -4% | -$449K |
|
909
Chord Energy
CHRD
$7.58B
| $9.8M | 0.01% |
105,706
-31
| -0% | -$2.87K |
|
910
Home BancShares
HOMB
$6.17B
| $9.7M | 0.01% |
348,994
+4,622
| +1% | +$128K |
|
911
CarMax
KMX
$8.34B
| $9.64M | 0.01% |
249,568
-6,882
| -3% | -$275K |
|
912
Lamb Weston
LW
$7.12B
| $9.61M | 0.01% |
229,434
+42,244
| +23% | +$2.49M |
|
913
Universal Display
OLED
$4.16B
| $9.59M | 0.01% |
82,100
-537
| -0.6% | -$69.6K |
|
914
Dutch Bros
BROS
$8.96B
| $9.58M | 0.01% |
156,565
-41,125
| -21% | -$2.34M |
|
915
Vipshop
VIPS
$7.4B
| $9.54M | 0.01% |
539,058
-47,264
| -8% | -$909K |
|
916
Bank OZK
OZK
$5.63B
| $9.53M | 0.01% |
207,169
-5,645
| -3% | -$264K |
|
917
Kilroy Realty
KRC
$4.32B
| $9.43M | 0.01% |
252,432
+19,004
| +8% | +$777K |
|
918
Maximus
MMS
$2.9B
| $9.27M | 0.01% |
107,385
+4,064
| +4% | +$347K |
|
919
Matador Resources
MTDR
$6.46B
| $9.22M | 0.01% |
217,194
-3,406
| -2% | -$143K |
|
920
Option Care Health
OPCH
$3.67B
| $9.21M | 0.01% |
288,950
-23,624
| -8% | -$693K |
|
921
Hims & Hers Health
HIMS
$7.35B
| $9.14M | 0.01% |
281,575
-53,176
| -16% | -$2.28M |
|
922
Floor & Decor
FND
$6.3B
| $9.12M | 0.01% |
149,763
+1,899
| +1% | +$123K |
|
923
Alkermes
ALKS
$8.29B
| $9.08M | 0.01% |
324,578
+3,699
| +1% | +$111K |
|
924
GameStop
GME
$8.43B
| $9.06M | 0.01% |
450,970
+148,157
| +49% | +$3.32M |
|
925
Brunswick
BC
$5.21B
| $9.04M | 0.01% |
121,795
+5,358
| +5% | +$363K |
|
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.