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 |
Apple
AAPL
|
+$1.15B |
| 2 |
State Street Financial Select Sector SPDR ETF
XLF
|
+$524M |
| 3 |
Microsoft
MSFT
|
+$397M |
| 4 |
JPMorgan Chase
JPM
|
+$213M |
| 5 |
Amazon
AMZN
|
+$211M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Walmart Inc
WMT
|
+$275M |
| 2 |
Eli Lilly
LLY
|
+$159M |
| 3 |
NextEra Energy
NEE
|
+$154M |
| 4 |
Accenture
ACN
|
+$115M |
| 5 |
Cisco
CSCO
|
+$110M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.75% |
| 2 | Healthcare | 16.96% |
| 3 | Financials | 12.95% |
| 4 | Consumer Staples | 8.84% |
| 5 | Consumer Discretionary | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
YSG
1201
Yatsen Holding
YSG
$312M
| $842K | ﹤0.01% |
115,317
-10,599
| -8% | -$63.9K |
|
|
KC
1202
Kingsoft Cloud Holdings
KC
$3.58B
| $836K | ﹤0.01% |
218,273
-3,257
| -1% | -$9.36K |
|
1203
F&G Annuities & Life
FG
$3.55B
| $814K | ﹤0.01% |
+40,666
| New | +$829K |
|
|
HUYA
1204
Huya Inc
HUYA
$558M
| $743K | ﹤0.01% |
188,073
-8,002
| -4% | -$20.3K |
|
1205
Gaotu Techedu
GOTU
$444M
| $737K | ﹤0.01% |
312,491
-5,988
| -2% | -$8.64K |
|
|
CAN
1206
Canaan Creative
CAN
$149M
| $729K | ﹤0.01% |
353,980
-19,137
| -5% | -$53K |
|
|
EH
1207
EHang Holdings
EH
$432M
| $660K | ﹤0.01% |
76,899
-3,044
| -4% | -$15.9K |
|
1208
Carvana
CVNA
$81.5B
| $639K | ﹤0.01% |
673,805
-279,875
| -29% | -$591K |
|
|
LX
1209
LexinFintech Holdings
LX
$242M
| $560K | ﹤0.01% |
294,789
-5,518
| -2% | -$9.22K |
|
|
NIU
1210
Niu Technologies
NIU
$160M
| $541K | ﹤0.01% |
103,446
-3,683
| -3% | -$14.2K |
|
|
NBP
1211
NovaBridge Biosciences American Depositary Shares
NBP
$205M
| $493K | ﹤0.01% |
117,915
+4,637
| +4% | +$17.6K |
|
|
DOYU
1212
DouYu International Holdings
DOYU
$134M
| $456K | ﹤0.01% |
32,593
-805
| -2% | -$9.41K |
|
|
ZH
1213
Zhihu
ZH
$284M
| $434K | ﹤0.01% |
55,594
| – | – |
|
|
DAO
1214
Youdao
DAO
$2.19B
| $409K | ﹤0.01% |
76,029
-1,887
| -2% | -$8.18K |
|
|
OCFT
1215
DELISTED
OneConnect Financial Technology
OCFT
| $149K | ﹤0.01% |
28,122
-1
| -0% | -$7 |
|
|
NBIS
1216
Nebius Group N.V.
NBIS
$46.7B
| $61 | ﹤0.01% |
608,396
| – | – |
|
1217
Yum China
YUMC
$16.5B
| – | – |
-890,750
| Closed | -$42.2M |
|
|
ABMD
1218
DELISTED
Abiomed Inc
ABMD
| – | – |
-97,042
| Closed | -$23.8M |
|
|
ZEN
1219
DELISTED
ZENDESK INC
ZEN
| – | – |
-235,904
| Closed | -$18M |
|
|
TWTR
1220
DELISTED
Twitter, Inc.
TWTR
| – | – |
-1,679,471
| Closed | -$73.6M |
|
|
AVLR
1221
DELISTED
Avalara, Inc.
AVLR
| – | – |
-186,153
| Closed | -$17.1M |
|
|
Y
1222
DELISTED
Alleghany Corp
Y
| – | – |
-47,911
| Closed | -$40.2M |
|
|
TMX
1223
DELISTED
Terminix Global Holdings, Inc.
TMX
| – | – |
-296,886
| Closed | -$11.4M |
|
|
GBT
1224
DELISTED
Global Blood Therapeutics, Inc.
GBT
| – | – |
-158,222
| Closed | -$10.8M |
|
|
DRE
1225
DELISTED
Duke Realty Corp.
DRE
| – | – |
-891,556
| Closed | -$43M |
|
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California Public Employees Retirement System's Q4 2022 Portfolio in Review
As of Q4 2022, California Public Employees Retirement System held 1,231 positions worth $117B, up 7.9% from $109B the previous quarter. Its ten largest holdings account for 20% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 1.9%. California Public Employees Retirement System opened 9 new positions and exited 14, leaving the 1,231-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 23% a quarter earlier, followed by Healthcare and Financials.
- California Public Employees Retirement System's largest Q4 2022 buy was State Street Financial Select Sector SPDR ETF: 15,500,000 shares worth $530M.
- California Public Employees Retirement System added most to Apple in Q4 2022, an estimated $1.15B increase.
- California Public Employees Retirement System's biggest Q4 2022 reduction was Walmart Inc, cutting an estimated $275M.
- California Public Employees Retirement System fully exited Citrix Systems Inc in Q4 2022, selling an estimated $98M.
- California Public Employees Retirement System's ten largest holdings make up 20% of its $117B portfolio in Q4 2022.
- California Public Employees Retirement System opened 9 new positions and closed 14 in Q4 2022.
- California Public Employees Retirement System's portfolio value rose 7.9% quarter-over-quarter to $117B.
Based on California Public Employees Retirement System's 13F filing for Q4 2022, filed 8 Feb 2023.