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 | |
|---|---|---|---|---|---|---|
126
Allstate
ALL
$68.2B
| $223M | 0.17% |
1,596,394
-5,635
| -0.4% | -$735K |
|
127
Sempra
SRE
$55.1B
| $222M | 0.17% |
2,971,982
-6,631
| -0.2% | -$474K |
|
128
Newmont
NEM
$124B
| $222M | 0.17% |
5,362,838
+671,110
| +14% | +$25.9M |
|
129
Boston Scientific
BSX
$73.1B
| $220M | 0.17% |
3,798,511
+112,222
| +3% | +$5.99M |
|
130
Humana
HUM
$46.3B
| $218M | 0.17% |
476,938
+12,300
| +3% | +$6.06M |
|
131
Deere & Co
DE
$164B
| $218M | 0.17% |
545,182
+35,173
| +7% | +$13.3M |
|
132
Blackrock
BLK
$175B
| $218M | 0.17% |
268,031
-7,883
| -3% | -$5.5M |
|
133
TJX Companies
TJX
$175B
| $217M | 0.17% |
2,316,676
+35,874
| +2% | +$3.22M |
|
134
Exelon
EXC
$45.8B
| $217M | 0.16% |
6,039,023
-101,658
| -2% | -$3.92M |
|
135
Intuitive Surgical
ISRG
$139B
| $212M | 0.16% |
629,544
-22,564
| -3% | -$6.73M |
|
136
Republic Services
RSG
$65.7B
| $209M | 0.16% |
1,267,796
-14,976
| -1% | -$2.32M |
|
137
Gartner
IT
$12.2B
| $209M | 0.16% |
463,145
-561
| -0.1% | -$224K |
|
138
Xcel Energy
XEL
$48B
| $208M | 0.16% |
3,355,336
-46,337
| -1% | -$2.78M |
|
139
L3Harris
LHX
$54B
| $202M | 0.15% |
959,285
+3,525
| +0.4% | +$661K |
|
140
American Express
AXP
$229B
| $200M | 0.15% |
1,069,092
-36,170
| -3% | -$5.82M |
|
141
Stryker
SYK
$133B
| $200M | 0.15% |
666,703
-12,195
| -2% | -$3.42M |
|
142
Lam Research
LRCX
$383B
| $199M | 0.15% |
2,540,750
-119,370
| -4% | -$8.14M |
|
143
Cencora
COR
$62B
| $199M | 0.15% |
968,861
+122,165
| +14% | +$23.8M |
|
144
Consolidated Edison
ED
$39.3B
| $196M | 0.15% |
2,149,628
-16,268
| -0.8% | -$1.45M |
|
145
Verisk Analytics
VRSK
$23.6B
| $195M | 0.15% |
816,223
+3,935
| +0.5% | +$931K |
|
146
Keurig Dr Pepper
KDP
$39.9B
| $193M | 0.15% |
5,780,516
-13,111
| -0.2% | -$409K |
|
147
3M
MMM
$93.9B
| $191M | 0.14% |
2,087,179
-17,850
| -0.8% | -$1.43M |
|
148
CDW
CDW
$17.1B
| $187M | 0.14% |
822,093
+3,082
| +0.4% | +$653K |
|
149
Public Service Enterprise Group
PEG
$37.2B
| $186M | 0.14% |
3,048,070
-35,178
| -1% | -$2.16M |
|
|
SCHW
150
Charles Schwab
SCHW
$188B
| $185M | 0.14% |
2,690,088
-105,216
| -4% | -$6.08M |
|
Similar funds
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.